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LOAN PAYABLES | 6 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Short-term Debt [Text Block] | NOTE 8- LOAN PAYABLES As of December 31, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from January 8, 2015 through December 15, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No 2,5 and 6 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 3 is collateralized by deposit. The loans No. 1 collateralized by Jinong’s land use right and Jinong’s credit. The loan No. 4 and 8 are guaranteed by Jinong’s credit. The loans No. 9, 10 and 11 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 7 is guarantted by Jinong and Tianjuyuan’s deposit.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  | December 31, 2014 |
1 |  | Tianjin Bank Beijing Branch |  |  | Jan 08, 2014-Jan 07, 2015 |  |  | 6.60 | % |  | 5,694,500 |
2 |  | Agriculture Bank of China-Pinggu Branch |  |  | Jan 15, 2014-Jan 14, 2015 |  |  | 6.60 | % |  | 1,366,680 |
3 |  | Tianjin Bank Beijing Branch |  |  | Jan 23, 2014 - Jan 22,2015 |  |  | 6.00 | % |  | 3,058,760 |
4 |  | China Merchants Bank Chaoyang Branch |  |  | Feb 19, 2014-Feb 18, 2015 |  |  | 7.20 | % |  | 2,440,500 |
5 |  | Agriculture Bank of China-Pinggu Branch |  |  | Mar 24, 2014- Mar 23, 2015 |  |  | 6.60 | % |  | 1,301,600 |
6 |  | Agriculture Bank of China-Pinggu Branch |  |  | Apr 25, 2014- April 24, 2015 |  |  | 6.60 | % |  | 1,643,270 |
7 |  | Bank of Beijing - Pinggu Branch |  |  | Aug 6, 2014 - Aug 5, 2015 |  |  | 7.20 | % |  | 1,627,000 |
8 |  | China Merchants Bank Chaoyang Branch |  |  | Aug 27, 2014 - Aug 26, 2015 |  |  | 7.80 | % |  | 1,627,000 |
9 |  | Beijing International Trust Co., Ltd |  |  | Sep 24, 2014 - Sep 23, 2015 |  |  | 7.80 | % |  | 1,627,000 |
10 |  | Beijing International Trust Co., Ltd |  |  | Oct 18, 2014 - Oct 27, 2015 |  |  | 7.80 | % |  | 1,627,000 |
11 |  | Beijing International Trust Co., Ltd |  |  | Dec 16, 2014 - Dec 15, 2015 |  |  | 7.28 | % |  | 1,627,000 |
|  |  |  |  | Total |  |  |  |  | $ | 23,640,310 |
As of June 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from August 14, 2014 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.
|  |  |  |  |  | Interest |  | June 30, |
No. |  | Payee |  | Loan period per agreement |  | Rate |  | 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 |
The interest expense from short-term loans were $815,659 and $537,424 for the six months ended December 31, 2014 and 2013, 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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