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Amount Due to Related Parties | 9 Months Ended
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Mar. 31, 2020
Related Party Transactions [Abstract] |
AMOUNT DUE TO RELATED PARTIES | NOTE 8 – AMOUNT DUE TO RELATED PARTIES 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 $3,598,050). For the Nine Months Ended March 31, 2020 and 2019, Yuxing has sold approximately $294,983 and $300,210 products to 900LH.com. As of March 31, 2020, and June 30, 2019, the amount due to related parties was $4,209,526 and $3,641,945, respectively. As of March 31, 2020, and June 30, 2019, $987,700 and $1,019,200, 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 March 31, 2020, and June 30, 2019, the Company's subsidiary, Jinong, owed 900LH.com $11,785 and $400,225, respectively. On July 1, 2018, Jinong signed an office lease 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 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, 2018 with monthly rent of RMB24,480 (approximately $3,454).

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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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