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Loan Payables | 12 Months Ended
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Jun. 30, 2016
Loan Payables [Abstract] |
LOAN PAYABLES | NOTE 8- LOAN PAYABLES As of June 30, 2016, the short-term loan payables consisted of three loans which mature on dates ranging from May 18, 2016 through March 17, 2017 with interest rates ranging from 4.87% to 5.82%. The loans No. 1 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 2 is guaranteed by Jinong’s credit.
No. |  | Payee |  | Loan period per agreement |  |  | Interest Rate |  |  | June 30, 2016 |
1 |  | Agriculture Bank of China-Pinggu Branch |  |  | May 18, 2016 - March 17, 2017 |  |  |  | 4.87 | % |  | $ | 1,956,500 |
2 |  | Beijing Bank Pinggu Branch |  |  | August 11, 2015- August 2, 2016 |  |  |  | 5.82 | % |  |  | 1,505,000 |
3 |  | Agriculture Bank of China-Pinggu Branch |  |  | Jan 19, 2016 - Jan 17, 2017 |  |  |  | 5.00 | % |  |  | 1,204,000 |
|  | Total |  |  |  |  |  |  |  |  |  | $ | 4,665,500 |
As of June 30, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from August 6, 2015 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 |  | Beijing Bank – Pinggu Branch |  |  | Aug 6, 2014 – Aug 5, 2015 |  |  |  | 6.72 | % |  | $ | 1,637,000 |
2 |  | China Merchants Bank – Chaoyang 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 26, 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 |  | Tianjin Bank – Beijing Branch |  |  | Feb 3, 2015 – Jan 27, 2016 |  |  |  | 6.16 | % |  |  | 6,548,000 |
8 |  | Tianjin Bank – Beijing Branch |  |  | Feb 11, 2015 – Feb 10, 2016 |  |  |  | 5.60 | % |  |  | 4,616,340 |
9 |  | China Merchants Bank – Chaoyang Branch |  |  | Mar 16, 2015 – Mar 15, 2016 |  |  |  | 6.96 | % |  |  | 818,500 |
10 |  | Agriculture Bank of China-Pinggu Branch |  |  | May 12, 2015 – Apr 29, 2016 |  |  |  | 5.89 | % |  |  | 2,128,100 |
|  | Total |  |  |  |  |  |  |  |  |  | $ | 23,605,540 |
The interest expense from short-term loans was $995,959 and $1,712,639 for the years ended June 30, 2016 and 2015, respectively.

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