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.