COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2014

Leases of Lessee Disclosure [Text Block]

NOTE 14- COMMITMENTS AND CONTINGENCIES

On June 29, 2012, 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, 2012 with monthly rent of $3,976 (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 $844 (RMB 5,200). However, the land lease contract was terminated since Company sold Jintai’s assets by the year ended June 30, 2014.

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 $63,606, $63,371 and $433,612 as rent expenses for the years ended June 30, 2014, 2013 and 2012, respectively. Rent expenses for the next five years ended June 30, are as follows:

Year Ended June 30,
2015	$	15,898
2016		15,898
2017		15,898
2018		10,831
2019		5,765

- 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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