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Amount Due to Related Parties
9 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
AMOUNT DUE TO RELATED PARTIES

NOTE 9 – AMOUNT DUE TO RELATED PARTIES

 

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 $4,011,150). For the nine months ended March 31, 2022 and 2021, Yuxing has sold approximately $56,615 and $175,948 products to 900LH.com.

 

As of March 31, 2022, and June 30, 2021, the amount due to related parties was $5,238,700 and $4,976,689, respectively.  As of March 31, 2022, and June 30, 2021, $1,101,100 and $1,083,600, 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. For the nine months ended March 31, 2022, Mr. Zhuoyu Li made unsecured non-interest-bearing advances with an amount of $150,000 to the Company which is due on demand without maturity and paid professional expenses incurred by the Company on the Company’s behalf with amount of $94,000.

 

As of March 31, 2022, and June 30, 2021, the Company’s subsidiary, Jinong, owed 900LH.com $7,951 and $12,688, respectively.

 

On July 1, 2020, Jinong signed an office lease with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), of which Mr. Zhuoyu Li, Chairman and CEO of the Company, served 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, 2020 with monthly rent of RMB24,480 (approximately $3,851).