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CGA China Green Agriculture Inc

2.94

0.07 (2.44%)

May 31 2024 - Closed

Delayed by 15 minutes

Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from ____________ to ____________

Commission File Number 001-34260

CHINA GREEN AGRICULTURE, INC.

(Exact name of registrant as specified in its charter)

Nevada		36-3526027
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification No.)

3rd floor, Borough A, Block A. No. 181, South Taibai

Road, Xi’an, Shaanxi province, PRC 710065

(Address of principal executive offices) (Zip Code)

+86-29-88266368

(Issuer’s telephone number, including area code)

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer	☐		Accelerated filer	☐
	Non-accelerated filer	☒		Smaller reporting company	☒
				Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		CGA		NYSE

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 14,793,538 shares of common stock, $0.001 par value, as of May 16, 2024.

TABLE OF CONTENTS

		Page Number
PART I	FINANCIAL INFORMATION	1

Item 1.	Financial Statements (unaudited)	1

	Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023	1

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months and Nine Months Ended March 31, 2024 and 2023	2

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023	3

	Notes to Condensed Consolidated Financial Statements	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33

Item 4.	Controls and Procedures	34

PART II	OTHER INFORMATION	35

Item 6.	Exhibits	35

Signatures		36

Exhibits/Certifications		37

i

INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS

In addition to historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. You can identify such forward-looking statements by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements may include, among other things, statements relating to:

●

our expectations regarding the market for our products and services;

●

our expectations regarding the continued growth of our industry;

●

our beliefs regarding the competitiveness of our products;

●

our expectations regarding the expansion of our manufacturing capacity;

●

our expectations with respect to increased revenue growth and our ability to maintain profitability resulting from increases in our production volumes;

●

our future business development, results of operations and financial condition;

●

competition from other fertilizer and plant producers;

●

the loss of any member of our management team;

●

our ability to integrate acquired subsidiaries and operations into existing operations;

●

market conditions affecting our equity capital;

●

our ability to successfully implement our selective acquisition strategy;

●

changes in general economic conditions;

●

changes in accounting rules or the application of such rules;

●

any failure to comply with the periodic filing and other requirements of The New York Stock Exchange, or NYSE, for continued listing,

●

any failure to identify and remediate the material weaknesses or other deficiencies in our internal control and disclosure control over financial reporting;

Also, forward-looking statements represent our estimates and assumptions only as of the date of this report. You should read this report and the documents that we reference in this report, or that we filed as exhibits to this report, in their entirety and with the understanding that our actual future results may be materially different from what we expect.

Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

ii

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CHINA GREEN AGRICULTURE, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

		March 31, 2024				June 30, 2023
ASSETS
Current assets
Cash and cash equivalents		$	61,595,756			$	71,142,188
Digital assets			34,757				210,342
Accounts receivable, net			14,940,226				16,455,734
Inventories, net			36,704,542				46,455,131
Advances to suppliers, net			21,360,797				14,332,715
Other current assets			2,432,938				2,631,049
Total current assets			137,069,016				151,227,159

Non-current assets
Plant, property and equipment, net			16,663,135				16,690,245
Intangible assets, net			13,562,843				13,563,635
Other non-current assets			6,314,128				5,200,325
Total non-current assets			36,540,106				35,454,205
Total assets		$	173,609,122			$	186,681,364

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	1,916,245			$	2,100,449
Customer deposits			5,220,526				5,489,781
Accrued expenses and other payables			14,678,667				14,929,427
Amount due to related parties			5,641,462				5,439,209
Taxes payable			26,892,526				27,070,961
Short-term loans			7,505,100				5,346,640
Total current liabilities			61,854,526				60,376,467

Non-current liabilities
Long-term loans			-				937,040
Total non-current liabilities			-				937,040
Total liabilities			61,854,526				61,313,507

Commitments and contingencies			-				-

Shareholders’ equity
Preferred stock, $.001 par value, 20,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively			-				-
Common stock, $.001 par value, 115,197,165 shares authorized, 14,793,538 and 13,380,914 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively			14,794				13,381
Additional paid-in capital			244,825,844				242,090,576
Statutory reserve			26,728,079				26,728,079
Retained earnings			(134,569,167	)			(116,513,686	)
Accumulated other comprehensive loss			(25,244,954	)			(26,950,493	)
Total shareholders’ equity			111,754,596				125,367,857
Total liabilities and shareholders’ equity		$	173,609,122			$	186,681,364

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1

CHINA GREEN AGRICULTURE, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE LOSS

(UNAUDITED)

		Three Months Ended March 31,								Nine Months Ended March 31,
		2024				2023				2024				2023
Sales
Jinong		$	7,534,076			$	9,606,177				23,634,474			$	31,596,928
Gufeng			22,544,062				33,457,644				41,174,493				57,886,185
Yuxing			2,467,916				2,198,139				7,262,819				7,915,379
Antaeus			392,263				-				1,064,507				-
Net sales			32,938,317				45,261,960				73,136,293				97,398,492
Cost of goods sold
Jinong			4,510,800				6,851,488				16,099,697				22,763,780
Gufeng			19,759,666				29,268,662				35,953,277				51,001,151
Yuxing			2,096,025				1,765,854				6,015,793				6,558,379
Antaeus			230,916				-				748,275				-
Cost of goods sold			26,597,407				37,886,004				58,817,042				80,323,310
Gross profit			6,340,910				7,375,956				14,319,251				17,075,182
Operating expenses
Selling expenses			1,855,189				1,958,455				5,505,203				6,054,463
General and administrative expenses			15,457,007				5,234,123				26,961,424				15,054,640
Total operating expenses			17,312,196				7,192,578				32,466,627				21,109,103
Loss (income) from operations			(10,971,286	)			183,378				(18,147,376	)			(4,033,921	)
Other income (expense)
Other income (expense)			108,443				5,538				149,152				115,399
Interest income			42,547				67,097				148,744				199,858
Interest expense			(75,461	)			(66,408	)			(216,828	)			(216,391	)
Total other income (expense)			75,529				6,227				81,068				98,866
Loss (income) before income taxes			(10,895,757	)			189,605				(18,066,308	)			(3,935,055	)
Provision for income taxes			5,527				-				(10,828	)			-
Net loss (income)			(10,901,284	)			189,605				(18,055,480	)			(3,935,055	)

