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SHORT-TERM LOANS (Tables)

12 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Short-term Debt [Table Text Block]

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.

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- References

No definition available.

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- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: 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)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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