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SHORT-TERM BANK LOANS

9 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

SHORT-TERM BANK LOANS

NOTE 14 - SHORT-TERM BANK LOANS

Short-term bank loans consisted of the following:

 SCHEDULE OF SHORT TERM BANK LOANS

Lender		March 31, 2023				Maturity Date		Int. Rate/Year
Jiangnan Rural Commercial Bank-a		$	436,806			2024/3/29			4.80	%
Bank of Jiangsu-b			436,806			2023/6/15			4.20	%
Bank of China-c			436,806			2023/7/24			3.70	%
Total short-term bank loans		$	1,310,418

The loans outstanding were guaranteed by the following properties, entities or individuals:

a.	Guaranteed by Mr. Liu Fengming, the CEO of the Company, and pledged by the patent rights of the Company.
b.	Guaranteed by Mr. Liu Fengming, the CEO of the Company, Beijing Kanghuayuan Technology, one of the shareholders of the Company, and Biowin Development, the wholly-owned subsidiary of the Company.
c.	Guaranteed by Mr. Liu Fengming, the CEO of the Company, and his wife, Mrs. Jie Liang.

The Company recorded interest expenses of US$17,312 and US$ nil for the nine and three months ended March 31, 2023 and 2022, respectively. The annual weighted average interest rates were 4.65% and nil for the nine and three months ended March 31, 2023 and 2022, respectively.

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- Definition

The entire disclosure for short-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

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