Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Nov. 03, 2023 | Dec. 31, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | CHINA GREEN AGRICULTURE, INC. | ||
Trading Symbol | CGA | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 13,380,914 | ||
Entity Public Float | $ 35,543,100 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000857949 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-34260 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 36-3526027 | ||
Entity Address, Address Line One | Third floor | ||
Entity Address, Address Line Two | Borough A, Block A | ||
Entity Address, Address Line Three | No. 181, South Taibai Road | ||
Entity Address, City or Town | Xi’an | ||
Entity Address, Country | CN | ||
Entity Address, Postal Zip Code | 710065 | ||
City Area Code | +86 | ||
Local Phone Number | 29-88266368 | ||
Title of 12(b) Security | Common Stock, $0.001 Par Value Per Share | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | SS Accounting & Auditing | ||
Auditor Location | Frisco, Texas | ||
Auditor Firm ID | 6437 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 71,142,188 | $ 57,770,303 |
Digital assets | 210,342 | |
Accounts receivable, net | 16,455,734 | 28,792,891 |
Inventories, net | 46,455,131 | 42,198,186 |
Prepaid expenses and other current assets | 2,603,489 | 4,285,198 |
Amount due from related parties | 27,560 | 13,064 |
Advances to suppliers, net | 14,332,715 | 20,711,891 |
Total Current Assets | 151,227,159 | 153,771,533 |
Plant, property and equipment, net | 16,690,245 | 18,870,152 |
Other assets | 9,784 | 10,600 |
Other non-current assets | 5,092,721 | 7,527,422 |
Intangible assets, net | 13,563,635 | 14,935,488 |
Deferred Tax Asset | 97,820 | |
Total Assets | 186,681,364 | 195,115,195 |
Current Liabilities | ||
Accounts payable | 2,100,449 | 1,670,655 |
Customer deposits | 5,489,781 | 7,994,669 |
Accrued expenses and other payables | 14,929,427 | 13,734,764 |
Amount due to related parties | 5,439,209 | 5,192,496 |
Taxes payable | 27,070,961 | 26,954,838 |
Short term loans | 5,346,640 | 4,031,100 |
Interest payable | 765,909 | |
Total Current Liabilities | 60,376,467 | 60,344,431 |
Long-term Liabilities | ||
Long-term loans | 937,040 | |
Total Liabilities | 61,313,507 | 60,344,431 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Preferred Stock, $.001 par value, 20,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2023 and June 30, 2022, respectively | ||
Common stock, $.001 par value, 115,197,165 shares authorized, 13,380,914 and 12,141,467 shares issued and outstanding as of June 30, 2023 and June 30, 2022, respectively | 13,381 | 12,141 |
Additional paid-in capital | 242,090,576 | 224,676,686 |
Statutory reserve | 26,728,079 | 26,870,968 |
Retained earnings | (116,513,686) | (103,374,589) |
Accumulated other comprehensive loss | (26,950,493) | (13,414,442) |
Total Stockholders’ Equity | 125,367,857 | 134,770,764 |
Total Liabilities and Stockholders’ Equity | $ 186,681,364 | $ 195,115,195 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 115,197,165 | 115,197,165 |
Common stock, shares issued | 13,380,914 | 12,141,467 |
Common stock, shares outstanding | 13,380,914 | 12,141,467 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Sales | ||
Net sales | $ 124,140,355 | $ 168,450,904 |
Cost of goods sold | ||
Cost of goods sold | 102,222,062 | 139,244,622 |
Gross profit | 21,918,293 | 29,206,282 |
Operating expenses | ||
Selling expenses | 8,334,453 | 11,195,153 |
General and administrative expenses | 27,197,200 | 101,809,233 |
Total operating expenses | 35,531,653 | 113,004,386 |
Loss from operations | (13,613,360) | (83,798,104) |
Other income (expense) | ||
Other income (expense) | 271,111 | 2,046,137 |
Interest income | 258,248 | 194,228 |
Interest expense | (295,804) | (256,785) |
Total other income (expense) | 233,555 | 1,983,580 |
Loss from continuing operations before income taxes | (13,379,805) | (81,814,524) |
Provision for income taxes | (97,820) | (1,291,828) |
Net loss from continuing operations | (13,281,985) | (80,522,696) |
Net loss from discontinued operations, net of taxes | (17,841,636) | |
Net loss | (13,281,985) | (98,364,332) |
Other comprehensive loss | ||
Foreign currency translation gain loss | (13,536,051) | (8,832,901) |
Comprehensive loss | $ (26,818,036) | $ (107,197,233) |
Basic weighted average shares outstanding (in Shares) | 13,248,684 | 9,348,100 |
Basic net loss per share – from continuing operations (in Dollars per share) | $ (1) | $ (8.61) |
Basic net loss earnings per share – from discontinued operations (in Dollars per share) | (1.91) | |
Basic net loss per share (in Dollars per share) | $ (1) | $ (10.52) |
Diluted weighted average shares outstanding (in Shares) | 13,248,684 | 9,348,100 |
Diluted net loss per share– from continuing operations (in Dollars per share) | $ (1) | $ (8.61) |
Diluted net loss earnings per share – from discontinued operations (in Dollars per share) | (1.91) | |
Diluted net loss per share (in Dollars per share) | $ (1) | $ (10.52) |
Jinong | ||
Sales | ||
Net sales | $ 40,247,303 | $ 54,339,228 |
Cost of goods sold | ||
Cost of goods sold | 28,942,247 | 39,651,439 |
Gufeng | ||
Sales | ||
Net sales | 74,028,542 | 102,755,286 |
Cost of goods sold | ||
Cost of goods sold | 65,143,060 | 90,065,842 |
Yuxing | ||
Sales | ||
Net sales | 9,654,168 | 11,356,390 |
Cost of goods sold | ||
Cost of goods sold | 7,981,531 | 9,527,341 |
Antaeus | ||
Sales | ||
Net sales | 210,342 | |
Cost of goods sold | ||
Cost of goods sold | $ 155,224 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) | Common Stock | Additional Paid In Capital | Statutory Reserve | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
BALANCE at Jun. 30, 2021 | $ 8,488 | $ 170,223,195 | $ 27,673,245 | $ (5,812,533) | $ (4,581,541) | $ 187,510,853 |
BALANCE (in Shares) at Jun. 30, 2021 | 8,487,629 | |||||
Net loss | (98,364,332) | (98,364,332) | ||||
Issuance of stock | $ 3,601 | 54,013,544 | 54,017,145 | |||
Issuance of stock (in Shares) | 3,601,143 | |||||
Issuance of stock for convertible notes | ||||||
Issuance of stock for consulting services | $ 53 | 439,947 | 440,000 | |||
Issuance of stock for consulting services (in Shares) | 52,695 | |||||
Transfer to statutory reserve | (802,277) | 802,277 | ||||
Other comprehensive Loss | (8,832,901) | (8,832,901) | ||||
BALANCE at Jun. 30, 2022 | $ 12,141 | 224,676,686 | 26,870,968 | (103,374,589) | (13,414,442) | 134,770,764 |
BALANCE (in Shares) at Jun. 30, 2022 | 12,141,467 | |||||
Net loss | (13,281,985) | (13,281,985) | ||||
Issuance of stock | $ 1,117 | 16,756,013 | 16,757,130 | |||
Issuance of stock (in Shares) | 1,117,142 | |||||
Issuance of stock for convertible notes | ||||||
Issuance of stock for consulting services | $ 122 | 657,878 | 658,000 | |||
Issuance of stock for consulting services (in Shares) | 122,305 | |||||
Transfer to statutory reserve | (142,889) | 142,889 | ||||
Other comprehensive Loss | (13,536,051) | (13,536,051) | ||||
BALANCE at Jun. 30, 2023 | $ 13,381 | $ 242,090,576 | $ 26,728,079 | $ (116,513,686) | $ (26,950,493) | $ 125,367,857 |
BALANCE (in Shares) at Jun. 30, 2023 | 13,380,914 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (13,281,985) | $ (98,364,332) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 2,403,150 | 3,137,560 |
Provision for losses on accounts receivable | 10,111,571 | 39,215,231 |
Gain (Loss) on disposal of property, plant and equipment | 34 | |
Inventories impairment | 8,758,775 | 32,280,954 |
Gain (Loss) on sales of discontinued operations | (1,748,951) | |
Changes in operating assets | ||
Digital Assets | (210,342) | |
Accounts receivable | 447,487 | 24,155,212 |
Amount due from related parties | (16,176) | 29,217 |
Other current assets | 525,285 | 394,426 |
Inventories | (16,592,290) | (18,443,105) |
Advances to suppliers | 4,991,682 | 2,017,306 |
Other assets | 1,935,491 | 2,084,133 |
Deferred tax assets | (97,820) | |
Changes in operating liabilities | ||
Accounts payable | 536,882 | (8,556,310) |
Customer deposits | (1,971,174) | 2,499,043 |
Amount due to related parties | (9,971) | 105,854 |
Tax payables | (44,055) | (71,935) |
Accrued expenses and other payables | 2,260,998 | 1,317,447 |
Interest payable | (737,630) | |
Net cash used in operating activities | (990,122) | (19,948,216) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of plant, property, and equipment | (1,371,393) | (164,278) |
Change in construction in process | 486,452 | |
Sales of discontinued operations | 898,673 | 6,809,200 |
Net cash (used in) provided by investing activities | (472,720) | 7,131,374 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the sale of common stock | 16,757,130 | 54,017,145 |
Proceeds from loans | 6,587,971 | 4,031,100 |
Repayment of loans | (3,913,520) | (4,031,100) |
Other payables-investors | 287,130 | |
Advance from related party | 340,000 | 150,000 |
Net cash provided by financing activities | 19,771,581 | 54,454,275 |
Effect of exchange rate change on cash and cash equivalents | (4,936,854) | (2,461,073) |
Net increase (decrease) in cash and cash equivalents | 13,371,885 | 39,176,360 |
Cash and cash equivalents, beginning balance | 57,770,303 | 18,593,944 |
Cash and cash equivalents, ending balance | 71,142,188 | 57,770,303 |
Supplement disclosure of cash flow information | ||
Interest expense paid | 295,804 | 256,873 |
Income taxes paid | 464,342 | 362,163 |
SUPPLEMENT NON-CASH ACTIVITIES | ||
Common stock issued to repay accrued expense | 658,000 | 440,000 |
Nonmonetary sales and purchases | $ 71,040,024 | $ 99,317,794 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Jun. 30, 2023 | |
Organization and Description of Business [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS China Green Agriculture, Inc. (the “Company”, “Parent Company” or “Green Nevada”), through its subsidiaries, is engaged in the research, development, production, distribution and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production, and distribution of agricultural products. Unless the context indicates otherwise, as used in this Report, the following are the references herein of all the subsidiaries of the Company (i) Green Agriculture Holding Corporation (“Green New Jersey”), a wholly-owned subsidiary of Green Nevada, incorporated in the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (“Yuxing”), a Variable Interest Entity (“VIE”) in the in the PRC controlled by Jinong through a series of contractual agreements; (iv) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (“Gufeng”), (v) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng’s wholly-owned subsidiary in the PRC (“Tianjuyuan”), and (vi)Antaeus Tech, Inc. (“Antaeus”), a wholly-owned subsidiary of Green Nevada incorporated in the State of Delaware. On June 30, 2016 the Company, through its wholly-owned subsidiary Jinong, entered into strategic acquisition agreements and a series of contractual agreements with the shareholders of the following six companies that are organized under the laws of the PRC and would be deemed VIEs: Shaanxi Lishijie Agrochemical Co., Ltd. (“Lishijie”), Songyuan Jinyangguang Sannong Service Co., Ltd. (“Jinyangguang”), Shenqiu County Zhenbai Agriculture Co., Ltd. (“Zhenbai”), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. (“Wangtian”), Aksu Xindeguo Agricultural Materials Co., Ltd. (“Xindeguo”), and Xinjiang Xinyulei Eco-agriculture Science and Technology co., Ltd. (“Xinyulei”). On January 1, 2017, the Company, through its wholly owned subsidiary Jinong, entered into strategic acquisition agreements and a series of contractual agreements with the shareholders of the following two companies that are organized under the laws of the PRC and would be deemed VIEs, Sunwu County Xiangrong Agricultural Materials Co., Ltd. (“Xiangrong”), and Anhui Fengnong Seed Co., Ltd. (“Fengnong”). On November 30, 2017, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Zhenbai. On June 2, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Xindeguo, Xinyulei and Xiangrong. On December 1, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Lishijie. On December 31, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Fengnong. On March 31, 2022, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Jinyangguang and Wangtian. On March 13, 2023, the Company established Antaeus Tech Inc. (“Antaeus”) in the State of Delaware. In April 2023, Antaeus started to purchase digital assets mining machines and to mine bitcoin in West Texas. Yuxing may also collectively be referred to as the “the VIE Company”. The Company’s current corporate structure as of is set forth in the diagram below: |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principle of consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan, Yuxing and Antaeus. All significant inter-company accounts and transactions have been eliminated in consolidation. For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s consolidated financial statements have been presented with its former VIEs, Lishijie, Jinyangguang, Wangtian and Fengnong as a discontinued operation. Effective June 16, 2013, Yuxing was converted from being a wholly owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned one natural person, who is not affiliated to the Company (“Yuxing’s Owner”). Effective the same day, Yuxing’s Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became the VIE of Jinong. VIE assessment A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. In order to determine if an entity is considered a VIE, the Company first performs a qualitative analysis, which requires certain subjective decisions regarding its assessments, including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties, and the purpose of the arrangement. If the Company cannot conclude after a qualitative analysis whether an entity is a VIE, it performs a quantitative analysis. The qualitative analysis considered the design of the entity, the risks that cause variability, the purpose for which the entity was created, and the variability that the entity was designed to pass along to its variable interest holders. When the primary beneficiary could not be identified through a qualitative analysis, we used internal cash flow models to compute and allocate expected losses or expected residual returns to each variable interest holder based upon the relative contractual rights and preferences of each interest holder in the VIE’s capital structure. Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the recent outbreak of a novel strain of the COVID-19. Leases The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and lease liabilities are recognized at commencement based on the present value of lease payments over the lease term. As the implicit rate is typically not readily determinable in the Company’s lease agreements, the Company uses its incremental borrowing rate as of the lease commencement date to determine the present value of the lease payments. The incremental borrowing rate is based on the Company’s specific rate of interest to borrow on a collateralized basis, over a similar term and in a similar economic environment as the lease. