Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2023 | Feb. 09, 2024 | |
Document Information Line Items | ||
Entity Registrant Name | CHINA GREEN AGRICULTURE, INC. | |
Trading Symbol | CGA | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 13,820,021 | |
Amendment Flag | false | |
Entity Central Index Key | 0000857949 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly 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 | 3rd 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 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 70,402,736 | $ 71,142,188 |
Digital assets | 44,399 | 210,342 |
Accounts receivable, net | 20,988,837 | 16,455,734 |
Inventories, net | 39,554,487 | 46,455,131 |
Prepaid expenses and other current assets | 2,457,395 | 2,603,489 |
Advances to suppliers, net | 16,966,359 | 14,332,715 |
Total Current Assets | 150,414,213 | 151,227,159 |
Plant, property and equipment, net | 17,436,638 | 16,690,245 |
Other assets | 10,025 | 9,784 |
Other non-current assets | 4,268,057 | 5,092,721 |
Intangible assets, net | 13,784,849 | 13,563,635 |
Deferred tax asset | 114,175 | 97,820 |
Total Assets | 186,027,957 | 186,681,364 |
Current Liabilities | ||
Accounts payable | 1,583,655 | 2,100,449 |
Customer deposits | 5,407,480 | 5,489,781 |
Accrued expenses and other payables | 16,787,542 | 14,929,427 |
Taxes payable | 26,859,846 | 27,070,961 |
Short term loans | 7,653,040 | 5,346,640 |
Total Current Liabilities | 63,945,272 | 60,376,467 |
Long-term Liabilities | ||
Long-term loans | 937,040 | |
Total Liabilities | 63,945,272 | 61,313,507 |
Commitments and Contingencies | ||
Preferred Stock, $.001 par value, 20,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively | ||
Common stock, $.001 par value, 115,197,165 shares authorized, 13,380,914 and 13,380,914 shares issued and outstanding as of December 31, 2023 and June 30, 2023, respectively | 13,381 | 13,381 |
Additional paid-in capital | 242,090,576 | 242,090,576 |
Statutory reserve | 26,571,173 | 26,728,079 |
Retained earnings | (123,510,975) | (116,513,686) |
Accumulated other comprehensive loss | (23,081,470) | (26,950,493) |
Total Stockholders’ Equity | 122,082,685 | 125,367,857 |
Total Liabilities and Stockholders’ Equity | 186,027,957 | 186,681,364 |
Related Party | ||
Current Assets | ||
Amount due from related parties | 27,560 | |
Current Liabilities | ||
Amount due to related parties | $ 5,653,709 | $ 5,439,209 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2023 | Jun. 30, 2023 |
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 | 13,380,914 |
Common stock, shares outstanding | 13,380,914 | 13,380,914 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Sales | ||||
Net sales | $ 17,800,114 | $ 24,539,207 | $ 40,197,976 | $ 52,136,532 |
Cost of goods sold | ||||
Cost of goods sold | 14,471,627 | 20,024,790 | 32,219,635 | 42,437,306 |
Gross profit | 3,328,487 | 4,514,417 | 7,978,341 | 9,699,226 |
Operating expenses | ||||
Selling expenses | 1,770,860 | 1,658,654 | 3,650,014 | 4,096,008 |
General and administrative expenses | 6,947,810 | 6,535,402 | 11,504,417 | 9,820,517 |
Total operating expenses | 8,718,670 | 8,194,056 | 15,154,431 | 13,916,525 |
Loss from operations | (5,390,183) | (3,679,639) | (7,176,090) | (4,217,299) |
Other income (expense) | ||||
Other (expense) | 30,926 | 82,071 | 40,709 | 109,861 |
Interest income | 51,125 | 68,761 | 106,197 | 132,761 |
Interest expense | (73,813) | (67,739) | (141,367) | (149,983) |
Total other (expense) | 8,238 | 83,093 | 5,539 | 92,639 |
Loss before income taxes | (5,381,945) | (3,596,545) | (7,170,551) | (4,124,660) |
Provision for income taxes | (11,942) | (16,355) | ||
Net loss | (5,370,003) | (3,596,545) | (7,154,196) | (4,124,660) |
Other comprehensive income (loss) | ||||
Foreign currency translation gain (loss) | 4,705,400 | 6,086,889 | 3,869,023 | (4,833,269) |
Comprehensive (loss) income | $ (664,603) | $ 2,490,344 | $ (3,285,173) | $ (8,957,929) |
Basic weighted average shares outstanding (in Shares) | 13,380,914 | 13,306,467 | 13,380,914 | 13,118,610 |
Basic net loss per share (in Dollars per share) | $ (0.4) | $ (0.27) | $ (0.53) | $ (0.31) |
Diluted weighted average shares outstanding (in Shares) | 13,380,914 | 13,306,467 | 13,380,914 | 13,118,610 |
Diluted net loss per share (in Dollars per share) | $ (0.4) | $ (0.27) | $ (0.53) | $ (0.31) |
Jinong | ||||
Sales | ||||
Net sales | $ 6,811,640 | $ 9,842,749 | $ 16,100,398 | $ 21,990,751 |
Cost of goods sold | ||||
Cost of goods sold | 4,982,284 | 7,152,122 | 11,588,897 | 15,912,292 |
Gufeng | ||||
Sales | ||||
Net sales | 8,209,157 | 11,849,719 | 18,630,431 | 24,428,541 |
Cost of goods sold | ||||
Cost of goods sold | 7,198,290 | 10,477,612 | 16,193,611 | 21,732,489 |
Yuxing | ||||
Sales | ||||
Net sales | 2,452,187 | 2,846,739 | 4,794,903 | 5,717,240 |
Cost of goods sold | ||||
Cost of goods sold | 2,042,241 | 2,395,056 | 3,919,768 | 4,792,525 |
Antaeus | ||||
Sales | ||||
Net sales | 327,130 | 672,244 | ||
Cost of goods sold | ||||
Cost of goods sold | $ 248,812 | $ 517,359 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) | Common Stock | Additional Paid In Capital | Statutory Reserve | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
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) | (4,124,660) | (4,124,660) | ||||
Issuance of stock for consulting services | $ 122 | 657,878 | 658,000 | |||
Issuance of stock for consulting services (in Shares) | 122,305 | |||||
Issuance of stock | $ 1,117 | 16,756,013 | 16,757,130 | |||
Issuance of stock (in Shares) | 1,117,142 | |||||
Transfer to statutory reserve | (7,625) | 7,625 | ||||
Other comprehensive income (loss) | (4,833,269) | (4,833,269) | ||||
Balance at Dec. 31, 2022 | $ 13,381 | 242,090,576 | 26,863,343 | (107,491,624) | (18,247,711) | 143,227,965 |
Balance (in Shares) at Dec. 31, 2022 | 13,380,914 | |||||
Balance at Sep. 30, 2022 | $ 13,259 | 241,432,699 | 26,990,562 | (104,022,298) | (24,334,600) | 140,079,622 |
Balance (in Shares) at Sep. 30, 2022 | 13,258,609 | |||||
Net (loss) | (3,596,545) | (3,596,545) | ||||
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 | (127,219) | 127,219 | ||||
Other comprehensive income (loss) | 6,086,889 | 6,086,889 | ||||
Balance at Dec. 31, 2022 | $ 13,381 | 242,090,576 | 26,863,343 | (107,491,624) | (18,247,711) | 143,227,965 |
Balance (in Shares) at Dec. 31, 2022 | 13,380,914 | |||||
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 | |||||
Net (loss) | (7,154,196) | (7,154,196) | ||||
Issuance of stock for consulting services | ||||||
Issuance of stock | ||||||
Issuance of stock (in Shares) | 0 | |||||
Transfer to statutory reserve | (156,906) | 156,906 | ||||
Other comprehensive income (loss) | 3,869,023 | 3,869,023 | ||||
Balance at Dec. 31, 2023 | $ 13,381 | 242,090,576 | 26,571,173 | (123,510,975) | (23,081,470) | 122,082,685 |
Balance (in Shares) at Dec. 31, 2023 | 13,380,914 | |||||
Balance at Sep. 30, 2023 | $ 13,381 | 242,090,576 | 26,732,603 | (118,302,403) | (27,786,870) | 122,747,287 |
Balance (in Shares) at Sep. 30, 2023 | 13,380,914 | |||||
Net (loss) | (5,370,003) | (5,370,003) | ||||
Issuance of stock | ||||||
Transfer to statutory reserve | (161,430) | 161,430 | ||||
Other comprehensive income (loss) | 4,705,400 | 4,705,400 | ||||
Balance at Dec. 31, 2023 | $ 13,381 | $ 242,090,576 | $ 26,571,173 | $ (123,510,975) | $ (23,081,470) | $ 122,082,685 |
Balance (in Shares) at Dec. 31, 2023 | 13,380,914 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (7,154,196) | $ (4,124,660) |
Adjustments to reconcile Net loss to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 1,342,287 | 1,225,024 |
Provision for losses on accounts receivable | 2,653,360 | 1,694,887 |
Inventories impairment | 4,017,664 | 1,684,703 |
Changes in operating assets | ||
Digital assets | 165,942 | |
Accounts receivable | (6,702,559) | (1,434,613) |
Amount due from related parties | 27,707 | 2,550 |
Other current assets | 202,270 | (9,385,507) |
Inventories | 3,877,331 | (6,496,098) |
Advances to suppliers | (2,242,010) | 12,684,175 |
Other assets | 932,385 | 964,237 |
Deferred tax assets | (16,355) | |
Changes in operating liabilities | ||
Accounts payable | (545,901) | 297,553 |
Customer deposits | (213,643) | (237,629) |
Amount due to related parties | (1,000) | (10,969) |
Tax payables | (160,178) | 48,130 |
Accrued expenses and other payables | 1,750,222 | 1,019,323 |
Interest payable | (734,953) | |
Net cash used in operating activities | (2,066,674) | (2,803,847) |
Cash flows from investing activities | ||