Other comprehensive (loss) income
Foreign currency translation (loss) gain			(2,163,484	)			792,281				1,705,539				(4,040,988	)
Comprehensive (loss) income		$	(13,064,767	)		$	981,886				(16,349,941	)		$	(7,976,043	)

Basic weighted average shares outstanding			14,203,877				13,380,914				13,653,240				13,204,768
Basic net loss (income) per share		$	(0.79	)		$	0.02				(1.32	)		$	(0.30	)

Diluted weighted average shares outstanding			14,203,877				13,380,914				13,653,240				13,204,768
Diluted net loss (income) per share		$	(0.79	)		$	0.02				(1.32	)		$	(0.30	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2

CHINA GREEN AGRICULTURE, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

		Nine Months Ended March 31,
		2024				2023
Cash flows from operating activities
Net loss		$	(18,055,480	)		$	(3,935,055	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization			2,033,752				1,812,893
Provision for losses on accounts receivable			16,970,555				9,329,683
Inventories impairment			3,969,293				1,691,679
Changes in operating assets
Digital assets			175,585				-
Accounts receivable			(15,259,021	)			(14,159,591	)
Amount due from related parties			27,787				(2,696	)
Other current assets			199,768				(9,295,056	)
Inventories			6,312,446				(4,593,619	)
Advances to suppliers			(6,824,502	)			12,028,741
Other assets			1,404,244				1,455,556
Deferred tax assets			(10,828	)			-
Changes in operating liabilities
Accounts payable			(199,488	)			276,584
Customer deposits			(335,612	)			(673,151	)
Amount due to related parties			(1,003	)			(3,751	)
Tax payables			(153,879	)			7,826
Accrued expenses and other payables			2,430,107				1,328,059
Interest payable			-				(739,631	)
Net cash used in operating activities			(7,316,276	)			(5,471,529	)
Cash flows from investing activities
Purchase of plant, property, and equipment			(1,651,010	)			(309,514	)
Investment			(2,450,000	)			-
Sales of discontinued operations			-				901,109
Net cash (used in) provided by investing activities			(4,101,010	)			591,595

Cash flows from financing activities
Proceeds from the sale of common stock			-				16,757,130
Proceeds from loans			2,778,662				2,884,076
Repayment of loans			(1,639,410	)			(58,200	)
Advance from related party			191,000				320,000
Net cash provided by financing activities			1,330,251				19,903,006

Effect of exchange rate change on cash and cash equivalents			540,604				(1,032,771	)
Net (decrease) increase in cash and cash equivalents			(9,546,431	)			13,990,301

Cash and cash equivalents, beginning balance			71,142,188				57,770,303
Cash and cash equivalents, ending balance		$	61,595,756			$	71,760,603

Supplement disclosure of cash flow information
Interest expense paid		$	216,828			$	216,391
Income taxes paid		$	193,833			$	330,861

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

CHINA GREEN AGRICULTURE, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

China Green Agriculture, Inc. (the “Company”, “Parent Company” or “Green Nevada”), through its subsidiaries, is engaged in the research, development, production, distribution and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production, and distribution of agricultural products.

Unless the context indicates otherwise, as used in this Report, the following are the references herein of all the subsidiaries of the Company (i) Green Agriculture Holding Corporation (“Green New Jersey”), a wholly-owned subsidiary of Green Nevada, incorporated in the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (“Yuxing”), a Variable Interest Entity (“VIE”) in the in the PRC controlled by Jinong through a series of contractual agreements; (iv) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (“Gufeng”), (v) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng’s wholly-owned subsidiary in the PRC (“Tianjuyuan”), and (vi)Antaeus Tech, Inc. (“Antaeus”), a wholly-owned subsidiary of Green Nevada incorporated in the State of Delaware.

On 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.

4

Our current corporate structure is set forth in the following diagram:

Yuxing may also collectively be referred to as “the VIE Company”.

5

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 March 31, 2024, the Company does not have any material leases for the implementation of ASC 842.

6

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 March 31, 2024 and June 30, 2023 were $61,008,072 and $69,091,838, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $587,684 and $2,050,350 in cash in three banks in the United States as of March 31, 2024 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. The Company measures gains or losses on the disposition of digital assets in accordance with the first-in-first-out (“FIFO”) method of accounting.

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 March 31, 2024, the Company held Bitcoin as digital assets with amount of $34,757. 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 March 31, 2024, 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 March 31, 2024, and June 30, 2023, the Company had accounts receivable of $14,940,226 and $16,455,734, net of allowance for doubtful accounts of $53,898,532 and $54,708,486, respectively. The company recorded bad debt expense in the amount of $17.0 million and $9.3 million for the nine months ended March 31, 2024 and 2023, 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 March 31, 2024, and 2023, 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 nine months ended March 31, 2024 and 2023, 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 March 31, 2024 and 2023, 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 March 31, 2024, and June 30, 2023, the Company had customer deposits of $5,220,526 and $5,489,781, respectively.

