Commitments and Contingencies

12 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 17 – COMMITMENTS AND CONTINGENCIES

We are subject to various claims and contingencies related to lawsuits, certain taxes and environmental matters, as wells commitments under contractual and other commercial obligations. We recognize liabilities for commitments and contingencies when a loss is probable and estimable.

On July 1, 2020, Jinong signed an office rental agreement with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), of which Mr. Zhuoyu Li, Chairman and CEO of the Company, served as its Chairman. Pursuant to the rental agreement, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The rental agreement provides for a two-year term effective as of July 1, 2020 with monthly rent of RMB24,480 (approximately $3,655). The rental agreement was renewed on July 1, 2022 with two-year term and the monthly rent increases to RMB28,000 (approximately $4,180) from July 1, 2022.

In February 2004, Tianjuyuan signed a fifty-year rental agreement 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 RMB2,958 ($442).

On August 1, 2020, Jinyangguang signed a one-year lease for 1,236.88 square meters (approximately 13,315 square feet) commercial space with monthly rent of RMB12,500 (approximately $1,866) effective August 1, 2020.

On January 1, 2020, Fengnong signed a two-year lease for warehouse space with monthly rent of RMB35,000 (approximately $5,226) effective January 1, 2020.

Accordingly, the Company recorded an aggregate of $97,307 and $$104,762 as rent expenses for the years ended June 30, 2022 and 2021, respectively. The contingent rent expenses herein for the next five years ended June 30, are as follows:

Years ending June 30,
2023	55,464
2024	55,464
2025	55,464
2026	55,464
2027	55,464