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Short-Term Loans
 3 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
SHORT-TERM LOANS

NOTE 9 - SHORT-TERM LOANS

 

Short-term loans consist of the following:

 

Lender  September 30,
2019		   Maturity
Date		  Int.
Rate/Year		 
Agricultural Bank of China-b   630,402   2019/11/13*   3.92%
Agricultural Bank of China-c   1,400,894   2020/2/25   5.66%
Agricultural Bank of China-c   280,179   2020/8/26   5.60%
Total  $2,311,475         

 

Lender  June 30,
2019		   Maturity
Date		  Int.
Rate/Year		 
MY Bank-a   7,282   2019-8-29*   15.80%
Agricultural Bank of China-b   291,256   2019-8-12*   5.66%
Agricultural Bank of China-b   655,327   2019-11-13*   3.92%
Agricultural Bank of China-c   1,456,282   2020-2-25   5.66%
Total  $2,410,147         

 

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$ 30,277 and US$ 31,372 for the three months ended September 30, 2019 and 2018, respectively. The annual weighted average interest rates are 5.31% and 5.83% for the three months ended September 30, 2019 and 2018, respectively.