Commitments and Contingencies

12 Months Ended

Jun. 30, 2017

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 16 – 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 $3,678 (approximately 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 $781 (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 $444 (RMB 2,958).

Accordingly, the Company recorded an aggregate of $641,330 and $176,796 as rent expenses for the years ended June 30, 2017 and 2016, respectively. The contingent rent expenses herein for the next five years ended June 30, are as follows:

Years ending June 30,
2018	148,632
2019	58,841
2020	58,841
2021	58,841
2022	58,841