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recognized on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Additionally, the Company accounts for lease and non-lease components as a single lease component for its identified asset classes. As of June 30, 2023, the Company does not have any material leases for the implementation of ASC 842. Cash and cash equivalents and concentration of cash For statement of cash flows purposes, the Company considers all cash on hand and in banks, certificates of deposit with state owned banks in the PRC and banks in the United States, and other highly liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums of cash in three major banks in China. The aggregate cash in such accounts and on hand as of June 30, 2023 and 2022 was $ 69,091,838 and $57,714,868, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $ 2,050,350 and $55,435 in cash in three banks in the United States as of June 30, 2023 and 2022, respectively. Cash overdraft as of balance sheet date will be reflected as liabilities in the balance sheet. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. Digital Assets Digital assets are included in current assets in the condensed consolidated balance sheets. Digital assets are accounted for as indefinite-lived intangible assets, and are initially measured in accordance with FASB Accounting Standards Codification (“ASC”) Topic 350 – Intangibles-Goodwill and Other Digital assets are not amortized, but are assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Whenever the exchange-traded price of digital assets declines below its carrying value, the Company has determined that an impairment exists and records an impairment equal to the amount by which the carrying value exceeds the fair value. As of June 30, 2023, the Company held bitcoin as digital assets with amount of $210,342. Bitcoin is classified on our balance sheet as a current asset due to the Company’s ability to sell it in a highly liquid marketplace and its intent to liquidate its Bitcoin to support operations when needed. Accounts receivable Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the collectability of accounts receivable at each year-end. Accounts considered uncollectible are provisioned for written off based upon management’s assessment. As of June 30, 2023, and 2022, the Company had accounts receivable of $16,455,734 and $28,792,891, net of allowance for doubtful accounts of $54,708,486 and $58,000,266, respectively. The impact of COVID-19 caused the difficulty of accounts receivable collection in the fiscal year 2023 as numerous distributors encountered significant difficulties and/or hardships in their businesses amid the pandemic. The company recorded bad debt expense in the amount of $10 million and $39 million (included bad debt expense from discontinuing operations) for the fiscal year ended June 30, 2023 and the fiscal year ended June 30, 2022, respectively. The Company adopts no policy to accept product returns post to the sales delivery. Inventories Inventory is valued at the lower of cost (determined on a weighted average basis) or market. Inventories consist of raw materials, work in process, finished goods and packaging materials. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. As of June 30, 2023, and 2022 the Company had no reserve for obsolete goods. Property, plant and equipment Property, plant and equipment are recorded at cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of plant, property, and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets: Estimated Building 10-25 years Agricultural assets 8 years Machinery and equipment 5-15 years Vehicles 3-5 years Mining machines 5 years Construction in Progress Construction in progress represents the costs incurred relating to the construction of buildings or new additions to the Company’s plant facilities. Costs classified to construction in progress include all costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. No depreciation is provided for construction in progress until the assets are completed and are placed into service. Interest incurred during construction is capitalized into construction in progress. Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. As of June 30, 2023, and 2022 the Company determined that there were no impairments of its long-lived assets. Intangible Assets The Company records intangible assets acquired individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity’s future cash flows. The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of June 30, 2023 and 2022, respectively. Goodwill We test goodwill for impairment annually, or when events and circumstances change that would indicate the carrying amount may not be recoverable. ASC 350, “Intangibles – Goodwill and Other,” permits the assessment of qualitative factors to determine whether events and circumstances lead to the conclusion that it is necessary to perform the two-step quantitative goodwill impairment test required under ASC 350. ASC 350 also allows the option to skip the qualitative assessment and proceed directly to a quantitative assessment. Under the first step, the fair value of the reporting unit is compared with its carrying value including goodwill. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test. Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner comparable to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. As of June 30, 2023, and 2022, the Company performed the required impairment review which resulted in impairment adjustment with amount of 0 in 2023 and 2022. The impairment is reported in General and administrative expenses. Fair Value Measurement and Disclosures Our accounting for Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: Level one — Quoted market prices in active markets for identical assets or liabilities; Level two — Inputs other than level one inputs that are either directly or indirectly observable; and Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their fair values due to the short maturities of these instruments. Revenue recognition The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there were no material changes to the Company’s consolidated financial statements upon adoption of ASC 606. Sales revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist, and collectability is reasonably assured. The Company’s revenue consists of invoiced value of goods, net of a value-added tax (VAT). No product return or sales discount allowance are made as products delivered and accepted by customers are not returnable and sales discounts are not granted after products are delivered. Customer deposits Payments received before all the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits are recognized as revenue. As of June 30, 2023, and 2022, the Company had customer deposits of $5,489,781 and $7,994,669, respectively. Stock-Based Compensation The costs of all employee stock option, as well as other equity-based compensation arrangements, are reflected in the consolidated financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. Income taxes We account for uncertain tax positions in accordance with Accounting Standards Codification, or ASC, 740, “Income Taxes.” The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of, and guidance surrounding, income tax laws and regulations change over time. Changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of income. See Note 12, “Taxes Payable,” of the Notes to Consolidated Financial Statements for additional detail on our uncertain tax positions and further information regarding ASC 740. Foreign currency translation The reporting currency of the Company is the US dollar. The functional currency of the Company and Green New Jersey is the US dollar. The functional currency of the Chinese subsidiaries is the Chinese Yuan or Renminbi (“RMB”). For the subsidiaries whose functional currencies are other than the US dollar, all asset and liability accounts were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at the historical rates and items in the income statement and cash flow statements are translated at the average rate in each applicable period. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss) in the statement of shareholders’ equity. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency is included in the results of operations as incurred. Segment reporting The Company utilizes the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other way management disaggregates a company. As of June 30, 2023, the Company, through its subsidiaries is engaged into four main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production) , Yuxing (agricultural products production), and Antaeus (bitcoin). As of June 30, 2023, the Company maintained four main business segments. Fair values of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, other receivables, advances to suppliers, accounts payable, other payables, tax payable, and related party advances and borrowings. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is attributed to the short maturities of the instruments and that interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective balance sheet dates. Statement of cash flows The Company’s cash flows from operations are calculated based on the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets. Earnings per share Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards. The components of basic and diluted earnings per share consist of the following: Years Ended June 30, 2023 2022 Loss from continuing operations for Basic Earnings Per Share $ (13,281,985 ) $ (80,522,696 ) Loss from discontinued operations for Basic Earnings Per Share - (17,841,636 ) Loss for Basic Earnings Per Share (13,281,985 ) (98,364,332 ) Basic Weighted Average Number of Shares 13,248,684 9,348,100 Loss from continuing operations Per Share – Basic $ (1.00 ) $ (8.61 ) Loss from discontinued operations Per Share – Basic $ - $ (1.91 ) Net loss Per Share – Basic $ (1.00 ) $ (10.52 ) Loss from continuing operations for Diluted Earnings Per Share $ (13,281,985 ) $ (80,522,696 ) Loss from discontinued operations for Diluted Earnings Per Share $ - $ (17,841,636 ) Loss for Diluted Earnings Per Share $ (13,281,985 ) $ (98,364,332 ) Diluted Weighted Average Number of Shares 13,248,684 9,348,100 Loss from continuing operations Per Share – Diluted $ (1.00 ) (8.61 ) Loss from discontinued operations Per Share – Diluted $ - $ (1.91 ) Net loss Per Share – Diluted $ (1.00 ) $ (10.52 ) Reclassification Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2023 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported. Recent accounting pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options Derivatives and Hedging—Contracts in Entity’s Own Equity Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity |
Going Cercern
Going Cercern | 12 Months Ended |
Jun. 30, 2023 | |
Going Cercern [Abstract] | |
GOING CERCERN | NOTE 3 – GOING CERCERN The Company’s financial statements are prepared assuming that the Company will continue as a going concern. The Company has incurred operating losses and had negative operating cash flows in the fiscal year 2023 and may continue to incur operating losses and generate negative cash flows as the Company implements its future business plan. If the situation exists, there could be substantial doubt about the Company’s ability to continue as going concern. To meet its working capital needs through the next twelve months and to fund the growth of the Company, the Company may consider plans to raise additional funds through the issuance of equity or borrow loan from local bank. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. The accompanying financial statements do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as going concern. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2023 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 4 – INVENTORIES Inventories consisted of the following: June 30, June 30, 2023 2022 Raw materials $ 11,617,989 $ 7,986,436 Supplies and packing materials $ 410,904 $ 469,524 Work in progress $ 172,248 $ 198,591 Finished goods $ 34,253,990 $ 33,543,635 Total $ 46,455,131 $ 42,198,186 During the year ended June 30, 2023, the Company sold compound fertilizers (finished goods) to certain parties at market price and purchased equivalent amount of simple fertilizers (raw material) from the same parties also at market price. The simple fertilizers purchased, along with other materials were used in the Company’s production facility to manufacture compound fertilizers. While nonmonetary, the sales and purchase transactions were consummated independently under separate agreements at different times and measured at the prevailing market value. The total amount of nonmonetary sales and purchases amounted to $71,040,024 during the year ended June 30, 2023. No gain or loss incurred as the result of the nonmonetary transactions. For the fiscal year ended June 30, 2023, total inventories increased $4,256,945, or 10.1%, to $46,455,131 from $42,198,186 for the fiscal year ended June 30, 2022. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following for the continuing entities: June 30, June 30, 2023 2022 Building and improvements $ 37,065,465 $ 39,988,862 Auto 2,716,931 2,892,073 Machinery and equipment 18,608,254 18,913,581 Total property, plant and equipment 58,390,650 61,794,515 Less: accumulated depreciation (41,700,404 ) (42,924,364 ) Total $ 16,690,246 $ 18,870,152 For the fiscal year ended June 30, 2023, total depreciation expense for the continuing entities was $2,172,096, decreased $449,841, or 17.2%, from $2,621,937 for the fiscal year ended June 30, 2022. |
Intangible Assets and Digital A
Intangible Assets and Digital Assets | 12 Months Ended |
Jun. 30, 2023 | |
Intangible Assets and Digital Assets [Abstract] | |
