SHORT-TERM LOANS

12 Months Ended

Jun. 30, 2017

NOTE 9 - SHORT-TERM LOANS

Short-term loans consist of the following:

			Maturity		Int.
Lender	June 30, 2017		Date		Rate/Year
Wanxiang Trust Co., Ltd-a		7,746	2017-9-9	*		13.48	%
Agricultural Bank of China-b		295,098	2017-10-16			5.22	%
Agricultural Bank of China-c		737,745	2017-8-17	*		5.66	%
Agricultural Bank of China-d		1,180,392	2017-12-7			5.22	%
Agricultural Bank of China-e		442,647	2017-11-15			5.22	%
Total	$	2,663,628

			Maturity		Int.
Lender	June 30, 2016		Date		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-d		451,512	2016-10-27	*		5.27	%
Agricultural Bank of China-d		1,204,032	2016-11-18	*		5.22	%
Agricultural Bank of China-d		301,008	2017-4-7	*		5.22	%
Total	$	2,745,945

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 related parties of the Company. Xiaoyan Chen is one of the shareholders of Ankang Longevity Group. 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 by Jiping Chen, a shareholder of the Company.

e. Guaranteed by a third-party company and also by Jiping Chen, a shareholder of the Company.

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

The Company recorded interest expense of $148,793 and $171,827 for the years ended June 30, 2017 and 2016, respectively. The annual weighted average interest rates are 5.36% and 5.96% for the years ended June 30, 2017 and 2016, respectively.