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Loan Payables | 3 Months Ended
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Sep. 30, 2017
Loan Payables [Abstract] |
LOAN PAYABLES | NOTE 9- LOAN PAYABLES As of September 30, 2017, the short-term loan payables consisted of four loans which mature on dates ranging from October 25, 2017 through July 30, 2018 with interest rates ranging from 5.22% to 6.31%. Loan No. 2 in the table below is guaranteed with parent company’s credit from Jinong: Loans No. 1 and 2 below are collateralized by Tianjuyuan’s land use right and building ownership right.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | September 30, 2016 |
1 |  | Postal Saving Bank of China - Pinggu Branch |  | March 24, 2017 – March 5, 2018 |  |  | 6.31 | % |  | $ | 4,509,000 |
2 |  | Bank of Beijing - Pinggu Branch |  | June 9, 2017-June 8, 2018 |  |  | 5.22 | % |  |  | 1,503,000 |
3 |  | Beijing Agriculture Investment -small loan |  | August 1, 2017-July 30, 2018 |  |  | 5.50 | % |  |  | 150,300 |
4 |  | Bank of China-Anhui |  | November 25, 2016-October 25, 2017 |  |  | LPR | * |  |  | 165,330 |
|  | Total |  |  |  |  |  |  |  | $ | 6,327,630 |
*LPR stands for Loan Prime Rate. The LPR rate is a 1-year lending rate used by commercial banks to their top grade borrowers whose credit are comparable to the interbank borrowing creditworthiness in China. The LPR rate is a variable rate and is published along with Shanghai Interbank Offer Rates daily. Gufeng repaid RMB10,000,000 ($1,503,000) bank loan to Beijing Bank in July 2017, and borrowed RMB1,000,000 ($150,300) from Beijing Agriculture Investment in August 2017. As of June 30, 2017, the short-term loan payables consisted of four loans which mature on dates ranging from July 28, 2017 through June 8, 2018 with interest rates ranging from 5.22% to 6.31%. Loans No. 2 to 3 in the table below are guaranteed with parent company’s credit from Jinong; Loans No. 1 and 2 below are collateralized by Tianjuyan’s land use right and building ownership right.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | June 30, 2017 |
1 |  | Postal Saving Bank of China - Pinggu Branch |  | March 24, 2017 – March 5, 2018 |  |  | 6.31 | % |  |  | 4,507,080 |
2 |  | Bank of Beijing - Pinggu Branch |  | June 9, 2017-June 8, 2018 |  |  | 5.22 | % |  |  | 1,502,360 |
3 |  | Bank of Beijing - Pinggu Branch |  | June 28, 2016 -July 28, 2017 |  |  | 5.22 | % |  | $ | 1,502,360 |
4 |  | Bank of China-Anhui |  | November 25, 2016-October25, 2017 |  |  | LPR | * |  | $ | 166,311 |
|  | Total |  |  |  |  |  |  |  | $ | 7,678,111 |
*LPR stands for Loan Prime Rate. The LPR rate is a 1-year lending rate used by commercial banks to their top grade borrowers whose credit are comparable to the interbank borrowing creditworthiness in China. The LPR rate is a variable rate and is published along with Shanghai Interbank Offer Rates daily. The interest expense from short-term loans was $179,575 and $138,545 for the three months ended September 30, 2017 and 2016, respectively.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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