INTANGIBLE ASSETS AND DIGITAL ASSETS | NOTE 6 – INTANGIBLE ASSETS AND DIGITAL ASSETS Intangible assets consisted of the following: June 30, June 30, 2023 2022 Land use rights, net $ 7,862,624 $ 8,758,704 Technology patent, net - - Customer relationships, net - - Non-compete agreement - - Trademarks 5,701,011 6,176,784 Total $ 13,563,635 $ 14,935,488 LAND USE RIGHT On September 25, 2009, Yuxing was granted a land use right for approximately 88 acres (353,000 square meters or 3.8 million square feet) by the People’s Government and Land & Resources Bureau of Hu County, Xi’an, Shaanxi Province. The fair value of the related intangible asset was determined to be the respective cost of RMB73,184,895 (or $10,084,895). The intangible asset is being amortized over the grant period of 50 years using the straight-line method. On August 13, 2003, Tianjuyuan was granted a certificate of Land Use Right for a parcel of land of approximately 11 acres (42,726 square meters or 459,898 square feet) at Ping Gu District, Beijing. The purchase cost was recorded at RMB1,045,950 (or $144,132). The intangible asset is being amortized over the grant period of 50 years. On August 16, 2001, Jinong received a land use right as a contribution from a shareholder, which was granted by the People’s Government and Land& Resources Bureau of Yangling District, Shaanxi Province. The fair value of the related intangible asset at the time of the contribution was determined to be RMB7,285,099 (or $1,003,887). The intangible asset is being amortized over the grant period of 50 years. The Land Use Rights consisted of the following: June 30, Foreign Currency Amortization/ June 30, Land use rights $ 12,014,170 (925,405 ) - 11,088,765 Less: accumulated amortization (3,255,466 ) 29,325 (3,226,141 ) Total land use rights, net $ 8,758,704 (925,405 ) 29,325 7,862,624 TECHNOLOGY PATENT On August 16, 2001, Jinong was issued a technology patent related to a proprietary formula used in the production of humid acid. The fair value of the related intangible asset was determined to be the respective cost of RMB5,875,068 (or $809,584) and is being amortized over the patent period of 10 years using the straight-line method. This technology patent has been fully amortized. On July 2, 2010, the Company acquired Gufeng and its wholly owned subsidiary Tianjuyuan. The fair value on the acquired technology patent was estimated to be RMB9,200,000 (or $1,267,760) and is amortized over the remaining useful life of six years using the straight-line method. As of June 30, 2023, this technology patent is fully amortized. The technology know-how consisted of the following: June 30, Foreign Currency June 30, 2022 Adjustment 2023 Technology know-how $ 2,250,708 (173,363 ) $ 2,077,344 Less: accumulated amortization (2,250,708 ) 173,363 (2,077,344 ) Total technology know-how, net $ - - $ - CUSTOMER RELATIONSHIP On July 2, 2010, the Company acquired Gufeng and its wholly owned subsidiary Tianjuyuan. The fair value on the acquired customer relationships was estimated to be RMB65,000,000 (or $8,957,000) and is amortized over the remaining useful life of ten years. As of June 30, 2023, this customer relationship is fully amortized. June 30, Foreign Currency June 30, 2022 Adjustment 2023 Customer relationships $ 9,704,500 (747,500 ) $ 8,957,000 Less: accumulated amortization (9,704,500 ) 747,500 (8,957,000 ) Total customer relationships, net $ - - $ - NON-COMPETE AGREEMENT On July 2, 2010, the Company acquired Gufeng and its wholly owned subsidiary Tianjuyuan. The fair value on the acquired non-compete agreement was estimated to be RMB1,320,000 (or $181,896) and is amortized over the remaining useful life of five years using the straight-line method. As of June 30, 2023, this non-compete agreement is fully amortized. June 30, Foreign Currency June 30, 2022 Adjustment 2023 Non-compete agreement $ 197,076 (15,180 ) $ 181,896 Less: accumulated amortization (197,076 ) 15,180 (181,896 ) Total non-compete agreement, net $ - - $ - TRADEMARKS On July 2, 2010, the Company acquired Gufeng and its wholly owned subsidiary Tianjuyuan. The preliminary fair value on the acquired trademarks and brand names was estimated to be RMB41,371,630 (or $ 5,701,01 1 June 30, Foreign Currency June 30, 2022 Adjustment 2023 Trademarks $ 6,232,670 (480,078 ) $ 5,752,592 Less: accumulated amortization (55,886 ) 4,305 (51,581 ) Total trademarks, net $ 6,176,784 (475,773 ) $ 5,701,011 AMORTIZATION EXPENSE Estimated amortization expenses of intangible assets for the next five twelve months periods ended June 30, are as follows: Years Ending June 30, Expense 2024 307,807 2025 248,563 2026 236,935 2027 221,431 2028 221,431 DIGITAL ASSETS On March 13, 2023, the Company established Antaeus Tech Inc. (“Antaeus”) in the State of Delaware. In April 2023, Antaeus started to purchase digital assets mining machines and to mine bitcoin in West Texas. As of June 30, 2023, the company held digital assets with amount of $210,342. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Jun. 30, 2023 | |
Other Assets Noncurrent [Abstract] | |
OTHER NON-CURRENT ASSETS | NOTE 7 – OTHER NON-CURRENT ASSETS Other non-current assets mainly include advance payments related to rent the land use for the Company. As of June 30, 2023, the balance of other non-current assets was $5,092,721, which was the rental fee advances for agriculture lands that the Company engaged in Shiquan County from 2025 to 2027. In March 2017, Jinong entered into the rental agreement for approximately 3,400 mu, and 2600-hectare agriculture lands in Shiquan County, Shaanxi Province. The rental agreement was from April 2017 and was renewable for every ten-year period up to 2066. The aggregate rental fee was approximately RMB 13 million per annum, The Company had made 10-year advances of rental fee per rental terms. The Company has amortized $1.8 million as expenses for the year ended June 30, 2023 and $2.0 million as expenses for the year ended June 30, 2022. Estimated amortization expenses of the rental advance payments herein for the next four twelve-month periods ended June 30 and thereafter are as follows: Years ending June 30, 2024 $ 1,849,965 2025 $ 1,849,965 2026 $ 1,849,965 2027 $ 1,392,791 |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 12 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Payables [Abstract] | |
ACCRUED EXPENSES AND OTHER PAYABLES | NOTE 8 – ACCRUED EXPENSES AND OTHER PAYABLES Accrued expenses and other payables consisted of the following: June 30, June 30, 2023 2022 Payroll and welfare payable 188,222 178,341 Accrued expenses 9,805,444 7,636,524 Other payables 4,820,193 5,794,686 Other levy payable 115,568 125,213 Total $ 14,929,427 $ 13,734,764 |
Amount Due to Related Parties
Amount Due to Related Parties | 12 Months Ended |
Jun. 30, 2023 | |
Amount Due to Related Parties [Abstract] | |
AMOUNT DUE TO RELATED PARTIES | NOTE 9 – AMOUNT DUE TO RELATED PARTIES At the end of December 2015, Yuxing entered into a sales agreement with the Company’s affiliate, 900LH.com Food Co., Ltd. (“900LH.com”, previously announced as Xi’an Gem Grain Co., Ltd) pursuant to which Yuxing is to supply various vegetables to 900LH.com for its incoming seasonal sales at the holidays and year ends (the “Sales Agreement”). The contingent contracted value of the Sales Agreement is RMB25,500,000 (approximately $3,513,900). During the year ended June 30, 2023 and 2022 Yuxing has sold approximately $0 and $66,071 products to 900LH.com. The amount due from 900LH.com to Yuxing was $27,560 and $13,064 as of June 30, 2023 and 2022, respectively. As of June 30, 2023, and June 30, 2022, the amount due to related parties was $5,439,209 and $5,192,496, respectively. As of June 30, 2023, and June 30, 2022, $964,600 and $1,045,100, respectively were amounts that Gufeng borrowed from a related party, Xi’an TechTeam Science & Technology Industry (Group) Co. Ltd., a company controlled by Mr. Zhuoyu Li, Chairman and CEO of the Company, representing unsecured, non-interest-bearing loans that are due on demand. These loans are not subject to written agreements. As of June 30, 2023, and June 30, 2022, $2,261,693 and $1,921,693, respectively were advances from Mr. Zhuoyu Li, Chairman and CEO of the Company. The advances were unsecured and non-interest-bearing. As of June 30, 2023, the Company’s subsidiary, Jinong, owed 900LH.com. $995. As of June 30, 2022, the Company’s subsidiary, Jinong, owed 900LH.com. $11,431. On July 1, 2022, Jinong renewed the office rental agreement with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), of which Mr. Zhuoyu Li, Chairman and CEO of the Company, served as Chairman. Pursuant to the rental agreement, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The rental agreement provides for a two-year term effective as of July 1, 2022 with monthly rent of RMB28,000 (approximately $3,858). |
Loan Payables
Loan Payables | 12 Months Ended |
Jun. 30, 2023 | |
Loan Payables [Abstract] | |
LOAN PAYABLES | NOTE 10 – LOAN PAYABLES As of June 30, 2023, the short-term and long-term loan payables consisted of five loans which mature on dates ranging from September 29, 2023 through August 18, 2024 with interest rates ranging from 3.65% to 5.00%. No. 1 to 3 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 2 is also guaranteed by the cash deposit. No. 4 to 5 below are collateralized by Jinong’s land use right and building ownership right. No. Payee Loan period per agreement Interest Rate June 30, 1 Beijing Bank -Pinggu Branch June 5, 2023-June 5, 2024 4.15 % 1,378,000 2 Huaxia Bank -HuaiRou Branch June 28, 2023-June 28, 2024 3.65 % 1,378,000 3 Pinggu New Village Bank June 29, 2023-June 28, 2024 5.00 % 964,600 4 Industrial Bank Co. Ltd August 19, 2022-August 18, 2024 3.98 % 1,047,280 5 Xian Bank September 30, 2022-September 29, 2023 3.90 % 1,515,800 Total $ 6,283,680 The interest expense from short-term loans was $295,804 and $256,784 for the year ended June 30, 2023 and 2022, respectively. |
Taxes Payable
Taxes Payable | 12 Months Ended |
Jun. 30, 2023 | |
Taxes Payable [Abstract] | |
TAXES PAYABLE | NOTE 11 – TAXES PAYABLE Enterprise Income Tax Effective January 1, 2008, the Enterprise Income Tax (“EIT”) law of the PRC replaced the tax laws for Domestic Enterprises (“DEs”) and Foreign Invested Enterprises (“FIEs”). The EIT rate of 25% replaced the 33% rate that was applicable to both DEs and FIEs. The two-year tax exemption and three-year 50% tax reduction tax holiday for production oriented FIEs was eliminated. Since January 1, 2008, Jinong became subject to income tax in China at a rate of 15% as a high-tech company, because of the expiration of its tax exemption on December 31, 2007. Accordingly, it made 0 provision for income taxes for the years ended June 30, 2023 and 2022. Value-Added Tax All the Company’s fertilizer products that are produced and sold in the PRC were subject to a Chinese Value-Added Tax (VAT) of 9 % of the gross sales price. On April 29, 2008, the PRC State of Administration of Taxation (SAT) released Notice #56, “ Exemption of VAT for Organic Fertilizer Products Reinstatement of VAT for Fertilizer Products Supplementary Reinstatement of VAT for Fertilizer Products On April 28, 2017, the PRC State of Administration of Taxation (SAT) released Notice 2017 #37, “ Notice on Policy of Reduced Value Added Tax Rate, On April 4, 2018, the PRC State of Administration of Taxation (SAT) released Notice 2018 #32, “ Notice on Adjustment of VAT Tax Rate, On March 20, 2019, the PRC State of Administration of Taxation (SAT) released Notice 2019 #39, “ Announcement on Policies Concerning Deepening the Reform of Value Added Tax, Income Taxes and Related Payables Taxes payable consisted of the following: June 30, June 30, 2023 2022 VAT provision $ (398,499 ) $ (384,574 ) Income tax payable (2,132,400 ) (2,310,360 ) Other levies 591,325 639,237 Repatriation tax 29,010,535 29,010,535 Total $ 27,070,961 $ 26,954,838 The provision for income taxes consists of the following: Years Ended 2023 2022 Current tax – foreign $ (97,820 ) $ (1,291,828 ) Total $ (97,820 ) $ (1,291,828 ) Significant components of deferred tax assets were as follows: June 30, June 30, 2023 2022 Deferred tax assets Deferred Tax Benefit 32,464,001 35,067,278 Valuation allowance (32,366,181 ) (35,067,278 ) Total deferred tax assets $ 97,820 - The change in valuation allowance for the year ended June 30, 2023 was a decrease of $2,701,097 which was mainly resulted from foreign exchange rates. The Company periodically evaluates the likelihood of the realization of deferred tax assets and adjusts the carrying amount of the deferred tax assets by the valuation allowance to the extent the future realization of the deferred tax assets is not judged to be more likely than not. The Company considers many factors when assessing the likelihood of future realization of its deferred tax assets, including its recent cumulative earnings experience by taxing jurisdiction, expectations of future taxable income or loss, the carryforward periods available to the Company for tax reporting purposes, and other relevant factors. As of June 30, 2023, based on the weight of available evidence, including cumulative losses in recent years and expectations of future taxable income, the Company determined that it was more likely than not that its deferred tax assets would be realized with the total amount of $97,820. U.S. Tax Cuts and Jobs Act and Provisional Estimates On December 22, 2017, the TCJA was enacted into law, which significantly changes existing U.S. tax law and includes numerous provisions that affect our business, such as imposing a one-time transition tax on deemed repatriation of deferred foreign income, reducing the U.S. federal statutory tax rate, and adopting a territorial tax system. The TCJA required us to incur a one-time transition tax on deferred foreign income not previously subject to U.S. income tax at a rate of 15.5% for foreign cash and certain other net current assets, and 8% on the remaining income. The TCJA also reduced the U.S. federal statutory tax rate from 35% to 21% effective January 1, 2018. For fiscal year 2018, our blended U.S. federal statutory tax rate is 27.5%. This is the result of using the tax rate of 34% for the first and second quarter of fiscal year 2018 and the reduced tax rate of 21% for the third and fourth quarter of fiscal year 2018. For fiscal year 2019, 2020, 2021, 2022 and 2023, our U.S. federal statutory tax rate is 21%. Tax Rate Reconciliation Our effective tax rates were approximately 0.7% and 1.3% for years ended June 30, 2023 and 2022, respectively. Substantially all the Company’s income before income taxes and related tax expense are from PRC sources. Actual income tax benefit reported in the consolidated statements of operations and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 21.0% and 21.0% to income before income taxes for the years ended June 30, 2023 and 2022 for the following reasons: June 30, 2023 China United States Total Pretax loss $ (10,207,847 ) (3,171,958 ) $ (13,379,805 ) Expected income tax expense (benefit) (2,551,962 ) 25.0 % (666,111 ) 21.0 % (3,218,073 ) High-tech income benefits on Jinong - - - - Loss from subsidiaries in which no benefit is recognized 2,454,142 (24.0 )% - 2,454,142 Change in valuation allowance on deferred tax asset from US tax benefit - - 666,111 (21.0 )% 666,111 Actual tax expense $ (97,820 ) 1.0 % $ - % $ (97,820 ) 0.7 % June 30, 2022 China United States Total Pretax loss $ (98,939,698 ) (674,813 ) $ (99,614,511 ) Expected income tax expense (benefit) (24,734,925 ) 25.0 % (141,711 ) 21.0 % (24,876,635 ) High-tech income benefits on Jinong 765,909 (0.8 )% - 765,909 Loss from subsidiaries in which no benefit is recognized 24,010,666 (24.3 )% - 24,010,666 Change in valuation allowance on deferred tax asset from US tax benefit (1,291,828 ) 1.3 % 141,711 (21.0 )% (1,150,117 ) Actual tax expense $ (1,250,178 ) 1.3 % $ - % $ (1,250,178 ) 1.3 % |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Jun. 30, 2023 | |
Stockholders Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 12 – STOCKHOLDERS’ EQUITY Common Stock On August 2, 2022, the Company completed the issuance of 1,117,142 shares of its Common Stock for $16,757,130 to P Kevin HODL Ltd, an entity owned and controlled by Mr. Zhibiao Pan, who was subsequently appointed as the Company’s co-Chief Executive Officer on August 25, 2022. This sale was made pursuant to the Share Purchase Agreement dated November 23, 2021 in transactions exempt from registration under the Securities Act of 1933, as amended, in reliance on an exemption provided by Rule 903 of Regulation S and/or Section 4(a)(2) of the Securities Act. On November 25, 2022, the Company issued 122,305 shares of common stock to settle the payable of consulting services under the 2009 Plan. The value of the stock was $658,000 and was based on the fair value of the Company’s common stock on the grant date of November 12, 2022 when the Company authorized the grant. As of June 30, 2023, and June 30, 2022, there were 13,380,914 and 12,141,467 shares of common stock issued and outstanding, respectively. Preferred Stock Under the Company’s Articles of Incorporation, the Board has the authority, without further action by stockholders, to designate up to 20,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be greater than the rights of the common stock. If the Company sells preferred stock under its registration statement on Form S-3, it will fix the rights, preferences, privileges, qualifications and restrictions of the preferred stock of each series in the certificate of designation relating to that series and will file the certificate of designation that describes the terms of the series of preferred stock the Company offers before the issuance of the related series of preferred stock. As of June 30, 2023, the Company has 20,000,000 shares of preferred stock authorized, with a par value of $.001 per share, of which no shares are issued or outstanding. |
