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SHORT-TERM LOANS

3 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 9 - SHORT-TERM LOANS

Short-term loans consist of the following:

					Maturity			Int.
Lender		September 30, 2017			Date			Rate/Year
Agricultural Bank of China-b		$	300,530		2017-10-16	*			5.22	%
Agricultural Bank of China-d			1,202,120		2017-12-7				5.22	%
Agricultural Bank of China-d			300,530		2018-7-3				5.22	%
Agricultural Bank of China-e			450,795		2017-11-15				5.22	%
Total		$	2,253,975

					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

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 $36,028 and $39,303 for the three months ended September 30, 2017 and 2016, respectively. The annual weighted average interest rates are 5.38% and 5.48% for the three months ended September 30, 2017 and 2016, 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 470
-URI http://asc.fasb.org/topic&trid=2208564

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