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Loan Payables

9 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

As of March 31, 2021, the short-term loan payables consisted of three loans which mature on dates ranging from June 16, 2021 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	%			2,289,000
2		Beijing Bank - Pinggu Branch		June 22, 2020-June 22, 2021			5.22	%			1,526,000
3		Postal Saving Bank of China - Pinggu Branch		August 6, 2020-August 5, 2021			5.66	%			305,200
		Total								$	4,120,200

The interest expense from short-term loans was $181,269 and $215,241 for the period ended March 31, 2021 and 2020, 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

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