COMMITMENTS AND CONTINGENCIES

6 Months Ended

Dec. 31, 2013

Leases of Lessee Disclosure [Text Block]

NOTE 16 - COMMITMENTS AND CONTINGENCIES

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 $ 16,029 and $ 15,519 as rent expenses for the six months ended December 31, 2013 and 2012, respectively. Rent expenses for the next five years months ended December 31, are as follows:

Years ending December 31,
2014	$	52,092
2015		16,026
2016		16,026
2017		16,026
2018		8,364

- 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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