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Loan Payables | 9 Months Ended
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Mar. 31, 2018
Loan Payables [Abstract] |
LOAN PAYABLES | NOTE 9 – LOAN PAYABLES As of March 31, 2018, the short-term loan payables consisted of two loans which mature on dates ranging from June 9, 2018 through July 30, 2018 with interest rates ranging from 5.22% to 5.50%. Loans No. 1 and 2 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 2 is guaranteed with parent company’s credit for Jinong.
No. |  |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | March 31, 2018 |
1 |  |  | Bank of Beijing-Pinggu Branch |  |  | June 9, 2017-June 8, 2018 |  |  | 5.22 | % |  |  | 1,591,000 |
2 |  |  | Beijing Agriculture Investment -small loan |  |  | August 1, 2017-July 30, 2018 |  |  | 5.50 | % |  |  | 159,100 |
|  |  | Total |  |  |  |  |  |  |  |  | $ | 1,750,100 |
The interest expense from short-term loans was $452,640 and $464,430 for the nine months ended March 31, 2018 and 2017, 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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