7

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
		March 31,
		2024				2023
Net Loss (Income) for Basic Earnings Per Share		$	(10,901,284	)		$	189,605
Basic Weighted Average Number of Shares			14,203,877				13,380,914
Net Loss (Income) Per Share – Basic		$	(0.79	)		$	0.02
Net Loss (Income) for Diluted Earnings Per Share		$	(10,901,284	)		$	189,605
Diluted Weighted Average Number of Shares			14,203,877				13,380,914
Net Loss (Income) Per Share – Diluted		$	(0.79	)		$	0.02

		Nine Months Ended
		March 31,
		2024				2023
Net Loss for Basic Earnings Per Share		$	(18,055,480	)		$	(3,935,055	)
Basic Weighted Average Number of Shares			13,653,240				13,204,768
Net Loss Per Share – Basic		$	(1.32	)		$	(0.30	)
Net Loss for Diluted Earnings Per Share		$	(18,055,480	)		$	(3,935,055	)
Diluted Weighted Average Number of Shares			13,653,240				13,204,768
Net Loss Per Share – Diluted		$	(1.32	)		$	(0.30	)

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.

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 March 31, 2024 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.

8

NOTE 4 – INVENTORIES

Inventories consisted of the following:

		March 31,				June 30,
		2024				2023
Raw materials		$	5,939,882			$	11,617,989
Supplies and packing materials		$	863,791			$	410,904
Work in progress		$	173,796			$	172,248
Finished goods		$	29,727,073			$	34,253,990
Total		$	36,704,542			$	46,455,131

The company confirmed the loss of $4.0 million and $1.7 million of inventories for the nine months ended March 31, 2024 and 2023, respectively.

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

		March 31,				June 30,
		2024				2023
Building and improvements		$	37,538,033			$	37,065,465
Auto			2,750,682				2,716,931
Machinery and equipment			18,958,963				18,608,254
Others			1,502,600				-
Total property, plant and equipment			60,750,278				58,390,650
Less: accumulated depreciation			(44,087,143	)			(41,700,404	)
Total		$	16,663,135			$	16,690,246

For the nine months ended March 31, 2024, total depreciation expense was $1,872,498, increased $233,364, or 14.2%, from $1,639,134 for the nine months ended March 31, 2023.

NOTE 6 – INTANGIBLE ASSETS AND DIGITAL ASSETS

Intangible assets consisted of the following:

		March 31,				June 30,
		2024				2023
Land use rights, net		$	7,791,501			$	7,862,624
Trademarks			5,771,342				5,701,011
Total		$	13,562,843			$	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 $10,209,293). The intangible asset is being amortized over the grant period of 50 years using the straight-line method.

9

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 $145,910). 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 $1,061,271). The intangible asset is being amortized over the grant period of 50 years.

The Land Use Rights consisted of the following:

		March 31,				June 30,
		2024				2023
Land use rights		$	11,225,564				11,088,765
Less: accumulated amortization			(3,434,063	)			(3,226,141	)
Total land use rights, net		$	7,791,501				7,862,624

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 $5,771,342) and is subject to an annual impairment test.

		March 31,				June 30,
		2024				2023
Trademarks		$	5,823,560			$	5,752,592
Less: accumulated amortization			(52,218	)			(51,581	)
Total trademarks, net		$	5,771,342			$	5,701,011

AMORTIZATION EXPENSE

Estimated amortization expenses of intangible assets for the next five twelve months periods ended March 31, are as follows:

Twelve Months Ended on March 31,		Expense ($)
2025			261,831
2026			246,724
2027			224,163
2028			224,163
2029			224,163

10

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 March 31, 2024, the company held digital assets with amount of $34,757.

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 March 31, 2024, the balance of other non-current assets was $6,314,128 and $3,745,576 was the lease fee advances for agriculture lands that the Company engaged in Shiquan County from 2026 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 $1.4 million and $1.5 million as expenses for the nine months ended March 31, 2024 and 2023, respectively.

Estimated amortization expenses of the lease advance payments for the next four twelve-month periods ended March 31 and thereafter are as follows:

Twelve months ending March 31,
2025		$	1,872,788
2026		$	1,872,788
2027		$	1,872,788

NOTE 8 – ACCRUED EXPENSES AND OTHER PAYABLES

Accrued expenses and other payables consisted of the following:

		March 31,				June 30,
		2024				2023
Payroll and welfare payable		$	166,634			$	188,222
Accrued expenses			9,483,910				9,805,444
Other payables			4,911,128				4,820,193
Other levy payable			116,994				115,568
Total		$	14,678,667			$	14,929,427

11

NOTE 9 – AMOUNT DUE TO RELATED PARTIES

At the end of December 2015, Yuxing entered into a sales agreement with the Company’s affiliate, 900LH.com Food Co., Ltd. (“900LH.com”, previously announced as Xi’an Gem Grain Co., Ltd) pursuant to which Yuxing is to supply various vegetables to 900LH.com for its incoming seasonal sales at the holidays and year ends (the “Sales Agreement”). The contingent contracted value of the Sales Agreement is RMB25,500,000 (approximately $3,557,250). For the nine months ended March 31, 2024 and 2023, Yuxing hadn’t sold any products to 900LH.com.

The amount due from 900LH.com to Yuxing was $0 and $27,560 as of March 31, 2024 and June 30, 2023, respectively.

As of March 31, 2024, and June 30, 2023, the amount due to related parties was $5,641,462 and $5,439,209, respectively. As of March 31, 2024, and June 30, 2023, $976,500 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 March 31, 2024, 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 March 31, 2024, 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 March 31, 2024, 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 $3,906).

NOTE 10 – LOAN PAYABLES

As of March 31, 2024, 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 loans are collateralized by Tianjuyuan’s land use right and building ownership right.

No.			Payee		Loan period per agreement		Interest Rate				March 31, 2024
1			Beijing Bank -Pinggu Branch		June 5, 2023-June 5, 2024			4.15	%			1,395,000
2			Huaxia Bank -HuaiRou Branch		June 28, 2023-June 28, 2024			3.65	%			1,395,000
3			Pinggu New Village Bank		June 29, 2023-June 28, 2024			5.00	%			976,500
4			Industrial Bank Co. Ltd		August 19, 2022-August 18, 2024			3.98	%			948,600
5			Industrial Bank Co. Ltd		October 7, 2023-October 6, 2024			3.70	%			2,790,000
			Total								$	7,505,100

The interest expense from loans was $216,828 and $216,391 for the nine months ended March 31, 2024 and 2023, respectively.