Purchase of plant, property, and equipment | (1,607,163) | (305,689) |
Sales of discontinued operations | 895,411 | |
Net cash (used in) provided by investing activities | (1,607,163) | 589,722 |
Cash flows from financing activities | ||
Proceeds from the sale of common stock | 16,757,130 | |
Proceeds from loans | 2,770,707 | 2,865,315 |
Repayment of loans | (1,579,303) | |
Advance from related party | 191,000 | 250,000 |
Net cash provided by financing activities | 1,382,404 | 19,872,445 |
Effect of exchange rate change on cash and cash equivalents | 1,551,981 | (1,309,475) |
Net (decrease) increase in cash and cash equivalents | (739,452) | 16,348,845 |
Cash and cash equivalents, beginning balance | 71,142,188 | 57,770,303 |
Cash and cash equivalents, ending balance | 70,402,736 | 74,119,148 |
Supplement disclosure of cash flow information | ||
Interest expense paid | 141,367 | 149,983 |
Income taxes paid | $ 164,822 | $ 211,167 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Dec. 31, 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) ( 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. Our current corporate structure is set forth in the following diagram: Yuxing may also collectively be referred to as “the VIE Company”. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 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”). 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. 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 December 31, 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 December 31, 2023 and June 30, 2023 were $67,909,293 and $69,091,838, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $2,493,443 and $2,050,350 in cash in three banks in the United States as of December 31, 2023 and June 30, 2023, 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 December 31, 2023, the Company held Bitcoin as digital assets with amount of $44,399 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. As of December 31, 2023, the Company determined that there were no impairments of its digital assets. 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 adequacy of these reserves at each year-end. Accounts considered uncollectible are provisioned for /written off based upon management’s assessment. As of December 31, 2023, and June 30, 2023, the Company had accounts receivable of $20,988,837 and $16,455,734, net of allowance for doubtful accounts of $50,107,077 and $54,708,486, respectively. The company recorded bad debt expense in the amount of $2.7 and $1.7 for the six months ended December 31, 2023 and 2022, respectively. The Company adopts no policy to accept product returns after 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 December 31, 2023, and 2022, the Company had no reserve for obsolete goods. The company confirmed the loss of $4.0 million and $1.7 million of inventories for the six months ended December 31, 2023 and 2022, respectively. 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 December 31, 2023 and 2022, respectively. 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 December 31, 2023, and June 30, 2023, the Company had customer deposits of $5,407,480 and $5,489,781, respectively. 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: Three Months Ended December 31, 2023 2022 Net loss for Basic Earnings Per Share $ (5,370,003 ) $ (3,596,545 ) Basic Weighted Average Number of Shares 13,380,914 13,306,467 Net loss Per Share – Basic $ (0.40 ) $ (0.27 ) Net loss for Diluted Earnings Per Share $ (5,370,003 ) $ (3,596,545 ) Diluted Weighted Average Number of Shares 13,380,914 13,306,467 Net loss Per Share – Diluted $ (0.40 ) $ (0.27 ) Six Months Ended December 31, 2023 2022 Net loss for Basic Earnings Per Share $ (7,154,196 ) $ (4,124,660 ) Basic Weighted Average Number of Shares 13,380,914 13,118,610 Net loss Per Share – Basic $ (0.53 ) $ (0.31 ) Net loss for Diluted Earnings Per Share $ (7,154,196 ) $ (4,124,660 ) Diluted Weighted Average Number of Shares 13,380,914 13,118,610 Net loss Per Share – Diluted $ (0.53 ) $ (0.31 ) Recent accounting pronouncements The Company has evaluated all recently issued accounting pronouncements and does not believe any such pronouncements currently have, and does not expect such pronouncements to have, a material impact on the Condensed Consolidated Financial Statements on a prospective basis. |
Going Cercern
Going Cercern | 6 Months Ended |
Dec. 31, 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 during the reporting period from July 1, 2023 through December 31, 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 | 6 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 4 – INVENTORIES Inventories consisted of the following: December 31, June 30, 2023 2023 Raw materials $ 5,511,077 $ 11,617,989 Supplies and packing materials $ 427,724 $ 410,904 Work in progress $ 174,903 $ 172,248 Finished goods $ 33,440,783 $ 34,253,990 Total $ 39,554,487 $ 46,455,131 The company confirmed the loss of $4.0 million and $1.7 million of inventories for the six months ended December 31, 2023 and 2022, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: December 31, June 30, 2023 2023 Building and improvements $ 37,989,727 $ 37,065,465 Auto 2,784,202 2,716,931 Machinery and equipment 19,139,320 18,608,254 Others 1,502,600 - Total property, plant and equipment 61,415,850 58,390,650 Less: accumulated depreciation (43,979,211 ) (41,700,404 ) Total $ 17,436,639 $ 16,690,246 For the six months ended December 31, 2023, total depreciation expense was $1,250,325, increased $140,409, or 12.7%, from $1,109,917 for the six months ended December 31, 2022. |
Intangible Assets and Digital A
Intangible Assets and Digital Assets | 6 Months Ended |
Dec. 31, 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: December 31, June 30, 2023 2023 Land use rights, net $ 7,943,175 $ 7,862,624 Technology patent, net - - Customer relationships, net - - Non-compete agreement - - Trademarks 5,841,674 5,701,011 Total $ 13,784,849 $ 13,563,635 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 $10,333,707). 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 $147,688). 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 $1,028,656). The intangible asset is being amortized over the grant period of 50 years. The Land Use Rights consisted of the following: December 31, June 30, 2023 2023 Land use rights $ 11,362,363 11,088,765 Less: accumulated amortization (3,419,188 ) (3,226,141 ) Total land use rights, net $ 7,943,175 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 humic acid. The fair value of the related intangible asset was determined to be the respective cost of RMB 5,875,068 (or $829,560) 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 of the acquired technology patent was estimated to be RMB9,200,000 (or $1,299,040) and is amortized over the remaining useful life of six years using the straight-line method. As of December 31, 2023, this technology patent is fully amortized. The technology know-how consisted of the following: December 31, June 30, 2023 2023 Technology know-how $ 2,128,600 $ 2,077,344 Less: accumulated amortization (2,128,600 ) (2,077,344 ) Total technology know-how, net $ - $ - CUSTOMER RELATIONSHIPS On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The fair value of the acquired customer relationships was estimated to be RMB65,000,000 (or $9,178,000) and is amortized over the remaining useful life of ten years. December 31, June 30, 2023 2023 Customer relationships $ 9,178,000 $ 8,957,000 Less: accumulated amortization (9,178,000 ) (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 of the acquired non-compete agreement was estimated to be RMB1,320,000 (or $186,384) and is amortized over the remaining useful life of five years using the straight-line method. December 31, June 30, 2023 2023 Non-compete agreement $ 186,384 $ 181,896 Less: accumulated amortization (186,384 ) (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 of the acquired trademarks was estimated to be RMB41,371,630 (or $5,841,674) and is subject to an annual impairment test. December 31, June 30, 2023 2023 Trademarks $ 5,894,528 $ 5,752,592 Less: accumulated amortization (52,854 ) (51,581 ) Total trademarks, net $ 5,841,674 $ 5,701,011 AMORTIZATION EXPENSE Estimated amortization expenses of intangible assets for the next five twelve months periods ended December 31, are as follows: Twelve Months Ended on December 31, Expense 2024 275,348 2025 254,696 2026 228,880 2027 226,894 2028 226,894 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 December 31, 2023, the company held digital assets with amount of $44,399. |
