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Related Parties Transactions | 6 Months Ended
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Dec. 31, 2018
Related Party 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 $3,707,700). For the six months ended December 31, 2018 and 2017, Yuxing has sold approximately $198,115 and $181,201 products to 900LH.com. The amount due from 900LH.com to Yuxing was $0 and $235,551 as of December 31 and June 30, 2018, respectively. As of December 31, 2018, and June 30, 2018, the amount due to related parties was $3,640,504 and $3,271,619, respectively. As of December 31, 2018, and June 30, 2018, $1,017,800 and $1,057,000, respectively were amounts that Gufeng borrowed from a related party, Xi’an Techteam Science & Technology Industry (Group) Co. Ltd., a company controlled by Mr. Zhuoyu 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 December 31, 2018, and June 30, 2018, the Company’s subsidiary, Jinong, owed 900LH.com $402,234 and $393,565, respectively. On June 29, 2018, Jinong renewed the office lease with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), of which Mr. Tao Li, former 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 four-year term effective as of July 1, 2018, with a monthly rent of RMB24,480 (approximately $3,559)

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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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