12

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 March 31, 2007.

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”, which allows certain fertilizer products to be exempt from VAT beginning June 1, 2008. The Company submitted the application for exemption in May 2009, which was granted effective September 1, 2009, continuing through March 31, 2015. On August 10, 2015 and August 28, 2015, the SAT released Notice #90. “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.

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,” under which, effective July 1, 2017, all the Company’s fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 11% of the gross sales price. The tax rate was reduced 2% from 13%.

On April 4, 2018, the PRC State of Administration of Taxation (SAT) released Notice 2018 #32, “Notice on Adjustment of VAT Tax Rate,” under which, effective May 1, 2018, all the Company’s fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 10% of the gross sales price. The tax rate was reduced 1% from 11%.

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,” under which, effective April 1, 2019, all the Company’s fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 9% of the gross sales price. The tax rate was reduced 1% from 10%.

Income Taxes and Related Payables

		March 31,				June 30,
		2024				2023
VAT provision		$	(571,042	)		$	(398,499	)
Income tax payable			(2,158,708	)			(2,132,400	)
Other levies			611,741				591,325
Repatriation tax			29,010,535				29,010,535
Total		$	26,892,526			$	27,070,961

The provision for income taxes consists of the following:

		March 31,				March 31,
		2024				2023
Current tax		$	(10,828	)		$	-
Deferred tax			-				-
Total		$	(10,828	)		$	-

Significant components of deferred tax assets were as follows:

		March 31,				June 30,
		2024				2023
Deferred tax assets
Deferred tax benefit			32,874,122				32,464,001
Valuation allowance			(32,765,474	)			(32,366,181	)
Total deferred tax assets		$	108,647				97,820

13

Tax Rate Reconciliation

Our effective tax rates were approximately 0.1% and 0% for the nine months ended March 31, 2024 and 2023, 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 nine months ended March 31, 2024 and 2023 for the following reasons:

March 31, 2024

		China 15% - 25%								United States 21%								Total
Pretax loss		$	(15,060,332	)							(3,005,976	)							(18,066,308	)

Expected income tax expense (benefit)			(3,765,083	)			25.0	%			(631,255	)			21.0	%			(4,396,338	)
High-tech income benefits on Jinong			-				-				-								-
Losses from subsidiaries in which no benefit is recognized			3,754,255				-24.9	%			-								3,754,255
Change in valuation allowance on deferred tax asset from US tax benefit			-				-				631,255				-21.0	%			631,255
Actual tax expense		$	(10,828	)			0.1	%			-				-				(10,828	)			0.1	%

March 31, 2023

		China 15% - 25%								United States 21%								Total
Pretax loss		$	(1,474,883	)							(2,460,172	)						$	(3,932,555	)

Expected income tax expense (benefit)			(368,721	)			25.0	%			(516,636	)			21.0	%			(885,357	)
High-tech income benefits on Jinong			552,397				(37.5	)%			-				-				552,397
Losses from subsidiaries in which no benefit is recognized			(183,676	)			12.5	%			-				-				(183,676	)
Change in valuation allowance on deferred tax asset from US tax benefit			-				0	%			516,636				(21.0	)%			516,636
Actual tax expense		$	-				0	%		$	-				0	%		$	-				0	%

NOTE 12 – SHAREHOLDERS’ EQUITY

Common Stock

On August 2, 2022, the Company completed the issuance of 1,117,142 shares of its Common Stock for $16,757,130 to P Kevin HODL Ltd, an entity owned and controlled by Mr. Zhibiao Pan, who was subsequently appointed as the Company’s co-Chief Executive Officer on August 25, 2022. This sale was made pursuant to the Share Purchase Agreement dated November 23, 2021 in transactions exempt from registration under the Securities Act of 1933, as amended, in reliance on an exemption provided by Rule 903 of Regulation S and/or Section 4(a)(2) of the Securities Act.

On November 25, 2022, the Company issued 122,305 shares of common stock to settle an amount of $658,000 payable of consulting services.

On January 18, 2024, the Company issued 439,109 shares of common stock to settle an amount of $887,000 payable of consulting services.

On February 16, 2024, the Company issued 973,515 shares of common stock to settle an amount of $1,849,680 payable of accrued compensations.

As of March 31, 2024, and June 30, 2023, there were 14,793,538 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 March 31, 2024, 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.

14

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.

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 March 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. On December 11, 2023, the Second Circuit affirmed the district court’s decision. On or about April 19, 2024, the Plaintiff filed an appeal to the Supreme Court of the United States. The Company does not believe a response to Plaintiff’s appeal is necessary.

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.

NOTE 14 – SEGMENT REPORTING

As of March 31, 2024, 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.

15

		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		March 31, 2024				March 31, 2023				March 31, 2024				March 31, 2023
Revenues from unaffiliated customers:
Jinong		$	7,534,076			$	9,606,177			$	23,634,474			$	31,596,928
Gufeng			22,544,062				33,457,644				41,174,493				57,886,184
Yuxing			2,467,916				2,198,139				7,262,819				7,915,380
Antaeus			392,263				-				1,064,507				-
Consolidated		$	32,938,317			$	45,261,960			$	73,136,293			$	97,398,492

Operating (loss) income:
Jinong		$	(3,081,511	)		$	(1,687,189	)		$	(3,587,057	)		$	(2,365,810	)
Gufeng			(7,366,951	)			2,491,007				(10,460,423	)			279,915
Yuxing			139,072				127,971				(1,005,290	)			512,218
Antaeus			5,398				-				(88,619	)			-
Reconciling item (1)			-				(748,411	)			-				(2,460,244	)
Reconciling item (2)			(667,294	)			-				(3,005,987	)			-
Consolidated		$	(10,971,286	)		$	183,378			$	(18,147,376	)		$	(4,033,921	)

Net (loss) income:
Jinong		$	(3,078,870	)		$	(1,639,160	)		$	(3,509,256	)		$	(2,209,588	)
Gufeng			(7,406,821	)			2,449,880				(10,586,404	)			113,257
Yuxing			230,907				127,272				(913,113	)			621,448
Antaeus			20,794				-				(40,732	)			-
Reconciling item (1)			-				25				12				72
Reconciling item (2)			(667,294	)			(748,411	)			(3,005,987	)			(2,460,243	)
Consolidated		$	(10,901,284	)		$	189,605			$	(18,055,480	)		$	(3,935,055	)

Depreciation and Amortization:
Jinong		$	193,079			$	199,812			$	572,897			$	589,916
Gufeng			183,444				193,155				549,055				573,201
Yuxing			189,812				194,903				561,453				649,776
Antaeus			125,130				-				350,347				-
Consolidated		$	691,465			$	587,869			$	2,033,752			$	1,812,893

Interest expense:
Jinong			35,530				25,359				91,046				50,486
Gufeng			39,931				41,049				125,782				165,905
Yuxing			-				-				-				-
Antaeus			-				-				-				-
Consolidated		$	75,461			$	66,408			$	216,828			$	216,391

Capital Expenditure:
Jinong		$	9,037			$	1,244			$	50,861			$	35,334
Gufeng			180				1,375				180				217,480
Yuxing			34,630				1,207				97,370				56,700
Antaeus			-				-				1,502,600				-
Consolidated		$	43,847			$	3,825			$	1,651,011			$	309,514

16

		As of
		March 31,				June 30,
		2024				2023
Identifiable assets:
Jinong		$	75,080,500			$	87,862,836
Gufeng			46,752,248				49,749,041
Yuxing			38,598,326				38,223,482
Antaeus			3,355,841				3,292,247
Reconciling item (1)			9,656,086				7,387,637
Reconciling item (2)			166,121				166,121
Consolidated		$	173,609,122			$	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.

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 $3,906).

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 $42,018 and $40,540 as rent expenses from these committed property leases for the nine-month periods ended March 31, 2024 and 2023, respectively. The contingent rent expenses herein for the next five twelve-month periods ended March 31, are as follows:

Years ending March 31,
2025			$	56,024
2026				56,024
2027				56,024
2028				56,024
2029				56,024

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.

17

The following financial statement amounts and balances of the VIE (Yuxing) was included in the accompanying consolidated financial statements as of March 31, 2024 and June 30, 2023:

		March 31,				June 30,
		2024				2023
ASSETS
Current assets
Cash and cash equivalents		$	443,264			$	323,854
Accounts receivable, net			437,684				283,221
Inventories			24,714,180				24,288,379
Other current assets			114,640				136,237
Total current assets			25,709,768				25,031,691

Non-current assets:
Plant, property and equipment, net			5,647,070				5,887,278
Intangible assets, net			7,231,583				7,294,729
Other non-current assets			9,905				9,784
Total non-current assets			12,888,558				13,191,791
Total assets		$	38,598,326			$	38,223,482

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	12,667			$	12,512
Customer deposits			45,481				62,134
Accrued expenses and other payables			290,498				282,968
Amount due to related parties			40,664,965				39,346,051
Total current liabilities			41,013,611				39,703,665
Total Liabilities		$	41,013,611				39,703,665

Shareholders’ equity			(2,415,285	)			(1,480,183	)

Total liabilities and shareholders’ equity		$	38,598,326			$	38,223,482

		Three Months Ended March 31,
		2024				2023
Revenue		$	2,467,914			$	2,198,139
Expenses			2,237,007				2,070,867
Net income		$	230,907			$	127,272

		Nine Months Ended March 31,
		2024				2023
Revenue		$	7,262,818			$	7,915,379
Expenses			8,175,931				7,293,931
Net (loss) income		$	(913,113	)		$	621,448

NOTE 17 – SUBSEQUENT EVENTS

In accordance with ASC 855-10, the Company has analyzed its operations after March 31, 2024 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.

18

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those financial statements appearing elsewhere in this report. This discussion and analysis contain forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as the slow-down of the macro-economic environment in China and its impact on economic growth in general, the competition in the fertilizer industry and the impact of such competition on pricing, revenues and margins, the weather conditions in the areas where our customers are based, the cost of attracting and retaining highly skilled personnel, the prospects for future acquisitions, and the factors set forth elsewhere in this report, our actual results may differ materially from those anticipated in these forward-looking statements. With these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this report will in fact occur. You should not place undue reliance on the forward-looking statements contained in this report.

The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by U.S. federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Further, the information about our intentions contained in this report is a statement of our intention as of the date of this report and is based upon, among other things, the existing regulatory environment, industry conditions, market conditions and prices, and our assumptions as of such date. We may change our intentions, at any time and without notice, based upon any changes in such factors, in our assumptions or otherwise.

Unless the context indicates otherwise, as used in the notes to the financial statements of the Company, 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 in the PRC (“VIE”) controlled by Jinong through 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”). Yuxing may also collectively be referred to as the “the VIE Company”, and (vi)Antaeus Tech, Inc. (“Antaeus”), a wholly-owned subsidiary of Green Nevada incorporated in the State of Delaware.

Unless the context otherwise requires, all references to (i) “PRC” and “China” are to the People’s Republic of China; (ii) “U.S. dollar,” “$” and “US$” are to United States dollars; and (iii) “RMB”, “Yuan” and Renminbi are to the currency of the PRC or China.

Overview

We are engaged in the research, development, production, and sale of various types of fertilizers, agricultural products and Bitcoin in the PRC and United State through our wholly owned Chinese subsidiaries, Jinong and Gufeng (including Gufeng’s subsidiary Tianjuyuan), our VIE, Yuxing and our wholly owned U.S. subsidiary Antaeus. Our primary business is fertilizer products, specifically humic-acid based compound fertilizer produced by Jinong and compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizer, highly concentrated water-soluble fertilizer, and mixed organic-inorganic compound fertilizer produced by Gufeng. In addition, through Yuxing, we develop and produce various agricultural products, such as top-grade fruits, vegetables, flowers and colored seedlings. Besides, we engaged in the mining of digital assets Bitcoin through Antaeus. For financial reporting purposes, our operations are organized into four business segments: fertilizer products (Jinong), fertilizer products (Gufeng), agricultural products (Yuxing), and Bitcoin (Antaeus).

The fertilizer business conducted by Jinong and Gufeng generated approximately 88.6% and 91.9% of our total revenues for the nine months wnded March 31, 2024 and 2023, respectively. Yuxing generated 9.9% and 8.1% of our revenues for the nine months ended March 31, 2024 and 2023, respectively. Yuxing serves as a research and development base for our fertilizer products. Antaeus generated 1.5% and 0% of our revenues for the nine months ended March 31, 2024 and 2023, respectively.

Fertilizer Products

As of March 31, 2024, we had developed and produced a total of 414 different fertilizer products in use, of which 78 were developed and produced by Jinong, 336 by Gufeng.

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Below is a table that shows the metric tons of fertilizer sold by Jinong and Gufeng and the revenue per ton for the periods indicated:

		Three Months Ended
		March 31,								Change 2023 to 2024
		2024				2023				Amount				%
		(metric tons)
Jinong			6,339				6,899				(560	)			-8.1	%
Gufeng			45,506				64,218				(18,713	)			-29.1	%
			51,845				71,117				(19,273	)			-27.1	%

		Three Months Ended March 31,
		2024				2023
		(revenue per tons)
Jinong		$	1,183			$	1,372
Gufeng			494				519

		Nine Months Ended
		March 31,								Change 2023 to 2024
		2024				2023				Amount				%
		(metric tons)
Jinong			21,087				23,684				(2,597	)			-11.0	%
Gufeng			83,184				111,783				(28,600	)			-25.6	%
			104,271				135,467				(31,196	)			-23.0	%

		Nine Months Ended March 31,
		2024				2023
		(revenue per tons)
Jinong		$	1,116			$	1,334
Gufeng			492				518

For the three months ended March 31, 2024, we sold approximately 51,845 tons of fertilizer products, as compared to 71,117 metric tons for the three months ended March 31, 2023. For the three months ended March 31, 2024, Jinong sold approximately 6,339 metric tons of fertilizer products, as compared to 6,899 metric tons for the three months ended March 31, 2023. For the three months ended March 31, 2024, Gufeng sold approximately 45,506 metric tons of fertilizer products, as compared to 64,218 metric tons for the three months ended March 31, 2023.

For the nine months ended March 31, 2024, we sold approximately 104,271 metric tons of fertilizer products, as compared to 135,467 metric tons for the nine months ended March 31, 2023. For the nine months ended March 31, 2024, Jinong sold approximately 21,087 metric tons of fertilizer products, a decrease of 2,597 metric tons, or 11.0%, as compared to 23,684 metric tons for the nine months ended March 31, 2023. For the nine months ended March 31, 2024, Gufeng sold approximately 83,184 metric tons of fertilizer products, a decrease of 28,600 metric tons, or 25.6% as compared to 111,783 metric tons for the nine months ended March 31, 2023.

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Our sales of fertilizer products to customers in five provinces within China accounted for approximately 80.5% of our fertilizer revenue for the three months ended March 31, 2024. Specifically, the provinces and their respective percentage contributing to our fertilizer revenues were Hebei (37.2%), Heilongjiang (13.9%), Inner Mongolia (13.1%), Liaoning (12.8%), and Shaanxi (3.5%).

As of March 31, 2024, we had a total of 1,085 distributors covering 22 provinces, 4 autonomous regions and 4 central government-controlled municipalities in China. Jinong had 740 distributors in China. Jinong’s sales are not dependent on any single distributor or any group of distributors. Jinong’s top five distributors accounted for 51.8% of its fertilizer revenues for the three months ended March 31, 2024. Gufeng had 345 distributors, including some large state-owned enterprises. Gufeng’s top five distributors accounted for 82.7% of its revenues for the three months ended March 31, 2024.

Agricultural Products

Through Yuxing, we develop, produce and sell high-quality flowers, green vegetables and fruits to local marketplaces and various horticulture and planting companies. We also use certain of Yuxing’s greenhouse facilities to conduct research and development activities for our fertilizer products. The three PRC provinces and municipalities that accounted for 90.0% of our agricultural products revenue for the three months ended March 31, 2024 were Shaanxi (78.2%), Beijing (8.2%), and Shanghai (3.6%).

Digital Assets Bitcoin

In March 2023, we established Antaeus Tech Inc. (“Antaeus”) and purchased mining machines to mine digital assets Bitcoin in the State of Texas. Through Antaeus, we expanded our activities in the mining of digital assets Bitcoin.

Recent Developments

New Products

During the three months ended March 31, 2024, Jinong launched four fertilizer products but eliminated 66 unqualified distributors. During the same period, Gufeng neither launched any new fertilizer products nor added any new distributors.

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Results of Operations

Three Months ended March 31, 2024 Compared to the Three Months ended March 31, 2023.

