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Related Parties Transactions
6 Months Ended
Dec. 31, 2017
Related Parties Transactions [Abstract]  
RELATED PARTIES TRANSACTIONS

NOTE 8 - RELATED PARTIES TRANSACTIONS

 

As of December 31, 2017, and June 30, 2017, the amount due to related parties was $3,288,189 and $3,071,102, respectively.  As of December 31, 2017, and June 30, 2017, $1,073,100 and $1,051,652, respectively were amounts that Gufeng borrowed from a related party, Xi’an Techteam Science & Technology Industry (Group) Co. Ltd., a company controlled by Mr. Zhuoyu Li, Chairman and CEO of the Company, representing unsecured, non-interest-bearing loans that are due on demand.  These loans are not subject to written agreements.

 

On June 29, 2016, Jinong signed an office lease with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), of which Mr. Zhuoyu Li, Chairman and CEO of the Company, serves as Chairman of its board of directors. Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provides for a two-year term effective as of July 1, 2016 with monthly rent of RMB24,480 (approximately $3,686)