FUTURE MINIMUM LEASE PAYMENTS

9 Months Ended

Dec. 31, 2014

Operating Leases, Future Minimum Payments Receivable [Abstract]

NOTE 12 – FUTURE MINIMUM LEASE PAYMENTS

As of December 31, 2014, future minimum lease payments under the operating lease pursuant to the Farmland Leasing Agreement were as follows:

Fiscal year ended March 31	Operating Leases
2015		89,884
2016		359,536
2017		359,536
2018		359,536
2019		359,536
2020 and thereafter		8,740,535
Total minimum lease payments	$	10,268,563

The farmland lease payments for the first five years have been made in advance; and therefore, resulted in prepaid lease payments as of December 31, 2014 (refer to Note 3 – OPERATING LEASES). The actual future minimum lease payments are $8,988,397, after reduction of the prepaid amounts of $1,280,166.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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