Other Non-Current Assets

12 Months Ended

Jun. 30, 2022

Other Assets Noncurrent [Abstract]

OTHER NON-CURRENT ASSETS

NOTE 7 – OTHER NON-CURRENT ASSETS

Other non-current assets mainly include advance payments related to rent the land use for the Company. As of June 30, 2022, the balance of other non-current assets was $7,527,422, which was the rental fee advances for agriculture lands that the Company engaged in Shiquan County from 2024 to 2027.

In March 2017, Jinong entered into the rental agreement for approximately 3,400 mu, and 2600-hectare agriculture lands in Shiquan County, Shaanxi Province. The rental agreement was from April 2017 and was renewable for every ten-year period up to 2066. The aggregate rental fee was approximately RMB 13 million per annum, The Company had made 10-year advances of rental fee per rental terms. The Company has amortized $2.0 million as expenses for the year ended June 30, 2022 and $2.1 million as expenses for the year ended June 30, 2021.

Estimated amortization expenses of the rental advance payments herein for the next four twelve-month periods ended June 30 and thereafter are as follows:

Years ending June 30,
2023	$	2,004,353
2024	$	2,004,353
2025	$	2,004,353
2026	$	2,004,353
2027 and thereafter	$	1,514,364