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SHORT-TERM LOANS

12 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 8 - SHORT-TERM LOANS

Short-term loans consist of the following:

Lender		June 30, 2016			Maturity Date				Int. Rate/Year
Chongqing Alibaba Micro-Credit Company-a		$	36,873		2016-9-9		*			15.21	%
Agricultural Bank of China-b			301,008		2016-9-24		*			5.52	%
Agricultural Bank of China-d			451,512		2016-8-9		*			5.82	%
Agricultural Bank of China-c			451,512		2016-10-27					5.27	%
Agricultural Bank of China-c			1,204,032		2016-11-18					5.22	%
Agricultural Bank of China-c			301,008		2017-4-7					5.22	%
Total		$	2,745,945

Lender		June 30, 2015			Maturity Date				Int. Rate/Year
Beijing Rural Commercial Bank Donghua Branch		$	111,006		Due on demand		*			7.97	%
Agricultural Bank of China-b			327,400		2015-8-25		*			7.20	%
Agricultural Bank of China-c			491,100		2015-7-29		*			7.20	%
Agricultural Bank of China-c			327,400		2015-10-14		*			7.80	%
Agricultural Bank of China-c			491,100		2015-10-16		*			7.20	%
Agricultural Bank of China-c			1,309,600		2015-10-30		*			7.20	%
Agricultural Bank of China-c			327,400		2016-2-16		*			6.42	%
Total		$	3,385,006

The loans outstanding were guaranteed by the following properties, entities or individuals:

a. Not collateralized or guaranteed.

b. Collateralized by the building owned by Xiaoyan Chen and Jing Chen, who are both the related parties of the company. Xiaoyan Chen is one of the shareholders of Ankang Longevity Pharmaceutical (Group) Co., Ltd. Jing Chen is the sister of the Xiaoyan Chen but not a shareholder of Ankang Longevity Group.

c. Guaranteed by commercial credit guaranty companies unrelated to the Company.

d. Guaranteed by a commercial credit guaranty company, unrelated to the Company and also the loan guaranteed by Jiping Chen, a shareholder of the Company.

* The Company repaid the loans in full on maturity date.

The Company recorded interest expense of $171,827 and $238,265 for the years ended June 30, 2016 and 2015, respectively. The annual weighted average interest rates are 5.96% and 7.24% for the years ended June 30, 2016 and 2015, respectively.

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- References

No definition available.

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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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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