Other Non-Current Assets
Other Non-Current Assets | 6 Months Ended |
Dec. 31, 2023 | |
Other Non-Current Assets [Abstract] | |
OTHER NON-CURRENT ASSETS | NOTE 7 – OTHER NON-CURRENT ASSETS Other non-current assets mainly include advance payments related to leasing land for use by the Company. As of December 31, 2023, the balance of other non-current assets was $4,268,057, which was the lease fee advances for agriculture lands that the Company engaged in Shiquan County from 2025 to 2027. In March 2017, Jinong entered into a lease agreement for approximately 3,400 mu, and 2600-hectare agriculture lands in Shiquan County, Shaanxi Province. The lease was from April 2017 and was renewable for every ten-year period up to 2066. The aggregate leasing fee was approximately RMB 13 million per annum, The Company had made 10-year advances of leasing fee per lease terms. The Company has amortized $1.9 million and $0.5 million as expenses for the three months ended December 31, 2023 and 2022, respectively. Estimated amortization expenses of the lease advance payments for the next four twelve-month periods ended December 31 and thereafter are as follows: Twelve months ending December 31, 2024 $ 1,895,610 2025 $ 1,895,610 2026 $ 1,895,610 2027 $ 476,837 |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 6 Months Ended |
Dec. 31, 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: December 31, June 30, 2023 2023 Payroll and welfare payable $ 168,665 $ 188,222 Accrued expenses 11,888,205 9,805,444 Other payables 4,612,253 4,820,193 Other levy payable 118,419 115,568 Total $ 16,787,542 $ 14,929,427 |
Amount Due to Related Parties
Amount Due to Related Parties | 6 Months Ended |
Dec. 31, 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 RMB 25,500,000 (approximately $3,600,600). For the six months ended December 31, 2023 and 2022, Yuxing hadn’t sold any products to 900LH.com. The amount due from 900LH.com to Yuxing was $0 and $27,560 as of December 31, 2023 and June 30, 2023, respectively. As of December 31, 2023, and June 30, 2023, the amount due to related parties was $5,653,709 and $5,439,209, respectively. As of December 31, 2023, and June 30, 2023, $988,400 and $964,600, 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 December 31, 2023, and June 30, 2023, $2,336,693 and $2,261,693, respectively were advances from Mr. Zhuoyu Li, Chairman and CEO of the Company. The advances were unsecured and non-interest-bearing. As of December 31, 2023, and June 30, 2023, $116,000 and $0, respectively were advances from Mr. Zhibiao Pan, Co-CEO of the Company. The advances were unsecured and non-interest-bearing. As of December 31, 2023, and June 30, 2023, the Company’s subsidiary, Jinong, owed 900LH.com $0 and $995, respectively. On July 1, 2022, Jinong signed an office lease 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 lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provides for a two-year term effective as of July 1, 2022 with monthly rent of RMB28,000 (approximately $3,954). |
Loan Payables
Loan Payables | 6 Months Ended |
Dec. 31, 2023 | |
Loan Payables [Abstract] | |
LOAN PAYABLES | NOTE 10 – LOAN PAYABLES As of December 31, 2023, the short-term and long-term loan payables consisted of four loans which mature on dates ranging from June 5, 2024 through October 6, 2024 with interest rates ranging from 3.65% to 5.00%. The first two loans are collateralized by Tianjuyuan’s land use right and building ownership right. No. Payee Loan period per agreement Interest December 31, 1 Beijing Bank -Pinggu Branch June 5, 2023-June 5, 2024 4.15 % 1,412,000 2 Huaxia Bank -HuaiRou Branch June 28, 2023-June 28, 2024 3.65 % 1,412,000 3 Pinggu New Village Bank June 29, 2023-June 28, 2024 5.00 % 988,400 4 Industrial Bank Co. Ltd August 19, 2022-February 18, 2024 3.98 % 56,480 5 Industrial Bank Co. Ltd August 19, 2022-August 18, 2024 3.98 % 960,160 6 Industrial Bank Co. Ltd October 7, 2023-October 6, 2024 3.70 % 2,824,000 Total $ 7,653,040 The interest expense from loans was $141,367 and $149,983 for the six months ended December 31, 2023 and 2022, respectively. |
Taxes Payable
Taxes Payable | 6 Months Ended |
Dec. 31, 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 no provision for income taxes for the three-month period ended December 31, 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 December 31, June 30, 2023 2023 VAT provision $ (571,108 ) $ (398,499 ) Income tax payable (2,185,015 ) (2,132,400 ) Other levies 605,434 591,325 Repatriation tax 29,010,535 29,010,535 Total $ 26,859,846 $ 27,070,961 The provision for income taxes consists of the following: December 31, December 31, 2023 2022 Current tax - foreign $ (16,355 ) $ - Deferred tax - - Total $ (16,355 ) $ - Significant components of deferred tax assets were as follows: December 31, June 30, 2023 2023 Deferred tax assets Deferred Tax Benefit 33,278,942 32,464,001 Valuation allowance (33,164,766 ) (32,366,181 ) Total deferred tax assets $ 114,175 97,820 Tax Rate Reconciliation Our effective tax rates were approximately 0.2% and 0% for the six months ended December 31, 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 (loss) differ from the amounts computed by applying the US statutory income tax rate of 21.0% to income before income taxes for the six months ended December 31, 2023 and 2022 for the following reasons: December 31, 2023 China United Total Pretax loss $ (4,831,871 ) (2,338,679 ) (7,170,550 ) Expected income tax expense (benefit) (1,207,968 ) 25.0 % (491,123 ) 21.0 % (1,699,090 ) High-tech income benefits on Jinong - - - - Losses from subsidiaries in which no benefit is recognized 1,191,613 -24.7 % - 1,191,613 Change in valuation allowance on deferred tax asset from US tax benefit - - 491,123 -21.0 % 491,123 Actual tax expense $ (16,355 ) 0.3 % - - (16,355 ) 0.2 % December 31, 2022 China United Total Pretax loss $ (2,412,874 ) (1,711,786 ) $ (4,124,660 ) Expected income tax expense (benefit) (603,219 ) 25.0 % (359,475 ) 21.0 % (962,693 ) High-tech income benefits on Jinong 142,607 (5.9 )% - - 142,607 Losses from subsidiaries in which no benefit is recognized 460,612 (19.1 )% - - 460,612 Change in valuation allowance on deferred tax asset from US tax benefit - 0 % 359,475 (21.0 )% 359,475 Actual tax expense $ - 0 % $ - 0 % $ - 0 % |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Dec. 31, 2023 | |
Stockholders’ Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 12 – STOCKHOLDERS’ EQUITY Common Stock There were no shares of common stock issued during the six months ended December 31, 2023. 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 an amount of $658,000 payable of consulting services. On January 18, 2024, the Company issued 439,107 shares of common stock to settle an amount of $887,000 payable of consulting services. As of December 31, 2023, and June 30, 2023, there were 13,380,914 and 13,380,914 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 December 31, 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. |
Concentrations and Litigation
Concentrations and Litigation | 6 Months Ended |
Dec. 31, 2023 | |
Concentrations and Litigation [Abstract] | |
CONCENTRATIONS AND LITIGATION | NOTE 13 – CONCENTRATIONS AND LITIGATION Market Concentration The majority of 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 None of the vendors accounted over 10% of the Company’s purchase of raw materials and supplies for the six months ended December 31, 2023 and 2022. No customer accounted for over 10% of the Company’s sales for the six months ended December 31, 2023 and 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 December 31, 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 | 6 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 14 – SEGMENT REPORTING As of December 31, 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. Three Months Three Months Six Months Six Months December 31, December 31, December 31, December 31, Revenues from unaffiliated customers: Jinong $ 6,811,640 $ 9,842,749 $ 16,100,398 $ 21,990,751 Gufeng 8,209,157 11,849,718 18,630,431 24,428,540 Yuxing 2,452,187 2,846,740 4,794,903 5,717,241 Antaeus 327,130 - 672,244 - Consolidated $ 17,800,114 $ 24,539,207 $ 40,197,976 $ 52,136,532 Operating income (loss): Jinong $ (360,423 ) $ (1,598,264 ) $ (505,546 ) $ (678,621 ) Gufeng (1,873,590 ) (1,547,362 ) (3,093,472 ) (2,211,092 ) Yuxing (1,299,044 ) 200,253 (1,144,362 ) 384,247 Antaeus (63,521 ) - (94,017 ) - Reconciling item (1) - (734,266 ) - (1,711,833 ) Reconciling item (2) (1,793,605 ) - (2,338,693 ) - Consolidated $ (5,390,183 ) $ (3,679,639 ) $ (7,176,090 ) $ (4,217,299 ) Net income (loss): Jinong $ (316,024 ) $ (1,554,778 ) $ (430,386 ) $ (570,428 ) Gufeng (1,917,160 ) (1,590,123 ) (3,179,583 ) (2,336,623 ) Yuxing (1,298,291 ) 282,590 (1,144,020 ) 494,176 Antaeus (44,923 ) - (61,526 ) - Reconciling item (1) - 31 12 47 Reconciling item (2) (1,793,605 ) (734,266 ) (2,338,693 ) (1,711,832 ) Consolidated $ (5,370,003 ) $ (3,596,545 ) $ (7,154,196 ) $ (4,124,660 ) Depreciation and Amortization: Jinong $ 190,510 $ 191,858 $ 379,817 $ 390,103 Gufeng 183,271 186,394 365,611 380,047 Yuxing 186,417 184,594 371,642 454,874 Antaeus 125,130 - 225,217 - Consolidated $ 685,328 $ 562,846 $ 1,342,287 $ 1,225,024 Interest expense: Jinong 30,388 25,127 55,516 25,127 Gufeng 43,425 42,612 85,851 124,856 Yuxing - - - - Antaeus - - - -- Consolidated $ 73,813 $ 67,739 $ 141,367 $ 149,983 Capital Expenditure: Jinong $ 41,081 $ 30,329 $ 41,823 $ 34,091 Gufeng - (3,765 ) - 216,105 Yuxing 59,056 50,584 62,740 55,493 Antaeus - - 1,502,600 - Consolidated $ 100,137 $ 77,148 $ 1,607,164 $ 305,689 As of December 31, June 30, 2023 2023 Identifiable assets: Jinong $ 85,450,036 $ 87,862,836 Gufeng 49,475,903 49,749,041 Yuxing 38,237,419 38,223,482 Antaeus 2,770,747 3,292,247 Reconciling item (1) 9,927,731 7,387,637 Reconciling item (2) 166,121 166,121 Consolidated $ 186,027,957 $ 186,681,364 (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. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 15 – 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, 2022, Jinong signed an office lease 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 lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provides for a two-year term effective as of July 1, 2022 with monthly rent of RMB28,000 (approximately $3,954). 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 $28,328 and $26,915 as rent expenses from these committed property leases for the six-month periods ended December 31, 2023 and 2022, respectively. The contingent rent expenses herein for the next five twelve-month periods ended December 31, are as follows: Years ending December 31, 2024 $ 56,655 2025 56,655 2026 56,655 2027 56,655 2028 56,655 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 16 – 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 VIE (Yuxing) was included in the accompanying consolidated financial statements as of December 31, 2023 and June 30, 2023: December 31, June 30, 2023 2023 ASSETS Current Assets Cash and cash equivalents $ 230,479 $ 323,854 Accounts receivable, net 661,761 283,221 Inventories 23,999,498 24,288,379 Other current assets 143,247 108,677 Related party receivable - 27,560 Total Current Assets 25,034,985 25,031,691 Plant, Property and Equipment, Net 5,821,031 5,887,278 Other assets 10,025 9,784 Intangible Assets, Net 7,371,378 7,294,729 Total Assets $ 38,237,419 $ 38,223,482 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 12,821 $ 12,512 Customer deposits 50,187 62,134 Accrued expenses and other payables 290,365 282,968 Amount due to related parties 40,566,777 39,346,051 Total Current Liabilities 40,920,150 39,703,665 Total Liabilities $ 40,920,150 39,703,665 Stockholders’ equity (2,682,731 ) (1,480,183 ) Total Liabilities and Stockholders’ Equity $ 38,237,419 $ 38,223,482 Three Months Ended 2023 2022 Revenue $ (2,452,187 ) $ (2,846,739 ) Expenses (3,750,478 ) (2,564,149 ) Net income $ 1,298,291 $ (282,590 ) Six Months Ended 2023 2022 Revenue $ 4,794,904 $ 5,717,240 Expenses 5,938,924 5,223,064 Net income $ (1,144,020 ) $ 494,176 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations after December 31, 2023 to the date these unaudited condensed consolidated financial statements were available to be issued and has determined that there were no significant subsequent events or transactions that would require recognition or disclosure in the unaudited condensed consolidated financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Dec. 31, 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”). 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. |
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 December 31, 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 December 31, 2023 and June 30, 2023 were $67,909,293 and $69,091,838, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $2,493,443 and $2,050,350 in cash in three banks in the United States as of December 31, 2023 and June 30, 2023, 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. As of December 31, 2023, the Company held Bitcoin as digital assets with amount of $44,399 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. As of December 31, 2023, the Company determined that there were no impairments of its digital assets. |
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 adequacy of these reserves at each year-end. Accounts considered uncollectible are provisioned for /written off based upon management’s assessment. As of December 31, 2023, and June 30, 2023, the Company had accounts receivable of $20,988,837 and $16,455,734, net of allowance for doubtful accounts of $50,107,077 and $54,708,486, respectively. The company recorded bad debt expense in the amount of $2.7 and $1.7 for the six months ended December 31, 2023 and 2022, respectively. The Company adopts no policy to accept product returns after 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 December 31, 2023, and 2022, the Company had no reserve for obsolete goods. The company confirmed the loss of $4.0 million and $1.7 million of inventories for the six months ended December 31, 2023 and 2022, respectively. |
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 December 31, 2023 and 2022, respectively. |
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 December 31, 2023, and June 30, 2023, the Company had customer deposits of $5,407,480 and $5,489,781, respectively. |
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: Three Months Ended December 31, 2023 2022 Net loss for Basic Earnings Per Share $ (5,370,003 ) $ (3,596,545 ) Basic Weighted Average Number of Shares 13,380,914 13,306,467 Net loss Per Share – Basic $ (0.40 ) $ (0.27 ) Net loss for Diluted Earnings Per Share $ (5,370,003 ) $ (3,596,545 ) Diluted Weighted Average Number of Shares 13,380,914 13,306,467 Net loss Per Share – Diluted $ (0.40 ) $ (0.27 ) Six Months Ended December 31, 2023 2022 Net loss for Basic Earnings Per Share $ (7,154,196 ) $ (4,124,660 ) Basic Weighted Average Number of Shares 13,380,914 13,118,610 Net loss Per Share – Basic $ (0.53 ) $ (0.31 ) Net loss for Diluted Earnings Per Share $ (7,154,196 ) $ (4,124,660 ) Diluted Weighted Average Number of Shares 13,380,914 13,118,610 Net loss Per Share – Diluted $ (0.53 ) $ (0.31 ) |
Recent accounting pronouncements | Recent accounting pronouncements The Company has evaluated all recently issued accounting pronouncements and does not believe any such pronouncements currently have, and does not expect such pronouncements to have, a material impact on the Condensed Consolidated Financial Statements on a prospective basis. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share consist of the following: Three Months Ended December 31, 2023 2022 Net loss for Basic Earnings Per Share $ (5,370,003 ) $ (3,596,545 ) Basic Weighted Average Number of Shares 13,380,914 13,306,467 Net loss Per Share – Basic $ (0.40 ) $ (0.27 ) Net loss for Diluted Earnings Per Share $ (5,370,003 ) $ (3,596,545 ) Diluted Weighted Average Number of Shares 13,380,914 13,306,467 Net loss Per Share – Diluted $ (0.40 ) $ (0.27 ) Six Months Ended December 31, 2023 2022 Net loss for Basic Earnings Per Share $ (7,154,196 ) $ (4,124,660 ) Basic Weighted Average Number of Shares 13,380,914 13,118,610 Net loss Per Share – Basic $ (0.53 ) $ (0.31 ) Net loss for Diluted Earnings Per Share $ (7,154,196 ) $ (4,124,660 ) Diluted Weighted Average Number of Shares 13,380,914 13,118,610 Net loss Per Share – Diluted $ (0.53 ) $ (0.31 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Schedule of Inventories [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: December 31, June 30, 2023 2023 Raw materials $ 5,511,077 $ 11,617,989 Supplies and packing materials $ 427,724 $ 410,904 Work in progress $ 174,903 $ 172,248 Finished goods $ 33,440,783 $ 34,253,990 Total $ 39,554,487 $ 46,455,131 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: December 31, June 30, 2023 2023 Building and improvements $ 37,989,727 $ 37,065,465 Auto 2,784,202 2,716,931 Machinery and equipment 19,139,320 18,608,254 Others 1,502,600 - Total property, plant and equipment 61,415,850 58,390,650 Less: accumulated depreciation (43,979,211 ) (41,700,404 ) Total $ 17,436,639 $ 16,690,246 |
