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LOAN PAYABLES | 12 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Short-term Debt [Text Block] | NOTE 8- LOAN PAYABLES As of June 30, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from August 6, 2014 through April 29, 2016 with interest rates ranging from 5.60% to 7.80%. The loans No 6 and 10 are collateralized by Tianjuyuan’s land use right and building ownership right. The loan No.8 is collateralized by Gufeng’s deposit. The loan No.7 is collateralized by Jinong’s land use right and Jinong’s credit. The loan No. 2 and 9 are guaranteed by Jinong’s credit. The loans No.3, 4 and 5 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No.1 is guaranteed by Jinong and Tianjuyuan’s deposit.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  | June 30, 2015 |
1 |  | Bank of Beijing- Pinggu Branch |  | Aug 6, 2014 - Aug 5, 2015 |  |  | 6.72 | % | $ | 1,637,000 |
2 |  | China Merchants Bank- Chaoyangmen Branch |  | Aug 27, 2014 - Aug 26, 2015 |  |  | 7.80 | % |  | 1,637,000 |
3 |  | Beijing International Trust Co., Ltd |  | Sep 24, 2014 - Sep 23, 2015 |  |  | 7.80 | % |  | 1,637,000 |
4 |  | Beijing International Trust Co., Ltd |  | Oct 28, 2014 - Oct 27, 2015 |  |  | 7.80 | % |  | 1,637,000 |
5 |  | Beijing International Trust Co., Ltd |  | Dec 16, 2014 - Dec 15, 2015 |  |  | 7.28 | % |  | 1,637,000 |
6 |  | Agriculture Bank of China-Pinggu Branch |  | Jan 21, 2015 - Jan 20, 2016 |  |  | 6.16 | % |  | 1,309,600 |
7 |  | Bank of Tianjin- Beijing Branch |  | Feb 3, 2015 - Jan 27, 2016 |  |  | 6.16 | % |  | 6,548,000 |
8 |  | Bank of Tianjin- Beijing Branch |  | Feb 11, 2015 - Feb 10, 2016 |  |  | 5.60 | % |  | 4,616,340 |
9 |  | China Merchants Bank- Chaoyangmen Branch |  | March 16, 2015 - March 15, 2016 |  |  | 6.96 | % |  | 818,500 |
10 |  | Agriculture Bank of China-Pinggu Branch |  | May 12, 2015 - April 29, 2016 |  |  | 5.89 | % |  | 2,128,100 |
|  | Total |  |  |  |  |  |  |  | 23,605,540 |
As of June 30, 2014, the short-term loan payables consisted 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 11below 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.
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 |  | March 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 |
The interest expense from short-term loans was $1,712,639, $1,380,829 and $1,351,157 for the years ended June 30, 2015, 2014 and 2013, respectively.

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