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Loan Payables | 12 Months Ended
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Jun. 30, 2024
Loan Payables [Abstract] |
LOAN PAYABLES | NOTE 10 – LOAN PAYABLES As of June 30, 2024, the short-term and long-term loan payables consisted of five loans which mature on dates ranging from August 19, 2022 through June 13, 2027 with interest rates ranging from 3.65% to 5.00%. No. 1 to 3 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 2 is also guaranteed by the cash deposit. No. 4 to 5 below are collateralized by Jinong’s land use right and building ownership right. No. 6 below is collateralized by Yuxing’s land use right and building ownership right.
No. |  |  | Payee |  | Loan period per agreement |  |  | Interest Rate |  |  | June 30, 2024 |
1 |  |  | Beijing Bank -Pinggu Branch |  | June 28, 2024-June 27, 2025 |  |  |  | 3.95 | % |  |  | 1,237,500 |
2 |  |  | Huaxia Bank -HuaiRou Branch |  | June 28, 2024-June 28, 2025 |  |  |  | 3.65 | % |  |  | 1,375,000 |
3 |  |  | Pinggu New Village Bank |  | June 28, 2024-June 27, 2025 |  |  |  | 5.00 | % |  |  | 962,500 |
4 |  |  | Industrial Bank Co. Ltd |  | August 19, 2022-August 18, 2024 |  |  |  | 3.98 | % |  |  | 935,000 |
5 |  |  | Industrial Bank Co. Ltd |  | October 7, 2023-October 6, 2024 |  |  |  | 3.70 | % |  |  | 2,750,000 |
6 |  |  | Chang’An Bank |  | June 14, 2024-June 13, 2027 |  |  |  | 4.00 | % |  |  | 2,062,500 |
|  |  | Total |  |  |  |  |  |  |  |  | $ | 9,322,500 |
The interest expense from short-term loans was $292,186 and $295,804 for the year ended June 30, 2024 and 2023, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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