RELATED PARTIES TRANSACTIONS

9 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 7 - RELATED PARTIES TRANSACTIONS

As of March 31, 2016 and June 30, 2015, the amount due from related parties was $613,452 and $0, respectively.  As of March 31, 2016, $613,452 were due from the Company’s affiliate, 900LH.com Food Co., Ltd. ("900LH.com", previously announced as Xi'an Gem Grain Co., Ltd) to Yuxing, representing a balance that 900LH.com would pay to Yuxing according to the Sales Agreement (as defined below) between Yuxing and 900LH.com.

At the end of December 2015, Yuxing entered into a sales agreement with 900LH.com 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 $3,955,050). For the nine months ended March 31, 2016, Yuxing has sold approximately $613,452 products to 900LH.com.

As of March 31, 2016 and June 30, 2015, the amount due to related parties was $2,206,144 and $2,068,102, respectively.  As of March 31, 2016 and June 30, 2015, $1,116,743 and $1,184,643, respectively were amounts that Gufeng borrowed from a related party, Xi’an Techteam Science & Technology Industry (Group) Co. Ltd., a company controlled by Mr. Tao 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.

On June 29, 2014, Jinong signed an office lease with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), where Mr. Tao Li, Chairman and CEO of the Company, serves as its Chairman.. Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provided for a two-year term effective as of July 1, 2014 with monthly rent of RMB24,480 (approximately $3,797).