AMOUNT DUE TO RELATED PARTIES

12 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 8 - AMOUNT DUE TO RELATED PARTIES

As of June 30, 2013 and 2012, the amount due to related parties was $1,304,013 and $370,719, respectively. These amounts represent unsecured, non-interest bearing loans that are due on demand. These loans are not subject to written agreements.

On August 10, 2010, Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd (“Yuxing”) which is a VIE of the Company, entered into an agreement with Kingtone Wirelessinfo Solution Holding Ltd (“Kingtone”) which was responsible for developing certain electronic control systems for Yuxing. The total contracted value of this agreement, including value-added taxes and other taxes, is RMB3,030,000, or approximately US$458,000. The related project is currently ongoing, and RMB 1,212,000 or $183,200 has been paid by Yuxing to Kingtone as of June 30, 2013.

On September 30, 2010, Jinong signed a two year lease effective as of July 1, 2010 directly with Xi’an Yuxing Technology Co., Ltd. (“Yuxing”), who owns the property. Yuxing is a Variable Interest Entity (“VIE”) controlled by Kingtone Wirelessinfo Solution Holding Ltd. (“Kingtone Wirelessinfo”), whose Chairman and majority shareholder is Mr. Tao Li. According to the lease agreement, the monthly rent is $1,596 (RMB10,800). This lease expired on June 30, 2012.

On June 29, 2012,Jinong signed a new office lease with Yuxing. Pursuant to the new lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Yuxing. The lease provided for a two-year term effective as of July 1, 2012 with monthly rent of RMB24,480 (approximately $3,856).