Quarterly report pursuant to Section 13 or 15(d)

COMMIMENTS

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COMMIMENTS
9 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMIMENTS

NOTE 11 – Commiments

 

Lease Agreement 

 

In December 2017, the Company renewed the one-year operating lease agreement for its office in Beijing. The lease has a monthly rent of RMB 35,192 (or approximately $5,000). The lease was renewed and extended to August 31, 2019. Future rental payment due under the lease is RMB 175,960(or approximately $26,000). 

 

Rent expense for the three months ended March 31, 2019 and 2018 was $19,635 and $19,963 respectively. Rent expense for the nine months ended March 31, 2019 and 2018 was $61,834 and $60,906, respectively. 

 

In December 2017, the Company renewed the one-year office property management contract. The contract will expire on February 28, 2019 and has a monthly management fee of RMB 70,384 (or approximately $10,000). The lease was renewed and extended to August 31, 2019. Future management fee due under the contract is RMB351,920 (or approximately $52,000). 

 

On March 20, 2019, the Company entered into an one-year operating lease agreement for renting an apartment for a senior manager. Pursuant to the lease agreement, the lease will expire in March 2020 and has monthly rent of RMB 5,200 (or approximately $760). Future rental payment due under the lease is RMB60,861 (or approximately $8,900). The Company should pay the commission of RMB 4,550 (or approximately $670). 

 

On April 19, 2018, the Company renewed the one-year operating lease for the office rented in Beijing, China for Ms. Zhixin Liu, President of the Company. The lease has a monthly rent of RMB9,500 (or approximately $1,392). Rent expense for the three months ended March 31, 2019 and 2018 was $4,175 and $4,352, respectively. Rent expense for the nine months ended March 31, 2019 and 2018 was $12,524 and $13,057, respectively. The lease was renewed on April 20, 2019 and will expire in October 2019 with a monthly rent of RMB10,500 (or approximately $1,538). Future rental payment due under the lease is RMB73,500 (or approximately $10,766).