COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 14 - COMMITMENTS AND CONTINGENCIES

The Company leases eight main office spaces under non-cancelable operating lease agreements through February 28, 2019. The Company also leases farmland under non-cancelable operating lease agreement through April 26, 2041. Most of those operating lease payments are scheduled on a quarterly basis. The future minimum rental payments are as follows:

Twelve months ending June 30:

2017	$	563,084
2018		467,832
2019		240,501
2020		223,920
2021		223,920
Thereafter		4,441,080
Total	$	6,160,337

Rent expense totaled $434,475 and $388,544 for the years ended June 30, 2016 and 2015, respectively.

In addition, due to the shift of business focus, the Company sublets the above-mentioned farmland to a third party under non-cancelable operating lease agreement through May 31, 2020. The future minimum sublease rental income to be received are as follows:

Twelve months ending June 30:

2017	$	233,920
2018		233,920
2019		233,920
2020		205,260
Total	$	907,020

Sublease rent income totaled $233,920 and $234,576 for the years ended June 30, 2016 and 2015, respectively.