Other Non-Current Assets

6 Months Ended

Dec. 31, 2020

Other Assets Noncurrent [Abstract]

OTHER NON-CURRENT ASSETS

NOTE 7 – OTHER NON-CURRENT ASSETS

Other non-current assets mainly include advance payments related to leasing land for use by the Company. As of December 31, 2020, the balance of other non-current assets was $10,803,381, which was the lease fee advances for agriculture lands that the Company engaged in Shiquan County from 2021 to 2027.

In March 2017, Jinong entered into a lease agreement for approximately 3,400 mu, and 2600-hectare agriculture lands in Shiquan County, Shaanxi Province. The lease was from April 2017 and was renewable for every ten-year period up to 2066. The aggregate leasing fee was approximately RMB 13 million per annum, The Company had made 10-year advances of leasing fee per lease terms. The Company has amortized $1 million and $1 million as expenses for the six months ended December 31, 2020 and 2019, respectively.

Estimated amortization expenses of the lease advance payments for the next four twelve-month periods ended December 31 and thereafter are as follows:

Twelve months ending December 31,
2022	$	2,054,025
2023	$	2,054,025
2024	$	2,054,025
2025 and thereafter	$	4,641,306