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Loan Payables | 12 Months Ended
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Jun. 30, 2017
Loan Payables & Convertible Notes Payable [Abstract] |
LOAN PAYABLES | NOTE 9 – LOAN PAYABLES As of June 30, 2017, the short-term loan payables consisted of three loans which mature on dates ranging from July 28, 2017 through June 8, 2018 with interest rates ranging from 5.22% to 6.31%. The loans No. 1 to 3 are guaranteed with parent company’s credit from Jinong; the loans No. 2 and 3 4 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 |  | Bank of Beijing-Pinggu Branch |  | June 28, 2016 -July 28, 2017 |  |  | 5.22 | % |  | $ | 1,502,360 |
2 |  | Postal Saving Bank of China - Pinggu Branch |  | March 24, 2017 – March 5, 2018 |  |  | 6.31 | % |  |  | 4,507,080 |
3 |  | Bank of Beijing - Pinggu Branch |  | June 9, 2017-June 8, 2018 |  |  | 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 credit worthiness in China. The LPR rate is a variable rate and was published along with Shanghai Interbank Offer Rates daily. 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 | % |  | $ | 1,953,068 |
2 |  | Beijing Bank - Pinggu Branch |  | Aug. 11, 2015- Aug. 2, 2016 |  |  | 5.82 | % |  |  | 1,502,360 |
3 |  | Agriculture Bank of China-Pinggu Branch |  | Jan. 19, 2016 – Jan. 17, 2017 |  |  | 5.00 | % |  |  | 1,201,888 |
|  | Total |  |  |  |  |  |  |  | $ | 4,657,316 |
The interest expense from short-term loans was $549,650 and $995,959 for the years ended June 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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