COMMITMENTS AND CONTINGENCIES

6 Months Ended

Dec. 31, 2015

Leases of Lessee Disclosure [Text Block]

NOTE 13 - 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 $3,770 (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 3,117).

Accordingly, the Company recorded an aggregate of $28,261 and $14,808 as rent expenses for the six months ended December 31, 2015 and 2014, respectively. Rent expenses for the next five years months ended December 31, are as follows:

Years ending December 31,
2016	$	28,261
2017		5,642
2018		5,642
2019		5,642
2020		5,642