		2024				2023				Change $				Change %
Sales
Jinong		$	7,534,076			$	9,606,177				(2,072,101	)			-21.6	%
Gufeng			22,544,062				33,457,644				(10,913,582	)			-32.6	%
Yuxing			2,467,916				2,198,139				269,777				12.3	%
Antaeus			392,263				-				392,263				-
Net sales			32,938,317				45,261,960				(12,323,643	)			-27.2	%
Cost of goods sold
Jinong			4,510,800				6,851,488				(2,340,688	)			-34.2	%
Gufeng			19,759,666				29,268,662				(9,508,996	)			-32.5	%
Yuxing			2,096,025				1,765,854				330,171				18.7	%
Antaeus			230,916				-				230,916				-
Cost of goods sold			26,597,407				37,886,004				(11,288,597	)			-29.8	%
Gross profit			6,340,910				7,375,956				(1,035,046	)			-14.0	%
Operating expenses
Selling expenses			1,855,189				1,958,455				(103,266	)			-5.3	%
General and administrative expenses			15,457,007				5,234,123				10,222,884				195.3	%
Total operating expenses			17,312,196				7,192,578				10,119,618				140.7	%
Loss (income) from operations			(10,971,286	)			183,378				(11,154,664	)			-6082.9	%
Other income (expense)
Other income (expense)			108,443				5,538				102,905				1858.2	%
Interest income			42,547				67,097				(24,550	)			-36.6	%
Interest expense			(75,461	)			(66,408	)			(9,053	)			13.6	%
Total other income (expense)			75,529				6,227				69,302				1113.0	%
Loss (income) before income taxes			(10,895,757	)			189,605				(11,085,361	)			-5846.6	%
Provision for income taxes			5,527				-				5,527
Net loss (income)			(10,901,284	)			189,605				(11,090,889	)			-5849.5	%

Other comprehensive (loss) income
Foreign currency translation (loss) gain			(2,163,484	)			792,281				(2,955,765	)			-373.1	%
Comprehensive (loss) income		$	(13,064,767	)		$	981,886				(14,046,653	)			-1430.6	%

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Net Sales

Total net sales for the three months ended March 31, 2024 were $32,938,317, a decrease of $12,323,643 or 27.2%, from $45,261,960 for the three months ended March 31, 2023. This decrease was mainly due to the decrease for Jinong and Gufeng’s net sales.

For the three months ended March 31, 2024, Jinong’s net sales decreased $2,072,101, or 21.6%, to $7,534,076 from $9,606,177 for the three months ended March 31, 2023. This decrease was mainly due to Jinong’s lower sales volume in the last three months. Jinong sold approximately 6,339 metric tons of fertilizer products for the three months ended March 31, 2024, decreased 560 tons or 8.1%, as compared to 6,899 metric tons for the three months ended March 31, 2023. To align with sustainable practice, the company adjustment its product structure by discontinuing the sales of powdered products.

For the three months ended March 31, 2024, Gufeng’s net sales were $22,544,062, a decrease of $10,913,582 or 32.6%, from $33,457,644 for the three months ended March 31, 2023. This decrease was mainly due to Gufeng’s lower sales volume in the last three months. Gufeng sold approximately 45,506 metric tons of fertilizer products for the three months ended March 31, 2024, decreased 18,713 tons or 29.1%, as compared to 64,218 metric tons for the three months ended March 31, 2023.

For the three months ended March 31, 2024, Yuxing’s net sales were $2,467,916, an increase of $269,777 or 12.3%, from $2,198,139 for the three months ended March 31, 2023. The increase was mainly due to the increase in market demand during the three months ended March 31, 2024.

For the three months ended March 31, 2024, Antaeus’s net sales were $392,263.

Cost of Goods Sold

Total cost of goods sold for the three months ended March 31, 2024 was $26,597,407, a decrease of $11,288,597, or 29.8%, from $37,886,004 for the three months ended March 31, 2023. The decrease was mainly due to lower sales.

Cost of goods sold by Jinong for the three months ended March 31, 2024 was $4,510,800, a decrease of $2,340,688, or 34.2%, from $6,851,488 for the three months ended March 31, 2023. The decrease in cost of goods was primarily due to lower sales in last three months ended March 31, 2024.

Cost of goods sold by Gufeng for the three months ended March 31, 2024 was $19,759,666, a decrease of $9,508,996, or 32.5%, from $29,268,662 for the three months ended March 31, 2023. This decrease was primarily due to the 32.6% decrease in net sales in last three months ended March 31, 2024.

For three months ended March 31, 2024, cost of goods sold by Yuxing was $2,096,025, an increase of $330,171, or 18.7%, from $1,765,854 for the three months ended March 31, 2023. This increase was primarily due to the 12.3% increase in net sales in last three months ended March 31, 2024.

For the three months ended March 31, 2024, cost of goods sold by Antaeus was $230,916.

Gross Profit

Total gross profit for the three months ended March 31, 2024 decreased by $1,035,046, or 14.0%, to $6,340,910, as compared to $7,375,956 for the three months ended March 31, 2023. Gross profit margin percentage was 19.3% and 16.3% for the three months Ended March 31, 2024 and 2023, respectively.

Gross profit generated by Jinong increased by $268,587, or 9.8%, to $3,023,276 for the three months ended March 31, 2024 from $2,754,689 for the three months ended March 31, 2023. Gross profit margin percentage from Jinong’s sales was approximately 40.1% and 28.7% for the three months Ended March 31, 2024 and 2023, respectively. The company was actively promoting liquid fertilizer production with higher profit margins in last three month, which contributed ti the increase for the gross profit margin percentage.

For the three months ended March 31, 2024, gross profit generated by Gufeng was $2,784,396, a decrease of $1,404,586, or 33.5%, from $4,188,982 for the three months ended March 31, 2023. Gross profit margin percentage from Gufeng’s sales was approximately 12.4% and 12.5% for the three months ended March 31, 2024 and 2023, respectively.