Stock Options
Stock Options | 12 Months Ended |
Jun. 30, 2023 | |
Stock Options [Abstract] | |
STOCK OPTIONS | NOTE 13 – STOCK OPTIONS There were no issuances of stock options during the years ended June 30, 2023 and 2022. |
Concentrations and Litigation
Concentrations and Litigation | 12 Months Ended |
Jun. 30, 2023 | |
Concentrations and Litigation [Abstract] | |
CONCENTRATIONS AND LITIGATION | NOTE 14 – CONCENTRATIONS AND LITIGATION Market Concentration All the Company’s revenue-generating operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among other things, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by, among other things, changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation. Vendor and Customer Concentration There are six vendors that the Company purchased over 10% of its raw materials with an aggregate amount of $71,040,024, or 12.2%, 12.0%, 12.0%, 11.8%, 11.7% and 11.6%, respectively, for fertilizer manufacturing during the year ended June 30, 2023. There are six vendors that the Company purchased over 10% of its raw materials with an aggregate amount of $99,101,685, or 11.9%, 11.8%, 11.6%, 11.3%, 11.1% and 10.9%, respectively, for fertilizer manufacturing during the year ended June 30, 2022. Six customers accounted for an aggregate amount of $71,690,103, or 10.7%,10.4%,10.4%,10.4%,10.3%, and 10.2%, respectively, of the Company’s manufactured fertilizer sales for the year ended June 30, 2023. Two customers accounted for an aggregate amount of $33,378,901, or 10.1% and 10.1%, respectively, of the Company’s manufactured fertilizer sales for the year ended June 30, 2022. Litigation On June 5, 2020, an individual filed suit pro se (as in, representing oneself without an attorney) in the Southern District of Florida federal court alleging violations of the Securities Exchange Act. The Company believes the action is without merit and vigorously opposed it. The company moved to dismiss the litigation and for attorney’s fees from the plaintiff. On November 2, 2020, the case was transferred to the United States District Court for The Southern District Of New York. On September 30, 2021, the Southern District of New York federal court presiding over the case dismissed all claims against the company, its executives, and its independent directors. The dismissal was without prejudice and the plaintiff can appeal or amend within 30 days, or by October 29, 2021. The plaintiff amended the complaint on Oct 30, 2021. On August 30, 2022, the Southern District of New York federal court presiding over the case issued an order granting motions to dismiss all claims in the amended complaint against the Company, its executives, and its independent directors. On September 6, 2022, the plaintiff filed a notice of civil appeal to the U.S. Court of Appeals, Second Circuit. The appeal has now been fully briefed and the Company expects a decision to issue sometime in the coming year. There are no other actions, suits, proceedings, inquiries or investigations before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 15 – SEGMENT REPORTING As of June 30, 2023, the Company was organized into four main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production), Yuxing (agricultural products production), and Antaeus (bitcoin). Each of the four operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment. Years Ended 2023 2022 Revenues from unaffiliated customers: Jinong $ 40,247,303 $ 54,339,228 Gufeng 74,028,542 102,755,286 Yuxing 9,654,168 11,356,390 Antaeus 210,342 - Consolidated $ 124,140,355 $ 168,450,904 Operating income (expense): Jinong $ (4,411,893 ) $ (3,466,631 ) Gufeng (6,062,353 ) (80,233,988 ) Yuxing 499,479 581,840 Antaeus (465,560 ) Reconciling item (1) - - Reconciling item (2) (3,173,033 ) (679,326 ) Consolidated $ (13,613,360 ) $ (83,798,104 ) Net income (loss): Jinong $ (4,224,927 ) (3,063,634 ) Gufeng (6,280,625 ) (80,547,966 ) Yuxing 763,512 722,936 Antaeus (367,988 ) - Reconciling item (1) 1,077 4,513 Reconciling item (2) (3,173,034 ) 612,503 Reconciling item (3) $ - $ 1,748,951 Consolidated $ (13,281,985 ) $ (80,522,696 ) Depreciation and Amortization: Jinong $ 785,503 $ 833,042 Gufeng 761,466 816,510 Yuxing 839,514 1,280,938 Antaeus 16,667 - Consolidated $ 2,403,150 $ 2,930,490 Interest expense: Jinong 78,342 - Gufeng 217,462 256,784 Yuxing - - Antaeus - - Consolidated $ 295,804 $ 256,784 Capital Expenditure: Jinong $ 52,664 $ 97,900 Gufeng 216,892 29,308 Yuxing 101,837 37,069 Antaeus 1,000,000 - Consolidated $ 1,371,393 $ 164,278 As of June 30, June 30, 2023 2022 Identifiable assets: Jinong $ 87,862,836 $ 100,958,241 Gufeng 49,749,041 80,923,101 Yuxing 38,223,482 40,132,337 Antaeus 3,292,247 - Reconciling item (1) 7,387,637 (27,064,606 ) Reconciling item (2) 166,121 166,121 Consolidated $ 186,681,364 $ 195,115,195 (1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. (2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. (3) Reconciling amounts refer to the gain on discontinuing sales VIEs and the intercompany transaction clearing. Total revenues from exported products currently accounted for less than 1% of the Company’s total fertilizer revenues for the years ended June 30, 2023 and 2022, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 16 – COMMITMENTS AND CONTINGENCIES We are subject to various claims and contingencies related to lawsuits, certain taxes and environmental matters, as wells commitments under contractual and other commercial obligations. We recognize liabilities for commitments and contingencies when a loss is probable and estimable. On July 1, 2020, Jinong signed an office rental agreement with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), of which Mr. Zhuoyu Li, Chairman and CEO of the Company, served as its Chairman. Pursuant to the rental agreement, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The rental agreement provides for a two-year term effective as of July 1, 2022 with monthly rent of RMB28,000 (approximately $3,858). In February 2004, Tianjuyuan signed a fifty-year rental agreement with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District. On April 2, 2023, Antaeus signed a one-year rental agreement for an office in Austin, Texas for approximately 404 square meters (4,348 square feet) space. Accordingly, the Company recorded an aggregate of $51,192 and $97,307 as rent expenses for the years ended June 30, 2023 and 2022, respectively. The contingent rent expenses herein for the next five years ended June 30, are as follows: Years ending June 30, 2024 55,392 2025 55,392 2026 55,392 2027 55,392 2028 55,392 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Jun. 30, 2023 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 17 – VARIABLE INTEREST ENTITIES In accordance with accounting standards regarding consolidation of variable interest entities, VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision-making ability. All VIEs with which a company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. Green Nevada through one of its subsidiaries, Jinong, entered into a series of agreements (the “VIE Agreements”) with Yuxing for it to qualify as a VIE, effective June 16, 2013. The Company has concluded, based on the contractual arrangements, that Yuxing is a VIE and that the Company’s wholly owned subsidiary, Jinong, absorbs most of the risk of loss from the activities of Yuxing, thereby enabling the Company, through Jinong, to receive a majority of Yuxing expected residual returns. On June 30, 2016 and January 1, 2017, the Company, through its wholly owned subsidiary Jinong, entered into strategic acquisition agreements and into a series of contractual agreements to qualify as VIEs with the shareholders of the sales VIE Companies. Jinong, the sales VIE Companies, and the shareholders of the sales VIE Companies also entered into a series of contractual agreements for the sales VIE Companies to qualify as VIEs (the “VIE Agreements”). On November 30, 2017, the Company, through its wholly owned subsidiary Jinong, exited the VIE agreements with the shareholders of Zhenbai. On June 2, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Xindeguo, Xinyulei and Xiangrong. On December 1, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Lishijie. On December 31, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Fengnong. On March 31, 2022, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Jinyangguang and Wangtian. As a result of these contractual arrangements, with Yuxing and the sales VIE Companies the Company is entitled to substantially all the economic benefits of Yuxing and the VIE Companies. The following financial statement amounts and balances of the VIEs were included in the accompanying consolidated financial statements as of June 30, 2023 and June 30, 2022: June 30, June 30, 2023 2022 ASSETS Current Assets Cash and cash equivalents $ 323,854 $ 385,308 Accounts receivable, net 283,221 710,143 Inventories 24,288,379 22,062,527 Other current assets 108,677 22,932 Related party receivable 27,560 13,064.00 Advances to suppliers - 1,879,704 Total Current Assets 25,031,691 25,073,678 Plant, Property and Equipment, Net 5,887,278 6,926,023 Other assets 9,784 10,600 Intangible Assets, Net 7,294,729 8,122,036 - Total Assets $ 38,223,482 $ 40,132,337 - LIABILITIES AND STOCKHOLDERS’ EQUITY - Current Liabilities - Accounts payable $ 12,512 $ 107,095 Customer deposits 62,134 10,016 Accrued expenses and other payables 282,968 306,116 Amount due to related parties 39,346,051 42,105,604 Total Current Liabilities 39,703,665 42,528,831 Total Liabilities $ 39,703,665 42,528,831 Stockholders’ equity (1,480,183 ) (2,396,494 ) Total Liabilities and Stockholders’ Equity $ 38,223,482 $ 40,132,337 Years Ended 2023 2022 Revenue $ 9,654,168 $ 11,356,390 Expenses 8,890,656 10,633,454 Net income $ 763,512 $ 722,936 |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Jun. 30, 2023 | |
Restricted Net Assets [Abstract] | |
RESTRICTED NET ASSETS | NOTE 18 – RESTRICTED NET ASSETS The Company’s operations are primarily conducted through its PRC subsidiaries, which can only pay dividends out of their retained earnings determined in accordance with the accounting standards and regulations in the PRC and after it has met the PRC requirements for appropriation to statutory reserves. In addition, the Company’s businesses and assets are primarily denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. These currency exchange control procedures imposed by the PRC government authorities may restrict the ability of the Company’s PRC subsidiaries to transfer their net assets to the Parent Company through loans, advances or cash dividends. The Company’s PRC subsidiaries net assets as of June 30, 2023 and 2022 exceeded 25% of the Company’s consolidated net assets. Accordingly, condensed Parent Company financial statements have been prepared in accordance with Rule 5-04 and Rule 12-04 of SEC Regulation S-X, and they are as follows. Parent Company Financial Statements PARENT COMPANY FINANCIAL INFORMATION OF CHINA GREEN AGRICULTURE, INC. Condensed Balance Sheets As of June 30, 2023 2022 ASSETS Current Assets: Cash and cash equivalents $ 49,598 $ 52,485 Other current assets 169,071 169,071 Total Current Assets 218,668 221,555 Long-term equity investment 139,569,715 146,457,664 Total long-term assets 139,569,715 146,457,664 Total Assets $ 139,788,383 $ 146,679,219 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 214,520 $ 214,520 Amount due to related parties 4,445,449 4,105,449 Other payables and accrued expenses 9,760,556 7,588,486 Total Current Liabilities 14,420,526 11,908,455 Stockholders’ Equity Common stock, $.001 par value, 115,197,165 shares authorized, 13,380,914 and 12,141,467 shares issued and outstanding as of June 30, 2023 and June 30, 2022, respectively 13,381 12,141 Additional paid in capital 242,090,576 224,676,686 Accumulated other comprehensive loss (26,950,493 ) (13,414,442 ) Retained earnings (89,785,607 ) (76,503,621 ) Total Stockholders’ Equity 125,367,857 134,770,764 Total Liabilities and Stockholders’ Equity $ 139,788,383 $ 146,679,219 Condensed Statements of Operations Year ended 2023 2022 Revenue $ - $ - General and administrative expenses 3,173,034 679,326 Interest income 1,076 4,513 Provision for tax - (1,291,828 ) Equity investment in subsidiaries (10,110,028 ) (98,981,348 ) Net income $ (13,281,986 ) $ (98,364,333 ) Condensed Statements of Cash Flows Year Ended 2023 2022 Net cash used in operating activities $ (17,100,265 ) $ (54,476,955 ) Net cash provided by investing activities 2,001,000 - Net cash provided by financing activities 17,097,130 54,454,275 Cash and cash equivalents, beginning balance 52,484 75,165 Cash and cash equivalents, ending balance $ 2,050,350 $ 52,484 Notes to Condensed Parent Company Financial Information As of June 30, 2023, and 2022, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Consolidated Financial Statements, if any. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 19 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2023 to the date these consolidated financial statements were available to be issued and has determined that there were below significant subsequent events or transactions that would require recognition or disclosure in the consolidated financial statements. On August 10, 2023, our Board of Directors adopted the Company’s 2023 Equity Incentive Plan. The 2023 Plan gives us the ability to grant stock options, stock appreciation rights (SARs), restricted stock and other stock-based awards (collectively, “Awards”) to employees or consultants of our company or of any subsidiary of our company and to non-employee members of our advisory board or our Board of Directors or the board of directors of any of our subsidiaries. Our Board of Directors believes that adoption of the Incentive Plan is in the best interests of our company and our stockholders because the ability to grant stock options and make other stock-based awards under the Incentive Plan is an important factor in attracting, stimulating and retaining qualified and distinguished personnel with proven ability and vision to serve as employees, officers, consultants or members of the Board of Directors or advisory board of our company and our subsidiaries, and to chart our course towards continued growth and financial success. Therefore, our Board of Directors believes the Incentive Plan will be a key component of our compensation program. As of November 3, 2023, 2,759,011 shares of our common stock remained available for future grants under the Plans and no Awards had been granted under the 2023 Plan. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Principle of consolidation | Principle of consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan, Yuxing and Antaeus. All significant inter-company accounts and transactions have been eliminated in consolidation. For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s consolidated financial statements have been presented with its former VIEs, Lishijie, Jinyangguang, Wangtian and Fengnong as a discontinued operation. Effective June 16, 2013, Yuxing was converted from being a wholly owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned one natural person, who is not affiliated to the Company (“Yuxing’s Owner”). Effective the same day, Yuxing’s Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became the VIE of Jinong. |