Intangible Assets and Digital_2
Intangible Assets and Digital Assets (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Intangible Assets and Digital Assets [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: December 31, June 30, 2023 2023 Land use rights, net $ 7,943,175 $ 7,862,624 Technology patent, net - - Customer relationships, net - - Non-compete agreement - - Trademarks 5,841,674 5,701,011 Total $ 13,784,849 $ 13,563,635 December 31, June 30, 2023 2023 Land use rights $ 11,362,363 11,088,765 Less: accumulated amortization (3,419,188 ) (3,226,141 ) Total land use rights, net $ 7,943,175 7,862,624 December 31, June 30, 2023 2023 Technology know-how $ 2,128,600 $ 2,077,344 Less: accumulated amortization (2,128,600 ) (2,077,344 ) Total technology know-how, net $ - $ - December 31, June 30, 2023 2023 Customer relationships $ 9,178,000 $ 8,957,000 Less: accumulated amortization (9,178,000 ) (8,957,000 ) Total customer relationships, net $ - $ - December 31, June 30, 2023 2023 Non-compete agreement $ 186,384 $ 181,896 Less: accumulated amortization (186,384 ) (181,896 ) Total non-compete agreement, net $ - $ - December 31, June 30, 2023 2023 Trademarks $ 5,894,528 $ 5,752,592 Less: accumulated amortization (52,854 ) (51,581 ) Total trademarks, net $ 5,841,674 $ 5,701,011 |
Schedule of Estimated Amortization Expenses of Intangible Assets | Estimated amortization expenses of intangible assets for the next five twelve months periods ended December 31, are as follows: Twelve Months Ended on December 31, Expense 2024 275,348 2025 254,696 2026 228,880 2027 226,894 2028 226,894 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Other Non-Current Assets [Abstract] | |
Schedule of estimated amortization expenses of lease advance payments | Estimated amortization expenses of the lease advance payments for the next four twelve-month periods ended December 31 and thereafter are as follows: Twelve months ending December 31, 2024 $ 1,895,610 2025 $ 1,895,610 2026 $ 1,895,610 2027 $ 476,837 |
Accrued Expenses and Other Pa_2
Accrued Expenses and Other Payables (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses and Other Payables Table [Abstract] | |
Schedule of Accrued Expenses and Other Payables | Accrued expenses and other payables consisted of the following: December 31, June 30, 2023 2023 Payroll and welfare payable $ 168,665 $ 188,222 Accrued expenses 11,888,205 9,805,444 Other payables 4,612,253 4,820,193 Other levy payable 118,419 115,568 Total $ 16,787,542 $ 14,929,427 |
Loan Payables (Tables)
Loan Payables (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Loan Payables [Abstract] | |
Schedule of Loan Payables | As of December 31, 2023, the short-term and long-term loan payables consisted of four loans which mature on dates ranging from June 5, 2024 through October 6, 2024 with interest rates ranging from 3.65% to 5.00%. The first two loans are collateralized by Tianjuyuan’s land use right and building ownership right. No. Payee Loan period per agreement Interest December 31, 1 Beijing Bank -Pinggu Branch June 5, 2023-June 5, 2024 4.15 % 1,412,000 2 Huaxia Bank -HuaiRou Branch June 28, 2023-June 28, 2024 3.65 % 1,412,000 3 Pinggu New Village Bank June 29, 2023-June 28, 2024 5.00 % 988,400 4 Industrial Bank Co. Ltd August 19, 2022-February 18, 2024 3.98 % 56,480 5 Industrial Bank Co. Ltd August 19, 2022-August 18, 2024 3.98 % 960,160 6 Industrial Bank Co. Ltd October 7, 2023-October 6, 2024 3.70 % 2,824,000 Total $ 7,653,040 |
Taxes Payable (Tables)
Taxes Payable (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Taxes Payable [Abstract] | |
Schedule of Income Taxes and Related Payable | Income Taxes and Related Payables December 31, June 30, 2023 2023 VAT provision $ (571,108 ) $ (398,499 ) Income tax payable (2,185,015 ) (2,132,400 ) Other levies 605,434 591,325 Repatriation tax 29,010,535 29,010,535 Total $ 26,859,846 $ 27,070,961 |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following: December 31, December 31, 2023 2022 Current tax - foreign $ (16,355 ) $ - Deferred tax - - Total $ (16,355 ) $ - |
Schedule of Deferred Tax Assets | Significant components of deferred tax assets were as follows: December 31, June 30, 2023 2023 Deferred tax assets Deferred Tax Benefit 33,278,942 32,464,001 Valuation allowance (33,164,766 ) (32,366,181 ) Total deferred tax assets $ 114,175 97,820 |
Schedule of Effective Income Tax Rate Reconciliation | Actual income tax benefit reported in the consolidated statements of operations and comprehensive income (loss) differ from the amounts computed by applying the US statutory income tax rate of 21.0% to income before income taxes for the six months ended December 31, 2023 and 2022 for the following reasons: China United Total Pretax loss $ (4,831,871 ) (2,338,679 ) (7,170,550 ) Expected income tax expense (benefit) (1,207,968 ) 25.0 % (491,123 ) 21.0 % (1,699,090 ) High-tech income benefits on Jinong - - - - Losses from subsidiaries in which no benefit is recognized 1,191,613 -24.7 % - 1,191,613 Change in valuation allowance on deferred tax asset from US tax benefit - - 491,123 -21.0 % 491,123 Actual tax expense $ (16,355 ) 0.3 % - - (16,355 ) 0.2 % China United Total Pretax loss $ (2,412,874 ) (1,711,786 ) $ (4,124,660 ) Expected income tax expense (benefit) (603,219 ) 25.0 % (359,475 ) 21.0 % (962,693 ) High-tech income benefits on Jinong 142,607 (5.9 )% - - 142,607 Losses from subsidiaries in which no benefit is recognized 460,612 (19.1 )% - - 460,612 Change in valuation allowance on deferred tax asset from US tax benefit - 0 % 359,475 (21.0 )% 359,475 Actual tax expense $ - 0 % $ - 0 % $ - 0 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Dec. 31, 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. Three Months Three Months Six Months Six Months December 31, December 31, December 31, December 31, Revenues from unaffiliated customers: Jinong $ 6,811,640 $ 9,842,749 $ 16,100,398 $ 21,990,751 Gufeng 8,209,157 11,849,718 18,630,431 24,428,540 Yuxing 2,452,187 2,846,740 4,794,903 5,717,241 Antaeus 327,130 - 672,244 - Consolidated $ 17,800,114 $ 24,539,207 $ 40,197,976 $ 52,136,532 Operating income (loss): Jinong $ (360,423 ) $ (1,598,264 ) $ (505,546 ) $ (678,621 ) Gufeng (1,873,590 ) (1,547,362 ) (3,093,472 ) (2,211,092 ) Yuxing (1,299,044 ) 200,253 (1,144,362 ) 384,247 Antaeus (63,521 ) - (94,017 ) - Reconciling item (1) - (734,266 ) - (1,711,833 ) Reconciling item (2) (1,793,605 ) - (2,338,693 ) - Consolidated $ (5,390,183 ) $ (3,679,639 ) $ (7,176,090 ) $ (4,217,299 ) Net income (loss): Jinong $ (316,024 ) $ (1,554,778 ) $ (430,386 ) $ (570,428 ) Gufeng (1,917,160 ) (1,590,123 ) (3,179,583 ) (2,336,623 ) Yuxing (1,298,291 ) 282,590 (1,144,020 ) 494,176 Antaeus (44,923 ) - (61,526 ) - Reconciling item (1) - 31 12 47 Reconciling item (2) (1,793,605 ) (734,266 ) (2,338,693 ) (1,711,832 ) Consolidated $ (5,370,003 ) $ (3,596,545 ) $ (7,154,196 ) $ (4,124,660 ) Depreciation and Amortization: Jinong $ 190,510 $ 191,858 $ 379,817 $ 390,103 Gufeng 183,271 186,394 365,611 380,047 Yuxing 186,417 184,594 371,642 454,874 Antaeus 125,130 - 225,217 - Consolidated $ 685,328 $ 562,846 $ 1,342,287 $ 1,225,024 Interest expense: Jinong 30,388 25,127 55,516 25,127 Gufeng 43,425 42,612 85,851 124,856 Yuxing - - - - Antaeus - - - -- Consolidated $ 73,813 $ 67,739 $ 141,367 $ 149,983 Capital Expenditure: Jinong $ 41,081 $ 30,329 $ 41,823 $ 34,091 Gufeng - (3,765 ) - 216,105 Yuxing 59,056 50,584 62,740 55,493 Antaeus - - 1,502,600 - Consolidated $ 100,137 $ 77,148 $ 1,607,164 $ 305,689 As of December 31, June 30, 2023 2023 Identifiable assets: Jinong $ 85,450,036 $ 87,862,836 Gufeng 49,475,903 49,749,041 Yuxing 38,237,419 38,223,482 Antaeus 2,770,747 3,292,247 Reconciling item (1) 9,927,731 7,387,637 Reconciling item (2) 166,121 166,121 Consolidated $ 186,027,957 $ 186,681,364 (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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Contingent Rent Expenses | Accordingly, the Company recorded an aggregate of $28,328 and $26,915 as rent expenses from these committed property leases for the six-month periods ended December 31, 2023 and 2022, respectively. The contingent rent expenses herein for the next five twelve-month periods ended December 31, are as follows: Years ending December 31, 2024 $ 