Commitments and Contingencies

12 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 17 – COMMITMENTS AND CONTINGENCIES

On July 1, 2018, 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 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, 2018 with monthly rent of RMB24,480 (approximately $3,464).

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 ($419).

Accordingly, the Company recorded an aggregate of $46,815 and $$48,257 as rent expenses for the years ended June 30, 2020 and 2019, respectively. The contingent rent expenses herein for the next five years ended June 30, are as follows:

Years ending June 30,
2021	46,815
2022	46,815
2023	46,815
2024	46,815
2025	46,815