Amount Due to Related Parties

9 Months Ended

Mar. 31, 2018

Amount Due to Related Parties [Abstract]

AMOUNT DUE TO RELATED PARTIES

NOTE 8 – AMOUNT DUE TO RELATED PARTIES

As of March 31, 2018, and June 30, 2017, the amount due to related parties was $3,329,975 and $3,071,102, respectively.  As of March 31, 2018, and June 30, 2017, $1,113,700 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. Tao Li, Chairman and CEO of the Company, serves as Chairman. 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 $3,740).