Commitments and Contingencies

6 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 15 – COMMITMENTS AND CONTINGENCIES

On June 29, 2018, Jinong renewed 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 four-year term effective as of July 1, 2018, with a monthly rent of $3,559 (approximately 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 $430 (RMB 2,958).

Accordingly, the Company recorded an aggregate of $23,937 and $30,020 as rent expenses from these committed property leases for the six-month periods ended December 31, 2018 and 2017, respectively. The contingent rent expenses herein for the next five twelve-month periods ended December 31 are as follows:

Years ending December 31,
2019	$	47,874
2020		47,874
2021		47,874
2022		47,874
2023		47,874