Note 11 - Future Minimum Lease Payments

12 Months Ended

Mar. 31, 2016

Notes

Note 11 - Future Minimum Lease Payments

NOTE 11 – FUTURE MINIMUM LEASE PAYMENTS

As of March 31, 2016, future minimum lease payments under the operating lease pursuant to the four Farmland Leasing Agreements were as follows:

Fiscal year ended March 31,	Shiqiao Village			Shandong Wanziyuan	Zhongce No.4 Village			Zhongce Shen Village	Total Operating Leases
2017	$	-	$	-	$	-		-	$	-
2018		-		-		-		-		-
2019		1,547,700		-		154,770		-		1,702,470
2020		-		1,547,700		-		-		1,547,700
2021		-		-		-		1,547,700		1,547,700
2022 and thereafter		6,190,800		1,238,160		619,080		1,238,160		9,286,200
Total minimum lease payments	$	7,738,500	$	2,785,860	$	773,850	$	2,785,860	$	14,084,070

The farmland lease payments for the first five years have been made in advance; and therefore, resulted in prepaid lease payments as of March 31, 2016 and 2015 (see NOTE 3).