DISCONTINUED OPERATIONS

12 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE P - DISCONTINUED OPERATIONS

On June 30, 2013, the Company discontinued its’ grape production operations. The Company sold the assets and liabilities of Tonghua Linyuan, and closed Tonghua Linyuan.

The Company has retained $513,760 and $510,487 in contingent liabilities of Tonghua Linyuan at June 30, 2015 and 2014, respectively. These liabilities are included in Liabilities of Discontinued Operations on the consolidated Balance Sheet. These liabilities consisted of a loan payable to a financial institution of $327,139 and accounts payable and accrued expenses of $186,321 at June 30, 2015 and a loan payable to a financial institution of $325,055 and accounts payable and accrued expenses of $185,432 at June 30, 2014.