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Loan Payables | 3 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
LOAN PAYABLES | NOTE 10 – LOAN PAYABLES As of September 30, 2024, the short-term and long-term loan payables consisted of nine loans which mature on dates ranging from June 24, 2025 through June 13, 2027 with interest rates ranging from 3.55% to 5.00%. No. 1 to 2 below were collateralized by Tianjuyuan’s land use right and building ownership right, and guaranteed by the cash deposit. No. 3 and 4 were guaranteed by Jinong. No.5 was collateralized by Kingtone Information’ building ownership right. No. 6 to 7 below were collateralized by Jinong’s land use right and building ownership right. No. 8 to 9 were collateralized by Kingtone Information’ building ownership right, and guaranteed by the legal representative.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | September 30, 2024 |
1 |  | Beijing Bank -Pinggu Branch |  | June 28, 2024-June 27, 2025 |  |  | 3.95 | % |  |  | 1,282,410 |
2 |  | Beijing Bank -Pinggu Branch |  | July 31, 2024-June 27, 2025 |  |  | 3.95 | % |  |  | 142,490 |
3 |  | Huaxia Bank -HuaiRou Branch |  | June 28, 2024-June 28, 2025 |  |  | 3.65 | % |  |  | 1,424,900 |
4 |  | Pinggu New Village Bank |  | June 28, 2024-June 27, 2025 |  |  | 5.00 | % |  |  | 997,430 |
5 |  | Industrial Bank Co. Ltd |  | July 5, 2024-July 4, 2026 |  |  | 3.55 | % |  |  | 455,968 |
6 |  | Industrial Bank Co. Ltd |  | August 21, 2024-June 24, 2025 |  |  | 3.55 | % |  |  | 968,932 |
7 |  | Xi’an Bank Co. Ltd |  | September 26, 2024-September 25, 2026 |  |  | 3.70 | % |  |  | 1,424,900 |
8 |  | Chang’An Bank |  | June 14, 2024-June 13, 2027 |  |  | 4.00 | % |  |  | 2,137,350 |
9 |  | Qinnong Bank |  | August 5, 2024-August 4, 2026 |  |  | 3.80 | % |  |  | 2,849,800 |
|  | Total |  |  |  |  |  |  |  | $ | 11,684,180 |
The interest expense from loans was $104,983 and $67,554 for the three months ended September 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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