56,655 2025 56,655 2026 56,655 2027 56,655 2028 56,655 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Schedule of VIEs Consolidated Financial Statements | The following financial statement amounts and balances of the VIE (Yuxing) was included in the accompanying consolidated financial statements as of December 31, 2023 and June 30, 2023: December 31, June 30, 2023 2023 ASSETS Current Assets Cash and cash equivalents $ 230,479 $ 323,854 Accounts receivable, net 661,761 283,221 Inventories 23,999,498 24,288,379 Other current assets 143,247 108,677 Related party receivable - 27,560 Total Current Assets 25,034,985 25,031,691 Plant, Property and Equipment, Net 5,821,031 5,887,278 Other assets 10,025 9,784 Intangible Assets, Net 7,371,378 7,294,729 Total Assets $ 38,237,419 $ 38,223,482 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable $ 12,821 $ 12,512 Customer deposits 50,187 62,134 Accrued expenses and other payables 290,365 282,968 Amount due to related parties 40,566,777 39,346,051 Total Current Liabilities 40,920,150 39,703,665 Total Liabilities $ 40,920,150 39,703,665 Stockholders’ equity (2,682,731 ) (1,480,183 ) Total Liabilities and Stockholders’ Equity $ 38,237,419 $ 38,223,482 Three Months Ended 2023 2022 Revenue $ (2,452,187 ) $ (2,846,739 ) Expenses (3,750,478 ) (2,564,149 ) Net income $ 1,298,291 $ (282,590 ) Six Months Ended 2023 2022 Revenue $ 4,794,904 $ 5,717,240 Expenses 5,938,924 5,223,064 Net income $ (1,144,020 ) $ 494,176 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 16, 2013 | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Aggregate cash in accounts and on hand | $ 67,909,293 | $ 69,091,838 | ||
Digital assets | 44,399 | |||
Accounts receivable | 20,988,837 | 16,455,734 | ||
Net of allowance for doubtful accounts | 50,107,077 | 54,708,486 | ||
Debt expense | 2.7 | $ 1.7 | ||
Inventories | 4,000,000 | $ 1,700,000 | ||
Customer deposits | 5,407,480 | 5,489,781 | ||
Yuxing [Member] | ||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Percentage of ownership | 100% | |||
Jinong [Member] | ||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Percentage of ownership | 100% | |||
United States Bank [Member] | ||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||
Deposits in banks | $ 2,493,443 | $ 2,050,350 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Earnings Per Share - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Basic and Diluted Earnings Per Share [Abstract] | ||||
Net loss for Basic Earnings Per Share | $ (5,370,003) | $ (3,596,545) | $ (7,154,196) | $ (4,124,660) |
Basic Weighted Average Number of Shares | 13,380,914 | 13,306,467 | 13,380,914 | 13,118,610 |
Net loss Per Share – Basic | $ (0.4) | $ (0.27) | $ (0.53) | $ (0.31) |
Net loss for Diluted Earnings Per Share | $ (5,370,003) | $ (3,596,545) | $ (7,154,196) | $ (4,124,660) |
Diluted Weighted Average Number of Shares | 13,380,914 | 13,306,467 | 13,380,914 | 13,118,610 |
Net loss Per Share – Diluted | $ (0.4) | $ (0.27) | $ (0.53) | $ (0.31) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Inventories [Abstract] | ||
Loss of inventories | $ 4 | $ 1.7 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Inventories [Abstract] | ||
Raw materials | $ 5,511,077 | $ 11,617,989 |
Supplies and packing materials | 427,724 | 410,904 |
Work in progress | 174,903 | 172,248 |
Finished goods | 33,440,783 | 34,253,990 |
Total | $ 39,554,487 | $ 46,455,131 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 1,250,325 | |
Depreciation expense increased | $ 140,409 | |
Depreciation expense percentage | 12.70% | |
Depreciation | $ 1,109,917 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of Property, Plant and Equipment - USD ($) | Dec. 30, 2023 | Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 61,415,850 | $ 58,390,650 |
Less: accumulated depreciation | (43,979,211) | (41,700,404) |
Total | 17,436,639 | 16,690,246 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 37,989,727 | 37,065,465 |
Auto [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,784,202 | 2,716,931 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 19,139,320 | 18,608,254 |
Others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,502,600 |
Intangible Assets and Digital_3
Intangible Assets and Digital Assets (Details) | 1 Months Ended | |||||||||||||||
Jul. 02, 2010 USD ($) | Sep. 25, 2009 USD ($) | Sep. 25, 2009 CNY (¥) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Apr. 02, 2023 ft² | Jul. 02, 2010 CNY (¥) | Sep. 25, 2009 m² | Sep. 25, 2009 ft² | Aug. 13, 2003 | Aug. 13, 2003 USD ($) | Aug. 13, 2003 m² | Aug. 13, 2003 ft² | Aug. 13, 2003 CNY (¥) | Aug. 16, 2001 USD ($) | Aug. 16, 2001 CNY (¥) | |
Intangible Assets [Line Items] | ||||||||||||||||
Area of land | 4,348 | 353,000 | 3,800,000 | 42,726 | 459,898 | |||||||||||
Fair value of the related intangible asset | $ 10,333,707 | ¥ 73,184,895 | ||||||||||||||
Amortization period of intangible assets | 50 years | 50 years | ||||||||||||||
Digital assets | $ 44,399 | $ 210,342 | ||||||||||||||
Land Use Rights [Member] | ||||||||||||||||
Intangible Assets [Line Items] | ||||||||||||||||
Amortization period of intangible assets | 50 years | 50 years | 50 years | |||||||||||||
Fair value of intangible assets | $ 147,688 | ¥ 1,045,950 | $ 1,028,656 | ¥ 7,285,099 | ||||||||||||
Technology Patent [Member] | ||||||||||||||||
Intangible Assets [Line Items] | ||||||||||||||||
Amortization period of intangible assets | 10 years | 10 years | ||||||||||||||
Fair value of intangible assets | $ 1,299,040 | ¥ 9,200,000 | $ 829,560 | ¥ 5,875,068 | ||||||||||||
Customer Relationships [Member] | ||||||||||||||||
Intangible Assets [Line Items] | ||||||||||||||||
Fair value of intangible assets | 9,178,000 | 65,000,000 | ||||||||||||||
Non-Compete Agreement [Member] | ||||||||||||||||
Intangible Assets [Line Items] | ||||||||||||||||
Fair value of intangible assets | $ 186,384 | 1,320,000 | ||||||||||||||
Land Use Rights [Member] | ||||||||||||||||
Intangible Assets [Line Items] | ||||||||||||||||
Amortized remaining useful life | 5 years | |||||||||||||||
Trademarks [Member] | ||||||||||||||||
Intangible Assets [Line Items] | ||||||||||||||||
Fair value of intangible assets | $ 5,841,674 | ¥ 41,371,630 |
Intangible Assets and Digital_4
Intangible Assets and Digital Assets (Details) - Schedule of Intangible Assets - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Total | $ 13,784,849 | $ 13,563,635 |
Land Use Rights [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Total | 7,943,175 | 7,862,624 |
Intangible assets gross | 11,362,363 | 11,088,765 |
Less: accumulated amortization | (3,419,188) | (3,226,141) |
Technology patent [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Total | ||
Intangible assets gross | 2,128,600 | 2,077,344 |
Less: accumulated amortization | (2,128,600) | (2,077,344) |
Customer Relationships [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Total | ||
Intangible assets gross | 9,178,000 | 8,957,000 |
Less: accumulated amortization | (9,178,000) | (8,957,000) |
Noncompete Agreements [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Total | ||
Intangible assets gross | 186,384 | 181,896 |
Less: accumulated amortization | (186,384) | (181,896) |
Trademarks [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Total | 5,841,674 | 5,701,011 |
Intangible assets gross | 5,894,528 | 5,752,592 |
Less: accumulated amortization | $ (52,854) | $ (51,581) |
Intangible Assets and Digital_5
Intangible Assets and Digital Assets (Details) - Schedule of Estimated Amortization Expenses of Intangible Assets | Dec. 31, 2023 USD ($) |
Schedule of Estimated Amortization Expenses of Intangible Assets [Abstract] | |
2024 | $ 275,348 |
2025 | 254,696 |
2026 | 228,880 |
2027 | 226,894 |
2028 | $ 226,894 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) ¥ in Millions | 6 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | |
Other Non-Current Assets [Line Items] | ||||
Other non-current assets | $ 4,268,057 | $ 5,092,721 | ||
Lease term | 10 years | |||
Jinong [Member] | ||||
Other Non-Current Assets [Line Items] | ||||
Lease agreement, description | In March 2017, Jinong entered into a lease agreement for approximately 3,400 mu, and 2600-hectare agriculture lands in Shiquan County, Shaanxi Province. The lease was from April 2017 and was renewable for every ten-year period up to 2066. | In March 2017, Jinong entered into a lease agreement for approximately 3,400 mu, and 2600-hectare agriculture lands in Shiquan County, Shaanxi Province. The lease was from April 2017 and was renewable for every ten-year period up to 2066. | ||
