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Loan Payables | 6 Months Ended
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Dec. 31, 2016
Loan Payables [Abstract] |
LOAN PAYABLES | NOTE 8 - LOAN PAYABLES As of December 31, 2016, the short-term loan payables consisted of three loans which mature on dates ranging from January 19, 2016 through July 28, 2017 with interest rates ranging from 4.87% to 5.22%. The loans No. 1 and 2 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 3 is guaranteed by Jinong’s credit.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | December 31, 2016 |
1 |  | Agriculture Bank of China-Pinggu Branch |  | May 18, 2016 – Mar. 17, 2017 |  |  | 4.87 | % |  | $ | 1,871,909 |
2 |  | Agriculture Bank of China-Pinggu Branch |  | Jan. 19, 2016 – Jan. 17, 2017 |  |  | 5.00 | % |  |  | 1,151,944 |
3 |  | Beijing Bank-Pinggu Branch |  | July 28, 2016 – July 28, 2017 |  |  | 5.22 | % |  |  | 1,439,930 |
|  | Total |  |  |  |  |  |  |  | $ | 4,463,783 |
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 – Mar. 17, 2017 |  |  | 4.87 | % |  | $ | 1,956,500 |
2 |  | Beijing Bank-Pinggu Branch |  | Aug. 11, 2015 – Aug. 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 |
The interest expense from short-term loans was $231,791 and $731,679 for the six months ended December 31, 2016 and 2015, respectively.

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