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LOAN PAYABLES | 12 Months Ended
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Jun. 30, 2014
Debt Disclosure [Abstract] |
Short-term Debt [Text Block] | NOTE 8- LOAN PAYABLES As of June 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from August 16, 2013 through April 24, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No. 7, 10 and 11 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 2 is collateralized by Gufeng and Tianjuyuan. The loan No.8 is collateralized by deposit. The loans No. 1, 3 ,4, 5 and 9 are guaranteed by Jinong’s credit. The loan No. 6 is collateralized by the land use rights of Jinong. The loans No. 1 and 2 were subsequently paid off during August 2014.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | June 30, 2014 |
1 |  | China Merchants Bank Chaoyang Branch |  | Feb 25, 2014 - Aug 14, 2014 |  | 6.90 | % |  | $ | 2,030,000 |
2 |  | Beijing Bank Pinggu Branch |  | Aug 16, 2013 - Aug 15, 2014 |  | 7.20 | % |  |  | 1,624,000 |
3 |  | Beijing International Trust Co., Ltd |  | Sep 25, 2013 - Sep 24, 2014 |  | 7.80 | % |  |  | 1,624,000 |
4 |  | Beijing International Trust Co., Ltd |  | Oct 30,2013-Oct 29, 2014 |  | 7.80 | % |  |  | 1,624,000 |
5 |  | Beijing International Trust Co., Ltd |  | Dec 12,2013-Dec 11, 2014 |  | 7.80 | % |  |  | 1,624,000 |
6 |  | Tianjin Bank Beijing Branch |  | Jan 08, 2014-Jan 07, 2015 |  | 6.60 | % |  |  | 5,684,000 |
7 |  | Agriculture Bank of China-Pinggu Branch |  | Jan 15, 2014-Jan 14, 2015 |  | 6.60 | % |  |  | 1,364,160 |
8 |  | Tianjin Bank Beijing Branch |  | Jan 23, 2014 - Jan 22,2015 |  | 6.00 | % |  |  | 3,053,120 |
9 |  | China Merchants Bank Chaoyang Branch |  | Feb 19, 2014-Feb 18, 2015 |  | 7.20 | % |  |  | 2,436,000 |
10 |  | Agriculture Bank of China-Pinggu Branch |  | Mar 24, 2014- Mar 23, 2015 |  | 6.60 | % |  |  | 1,299,200 |
11 |  | Agriculture Bank of China-Pinggu Branch |  | Apr 25, 2014- Apr 24, 2015 |  | 6.60 | % |  |  | 1,640,240 |
|  | Total |  |  |  |  |  |  |  | 24,002,720 |
As of June 30, 2013, the short-term loan payables consisted of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 with interest rates ranging from 6.30% to 8.20%. The loans No.1, 2 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 4 and 5 below are collateralized by the inventory of Gufeng. The loans No. 6, 7 and 8 are guaranteed by Jinong’s credit. The loan No. 9 is collateralized by the land use rights of Jinong’s and the sharesowned by Jinong.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | June 30, 2013 |
1 |  | Agriculture Bank of China-Beijing Branch |  | Jan 24, 2013 - Jan 13, 2014 |  | 6.60 | % |  | $ | 1,359,120 |
2 |  | Agriculture Bank of China-Beijing Branch |  | Mar 23, 2013 - Mar 22, 2014 |  | 6.60 | % |  |  | 1,294,400 |
3 |  | Agriculture Bank of China-Beijing Branch |  | Apr 25, 2013 - Apr 24, 2014 |  | 6.60 | % |  |  | 1,634,180 |
4 |  | Bank of Tianjin |  | Jun 28, 2013 - Aug 2, 2013 |  | 6.72 | % |  |  | 1,132,600 |
5 |  | Bank of Tianjin |  | Jun 20, 2013 - Aug 2, 2013 |  | 6.72 | % |  |  | 970,800 |
6 |  | China Merchant Bank |  | Aug 30, 2012 - Aug 29, 2013 |  | 6.30 | % |  |  | 4,045,000 |
7 |  | Industrial and Commercial Bank of China |  | Oct 25, 2012 - Oct 24,2013 |  | 8.00 | % |  |  | 1,618,000 |
8 |  | Industrial and Commercial Bank of China |  | Sept 25, 2012-Sept 24, 2013 |  | 8.00 | % |  |  | 1,618,000 |
9 |  | China Minsheng Bank |  | Jan 5, 2013 - Jan 4, 2014 |  | 7.20 | % |  |  | 2,427,000 |
Total |  |  |  |  |  |  |  |  | $ | 16,099,100 |
The interest expense from short-term loans was $1,380,829, $1,351,157 and $1,590,620 for the years ended June 30, 2014, 2013 and 2012, respectively.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 + Details
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