Other Non-Current Assets

9 Months Ended

Mar. 31, 2023

Other Non-Current Assets [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 March 31, 2023, the balance of other non-current assets was $5,866,925, which was the lease fee advances for agriculture lands that the Company engaged in Shiquan County from 2024 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 $1.5 million and $1.5 million as expenses for the nine months ended March 31, 2023 and 2022, respectively.

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

Twelve months ending March 31,
2025	$	1,953,338
2026	$	1,953,338
2027	$	1,953,338
2028	$	6,912