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Short-Term Loans | 9 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
SHORT-TERM LOANS | NOTE 9 - SHORT-TERM LOANS Short-term loans consist of the following:
Lender |  | March 31, 2019 |  |  | Maturity Date |  |  | Int. Rate/Year |
MY Bank-a |  |  | 18,626 |  |  |  | 2019-8-29 |  |  |  | 15.80 | %
Agricultural Bank of China-b |  |  | 298,012 |  |  |  | 2019-8-12 |  |  |  | 5.66 | %
Agricultural Bank of China-c |  |  | 1,490,066 |  |  |  | 2020-2-25 |  |  |  | 5.66 | %
Agricultural Bank of China-b |  |  | 670,530 |  |  |  | 2019-11-13 |  |  |  | 4.57 | %
Total |  | $ | 2,477,234 |  |  |  |  |  |  |  |  |
Lender |  | June 30, 2018 |  |  | Maturity Date |  |  |  | Int. Rate/Year |
MY Bank-a |  |  | 50,354 |  |  |  | 2018-10-20 | * |  |  |  | 11.84 | %
Agricultural Bank of China-b |  |  | 302,124 |  |  |  | 2018-7-3 | * |  |  |  | 5.22 | %
Agricultural Bank of China-b |  |  | 755,310 |  |  |  | 2018-10-12 | * |  |  |  | 5.66 | %
Agricultural Bank of China-b |  |  | 1,208,495 |  |  |  | 2019-1-30 | * |  |  |  | 5.66 | %
Total |  | $ | 2,316,283 |  |  |  |  |  |  |  |  |  |
The loans outstanding were guaranteed by the following properties, entities or individuals:
| a. | Not collateralized or guaranteed.
| b. | Guaranteed by a commercial credit guaranty company, unrelated to the Company and also by Jiping Chen, a shareholder of the Company.
| c. | 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.
| * | The Company repaid the loan in full on maturity date.
The Company recorded interest expense of US$ 83,851 and US$ 98,017 for the nine months ended March 31, 2019 and 2018, respectively. The annual weighted average interest rates are 5.50% and 5.79% for the nine months ended March 31, 2019 and 2018, respectively. The Company recorded interest expense of US$ 52,479 and US$ 28,519 for the three months ended March 31, 2019 and 2018, respectively. The annual weighted average interest rates are 5.15% and 5.85% for the three months ended March 31, 2019 and 2018, respectively.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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