VIE assessment | VIE assessment A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. In order to determine if an entity is considered a VIE, the Company first performs a qualitative analysis, which requires certain subjective decisions regarding its assessments, including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties, and the purpose of the arrangement. If the Company cannot conclude after a qualitative analysis whether an entity is a VIE, it performs a quantitative analysis. The qualitative analysis considered the design of the entity, the risks that cause variability, the purpose for which the entity was created, and the variability that the entity was designed to pass along to its variable interest holders. When the primary beneficiary could not be identified through a qualitative analysis, we used internal cash flow models to compute and allocate expected losses or expected residual returns to each variable interest holder based upon the relative contractual rights and preferences of each interest holder in the VIE’s capital structure. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the recent outbreak of a novel strain of the COVID-19. |
Leases | Leases The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and lease liabilities are recognized at commencement based on the present value of lease payments over the lease term. As the implicit rate is typically not readily determinable in the Company’s lease agreements, the Company uses its incremental borrowing rate as of the lease commencement date to determine the present value of the lease payments. The incremental borrowing rate is based on the Company’s specific rate of interest to borrow on a collateralized basis, over a similar term and in a similar economic environment as the lease. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recognized on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Additionally, the Company accounts for lease and non-lease components as a single lease component for its identified asset classes. As of June 30, 2023, the Company does not have any material leases for the implementation of ASC 842. |
Cash and cash equivalents and concentration of cash | Cash and cash equivalents and concentration of cash For statement of cash flows purposes, the Company considers all cash on hand and in banks, certificates of deposit with state owned banks in the PRC and banks in the United States, and other highly liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums of cash in three major banks in China. The aggregate cash in such accounts and on hand as of June 30, 2023 and 2022 was $ 69,091,838 and $57,714,868, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $ 2,050,350 and $55,435 in cash in three banks in the United States as of June 30, 2023 and 2022, respectively. Cash overdraft as of balance sheet date will be reflected as liabilities in the balance sheet. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. |
Digital Assets | Digital Assets Digital assets are included in current assets in the condensed consolidated balance sheets. Digital assets are accounted for as indefinite-lived intangible assets, and are initially measured in accordance with FASB Accounting Standards Codification (“ASC”) Topic 350 – Intangibles-Goodwill and Other Digital assets are not amortized, but are assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Whenever the exchange-traded price of digital assets declines below its carrying value, the Company has determined that an impairment exists and records an impairment equal to the amount by which the carrying value exceeds the fair value. |
Accounts receivable | Accounts receivable Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the collectability of accounts receivable at each year-end. Accounts considered uncollectible are provisioned for written off based upon management’s assessment. As of June 30, 2023, and 2022, the Company had accounts receivable of $16,455,734 and $28,792,891, net of allowance for doubtful accounts of $54,708,486 and $58,000,266, respectively. The impact of COVID-19 caused the difficulty of accounts receivable collection in the fiscal year 2023 as numerous distributors encountered significant difficulties and/or hardships in their businesses amid the pandemic. The company recorded bad debt expense in the amount of $10 million and $39 million (included bad debt expense from discontinuing operations) for the fiscal year ended June 30, 2023 and the fiscal year ended June 30, 2022, respectively. The Company adopts no policy to accept product returns post to the sales delivery. |
Inventories | Inventories Inventory is valued at the lower of cost (determined on a weighted average basis) or market. Inventories consist of raw materials, work in process, finished goods and packaging materials. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. As of June 30, 2023, and 2022 the Company had no reserve for obsolete goods. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are recorded at cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of plant, property, and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets: |
Construction in Progress | Construction in Progress Construction in progress represents the costs incurred relating to the construction of buildings or new additions to the Company’s plant facilities. Costs classified to construction in progress include all costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. No depreciation is provided for construction in progress until the assets are completed and are placed into service. Interest incurred during construction is capitalized into construction in progress. |
Long-Lived Assets | Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. As of June 30, 2023, and 2022 the Company determined that there were no impairments of its long-lived assets. |
Intangible Assets | Intangible Assets The Company records intangible assets acquired individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity’s future cash flows. The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of June 30, 2023 and 2022, respectively. |
Goodwill | Goodwill We test goodwill for impairment annually, or when events and circumstances change that would indicate the carrying amount may not be recoverable. ASC 350, “Intangibles – Goodwill and Other,” permits the assessment of qualitative factors to determine whether events and circumstances lead to the conclusion that it is necessary to perform the two-step quantitative goodwill impairment test required under ASC 350. ASC 350 also allows the option to skip the qualitative assessment and proceed directly to a quantitative assessment. Under the first step, the fair value of the reporting unit is compared with its carrying value including goodwill. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test. Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner comparable to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. As of June 30, 2023, and 2022, the Company performed the required impairment review which resulted in impairment adjustment with amount of 0 in 2023 and 2022. The impairment is reported in General and administrative expenses. |
Fair Value Measurement and Disclosures | Fair Value Measurement and Disclosures Our accounting for Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: Level one — Quoted market prices in active markets for identical assets or liabilities; Level two — Inputs other than level one inputs that are either directly or indirectly observable; and Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their fair values due to the short maturities of these instruments. |
Revenue recognition | Revenue recognition The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there were no material changes to the Company’s consolidated financial statements upon adoption of ASC 606. Sales revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist, and collectability is reasonably assured. The Company’s revenue consists of invoiced value of goods, net of a value-added tax (VAT). No product return or sales discount allowance are made as products delivered and accepted by customers are not returnable and sales discounts are not granted after products are delivered. |
Customer deposits | Customer deposits Payments received before all the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits are recognized as revenue. As of June 30, 2023, and 2022, the Company had customer deposits of $5,489,781 and $7,994,669, respectively. |
Stock-Based Compensation | Stock-Based Compensation The costs of all employee stock option, as well as other equity-based compensation arrangements, are reflected in the consolidated financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. |
Income taxes | Income taxes We account for uncertain tax positions in accordance with Accounting Standards Codification, or ASC, 740, “Income Taxes.” The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of, and guidance surrounding, income tax laws and regulations change over time. Changes in our subjective assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of income. See Note 12, “Taxes Payable,” of the Notes to Consolidated Financial Statements for additional detail on our uncertain tax positions and further information regarding ASC 740. |
Foreign currency translation | Foreign currency translation The reporting currency of the Company is the US dollar. The functional currency of the Company and Green New Jersey is the US dollar. The functional currency of the Chinese subsidiaries is the Chinese Yuan or Renminbi (“RMB”). For the subsidiaries whose functional currencies are other than the US dollar, all asset and liability accounts were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at the historical rates and items in the income statement and cash flow statements are translated at the average rate in each applicable period. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss) in the statement of shareholders’ equity. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency is included in the results of operations as incurred. |
Segment reporting | Segment reporting The Company utilizes the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other way management disaggregates a company. As of June 30, 2023, the Company, through its subsidiaries is engaged into four main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production) , Yuxing (agricultural products production), and Antaeus (bitcoin). As of June 30, 2023, the Company maintained four main business segments. |
Fair values of financial instruments | Fair values of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, other receivables, advances to suppliers, accounts payable, other payables, tax payable, and related party advances and borrowings. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is attributed to the short maturities of the instruments and that interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective balance sheet dates. |
Statement of cash flows | Statement of cash flows The Company’s cash flows from operations are calculated based on the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets. |
Earnings per share | Earnings per share Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards. The components of basic and diluted earnings per share consist of the following: Years Ended June 30, 2023 2022 Loss from continuing operations for Basic Earnings Per Share $ (13,281,985 ) $ (80,522,696 ) Loss from discontinued operations for Basic Earnings Per Share - (17,841,636 ) Loss for Basic Earnings Per Share (13,281,985 ) (98,364,332 ) Basic Weighted Average Number of Shares 13,248,684 9,348,100 Loss from continuing operations Per Share – Basic $ (1.00 ) $ (8.61 ) Loss from discontinued operations Per Share – Basic $ - $ (1.91 ) Net loss Per Share – Basic $ (1.00 ) $ (10.52 ) Loss from continuing operations for Diluted Earnings Per Share $ (13,281,985 ) $ (80,522,696 ) Loss from discontinued operations for Diluted Earnings Per Share $ - $ (17,841,636 ) Loss for Diluted Earnings Per Share $ (13,281,985 ) $ (98,364,332 ) Diluted Weighted Average Number of Shares 13,248,684 9,348,100 Loss from continuing operations Per Share – Diluted $ (1.00 ) (8.61 ) Loss from discontinued operations Per Share – Diluted $ - $ (1.91 ) Net loss Per Share – Diluted $ (1.00 ) $ (10.52 ) |
Reclassification | Reclassification Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2023 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported. |
Recent accounting pronouncements | Recent accounting pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options Derivatives and Hedging—Contracts in Entity’s Own Equity Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets: Estimated Building 10-25 years Agricultural assets 8 years Machinery and equipment 5-15 years Vehicles 3-5 years Mining machines 5 years |
Schedule of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share consist of the following: Years Ended June 30, 2023 2022 Loss from continuing operations for Basic Earnings Per Share $ (13,281,985 ) $ (80,522,696 ) Loss from discontinued operations for Basic Earnings Per Share - (17,841,636 ) Loss for Basic Earnings Per Share (13,281,985 ) (98,364,332 ) Basic Weighted Average Number of Shares 13,248,684 9,348,100 Loss from continuing operations Per Share – Basic $ (1.00 ) $ (8.61 ) Loss from discontinued operations Per Share – Basic $ - $ (1.91 ) Net loss Per Share – Basic $ (1.00 ) $ (10.52 ) Loss from continuing operations for Diluted Earnings Per Share $ (13,281,985 ) $ (80,522,696 ) Loss from discontinued operations for Diluted Earnings Per Share $ - $ (17,841,636 ) Loss for Diluted Earnings Per Share $ (13,281,985 ) $ (98,364,332 ) Diluted Weighted Average Number of Shares 13,248,684 9,348,100 Loss from continuing operations Per Share – Diluted $ (1.00 ) (8.61 ) Loss from discontinued operations Per Share – Diluted $ - $ (1.91 ) Net loss Per Share – Diluted $ (1.00 ) $ (10.52 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Schedule of Inventories [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: June 30, June 30, 2023 2022 Raw materials $ 11,617,989 $ 7,986,436 Supplies and packing materials $ 410,904 $ 469,524 Work in progress $ 172,248 $ 198,591 Finished goods $ 34,253,990 $ 33,543,635 Total $ 46,455,131 $ 42,198,186 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following for the continuing entities: June 30, June 30, 2023 2022 Building and improvements $ 37,065,465 $ 39,988,862 Auto 2,716,931 2,892,073 Machinery and equipment 18,608,254 18,913,581 Total property, plant and equipment 58,390,650 61,794,515 Less: accumulated depreciation (41,700,404 ) (42,924,364 ) Total $ 16,690,246 $ 18,870,152 |
