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Loan Payables
 6 Months Ended
Dec. 31, 2024
Loan Payables [Abstract]  
LOAN PAYABLES

NOTE 10 – LOAN PAYABLES

 

As of December 31, 2024, the short-term and long-term loan payables consisted of ten 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 8 below were collateralized by Jinong’s land use right and building ownership right. No. 9 to 10 were collateralized by Kingtone Information’ building ownership right, and guaranteed by the legal representative.

 

No.  Payee  Loan period per agreement  Interest
Rate		   December 31,
2024		 
1  Beijing Bank -Pinggu Branch  June 28, 2024-June 27, 2025   3.95%   1,233,270 
2  Beijing Bank -Pinggu Branch  July 31, 2024-June 27, 2025   3.95%   137,030 
3  Huaxia Bank -HuaiRou Branch  June 28, 2024-June 28, 2025   3.65%   1,370,300 
4  Pinggu New Village Bank  June 28, 2024-June 27, 2025   5.00%   959,210 
5  Industrial Bank Co. Ltd  July 5, 2024-July 4, 2026   3.55%   438,496 
6  Industrial Bank Co. Ltd  August 21, 2024-June 24, 2025   3.55%   931,804 
7  Xi’an Bank Co. Ltd  September 26, 2024-September 25, 2026   3.70%   1,370,300 
8  Xi’an Bank Co. Ltd  September 26, 2024-September 25, 2026   3.70%   1,370,300 
9  Chang’An Bank  June 14, 2024-June 13, 2027   4.00%   1,952,678 
10  Qinnong Bank  August 5, 2024-August 4, 2026   3.80%   2,740,600 
   Total          $12,503,988 

 

The interest expense from loans was $226,172 and $141,367 for the six months ended December 31, 2024 and 2023, respectively.