COMMITMENTS AND CONTINGENCIES

6 Months Ended

Dec. 31, 2014

Leases of Lessee Disclosure [Text Block]

NOTE 14 - COMMITMENTS AND CONTINGENCIES

On June 29, 2014, Jinong signed an office lease with Kingtone Information. Pursuant to the 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, 2014 with monthly rent of approximately $4,000 (RMB 24,480).

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 $480 (RMB 2,958).

Accordingly, the Company recorded an aggregate of $14,808 and $16,029 as rent expenses for the six months ended December 31, 2014 and 2013, respectively. Rent expenses for the next five years months ended December 31, are as follows:

Years ending December 31,
2015	$	53,570
2016		29,673
2017		5,775
2018		5,775
2019		5,775

- 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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