Intangible Assets and Digital_2
Intangible Assets and Digital Assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Intangible Assets and Digital Assets (Tables) [Line Items] | |
Schedule of amortization expenses of intangible assets | Estimated amortization expenses of intangible assets for the next five twelve months periods ended June 30, are as follows: Years Ending June 30, Expense 2024 307,807 2025 248,563 2026 236,935 2027 221,431 2028 221,431 |
Intangible Assets [Member] | |
Intangible Assets and Digital Assets (Tables) [Line Items] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets consisted of the following: June 30, June 30, 2023 2022 Land use rights, net $ 7,862,624 $ 8,758,704 Technology patent, net - - Customer relationships, net - - Non-compete agreement - - Trademarks 5,701,011 6,176,784 Total $ 13,563,635 $ 14,935,488 |
Land Use Rights [Member] | |
Intangible Assets and Digital Assets (Tables) [Line Items] | |
SCHEDULE OF INTANGIBLE ASSETS | The Land Use Rights consisted of the following: June 30, Foreign Currency Amortization/ June 30, Land use rights $ 12,014,170 (925,405 ) - 11,088,765 Less: accumulated amortization (3,255,466 ) 29,325 (3,226,141 ) Total land use rights, net $ 8,758,704 (925,405 ) 29,325 7,862,624 |
Technology Patent [Member] | |
Intangible Assets and Digital Assets (Tables) [Line Items] | |
SCHEDULE OF INTANGIBLE ASSETS | The technology know-how consisted of the following: June 30, Foreign Currency June 30, 2022 Adjustment 2023 Technology know-how $ 2,250,708 (173,363 ) $ 2,077,344 Less: accumulated amortization (2,250,708 ) 173,363 (2,077,344 ) Total technology know-how, net $ - - $ - |
Customer Relationships [Member] | |
Intangible Assets and Digital Assets (Tables) [Line Items] | |
SCHEDULE OF INTANGIBLE ASSETS | June 30, Foreign Currency June 30, 2022 Adjustment 2023 Customer relationships $ 9,704,500 (747,500 ) $ 8,957,000 Less: accumulated amortization (9,704,500 ) 747,500 (8,957,000 ) Total customer relationships, net $ - - $ - |
Non-compete Agreement [Member] | |
Intangible Assets and Digital Assets (Tables) [Line Items] | |
SCHEDULE OF INTANGIBLE ASSETS | June 30, Foreign Currency June 30, 2022 Adjustment 2023 Non-compete agreement $ 197,076 (15,180 ) $ 181,896 Less: accumulated amortization (197,076 ) 15,180 (181,896 ) Total non-compete agreement, net $ - - $ - |
Trademark [Member] | |
Intangible Assets and Digital Assets (Tables) [Line Items] | |
SCHEDULE OF INTANGIBLE ASSETS | June 30, Foreign Currency June 30, 2022 Adjustment 2023 Trademarks $ 6,232,670 (480,078 ) $ 5,752,592 Less: accumulated amortization (55,886 ) 4,305 (51,581 ) Total trademarks, net $ 6,176,784 (475,773 ) $ 5,701,011 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other Assets Noncurrent [Abstract] | |
Schedule of estimated amortization expenses of lease advance payments | Estimated amortization expenses of the rental advance payments herein for the next four twelve-month periods ended June 30 and thereafter are as follows: Years ending June 30, 2024 $ 1,849,965 2025 $ 1,849,965 2026 $ 1,849,965 2027 $ 1,392,791 |
Accrued Expenses and Other Pa_2
Accrued Expenses and Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Payables Table [Abstract] | |
Schedule of Accrued Expenses and Other Payables | Accrued expenses and other payables consisted of the following: June 30, June 30, 2023 2022 Payroll and welfare payable 188,222 178,341 Accrued expenses 9,805,444 7,636,524 Other payables 4,820,193 5,794,686 Other levy payable 115,568 125,213 Total $ 14,929,427 $ 13,734,764 |
Loan Payables (Tables)
Loan Payables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Loan Payables [Abstract] | |
Schedule of Loan Payables | As of June 30, 2023, the short-term and long-term loan payables consisted of five loans which mature on dates ranging from September 29, 2023 through August 18, 2024 with interest rates ranging from 3.65% to 5.00%. No. 1 to 3 below are collateralized by Tianjuyuan’s land use right and building ownership right. Loan No. 2 is also guaranteed by the cash deposit. No. 4 to 5 below are collateralized by Jinong’s land use right and building ownership right. No. Payee Loan period per agreement Interest Rate June 30, 1 Beijing Bank -Pinggu Branch June 5, 2023-June 5, 2024 4.15 % 1,378,000 2 Huaxia Bank -HuaiRou Branch June 28, 2023-June 28, 2024 3.65 % 1,378,000 3 Pinggu New Village Bank June 29, 2023-June 28, 2024 5.00 % 964,600 4 Industrial Bank Co. Ltd August 19, 2022-August 18, 2024 3.98 % 1,047,280 5 Xian Bank September 30, 2022-September 29, 2023 3.90 % 1,515,800 Total $ 6,283,680 |
Taxes Payable (Tables)
Taxes Payable (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Taxes Payable [Abstract] | |
Schedule of Taxes Payable | Taxes payable consisted of the following: June 30, June 30, 2023 2022 VAT provision $ (398,499 ) $ (384,574 ) Income tax payable (2,132,400 ) (2,310,360 ) Other levies 591,325 639,237 Repatriation tax 29,010,535 29,010,535 Total $ 27,070,961 $ 26,954,838 |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following: Years Ended 2023 2022 Current tax – foreign $ (97,820 ) $ (1,291,828 ) Total $ (97,820 ) $ (1,291,828 ) |
Schedule of Deferred Tax Assets | Significant components of deferred tax assets were as follows: June 30, June 30, 2023 2022 Deferred tax assets Deferred Tax Benefit 32,464,001 35,067,278 Valuation allowance (32,366,181 ) (35,067,278 ) Total deferred tax assets $ 97,820 - |
Schedule of Effective Income Tax Rate Reconciliation | income before income taxes for the years ended June 30, 2023 and 2022 for the following reasons: China United States Total Pretax loss $ (10,207,847 ) (3,171,958 ) $ (13,379,805 ) Expected income tax expense (benefit) (2,551,962 ) 25.0 % (666,111 ) 21.0 % (3,218,073 ) High-tech income benefits on Jinong - - - - Loss from subsidiaries in which no benefit is recognized 2,454,142 (24.0 )% - 2,454,142 Change in valuation allowance on deferred tax asset from US tax benefit - - 666,111 (21.0 )% 666,111 Actual tax expense $ (97,820 ) 1.0 % $ - % $ (97,820 ) 0.7 % China United States Total Pretax loss $ (98,939,698 ) (674,813 ) $ (99,614,511 ) Expected income tax expense (benefit) (24,734,925 ) 25.0 % (141,711 ) 21.0 % (24,876,635 ) High-tech income benefits on Jinong 765,909 (0.8 )% - 765,909 Loss from subsidiaries in which no benefit is recognized 24,010,666 (24.3 )% - 24,010,666 Change in valuation allowance on deferred tax asset from US tax benefit (1,291,828 ) 1.3 % 141,711 (21.0 )% (1,150,117 ) Actual tax expense $ (1,250,178 ) 1.3 % $ - % $ (1,250,178 ) 1.3 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | the principal measure of segment profitability or loss used by the CODM is net income by segment. Years Ended 2023 2022 Revenues from unaffiliated customers: Jinong $ 40,247,303 $ 54,339,228 Gufeng 74,028,542 102,755,286 Yuxing 9,654,168 11,356,390 Antaeus 210,342 - Consolidated $ 124,140,355 $ 168,450,904 Operating income (expense): Jinong $ (4,411,893 ) $ (3,466,631 ) Gufeng (6,062,353 ) (80,233,988 ) Yuxing 499,479 581,840 Antaeus (465,560 ) Reconciling item (1) - - Reconciling item (2) (3,173,033 ) (679,326 ) Consolidated $ (13,613,360 ) $ (83,798,104 ) Net income (loss): Jinong $ (4,224,927 ) (3,063,634 ) Gufeng (6,280,625 ) (80,547,966 ) Yuxing 763,512 722,936 Antaeus (367,988 ) - Reconciling item (1) 1,077 4,513 Reconciling item (2) (3,173,034 ) 612,503 Reconciling item (3) $ - $ 1,748,951 Consolidated $ (13,281,985 ) $ (80,522,696 ) Depreciation and Amortization: Jinong $ 785,503 $ 833,042 Gufeng 761,466 816,510 Yuxing 839,514 1,280,938 Antaeus 16,667 - Consolidated $ 2,403,150 $ 2,930,490 Interest expense: Jinong 78,342 - Gufeng 217,462 256,784 Yuxing - - Antaeus - - Consolidated $ 295,804 $ 256,784 Capital Expenditure: Jinong $ 52,664 $ 97,900 Gufeng 216,892 29,308 Yuxing 101,837 37,069 Antaeus 1,000,000 - Consolidated $ 1,371,393 $ 164,278 As of June 30, June 30, 2023 2022 Identifiable assets: Jinong $ 87,862,836 $ 100,958,241 Gufeng 49,749,041 80,923,101 Yuxing 38,223,482 40,132,337 Antaeus 3,292,247 - Reconciling item (1) 7,387,637 (27,064,606 ) Reconciling item (2) 166,121 166,121 Consolidated $ 186,681,364 $ 195,115,195 (1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. (2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. (3) Reconciling amounts refer to the gain on discontinuing sales VIEs and the intercompany transaction clearing. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Contingent Rent Expenses | The contingent rent expenses herein for the next five years ended June 30, are as follows: Years ending June 30, 2024 55,392 2025 55,392 2026 55,392 2027 55,392 2028 55,392 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Variable Interest Entities [Abstract] | |
Schedule of VIEs Consolidated Financial Statements | The following financial statement amounts and balances of the VIEs were included in the accompanying consolidated financial statements as of June 30, 2023 and June 30, 2022: June 30, June 30, 2023 2022 ASSETS Current Assets Cash and cash equivalents $ 323,854 $ 385,308 Accounts receivable, net 283,221 710,143 Inventories 24,288,379 22,062,527 Other current assets 108,677 22,932 Related party receivable 27,560 13,064.00 Advances to suppliers - 1,879,704 Total Current Assets 25,031,691 25,073,678 Plant, Property and Equipment, Net 5,887,278 6,926,023 Other assets 9,784 10,600 Intangible Assets, Net 7,294,729 8,122,036 - Total Assets $ 38,223,482 $ 40,132,337 - LIABILITIES AND STOCKHOLDERS’ EQUITY - Current Liabilities - Accounts payable $ 12,512 $ 107,095 Customer deposits 62,134 10,016 Accrued expenses and other payables 282,968 306,116 Amount due to related parties 39,346,051 42,105,604 Total Current Liabilities 39,703,665 42,528,831 Total Liabilities $ 39,703,665 42,528,831 Stockholders’ equity (1,480,183 ) (2,396,494 ) Total Liabilities and Stockholders’ Equity $ 38,223,482 $ 40,132,337 Years Ended 2023 2022 Revenue $ 9,654,168 $ 11,356,390 Expenses 8,890,656 10,633,454 Net income $ 763,512 $ 722,936 |
Restricted Net Assets (Tables)
Restricted Net Assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Restricted Net Assets [Abstract] | |
Schedule of Parent Company Condensed Balance Sheets | Condensed Balance Sheets As of June 30, 2023 2022 ASSETS Current Assets: Cash and cash equivalents $ 49,598 $ 52,485 Other current assets 169,071 169,071 Total Current Assets 218,668 221,555 Long-term equity investment 139,569,715 146,457,664 Total long-term assets 139,569,715 146,457,664 Total Assets $ 139,788,383 $ 146,679,219 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 214,520 $ 214,520 Amount due to related parties 4,445,449 4,105,449 Other payables and accrued expenses 9,760,556 7,588,486 Total Current Liabilities 14,420,526 11,908,455 Stockholders’ Equity Common stock, $.001 par value, 115,197,165 shares authorized, 13,380,914 and 12,141,467 shares issued and outstanding as of June 30, 2023 and June 30, 2022, respectively 13,381 12,141 Additional paid in capital 242,090,576 224,676,686 Accumulated other comprehensive loss (26,950,493 ) (13,414,442 ) Retained earnings (89,785,607 ) (76,503,621 ) Total Stockholders’ Equity 125,367,857 134,770,764 Total Liabilities and Stockholders’ Equity $ 139,788,383 $ 146,679,219 |
Schedule of Parent Company Condensed Statements of Operations | Condensed Statements of Operations Year ended 2023 2022 Revenue $ - $ - General and administrative expenses 3,173,034 679,326 Interest income 1,076 4,513 Provision for tax - (1,291,828 ) Equity investment in subsidiaries (10,110,028 ) (98,981,348 ) Net income $ (13,281,986 ) $ (98,364,333 ) |
Schedule of Parent Company Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended 2023 2022 Net cash used in operating activities $ (17,100,265 ) $ (54,476,955 ) Net cash provided by investing activities 2,001,000 - Net cash provided by financing activities 17,097,130 54,454,275 Cash and cash equivalents, beginning balance 52,484 75,165 Cash and cash equivalents, ending balance $ 2,050,350 $ 52,484 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Aggregate cash in accounts and on hand | $ 69,091,838 | $ 57,714,868 |
Digital assets | 210,342 | |
Accounts receivable | 16,455,734 | 28,792,891 |
Allowance for doubtful accounts | 54,708,486 | 58,000,266 |
Debt expense | 10,000,000 | 39,000,000 |
Impairment adjustment | 0 | 0 |
Customer deposits | 5,489,781 | 7,994,669 |
United States [Member] | ||
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Deposits in banks | $ 2,050,350 | $ 55,435 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives | Jun. 30, 2023 |
Building [Member] | Minimum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful life | 10 years |
Building [Member] | Maximum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful life | 25 years |
Agricultural assets [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful life | 8 years |
Machinery and equipment [Member] | Minimum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful life | 5 years |
Machinery and equipment [Member] | Maximum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful life | 15 years |
Vehicles [Member] | Minimum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful life | 5 years |
Mining machines [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful life | 5 years |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Earnings Per Share - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Basic and Diluted Earnings Per Share [Abstract] | ||
Loss from continuing operations for Basic Earnings Per Share | $ (13,281,985) | $ (80,522,696) |
Loss from discontinued operations for Basic Earnings Per Share | (17,841,636) | |
Loss for Basic Earnings Per Share | $ (13,281,985) | $ (98,364,332) |
Basic Weighted Average Number of Shares | 13,248,684 | 9,348,100 |
Loss from continuing operations Per Share – Basic | $ (1) | $ (8.61) |
Loss from discontinued operations Per Share – Basic | (1.91) | |
Net loss Per Share – Basic | $ (1) | $ (10.52) |
Loss from continuing operations for Diluted Earnings Per Share | $ (13,281,985) | $ (80,522,696) |
Loss from discontinued operations for Diluted Earnings Per Share | (17,841,636) | |
Loss for Diluted Earnings Per Share | $ (13,281,985) | $ (98,364,332) |
Diluted Weighted Average Number of Shares | 13,248,684 | 9,348,100 |
Loss from continuing operations Per Share – Diluted | $ (1) | $ (8.61) |
Loss from discontinued operations Per Share – Diluted | (1.91) | |
Net loss Per Share – Diluted | $ (1) | $ (10.52) |
Inventories (Details)
Inventories (Details) | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Inventories [Abstract] | |
Nonmonetary sales and purchases amount | $ 71,040,024 |
Inventories description | For the fiscal year ended June 30, 2023, total inventories increased $4,256,945, or 10.1%, to $46,455,131 from $42,198,186 for the fiscal year ended June 30, 2022. |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Inventories [Abstract] | ||
Raw materials | $ 11,617,989 | $ 7,986,436 |
Supplies and packing materials | 410,904 | 469,524 |
Work in progress | 172,248 | 198,591 |
Finished goods | 34,253,990 | 33,543,635 |
Total | $ 46,455,131 | $ 42,198,186 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment (Details) [Line Items] | ||
Depreciation expense | $ 449,841 | |
US statutory income tax rate, percentage | 17.20% | |
Minimum [Member] | ||
Property, Plant and Equipment (Details) [Line Items] | ||
Depreciation expense | $ 2,172,096 | |
