COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2013

Leases of Lessee Disclosure [Text Block]

NOTE 15 - COMMITMENTS AND CONTINGENCIES

On September 30, 2010, Jinong signed a two year lease effective as of July 1, 2010 with Yuxing, who owns the property. According to the new lease agreement, the monthly rent is $1,596 (RMB 10,800). The 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 $3,856 (RMB 24,480).

In January 2008, Jintai signed a ten-year land lease with Xi’an Jinong Hi-tech Agriculture Demonstration Zone for a monthly rent of $768 (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 $437 (RMB 2,958).

Accordingly, the Company recorded an aggregate of $63,371, $33,612 and $54,869 as rent expenses for the years ended June 30, 2013, 2012 and 2011, respectively. Rent expenses for the next four years ended June 30, are as follows:

Years ending June 30,
2014	$	63,370
2015		15,840
2016		15,840
2017		15,840
2018		10,791
Thereafter		232,602

- 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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