Lease fee (in Yuan Renminbi) | ¥ | ¥ 13 | |||
Amortized expense | $ 1,900,000 | $ 500,000 |
Other Non-Current Assets (Det_2
Other Non-Current Assets (Details) - Schedule of Estimated Amortization Expenses of Lease Advance Payments | Dec. 31, 2023 USD ($) |
Schedule of Estimated Amortization Expenses of Lease Advance Payments [Abstract] | |
2024 | $ 1,895,610 |
2025 | 1,895,610 |
2026 | 1,895,610 |
2027 | $ 476,837 |
Accrued Expenses and Other Pa_3
Accrued Expenses and Other Payables (Details) - Schedule of Accrued Expenses and Other Payables - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Accrued Expenses and Other Payables [Abstract] | ||
Payroll and welfare payable | $ 168,665 | $ 188,222 |
Accrued expenses | 11,888,205 | 9,805,444 |
Other payables | 4,612,253 | 4,820,193 |
Other levy payable | 118,419 | 115,568 |
Total | $ 16,787,542 | $ 14,929,427 |
Amount Due to Related Parties (
Amount Due to Related Parties (Details) | 1 Months Ended | 6 Months Ended | ||||||||||
Jul. 01, 2022 USD ($) m² ft² | Jul. 01, 2022 CNY (¥) m² ft² | Dec. 31, 2015 USD ($) | Dec. 31, 2015 CNY (¥) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Apr. 02, 2023 ft² | Sep. 25, 2009 m² | Sep. 25, 2009 ft² | Aug. 13, 2003 m² | Aug. 13, 2003 ft² | |
Amount Due to Related Parties [Line Items] | ||||||||||||
Amount due to related parties | $ 5,653,709 | $ 5,439,209 | ||||||||||
Borrowed from related party | 191,000 | $ 250,000 | ||||||||||
Area of land (in Square Feet) | 4,348 | 353,000 | 3,800,000 | 42,726 | 459,898 | |||||||
Sales Agreement [Member] | ||||||||||||
Amount Due to Related Parties [Line Items] | ||||||||||||
Contingent contracted value amount | $ 3,600,600 | ¥ 25,500,000 | ||||||||||
Kingtone Information Technology Co., Ltd. [Member] | ||||||||||||
Amount Due to Related Parties [Line Items] | ||||||||||||
Ground rent (in Square Meters) | m² | 612 | 612 | ||||||||||
Area of land (in Square Feet) | ft² | 6,588 | 6,588 | ||||||||||
Monthly rental payment | $ 3,954 | ¥ 28,000 | ||||||||||
Yuxing [Member] | ||||||||||||
Amount Due to Related Parties [Line Items] | ||||||||||||
Amount due | 0 | 27,560 | ||||||||||
Gufeng [Member] | ||||||||||||
Amount Due to Related Parties [Line Items] | ||||||||||||
Borrowed from related party | 988,400 | 964,600 | ||||||||||
Mr. Zhuoyu Li [Member] | ||||||||||||
Amount Due to Related Parties [Line Items] | ||||||||||||
Advances amount | 2,336,693 | 2,261,693 | ||||||||||
Mr. Zhibiao Pan [Member] | ||||||||||||
Amount Due to Related Parties [Line Items] | ||||||||||||
Advances amount | 116,000 | 0 | ||||||||||
Jinong [Member] | ||||||||||||
Amount Due to Related Parties [Line Items] | ||||||||||||
Amount due | $ 0 | $ 995 |
Loan Payables (Details)
Loan Payables (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loan Payables [Line Items] | ||
Interest expense from loans | $ 141,367 | $ 149,983 |
Loan Payable [Member] | Minimum [Member] | ||
Loan Payables [Line Items] | ||
Loans payable, interest rate | 3.65% | |
Loan Payable [Member] | Maximum [Member] | ||
Loan Payables [Line Items] | ||
Loans payable, interest rate | 5% |
Loan Payables (Details) - Sched
Loan Payables (Details) - Schedule of Loan Payables | 6 Months Ended |
Dec. 31, 2023 USD ($) | |
Loan Payables (Details) - Schedule of Loan Payables [Line Items] | |
Loans payable | $ 7,653,040 |
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% |
Loans payable | $ 1,412,000 |
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% |
Loans payable | $ 1,412,000 |
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% |
Loans payable | $ 988,400 |
Industrial Bank Co. Ltd [Member] | |
Loan Payables (Details) - Schedule of Loan Payables [Line Items] | |
Loan period per agreement, Start and End | August 19, 2022-February 18, 2024 |
Loans payable, interest rate | 3.98% |
Loans payable | $ 56,480 |
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% |
Loans payable | $ 960,160 |
Industrial Bank Co. Ltd [Member] | |
Loan Payables (Details) - Schedule of Loan Payables [Line Items] | |
Loan period per agreement, Start and End | October 7, 2023-October 6, 2024 |
Loans payable, interest rate | 3.70% |
Loans payable | $ 2,824,000 |
Taxes Payable (Details)
Taxes Payable (Details) | 6 Months Ended | |||||
Mar. 20, 2019 | Apr. 04, 2018 | Apr. 28, 2017 | Jan. 01, 2008 | Dec. 31, 2023 | Dec. 31, 2022 | |
Taxes Payable [Line Items] | ||||||
Income tax rate percentage | 15% | 21% | 21% | |||
Periodic tax reduction, description | The two-year tax exemption and three-year 50% tax reduction tax holiday for production-oriented FIEs was eliminated. | |||||
Value added tax | 9% | |||||
Value added tax, 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. | |||||
PRC [Member] | ||||||
Taxes Payable [Line Items] | ||||||
Income tax rate percentage | 9% | 10% | 11% | 0.20% | 0% | |
Minimum [Member] | ||||||
Taxes Payable [Line Items] | ||||||
Income tax rate percentage | 25% | |||||
Minimum [Member] | PRC [Member] | ||||||
Taxes Payable [Line Items] | ||||||
Income tax rate percentage | 1% | 1% | 2% | |||
Maximum [Member] | ||||||
Taxes Payable [Line Items] | ||||||
Income tax rate percentage | 33% | |||||
Maximum [Member] | PRC [Member] | ||||||
Taxes Payable [Line Items] | ||||||
Income tax rate percentage | 10% | 11% | 13% |
Taxes Payable (Details) - Sched
Taxes Payable (Details) - Schedule of Income Taxes and Related Payable - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Income Taxes and Related Payables [Abstract] | ||
VAT provision | $ (571,108) | $ (398,499) |
Income tax payable | (2,185,015) | (2,132,400) |
Other levies | 605,434 | 591,325 |
Repatriation tax | 29,010,535 | 29,010,535 |
Total | $ 26,859,846 | $ 27,070,961 |
Taxes Payable (Details) - Sch_2
Taxes Payable (Details) - Schedule of Provision for Income Taxes - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Provision for Income Taxes [Abstract] | ||||
Current tax - foreign | $ (16,355) | |||
Deferred tax | ||||
Total | $ (11,942) | $ (16,355) |
Taxes Payable (Details) - Sch_3
Taxes Payable (Details) - Schedule of Deferred Tax Assets - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Deferred tax assets | ||
Deferred Tax Benefit | $ 33,278,942 | $ 32,464,001 |
Valuation allowance | (33,164,766) | (32,366,181) |
Total deferred tax assets | $ 114,175 | $ 97,820 |
Taxes Payable (Details) - Sch_4
Taxes Payable (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Effective Income Tax Rate Reconciliation [Line Items] | ||
Pretax loss | $ (7,170,550) | $ (4,124,660) |
Expected income tax expense (benefit) | (1,699,090) | (962,693) |
High-tech income benefits on Jinong | 142,607 | |
Losses from subsidiaries in which no benefit is recognized | 1,191,613 | 460,612 |
Change in valuation allowance on deferred tax asset from US tax benefit | 491,123 | 359,475 |
Actual tax expense | $ (16,355) | |
Actual tax expense, Percentage | 0.20% | 0% |
China 15% - 25% [Member] | ||
Schedule of Effective Income Tax Rate Reconciliation [Line Items] | ||
Pretax loss | $ (4,831,871) | $ (2,412,874) |
Expected income tax expense (benefit) | $ (1,207,968) | $ (603,219) |
Expected income tax expense (benefit), Percentage | 25% | 25% |
High-tech income benefits on Jinong | $ 142,607 | |
High-tech income benefits on Jinong, Percentage | (5.90%) | |
Losses from subsidiaries in which no benefit is recognized | $ 1,191,613 | $ 460,612 |
Losses from subsidiaries in which no benefit is recognized, Percentage | (24.70%) | (19.10%) |
Change in valuation allowance on deferred tax asset from US tax benefit | ||
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage | 0% | |
Actual tax expense | $ (16,355) | |
Actual tax expense, Percentage | 0.30% | 0% |
United States 21% [Member] | ||
Schedule of Effective Income Tax Rate Reconciliation [Line Items] | ||
Pretax loss | $ (2,338,679) | $ (1,711,786) |
Expected income tax expense (benefit) | $ (491,123) | $ (359,475) |
Expected income tax expense (benefit), Percentage | 21% | 21% |
High-tech income benefits on Jinong | ||
High-tech income benefits on Jinong, Percentage | ||
Losses from subsidiaries in which no benefit is recognized | ||
Losses from subsidiaries in which no benefit is recognized, Percentage | ||
Change in valuation allowance on deferred tax asset from US tax benefit | $ 491,123 | $ 359,475 |
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage | (21.00%) | (21.00%) |
Actual tax expense | ||
Actual tax expense, Percentage | 0% |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Jan. 18, 2024 | Nov. 25, 2022 | Dec. 31, 2023 | Jun. 30, 2023 | Feb. 02, 2022 | |
