|3 Months Ended|
Sep. 30, 2019
|Commitments and Contingencies Disclosure [Abstract]|
NOTE 12 – Commiments
In December 2017, the Company renewed a one-year operating lease agreement for its office in Beijing. The lease was to expire on February 28, 2019 and has a monthly rent of RMB 35,192 (or approximately $5,000). The lease was renewed and expired on August 31, 2019.
In December 2017, the Company renewed the one-year property management contract. The contract was to expire on February 28, 2019 and has a monthly management fee of RMB 70,384 (or approximately $10,000). The contract was renewed and expired to August 31, 2019.
On March 20, 2019, the Company entered into the one-year operating lease agreement for a senior management's dormitory. Pursuant to the lease agreement, the lease expires on March 22, 2020 and has a monthly rent of RMB 5,200 (or approximately $760). Future rental payment due under the lease is RMB 30,781 (or approximately $4,400).
On July 30, 2019, the Company entered into an operating lease agreement for its office in Beijing. Pursuant to the lease agreement, the lease will start on October 8, 2019 and expire on October 7, 2022 and has a monthly rent of RMB 225,923 (or approximately $32,000). The lease required a security deposit of three months' rent of RMB677,769 (or approximately $97,000) The Company will receive a six-month rent abatement. Future rental payment due under the lease is RMB6,386,935 (or approximately $910,000).
On July 30, 2019, the Company entered into a property service agreement for its office in Beijing. Pursuant to the property service agreement, the agreement commenced on August 9, 2019 and will expire on October 8, 2022, and has a quarterly fee of RMB 202,352 (or approximately $29,000). The deposit was RMB202,352 (or approximately $29,000). Future payment due under the agreement is RMB2,144,777 (or approximately $305,500).
The following table summarizes the impact of our operating leasing on our consolidated unaudited financial statements:
Consolidated statement of Operations
Consolidated Balance Sheet
Consolidated Statement of Cash Flows
The total future minimum lease payment and management fee as of September 30, 2019 are payable as follows:
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef