COMMITMENTS AND CONTINGENCIES

3 Months Ended

Sep. 30, 2013

Leases of Lessee Disclosure [Text Block]

NOTE 16 - COMMITMENTS AND CONTINGENCIES

On September 30, 2010, Jinong signed a two year lease effective as of July 1, 2010 with Kingtone Information, 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 Kingtone Information. Pursuant to the new lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. 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 $15,882 and $15,480 as rent expenses for the three months ended September 30, 2013 and 2012, respectively. Rent expenses for the next five years months ended September 30, are as follows:

Years ending September 30,
2014	$	51,615
2015		15,879
2016		15,879
2017		15,879
2018		8,288

- 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.

+ References+ Details