COMMITMENTS AND LEASES

9 Months Ended

Mar. 31, 2012

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

NOTE 17 - COMMITMENTS AND LEASES

In July 2007, Jinong signed an office lease with Xi’an Techteam Science and Technology Industry (Group) Co., Ltd.(the “Group Company”), which is controlled by Mr. Tao Li, our Chairman, President and CEO, at a monthly rent of $954 (RMB 6,460) per month. On September 30, 2010, Jinong cancelled this lease agreement with the Group Company without penalty and signed a two year lease effective as of July 1, 2010 directly with Xi’an Kingtone Information Technology Co., Ltd. (“Kingtone Information”), who owns the property. Kingtone Information is a Variable Interest Entity (“VIE”) controlled by Kingtone Wirelessinfo Solution Holoding Ltd. (“Kingtone Wirelessinfo”), whose Chairman and majority shareholder is also Mr. Tao Li. According to the new lease agreement, the monthly rent is $1,698 (RMB 10,800).

In January 2008, Jintai signed a ten year land lease with Xi’an Jinong Hi-tech Agriculture Demonstration Zone for a monthly rent of $817 (RMB 5,200).

In February 2004, Tianjuyuan signed a fifty year lease with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District, at a monthly rent of $465 (RMB 2,958).

Accordingly, the Company recorded an aggregate of $8,941 and $8,656 as rent expenses for the three months ended March 31, 2012 and 2011, respectively. The Company recorded an aggregate of $81,566 and $25,600 as rent expenses for the nine months ended March 31, 2012 and 2011, respectively. Rent expenses for the next five twelve-month periods ended March 31 are as follows:

March 31, 2013	$	25,576
March 31, 2014		15,390
March 31, 2015		15,390
March 31, 2016		15,390
March 31, 2017		15,390