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Amount Due to Related Parties | 12 Months Ended
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Jun. 30, 2018
Amount Due to Related Parties [Abstract] |
AMOUNT DUE TO RELATED PARTIES | NOTE 6 – OTHER NON-CURRENT ASSETS Other non-current assets mainly include advance payments related to lease the land use for the Company. As of June 30, 2018, the balance of other non-current assets was $15,885,696, which was the lease fee advances for agriculture lands that the Company engaged in Shiquan County from 2018 to 2027. In March 2017, Jinong entered into the 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 $2.0 million as expenses for the year ended June 30, 2018. Estimated amortization expenses of the lease advance payments herein for the next four twelve-month periods ended June 30 and thereafter are as follows:
Years ending June 30, |  |  |
2019 |  | $ | 2,027,175 |
2020 |  | $ | 2,027,175 |
2021 |  | $ | 2,027,175 |
2022 |  | $ | 2,027,175 |
2023 and thereafter |  | $ | 9,804,171 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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