Maximum [Member] | ||
Property, Plant and Equipment (Details) [Line Items] | ||
Depreciation expense | $ 2,621,937 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of Property, Plant and Equipment - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 58,390,650 | $ 61,794,515 |
Less: accumulated depreciation | (41,700,404) | (42,924,364) |
Total | 16,690,246 | 18,870,152 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 37,065,465 | 39,988,862 |
Auto [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,716,931 | 2,892,073 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 18,608,254 | $ 18,913,581 |
Intangible Assets and Digital_3
Intangible Assets and Digital Assets (Details) | 12 Months Ended | ||||||
Mar. 13, 2023 USD ($) | Jul. 02, 2010 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Jul. 02, 2010 CNY (¥) | Aug. 16, 2001 USD ($) | Aug. 16, 2001 CNY (¥) | |
Intangible Assets and Digital Assets (Details) [Line Items] | |||||||
Intangible assets land use right, description | Tianjuyuan was granted a certificate of Land Use Right for a parcel of land of approximately 11 acres (42,726 square meters or 459,898 square feet) at Ping Gu District, Beijing. | ||||||
Fair Value of Assets Acquired | $ 210,342 | ||||||
Land Use Rights [Member] | |||||||
Intangible Assets and Digital Assets (Details) [Line Items] | |||||||
Intangible assets land use right, description | On September 25, 2009, Yuxing was granted a land use right for approximately 88 acres (353,000 square meters or 3.8 million square feet) by the People’s Government and Land & Resources Bureau of Hu County, Xi’an, Shaanxi Province. The fair value of the related intangible asset was determined to be the respective cost of RMB73,184,895 (or $10,084,895). The intangible asset is being amortized over the grant period of 50 years using the straight-line method. | ||||||
Fair value of intangible assets | $ 144,132 | ¥ 1,045,950 | $ 1,003,887 | ¥ 7,285,099 | |||
Amortization period of intangible assets | 50 years | 50 years | 50 years | 50 years | |||
Technology Patent [Member] | |||||||
Intangible Assets and Digital Assets (Details) [Line Items] | |||||||
Fair value of intangible assets | $ 1,267,760 | ¥ 9,200,000 | $ 809,584 | ¥ 5,875,068 | |||
Amortization period of intangible assets | 10 years | 10 years | |||||
Customer Relationships [Member] | |||||||
Intangible Assets and Digital Assets (Details) [Line Items] | |||||||
Fair value of intangible assets | 8,957,000 | 65,000,000 | |||||
Non-Compete Agreement [Member] | |||||||
Intangible Assets and Digital Assets (Details) [Line Items] | |||||||
Fair value of intangible assets | $ 181,896 | 1,320,000 | |||||
Land Use Rights [Member] | |||||||
Intangible Assets and Digital Assets (Details) [Line Items] | |||||||
Amortized remaining useful life | 5 years | ||||||
Trademarks [Member] | |||||||
Intangible Assets and Digital Assets (Details) [Line Items] | |||||||
Fair value of intangible assets | $ 5,701,011 | ¥ 41,371,630 |
Intangible Assets and Digital_4
Intangible Assets and Digital Assets (Details) - Schedule of Intangible Assets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 13,563,635 | $ 14,935,488 |
Land use rights, net [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 7,862,624 | 8,758,704 |
Technology patent, net [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets | ||
Customer relationships, net [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets | ||
Non-compete agreement [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets | ||
Trademarks [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 5,701,011 | $ 6,176,784 |
Intangible Assets and Digital_5
Intangible Assets and Digital Assets (Details) - Schedule of Intangible Assets - Land Use Rights [Member] - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Land use rights | $ 11,088,765 | $ 12,014,170 |
Less: accumulated amortization | (3,226,141) | (3,255,466) |
Total land use rights, net | 7,862,624 | $ 8,758,704 |
Foreign Currency Adjustment [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Land use rights | (925,405) | |
Total land use rights, net | (925,405) | |
Amortization/ Subtraction [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Land use rights | ||
Less: accumulated amortization | 29,325 | |
Total land use rights, net | $ 29,325 |
Intangible Assets and Digital_6
Intangible Assets and Digital Assets (Details) - Schedule of Intangible Assets - Technology Patent [Member] - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Technology know-how | $ 2,077,344 | $ 2,250,708 |
Less: accumulated amortization | (2,077,344) | (2,250,708) |
Total technology know-how, net | ||
Foreign Currency Adjustment [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Technology know-how | (173,363) | |
Less: accumulated amortization | 173,363 | |
Total technology know-how, net |
Intangible Assets and Digital_7
Intangible Assets and Digital Assets (Details) - Schedule of Intangible Assets - Customer Relationships [Member] - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Customer relationships | $ 9,704,500 | |
Less: accumulated amortization | (9,704,500) | |
Total customer relationships, net | ||
Foreign Currency Adjustment [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Customer relationships | (747,500) | |
Less: accumulated amortization | 747,500 | |
Total customer relationships, net | ||
Amortization/ Subtraction [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Customer relationships | 8,957,000 | |
Less: accumulated amortization | (8,957,000) | |
Total customer relationships, net |
Intangible Assets and Digital_8
Intangible Assets and Digital Assets (Details) - Schedule of Intangible Assets - Non-compete agreement [Member] - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Non-compete agreement | $ 197,076 | |
Less: accumulated amortization | (197,076) | |
Total non-compete agreement, net | ||
Foreign Currency Adjustment [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Non-compete agreement | (15,180) | |
Less: accumulated amortization | 15,180 | |
Total non-compete agreement, net | ||
Amortization/ Subtraction [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Non-compete agreement | 181,896 | |
Less: accumulated amortization | (181,896) | |
Total non-compete agreement, net |
Intangible Assets and Digital_9
Intangible Assets and Digital Assets (Details) - Schedule of Intangible Assets - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Indefinite-Lived Intangible Assets [Line Items] | ||
Trademarks | $ 5,752,592 | $ 6,232,670 |
Less: accumulated amortization | (51,581) | (55,886) |
Total trademarks, net | 5,701,011 | $ 6,176,784 |
Foreign Currency Adjustment [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Trademarks | (480,078) | |
Less: accumulated amortization | 4,305 | |
Total trademarks, net | $ (475,773) |
Intangible Assets and Digita_10
Intangible Assets and Digital Assets (Details) - Schedule of Amortization Expenses of Intangible Assets | Jun. 30, 2023 USD ($) |
Schedule of Amortization Expenses of Intangible Assets [Abstract] | |
2024 | $ 307,807 |
2025 | 248,563 |
2026 | 236,935 |
2027 | 221,431 |
2028 | $ 221,431 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) ¥ in Millions | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2017 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Other Non-Current Assets (Details) [Line Items] | |||
Other non-current assets | $ 5,092,721 | ||
Jinong [Member] | |||
Other Non-Current Assets (Details) [Line Items] | |||
Description of rental agreement | In March 2017, Jinong entered into the rental agreement for approximately 3,400 mu, and 2600-hectare agriculture lands in Shiquan County, Shaanxi Province. The rental agreement was from April 2017 and was renewable for every ten-year period up to 2066. | ||
Rental fees (in Yuan Renminbi) | ¥ | ¥ 13 | ||
Rental term | 10 years | ||
Amortized expense | $ 1,800,000 | $ 2,000,000 |
Other Non-Current Assets (Det_2
Other Non-Current Assets (Details) - Schedule of Estimated Amortization Expenses of Lease Advance Payments | Jun. 30, 2023 USD ($) |
Schedule of Estimated Amortization Expenses of Lease Advance Payments [Abstract] | |
2022 | $ 1,849,965 |
2024 | 1,849,965 |
2025 | 1,849,965 |
2026 | $ 1,392,791 |
Accrued Expenses and Other Pa_3
Accrued Expenses and Other Payables (Details) - Schedule of Accrued Expenses and Other Payables - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Accrued Expenses and Other Payables [Abstract] | ||
Payroll and welfare payable | $ 188,222 | $ 178,341 |
Accrued expenses | 9,805,444 | 7,636,524 |
Other payables | 4,820,193 | 5,794,686 |
Other levy payable | 115,568 | 125,213 |
Total | $ 14,929,427 | $ 13,734,764 |
Amount Due to Related Parties (
Amount Due to Related Parties (Details) | 1 Months Ended | 12 Months Ended | ||||||
Jul. 01, 2022 USD ($) m² ft² | Jul. 01, 2022 CNY (¥) m² ft² | Dec. 31, 2015 USD ($) | Dec. 31, 2015 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Apr. 02, 2023 ft² | Jul. 01, 2020 ft² | |
Amount Due to Related Parties (Details) [Line Items] | ||||||||
Amount due to related parties | $ 5,439,209 | $ 5,192,496 | ||||||
Borrowed from related party | 340,000 | 150,000 | ||||||
Advances amount | 2,261,693 | 1,921,693 | ||||||
Area of land (in Square Feet) | ft² | 4,348 | |||||||
Kingtone Information Technology Co., Ltd. [Member] | ||||||||
Amount Due to Related Parties (Details) [Line Items] | ||||||||
Ground rent (in Square Meters) | m² | 612 | 612 | ||||||
Area of land (in Square Feet) | ft² | 6,588 | 6,588 | 6,588 | |||||
Monthly rental payment | $ 3,858 | ¥ 28,000 | ||||||
Sales Agreement [Member] | ||||||||
Amount Due to Related Parties (Details) [Line Items] | ||||||||
Contingent contracted value amount | $ 3,513,900 | ¥ 25,500,000 | ||||||
Yuxing [Member] | ||||||||
Amount Due to Related Parties (Details) [Line Items] | ||||||||
Contingent contracted value amount | 0 | 66,071 | ||||||
Amount due from related parties | 27,560 | 13,064 | ||||||
Gufeng [Member] | Xi'an Techteam Science and Technology Industry (Group) Co. Ltd. [Member] | ||||||||
Amount Due to Related Parties (Details) [Line Items] | ||||||||
Borrowed from related party | 964,600 | 1,045,100 | ||||||
Jinong [Member] | ||||||||
Amount Due to Related Parties (Details) [Line Items] | ||||||||
Contingent contracted value amount | $ 995 | $ 11,431 |
Loan Payables (Details)
Loan Payables (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Loan Payables (Details) [Line Items] | ||
Interest expense | $ 295,804 | $ 256,784 |
Loans Payable [Member] | Minimum [Member] | ||
Loan Payables (Details) [Line Items] | ||
Loans payable, interest rate | 3.65% | |
Loans Payable [Member] | Maximum [Member] | ||
Loan Payables (Details) [Line Items] | ||
Loans payable, interest rate | 5% |
Loan Payables (Details) - Sched
Loan Payables (Details) - Schedule of Loan Payables | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Loan Payables (Details) - Schedule of Loan Payables [Line Items] | |
Short term loans payables | $ 6,283,680 |
Beijing Bank -Pinggu Branch [Member] | |
Loan Payables (Details) - Schedule of Loan Payables [Line Items] | |
Loan period per agreement, Start and End | June 5, 2023-June 5, 2024 |
Loans payable, interest rate | 4.15% |
Short term loans payables | $ 1,378,000 |
Huaxia Bank -HuaiRou Branch [Member] | |
Loan Payables (Details) - Schedule of Loan Payables [Line Items] | |
Loan period per agreement, Start and End | June 28, 2023-June 28, 2024 |
Loans payable, interest rate | 3.65% |
Short term loans payables | $ 1,378,000 |
Pinggu New Village Bank [Member] | |
Loan Payables (Details) - Schedule of Loan Payables [Line Items] | |
Loan period per agreement, Start and End | June 29, 2023-June 28, 2024 |
Loans payable, interest rate | 5% |
Short term loans payables | $ 964,600 |
Industrial Bank Co. Ltd [Member] | |
Loan Payables (Details) - Schedule of Loan Payables [Line Items] | |
Loan period per agreement, Start and End | August 19, 2022-August 18, 2024 |
Loans payable, interest rate | 3.98% |
Short term loans payables | $ 1,047,280 |
Xian Bank [Member] | |
Loan Payables (Details) - Schedule of Loan Payables [Line Items] | |
Loan period per agreement, Start and End | September 30, 2022-September 29, 2023 |
Loans payable, interest rate | 3.90% |
Short term loans payables | $ 1,515,800 |
Taxes Payable (Details)
Taxes Payable (Details) - USD ($) | 12 Months Ended | ||||||||
Mar. 20, 2019 | Apr. 04, 2018 | Apr. 28, 2017 | Jan. 01, 2008 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Taxes Payable (Details) [Line Items] | |||||||||
Periodic tax reduction, description | The two-year tax exemption and three-year 50% tax reduction tax holiday for production oriented FIEs was eliminated. | ||||||||
Provision for income taxes (in Dollars) | $ 0 | $ 0 | |||||||
Value added tax rate | 9% | ||||||||
Change in valuation allowance (in Dollars) | $ 2,701,097 | ||||||||
Deferred tax assets (in Dollars) | $ 97,820 | ||||||||
Income tax, description | On December 22, 2017, the TCJA was enacted into law, which significantly changes existing U.S. tax law and includes numerous provisions that affect our business, such as imposing a one-time transition tax on deemed repatriation of deferred foreign income, reducing the U.S. federal statutory tax rate, and adopting a territorial tax system. The TCJA required us to incur a one-time transition tax on deferred foreign income not previously subject to U.S. income tax at a rate of 15.5% for foreign cash and certain other net current assets, and 8% on the remaining income. The TCJA also reduced the U.S. federal statutory tax rate from 35% to 21% effective January 1, 2018. For fiscal year 2018, our blended U.S. federal statutory tax rate is 27.5%. This is the result of using the tax rate of 34% for the first and second quarter of fiscal year 2018 and the reduced tax rate of 21% for the third and fourth quarter of fiscal year 2018. | ||||||||
US statutory income tax rate, percentage | 21% | 21% | 21% | 21% | 21% | ||||
U.S. federal statutory tax rate | 0.70% | 1.30% | |||||||
US Treasury (UST) Interest Rate [Member] | |||||||||
Taxes Payable (Details) [Line Items] | |||||||||
US statutory income tax rate, percentage | 21% | 21% | |||||||
PRC [Member] | |||||||||
Taxes Payable (Details) [Line Items] | |||||||||
Periodic tax reduction, description | “Reinstatement of VAT for Fertilizer Products”, and Notice #97, “Supplementary Reinstatement of VAT for Fertilizer Products”, which restore the VAT of 13% of the gross sales price on certain fertilizer products includes non-organic fertilizer products starting from September 1, 2015, but granted taxpayers a reduced rate of 3% from September 1, 2015 through June 30, 2016. | ||||||||
Value added tax rate | 9% | 10% | 11% | ||||||
PRC [Member] | Minimum [Member] | |||||||||
Taxes Payable (Details) [Line Items] | |||||||||
Value added tax rate | 1% | 1% | 2% | ||||||
PRC [Member] | Maximum [Member] | |||||||||
Taxes Payable (Details) [Line Items] | |||||||||
Value added tax rate | 10% | 11% | 13% | ||||||
Enterprise Income Tax [Member] | |||||||||
Taxes Payable (Details) [Line Items] | |||||||||
New enterprise income tax rate | 25% | ||||||||
Existing enterprise income tax rate | 33% | ||||||||
High tech income tax rate | 15% |
Taxes Payable (Details) - Sched
Taxes Payable (Details) - Schedule of Taxes Payable - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Income Taxes and Related Payables [Abstract] | ||
