XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Related Parties Transactions | 3 Months Ended
--- | ---
Sep. 30, 2017
Related Parties Transactions [Abstract] |
RELATED PARTIES TRANSACTIONS | NOTE 8 - RELATED PARTIES TRANSACTIONS At the end of December 2015, Yuxing entered into a sales agreement with the Company’s affiliate, 900LH.com Food Co., Ltd. (“900LH.com”, previously announced as Xi’an Gem Grain Co., Ltd) 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 $3,832,650). For the three months ended September 30, 2017 and 2016, Yuxing has sold approximately $133,690 and $694,259 products to 900LH.com. The amount due from 900LH.com to Yuxing was $1,534,566 and $1,412,844 as of September 30, 2017 and June 30, 2017, respectively. As of September 30, 2017, and June 30, 2017, the amount due to related parties was $3,071,621 and $3,071,102, respectively. As of September 30, 2017, and June 30, 2017, $1,051,100 and $1,051,652, 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. As of September 30, 2017, and June 30, 2017, the Company owed Mr. Tao Li, Chairman and CEO of the Company, unsecured, non-interest-bearing advances of $1,950,000. These advances are not subject to written agreements. As of September 30, 2017, and September 2017, the Company’s subsidiary, Jinong, owed 900LH.com $605,000 and $30,720 respectively. On June 29, 2016, Jinong signed an office lease with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), of which Mr. Tao Li, Chairman and CEO of the Company, serves as Chairman of its board of directors. Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provides for a two-year term effective as of July 1, 2016 with monthly rent of RMB24,480 (approximately $3,679)

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
Name: | us-gaap_RelatedPartyTransactionsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration