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Short-Term Loans
 9 Months Ended
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.