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Leases | 3 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
LEASES | NOTE 8 - LEASES Effective July 1, 2019, the Company adopted the new lease accounting standard using the optional transition method which allowed us to continue to apply the guidance under the lease standard in effect at the time in the comparative periods presented. In addition, the Company elected the package of practical expedients, which allowed us to not reassess whether any existing contracts contain a lease, to not reassess historical lease classification as operating or finance leases, and to not reassess initial direct costs. The Company has not elected the practical expedient to use hindsight to determine the lease term for its leases at transition. The Company has also elected the practical expedient allowing us to not separate the lease and non-lease components for all classes of underlying assets. Adoption of this standard resulted in the recording of operating lease ROU assets and corresponding operating lease liabilities of $3,241,426 and $431,883, respectively, as of July 1, 2019 with no impact on accumulated deficit. Financial position for reporting periods beginning on or after July 1, 2019, are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with previous guidance. The Company leases offices space under non-cancelable operating leases, with terms ranging from one to three years. In addition, one of the Company's controlled subsidiaries, Zhisheng Group entered into several farmland lease contracts with farmer cooperatives to lease farmland in order to plant and grow organic vegetables, fruit and Chinese yew trees. The lease terms vary from 5 years to 24 years. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right of use assets and lease liabilities. Lease expense for lease payment is recognized on a straight-line basis over the lease term. Leases with initial term of 12 months or less are not recorded on the balance sheet. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company discount lease payments based on an estimate of its incremental borrowing rate. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The table below presents the operating lease related assets and liabilities recorded on the balance sheets.
|  | September 30, 2019 |
Rights of use lease assets |  | $ | 3,241,426 |
Operating lease liabilities – current |  | $ | 428,863 |
Operating lease liabilities – non-current |  |  | 3,020 |
Total operating lease liabilities |  | $ | 431,883 |
The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of September 30, 2019:
|  | September 30, 2019 |
Remaining lease term and discount rate: |  |  |
Weighted average remaining lease term (years) |  |  | 9.77 |
Weighted average discount rate |  |  | 5.0 | %
Rent expense totaled US$ 92,325 and US$ 159,351 for the three months ended September 30, 2019 and 2018, respectively. The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2019:
2020 |  | $ | 860,742 |
2021 |  |  | 644,227 |
2022 |  |  | 426,331 |
2023 |  |  | 204,173 |
2024 |  |  | 204,173 |
Thereafter |  |  | 913,740 |
Total lease payments |  |  | 3,253,386 |
Less: imputed interest |  |  | (11,960 | )
Less: prepayments |  |  | (2,809,543 | )
Present value of lease liabilities |  | $ | 431,883 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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