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Related Parties Transactions
9 Months Ended
Mar. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTIES TRANSACTIONS

NOTE 8 – RELATED PARTIES TRANSACTIONS

 

At the end of December 2015, Yuxing entered into a sales agreement with the Company's affiliate, 900LH.com Food Co., Ltd. ("900LH.com", previously announced as Xi'an Gem Grain Co., Ltd) pursuant to which Yuxing is to supply various vegetables to 900LH.com for its incoming seasonal sales at the holidays and year ends (the "Sales Agreement"). The contingent contracted value of the Sales Agreement is RMB 25,500,000 (approximately $3,799,500). For the nine months ended March 31, 2019 and 2018, Yuxing has sold approximately $185,311 and $206,902 products to 900LH.com.

 

The amount due from 900LH.com to Yuxing was $0 and $235,551 as of March 31, 2019 and June 30, 2018, respectively.

 

As of March 31, 2019, and June 30, 2018, the amount due to related parties was $3,666,440 and $3,271,619, respectively.  As of March 31, 2019, and June 30, 2018, $1,043,000 and $1,057,000, 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.

 

As of March 31, 2019, and June 30, 2018, the Company's subsidiary, Jinong, owed 900LH.com $412,193 and $388,353, respectively.

 

On June 29, 2018, Jinong renewed the 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 four-year term effective as of July 1, 2018, with a monthly rent of RMB24,480 (approximately $3,648)