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Commitments and Contingencies

9 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

NOTE 15 - COMMITMENTS AND CONTIGENCIES

Lease Commitments

The Company leases four main office spaces under non-cancelable operating lease agreements through April 30, 2021. The Company also leases farmland under a 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 March 31:

2020	$	648,922
2021		657,889
2022		316,681
2023		213,980
2024		213,447
Thereafter		3,646,390
Total	$	5,697,309

Rent expense totaled US$ 469,789 and US$ 409,669 for the nine months ended March 31, 2019 and 2018, respectively.

Rent expense totaled US$ 145,446 and US$ 140,647 for the three months ended March 31, 2019 and 2018, respectively.

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

Twelve months ending March 31:

2020	$	213,447
2021		35,575
Total	$	249,022

Sublease rental income totaled US$ 160,085 and US$ 164,909 for the nine months ended March 31, 2019 and 2018, respectively.

Sublease rental income totaled US$ 54,970 and US$ 56,501 for the three months ended March 31, 2019 and 2018, respectively.

Legal Contingencies

On May 16, 2017, Bonwick Capital Partners, LLC ("Plaintiff") commenced a lawsuit (Case No. 1:17-cv-03681-PGG) against the Company in the United States District Court for the Southern District of New York. Plaintiff alleges that the Company entered into an agreement with Plaintiff (the "Agreement"), pursuant to which Plaintiff was to provide the Company with financial advisory services in connection with the Company's initial public offering in the United States. Plaintiff alleges that the Company breached the Agreement and seeks money damages up to US$ 6 million. The Company believes that these claims are without merit and intends to vigorously defend its position.