VAT provision | $ (398,499) | $ (384,574) |
Income tax payable | (2,132,400) | (2,310,360) |
Other levies | 591,325 | 639,237 |
Repatriation tax | 29,010,535 | 29,010,535 |
Total | $ 27,070,961 | $ 26,954,838 |
Taxes Payable (Details) - Sch_2
Taxes Payable (Details) - Schedule of Provision for Income Taxes - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Provision for Income Taxes [Abstract] | ||
Current tax – foreign | $ (97,820) | $ (1,291,828) |
Total | $ (97,820) | $ (1,291,828) |
Taxes Payable (Details) - Sch_3
Taxes Payable (Details) - Schedule of Deferred Tax Assets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Deferred tax assets | ||
Deferred Tax Benefit | $ 32,464,001 | $ 35,067,278 |
Valuation allowance | (32,366,181) | (35,067,278) |
Total deferred tax assets | $ 97,820 |
Taxes Payable (Details) - Sch_4
Taxes Payable (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Taxes Payable (Details) - Schedule of Effective Income Tax Rate Reconciliation [Line Items] | ||
Pretax loss | $ (13,379,805) | $ (99,614,511) |
Expected income tax expense (benefit) | (3,218,073) | (24,876,635) |
High-tech income benefits on Jinong | 765,909 | |
Loss from subsidiaries in which no benefit is recognized | 2,454,142 | 24,010,666 |
Change in valuation allowance on deferred tax asset from US tax benefit | 666,111 | (1,150,117) |
Actual tax expense | $ (97,820) | $ (1,250,178) |
Actual tax expense, Percentage | 0.70% | 1.30% |
China 15% - 25% [Member] | ||
Taxes Payable (Details) - Schedule of Effective Income Tax Rate Reconciliation [Line Items] | ||
Pretax loss | $ (10,207,847) | $ (98,939,698) |
Expected income tax expense (benefit) | $ (2,551,962) | $ (24,734,925) |
Expected income tax expense (benefit), Percentage | 25% | 25% |
High-tech income benefits on Jinong | $ 765,909 | |
High-tech income benefits on Jinong, Percentage | (0.80%) | |
Loss from subsidiaries in which no benefit is recognized | $ 2,454,142 | $ 24,010,666 |
Loss from subsidiaries in which no benefit is recognized, Percentage | (24.00%) | (24.30%) |
Change in valuation allowance on deferred tax asset from US tax benefit | $ (1,291,828) | |
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage | 1.30% | |
Actual tax expense | $ (97,820) | $ (1,250,178) |
Actual tax expense, Percentage | 1% | 1.30% |
United States 21% [Member] | ||
Taxes Payable (Details) - Schedule of Effective Income Tax Rate Reconciliation [Line Items] | ||
Pretax loss | $ (3,171,958) | $ (674,813) |
Expected income tax expense (benefit) | $ (666,111) | $ (141,711) |
Expected income tax expense (benefit), Percentage | 21% | 21% |
High-tech income benefits on Jinong | ||
High-tech income benefits on Jinong, Percentage | ||
Loss from subsidiaries in which no benefit is recognized | ||
Loss from subsidiaries in which no benefit is recognized, Percentage | ||
Change in valuation allowance on deferred tax asset from US tax benefit | $ 666,111 | $ 141,711 |
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage | (21.00%) | (21.00%) |
Actual tax expense | ||
Actual tax expense, Percentage |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) | 12 Months Ended | ||||
Nov. 25, 2022 | Nov. 12, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Feb. 02, 2022 | |
Stockholders’ Equity (Details) [Line Items] | |||||
Issuance shares | 1,117,142 | ||||
Ownership cost (in Dollars) | $ 16,757,130 | ||||
Consulting services (in Dollars) | $ 658,000 | $ 658,000 | $ 440,000 | ||
Common stock, shares issued | 13,380,914 | 12,141,467 | |||
Common stock, shares outstanding | 13,380,914 | 12,141,467 | |||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |||
2009 Plan [Member] | |||||
Stockholders’ Equity (Details) [Line Items] | |||||
Shares issued for consulting services | 122,305 | ||||
Common Stock [Member] | |||||
Stockholders’ Equity (Details) [Line Items] | |||||
Common stock, shares issued | 13,380,914 | 12,141,467 | |||
Common stock, shares outstanding | 13,380,914 | 12,141,467 | |||
Preferred Stock [Member] | |||||
Stockholders’ Equity (Details) [Line Items] | |||||
Preferred stock, shares authorized | 20,000,000 |
Concentrations and Litigation (
Concentrations and Litigation (Details) | 12 Months Ended | |
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Concentrations and Litigation (Details) [Line Items] | ||
Number of vendors | 6 | 6 |
Purchase amount (in Dollars) | $ 71,040,024 | $ 99,317,794 |
Total aggregate amount (in Dollars) | $ 71,690,103 | $ 99,101,685 |
Number of customers | 6 | 2 |
One Vendor [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 12.20% | 11.90% |
Two Vendors [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 12% | 11.80% |
Three Vendor [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 12% | 11.60% |
Four Vendor [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 11.80% | 11.30% |
Five Vendor [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 11.70% | 11.10% |
Six Vendor [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 11.60% | 10.90% |
Customer One [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 10.70% | |
Customer Two [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 10.40% | |
Customer Three [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 10.40% | |
Customer Four [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 10.40% | |
Customer Five [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 10.30% | |
Customer Six [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 10.20% | |
Supplier Concentration Risk [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 10% | 10% |
Credit Concentration Risk [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Total aggregate amount (in Dollars) | $ 33,378,901 | |
Credit Concentration Risk [Member] | Customer One [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 10.10% | |
Credit Concentration Risk [Member] | Customer Two [Member] | ||
Concentrations and Litigation (Details) [Line Items] | ||
Concentration risk, percentage | 10.10% |
Segment Reporting (Details)
Segment Reporting (Details) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting [Abstract] | ||
Number of operating segments | 4 | |
Number of business segments | 4 | |
Percentage of revenues | 1% | 1% |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of Segment Reporting Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Revenues from unaffiliated customers: | |||
Revenues from unaffiliated customers | $ 124,140,355 | $ 168,450,904 | |
Operating income (expense): | |||
Operating income (expense) | (13,613,360) | (83,798,104) | |
Net income (loss): | |||
Net income (loss) | (13,281,985) | (80,522,696) | |
Depreciation and Amortization: | |||
Depreciation and Amortization | 2,403,150 | 2,930,490 | |
Interest expense: | |||
Interest expense | 295,804 | 256,784 | |
Capital Expenditure: | |||
Capital Expenditure | 1,371,393 | 164,278 | |
Identifiable assets: | |||
Identifiable assets | 186,681,364 | 195,115,195 | |
Jinong [Member] | |||
Revenues from unaffiliated customers: | |||
Revenues from unaffiliated customers | 40,247,303 | 54,339,228 | |
Operating income (expense): | |||
Operating income (expense) | (4,411,893) | (3,466,631) | |
Net income (loss): | |||
Net income (loss) | (4,224,927) | (3,063,634) | |
Depreciation and Amortization: | |||
Depreciation and Amortization | 785,503 | 833,042 | |
Interest expense: | |||
Interest expense | 78,342 | ||
Capital Expenditure: | |||
Capital Expenditure | 52,664 | 97,900 | |
Identifiable assets: | |||
Identifiable assets | 87,862,836 | 100,958,241 | |
Gufeng [Member] | |||
Revenues from unaffiliated customers: | |||
Revenues from unaffiliated customers | 74,028,542 | 102,755,286 | |
Operating income (expense): | |||
Operating income (expense) | (6,062,353) | (80,233,988) | |
Net income (loss): | |||
Net income (loss) | (6,280,625) | (80,547,966) | |
Depreciation and Amortization: | |||
Depreciation and Amortization | 761,466 | 816,510 | |
Interest expense: | |||
Interest expense | 217,462 | 256,784 | |
Capital Expenditure: | |||
Capital Expenditure | 216,892 | 29,308 | |
Identifiable assets: | |||
Identifiable assets | 49,749,041 | 80,923,101 | |
Yuxing [Member] | |||
Revenues from unaffiliated customers: | |||
Revenues from unaffiliated customers | 9,654,168 | 11,356,390 | |
Operating income (expense): | |||
Operating income (expense) | 499,479 | 581,840 | |
Net income (loss): | |||
Net income (loss) | 763,512 | 722,936 | |
Depreciation and Amortization: | |||
Depreciation and Amortization | 839,514 | 1,280,938 | |
Interest expense: | |||
Interest expense | |||
Capital Expenditure: | |||
Capital Expenditure | 101,837 | 37,069 | |
Identifiable assets: | |||
Identifiable assets | 38,223,482 | 40,132,337 | |
Antaeus [Member] | |||
Revenues from unaffiliated customers: | |||
Revenues from unaffiliated customers | 210,342 | ||
Operating income (expense): | |||
Operating income (expense) | (465,560) | ||
Net income (loss): | |||
Net income (loss) | (367,988) | ||
Depreciation and Amortization: | |||
Depreciation and Amortization | 16,667 | ||
Interest expense: | |||
Interest expense | |||
Capital Expenditure: | |||
Capital Expenditure | 1,000,000 | ||
Identifiable assets: | |||
Identifiable assets | 3,292,247 | ||
Reconciling item (1) [Member] | |||
Operating income (expense): | |||
Operating income (expense) | [1] | ||
Net income (loss): | |||
Net income (loss) | [1] | 1,077 | 4,513 |
Identifiable assets: | |||
Identifiable assets | [1] | 7,387,637 | (27,064,606) |
Reconciling item (2) [Member] | |||
Operating income (expense): | |||
Operating income (expense) | [2] | (3,173,033) | (679,326) |
Net income (loss): | |||
Net income (loss) | [2] | (3,173,034) | 612,503 |
Identifiable assets: | |||
Identifiable assets | [2] | 166,121 | 166,121 |
Reconciling item (3) [Member] | |||
Net income (loss): | |||
Net income (loss) | [3] | $ 1,748,951 | |
[1] Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. Reconciling amounts refer to the gain on discontinuing sales VIEs and the intercompany transaction clearing. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 12 Months Ended | |||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Apr. 02, 2023 m² ft² | Jul. 01, 2022 USD ($) ft² | Jul. 01, 2022 CNY (¥) ft² | Jul. 01, 2020 m² ft² | |
Commitments and Contingencies [Line Items] | ||||||
Pursuant to rented (in Square Meters) | m² | 404 | |||||
Pursuant to lease in square feet (in Square Feet) | ft² | 4,348 | |||||
Description of rental term | In February 2004, Tianjuyuan signed a fifty-year rental agreement with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District. | |||||
Rent expenses | $ | $ 51,192 | $ 97,307 | ||||
Jinong [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Pursuant to rented (in Square Meters) | m² | 612 | |||||
Kingtone Information [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Pursuant to lease in square feet (in Square Feet) | ft² | 6,588 | 6,588 | 6,588 | |||
Monthly rent | $ 3,858 | ¥ 28,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Contingent Rent Expenses | Jun. 30, 2023 USD ($) |
Schedule of Payments for Lease Expenses [Abstract] | |
2024 | $ 55,392 |
2025 | 55,392 |
2026 | 55,392 |
2027 | 55,392 |
2028 | $ 55,392 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - Schedule of VIEs Consolidated Financial Statements - Variable Interest Entities [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Current Assets | ||
Cash and cash equivalents | $ 323,854 | $ 385,308 |
Accounts receivable, net | 283,221 | 710,143 |
Inventories | 24,288,379 | 22,062,527 |
Other current assets | 108,677 | 22,932 |
Related party receivable | 27,560 | 13,064 |
Advances to suppliers | 1,879,704 | |
Total Current Assets | 25,031,691 | 25,073,678 |
Plant, Property and Equipment, Net | 5,887,278 | 6,926,023 |
Other assets | 9,784 | 10,600 |
Intangible Assets, Net | 7,294,729 | 8,122,036 |
Total Assets | 38,223,482 | 40,132,337 |
Current Liabilities | ||
Accounts payable | 12,512 | 107,095 |
Customer deposits | 62,134 | 10,016 |
Accrued expenses and other payables | 282,968 | 306,116 |
Amount due to related parties | 39,346,051 | 42,105,604 |
Total Current Liabilities | 39,703,665 | 42,528,831 |
Total Liabilities | 39,703,665 | 42,528,831 |
Stockholders’ equity | (1,480,183) | (2,396,494) |
Total Liabilities and Stockholders’ Equity | 38,223,482 | 40,132,337 |
Revenue | 9,654,168 | 11,356,390 |
Expenses | 8,890,656 | 10,633,454 |
Net income | $ 763,512 | $ 722,936 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Parent Company [Member] | ||
Restricted Net Assets (Details) [Line Items] | ||
Subsidiaries net assets, percentage | 25% | 25% |
Restricted Net Assets (Detail_2
Restricted Net Assets (Details) - Schedule of Parent Company Condensed Balance Sheets - Parent Company [Member] - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 49,598 | $ 52,485 |
Other current assets | 169,071 | 169,071 |
Total Current Assets | 218,668 | 221,555 |
Long-term equity investment | 139,569,715 | 146,457,664 |
Total long-term assets | 139,569,715 | 146,457,664 |
Total Assets | 139,788,383 | 146,679,219 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 214,520 | 214,520 |
Amount due to related parties | 4,445,449 | 4,105,449 |
Other payables and accrued expenses | 9,760,556 | 7,588,486 |
Total Current Liabilities | 14,420,526 | 11,908,455 |
Common stock, $.001 par value, 115,197,165 shares authorized, 13,380,914 and 12,141,467 shares issued and outstanding as of June 30, 2023 and June 30, 2022, respectively | 13,381 | 12,141 |
Additional paid in capital | 242,090,576 | 224,676,686 |
Accumulated other comprehensive loss | (26,950,493) | (13,414,442) |
Retained earnings | (89,785,607) | (76,503,621) |
Total Stockholders’ Equity | 125,367,857 | 134,770,764 |
Total Liabilities and Stockholders’ Equity | $ 139,788,383 | $ 146,679,219 |
Restricted Net Assets (Detail_3
Restricted Net Assets (Details) - Schedule of Parent Company Condensed Balance Sheets (Parentheticals) - Parent Company [Member] - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 115,197,165 | 115,197,165 |
Common stock, shares issued | 13,380,914 | 12,141,467 |
Common stock, shares outstanding | 13,380,914 | 12,141,467 |
Restricted Net Assets (Detail_4
Restricted Net Assets (Details) - Schedule of Parent Company Condensed Statements of Operations - Parent Company [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Condensed Income Statements, Captions [Line Items] | ||
Revenue | ||
General and administrative expenses | 3,173,034 | 679,326 |
Interest income | 1,076 | 4,513 |
Provision for tax | (1,291,828) | |
Equity investment in subsidiaries | (10,110,028) | (98,981,348) |
Net income | $ (13,281,986) | $ (98,364,333) |
Restricted Net Assets (Detail_5
Restricted Net Assets (Details) - Schedule of Parent Company Condensed Statements of Cash Flows - Parent Company [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash used in operating activities | $ (17,100,265) | $ (54,476,955) |
Net cash provided by investing activities | 2,001,000 | |
Net cash provided by financing activities | 17,097,130 | 54,454,275 |
Cash and cash equivalents, beginning balance | 52,484 | 75,165 |
Cash and cash equivalents, ending balance | $ 2,050,350 | $ 52,484 |
Subsequent Events (Details)
Subsequent Events (Details) | Nov. 02, 2023 shares |
Forecast [Member] | |
Subsequent Event [Line Items] | |
Issuance of common stock | 2,759,011 |