Commitments and Contingencies

3 Months Ended

Sep. 30, 2016

Commitments and Contingencies [Abstract]

NOTE 14 - COMMITMENTS AND CONTINGENCIES

On June 29, 2016, 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, 2016 with monthly rent of $3,670 (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 $780 (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 $443 (RMB 2,958).

Accordingly, the Company recorded an aggregate of $14,679 and $1,440 as rent expenses for the three months ended September 30, 2016 and 2015, respectively. Rent expenses for the next five years ended September 30, are as follows:

Years ending September 30,
2017	$	14,679
2018		1,329
2019		1,329
2020		1,329
2021		1,329