Commitments and Contingencies

9 Months Ended

Mar. 31, 2019

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 $3,648 (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 $441 (RMB 2,958).

Accordingly, the Company recorded an aggregate of $36,794 and $44,252 as rent expenses from these committed property leases for the nine-month periods ended March 31, 2019 and 2018, respectively. The contingent rent expenses herein for the next five twelve-month periods ended March 31 are as follows:

Twelve Months ending March 31,
2020	$	49,059
2021		49,059
2022		49,059
2023		49,059
2024		49,059