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Loan Payables | 6 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
LOAN PAYABLES | NOTE 10 – LOAN PAYABLES As of December 31, 2020, the short-term loan payables consisted of three loans which mature on dates ranging from June 17, 2020 through August 5, 2021 with interest rates ranging from 5.22% to 5.66%. All loans are collateralized by Tianjuyuan’s land use right and building ownership right.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | December 31, 2020 |
1 |  | Postal Saving Bank of China - Pinggu Branch |  | June 17, 2020-June 16, 2021 |  |  | 5.66 | % |  |  | 2,295,000 |
2 |  | Beijing Bank - Pinggu Branch |  | June 22, 2020-June 22, 2021 |  |  | 5.22 | % |  |  | 1,530,000 |
3 |  | Postal Saving Bank of China - Pinggu Branch |  | August 6, 2020-August 5, 2021 |  |  | 5.66 | % |  |  | 306,000 |
|  | Total |  |  |  |  |  |  |  | $ | 4,131,000 |
The interest expense from short-term loans was $123,953 and $164,698 for the period ended December 31, 2020 and 2019, respectively.

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