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Loan Payables | 9 Months Ended
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Mar. 31, 2017
Loan Payables [Abstract] |
LOAN PAYABLES | NOTE 8 – LOAN PAYABLES As of March 31, 2017, the short-term loan payables consisted of three loans which mature on dates ranging from July 28, 2016 through March 5, 2018 with interest rates ranging from 5.22% to 6.3075%. Loan No. 1 below is collateralized by Tianjuyan’s real estate, and guaranteed by Jinong’s credit and Loan No. 2 below is guaranteed by Jinong’s credit.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | March 31, 2017 |
1 |  | Postal Savings Bank of China-Pinggu Branch |  | March 24, 2017 - March 5, 2018 |  |  | 6.3075 | % |  |  | 1,886,482 |
2 |  | Beijing Bank- Pinggu Branch |  | July 28, 2016 – July 28, 2017 |  |  | 5.22 | % |  |  | 1,451,140 |
|  | Total |  |  |  |  |  |  |  | $ | 3,337,622 |
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%. Loans No. 1 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. Loan No. 2 below 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 $464,430 and $943,413 for the nine months ended March 31, 2017 and 2016, respectively.

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