Stockholders Equity [Line Items] | |||||
Number of share issued | 0 | ||||
Issuance shares | 1,117,142 | ||||
Ownership cost (in Dollars) | $ 16,757,130 | ||||
Common stock, shares issued | 122,305 | 13,380,914 | 13,380,914 | ||
Fair value stock (in Dollars) | $ 658,000 | ||||
Consulting services (in Dollars) | $ 887,000 | ||||
Common stock, shares outstanding | 13,380,914 | 13,380,914 | |||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Preferred Stock [Member] | |||||
Stockholders Equity [Line Items] | |||||
Preferred stock, share | 20,000,000 | ||||
Subsequent Event [Member] | |||||
Stockholders Equity [Line Items] | |||||
Common stock, shares issued | 439,107 |
Concentrations and Litigation (
Concentrations and Litigation (Details) - Revenue, Product and Service Benchmark [Member] - Supplier Concentration Risk [Member] | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Customer [Member] | ||
Concentrations and Litigation [Line Items] | ||
Customer concentration, percentage | 10% | 10% |
Vendors [Member] | ||
Concentrations and Litigation [Line Items] | ||
Customer concentration, percentage | 10% | 10% |
Segment Reporting (Details)
Segment Reporting (Details) | 6 Months Ended |
Dec. 31, 2023 Segments | |
Segment Reporting [Abstract] | |
Number of business segments | 4 |
Number of operating segments | 4 |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of Segment Reporting Information - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | ||
Revenues from unaffiliated customers: | ||||||
Revenues from unaffiliated customers | $ 17,800,114 | $ 24,539,207 | $ 40,197,976 | $ 52,136,532 | ||
Operating income (loss): | ||||||
Operating income (loss) | (5,390,183) | (3,679,639) | (7,176,090) | (4,217,299) | ||
Net income (loss): | ||||||
Net income (loss) | (5,370,003) | (3,596,545) | (7,154,196) | (4,124,660) | ||
Depreciation and Amortization: | ||||||
Depreciation and Amortization | 685,328 | 562,846 | 1,342,287 | 1,225,024 | ||
Interest expense: | ||||||
Interest expense | 73,813 | 67,739 | 141,367 | 149,983 | ||
Capital Expenditure: | ||||||
Capital Expenditure | 100,137 | 77,148 | 1,607,164 | 305,689 | ||
Identifiable assets: | ||||||
Identifiable assets | 186,027,957 | 186,027,957 | $ 186,681,364 | |||
Jinong [Member] | ||||||
Revenues from unaffiliated customers: | ||||||
Revenues from unaffiliated customers | 6,811,640 | 9,842,749 | 16,100,398 | 21,990,751 | ||
Operating income (loss): | ||||||
Operating income (loss) | (360,423) | (1,598,264) | (505,546) | (678,621) | ||
Net income (loss): | ||||||
Net income (loss) | (316,024) | (1,554,778) | (430,386) | (570,428) | ||
Depreciation and Amortization: | ||||||
Depreciation and Amortization | 190,510 | 191,858 | 379,817 | 390,103 | ||
Interest expense: | ||||||
Interest expense | 30,388 | 25,127 | 55,516 | 25,127 | ||
Capital Expenditure: | ||||||
Capital Expenditure | 41,081 | 30,329 | 41,823 | 34,091 | ||
Identifiable assets: | ||||||
Identifiable assets | 85,450,036 | 85,450,036 | 87,862,836 | |||
Gufeng [Member] | ||||||
Revenues from unaffiliated customers: | ||||||
Revenues from unaffiliated customers | 8,209,157 | 11,849,718 | 18,630,431 | 24,428,540 | ||
Operating income (loss): | ||||||
Operating income (loss) | (1,873,590) | (1,547,362) | (3,093,472) | (2,211,092) | ||
Net income (loss): | ||||||
Net income (loss) | (1,917,160) | (1,590,123) | (3,179,583) | (2,336,623) | ||
Depreciation and Amortization: | ||||||
Depreciation and Amortization | 183,271 | 186,394 | 365,611 | 380,047 | ||
Interest expense: | ||||||
Interest expense | 43,425 | 42,612 | 85,851 | 124,856 | ||
Capital Expenditure: | ||||||
Capital Expenditure | (3,765) | 216,105 | ||||
Identifiable assets: | ||||||
Identifiable assets | 49,475,903 | 49,475,903 | 49,749,041 | |||
Yuxing [Member] | ||||||
Revenues from unaffiliated customers: | ||||||
Revenues from unaffiliated customers | 2,452,187 | 2,846,740 | 4,794,903 | 5,717,241 | ||
Operating income (loss): | ||||||
Operating income (loss) | (1,299,044) | 200,253 | (1,144,362) | 384,247 | ||
Net income (loss): | ||||||
Net income (loss) | (1,298,291) | 282,590 | (1,144,020) | 494,176 | ||
Depreciation and Amortization: | ||||||
Depreciation and Amortization | 186,417 | 184,594 | 371,642 | 454,874 | ||
Interest expense: | ||||||
Interest expense | ||||||
Capital Expenditure: | ||||||
Capital Expenditure | 59,056 | 50,584 | 62,740 | 55,493 | ||
Identifiable assets: | ||||||
Identifiable assets | 38,237,419 | 38,237,419 | 38,223,482 | |||
Antaeus [Member] | ||||||
Revenues from unaffiliated customers: | ||||||
Revenues from unaffiliated customers | 327,130 | 672,244 | ||||
Operating income (loss): | ||||||
Operating income (loss) | (63,521) | (94,017) | ||||
Net income (loss): | ||||||
Net income (loss) | (44,923) | (61,526) | ||||
Depreciation and Amortization: | ||||||
Depreciation and Amortization | 125,130 | 225,217 | ||||
Interest expense: | ||||||
Interest expense | ||||||
Capital Expenditure: | ||||||
Capital Expenditure | 1,502,600 | |||||
Identifiable assets: | ||||||
Identifiable assets | 2,770,747 | 2,770,747 | 3,292,247 | |||
Reconciling item 1 [Member] | ||||||
Operating income (loss): | ||||||
Operating income (loss) | [1] | (734,266) | (1,711,833) | |||
Net income (loss): | ||||||
Net income (loss) | [1] | 31 | 12 | 47 | ||
Identifiable assets: | ||||||
Identifiable assets | [1] | 9,927,731 | 9,927,731 | 7,387,637 | ||
Reconciling item 2 [Member] | ||||||
Operating income (loss): | ||||||
Operating income (loss) | [2] | (1,793,605) | (2,338,693) | |||
Net income (loss): | ||||||
Net income (loss) | [2] | (1,793,605) | $ (734,266) | (2,338,693) | $ (1,711,832) | |
Identifiable assets: | ||||||
Identifiable assets | [2] | $ 166,121 | $ 166,121 | $ 166,121 | ||
[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. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 6 Months Ended | ||||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Apr. 02, 2023 m² ft² | Jul. 01, 2022 USD ($) m² ft² | Jul. 01, 2022 CNY (¥) m² ft² | Sep. 25, 2009 m² | Sep. 25, 2009 ft² | Aug. 13, 2003 m² | Aug. 13, 2003 ft² | |
Commitments and Contingencies [Line Items] | |||||||||
Pursuant to rented (in Square Meters) | 404 | ||||||||
Pursuant to lease in square feet (in Square Feet) | 4,348 | 353,000 | 3,800,000 | 42,726 | 459,898 | ||||
Rent expenses | $ | $ 28,328 | $ 26,915 | |||||||
Jinong [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Pursuant to rented (in Square Meters) | 612 | 612 | |||||||
Kingtone Information [Member] | |||||||||
Commitments and Contingencies [Line Items] | |||||||||
Pursuant to lease in square feet (in Square Feet) | ft² | 6,588 | 6,588 | |||||||
Monthly rent | $ 3,954 | ¥ 28,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Contingent Rent Expenses | Dec. 31, 2023 USD ($) |
Schedule of Payments for Lease Expenses [Abstract] | |
2024 | $ 56,655 |
2025 | 56,655 |
2026 | 56,655 |
2027 | 56,655 |
2028 | $ 56,655 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - Schedule of VIEs Consolidated Financial Statements - VIE (Yuxing) [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Current Assets | |||||
Cash and cash equivalents | $ 230,479 | $ 230,479 | $ 323,854 | ||
Accounts receivable, net | 661,761 | 661,761 | 283,221 | ||
Inventories | 23,999,498 | 23,999,498 | 24,288,379 | ||
Other current assets | 143,247 | 143,247 | 108,677 | ||
Related party receivable | 27,560 | ||||
Total Current Assets | 25,034,985 | 25,034,985 | 25,031,691 | ||
Plant, Property and Equipment, Net | 5,821,031 | 5,821,031 | 5,887,278 | ||
Other assets | 10,025 | 10,025 | 9,784 | ||
Intangible Assets, Net | 7,371,378 | 7,371,378 | 7,294,729 | ||
Total Assets | 38,237,419 | 38,237,419 | 38,223,482 | ||
Current Liabilities | |||||
Accounts payable | 12,821 | 12,821 | 12,512 | ||
Customer deposits | 50,187 | 50,187 | 62,134 | ||
Accrued expenses and other payables | 290,365 | 290,365 | 282,968 | ||
Amount due to related parties | 40,566,777 | 40,566,777 | 39,346,051 | ||
Total Current Liabilities | 40,920,150 | 40,920,150 | 39,703,665 | ||
Total Liabilities | 40,920,150 | 40,920,150 | 39,703,665 | ||
Stockholders’ equity | (2,682,731) | (2,682,731) | (1,480,183) | ||
Total Liabilities and Stockholders’ Equity | 38,237,419 | 38,237,419 | $ 38,223,482 | ||
Revenue | (2,452,187) | $ (2,846,739) | 4,794,904 | $ 5,717,240 | |
Expenses | (3,750,478) | (2,564,149) | 5,938,924 | 5,223,064 | |
Net income | $ 1,298,291 | $ (282,590) | $ (1,144,020) | $ 494,176 |