For the three months ended March 31, 2024, gross profit generated by Yuxing was $371,891, a decrease of $60,394, or 14.0% from $432,285 for the three months ended March 31, 2023. The gross profit margin percentage was approximately 15.1% and 19.7% for the three months ended March 31, 2024 and 2023, respectively. The decrease in gross profit margin percentage was mainly due to the increase in product costs.

For the three months ended March 31, 2024, gross profit generated by Antaeus was $161,347. The gross profit margin was approximately 41.1% for the three months ended March 31, 2024.

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Selling Expenses

Our selling expenses consisted primarily of salaries of sales personnel, advertising and promotion expenses, freight-out costs and related compensation. Selling expenses were $1,855,189, or 5.6%, of net sales for the three months ended March 31, 2024, as compared to $1,958,455, or 4.3%, of net sales for the three months ended March 31, 2023, a decrease of $103,266, or 5.3%. The decrease in selling expense was caused by the decrease in marketing activities.

The selling expenses of Jinong for the three months ended March 31, 2024 were $ 1,752,617 or 23.3% of Jinong’s net sales, as compared to selling expenses of $ 1,873,495 or 19.5% of Jinong’s net sales for the three months ended March 31, 2023.

The selling expenses of Gufeng were $66,454 or 0.3% of Gufeng’s net sales for the three months ended March 31, 2024, as compared to $64,213 or 0.2% of Gufeng’s net sales for the three months ended March 31, 2023.

The selling expenses of Yuxing were $36,118 or 1.5% of Yuxing’s net sales for the three months ended March 31, 2024, as compared to $20,747 or 0.9% of Yuxing’s net sales for the three months ended March 31, 2023.

There were no selling expenses for Antaeus for the three months ended March 31, 2024.

General and Administrative Expenses

General and administrative expenses consisted primarily of related salaries, rental expenses, business development, depreciation and travel expenses incurred by our general and administrative departments and legal and professional expenses including expenses incurred and accrued for certain litigation. General and administrative expenses were $15,457,007, or 46.9% of net sales for the three months ended March 31, 2024, as compared to $5,234,123, or 11.6% of net sales for the three months ended March 31, 2023, an increase of $10,222,884, or 195.3%. The increase in general and administrative expenses was mainly due to higher general and administrative expenses for Gufeng and Jinong.

Jinong’s general and administrative expenses were $4,352,171 for the three months ended March 31, 2024, increased $1,783,788 or 69.5%, as compared to $2,568,383 for the three months ended March 31, 2023.

Gufeng’s general and administrative expenses were $10,084,893 for the three months ended March 31, 2024, increased $8,451,131, or 517.3%, as compared to $1,633,762 for the three months ended March 31, 2023. The increase of Gufeng’s general and administrative expenses was mainly due to the rise in bad debts expenses caused by product quality issues.

Yuxing’s general and administrative expenses were $196,699 for the three months ended March 31, 2024, decreased $86,868, or 30.6%, as compared to $283,567 for the three months ended March 31, 2023.

Antaeus’s general and administrative expenses were $155,948 for the three months ended March 31, 2024.

Total Other Income (Expenses)

Total other income (expenses) consisted of income from subsidies received from the PRC government, interest income, interest expenses and bank charges. Total other expense for the three months ended March 31, 2024 was $75,529, as compared to other income of $6,227 for the three months ended March 31, 2023. The difference was mainly due to the increase in other income with amount of $102,905, or 1858.2% from $5,538 for the three months ended March 31, 2023 to $108,443 for the three months ended March 31, 2024. There was $82,945 in subsidy income for the three months ended March 31, 2024, compared to 0 subsidy income for the three months ended March 31, 2023.

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Income Taxes

Jinong is subject to a preferred tax rate of 15% because of its business being classified as a High-Tech project under the PRC Enterprise Income Tax Law (“EIT”) that became effective on January 1, 2008. Jinong incurred no income tax expenses for the three months ended March 31, 2024 and 2023.

Gufeng is subject to a tax rate of 25%, incurred no income tax expenses for the three months ended March 31, 2024 and 2023.

Yuxing incurred no income tax for the three months ended March 31, 2024 and 2023 because of being exempted from paying income tax due to its products fall into the tax exemption list set out in the EIT.

Antaeus is subject to a tax rate of 21% and had income tax expense of $5,527 for the three months ended March 31, 2024.

Net (loss) income

Net (loss) for the three months ended March 31, 2024 was $(10,901,284), an increase in loss of $11,090,889, or 5849.5%, compared to net income of $189,605 for the three months ended March 31, 2023. Net (loss) income as a percentage of total net sales was approximately -33.1% and 0.4% for the three months ended March 31, 2024 and 2023, respectively.

Nine Months Ended March 31, 2024 Compared to the Nine Months Ended March 31, 2023.

		2024				2023				Change $				Change %
Sales
Jinong		$	23,634,474			$	31,596,928				(7,962,454	)			-25.2	%
Gufeng			41,174,493				57,886,185				(16,711,692	)			-28.9	%
Yuxing			7,262,819				7,915,379				(652,560	)			-8.2	%
Antaeus			1,064,507				-				1,064,507				-
Net sales			73,136,293				97,398,492				(24,262,199	)			-24.9	%
Cost of goods sold
Jinong			16,099,697				22,763,780				(6,664,083	)			-29.3	%
Gufeng			35,953,277				51,001,151				(15,047,874	)			-29.5	%
Yuxing			6,015,793				6,558,379				(542,586	)			-8.3	%
Antaeus			748,275				-				748,275				-
Cost of goods sold			58,817,042				80,323,310				(21,506,268	)			-26.8	%
Gross profit			14,319,251				17,075,182				(2,755,931	)			-16.1	%
Operating expenses
Selling expenses			5,505,203				6,054,463				(549,260	)			-9.1	%
General and administrative expenses			26,961,424				15,054,640				11,906,784				79.1	%
Total operating expenses			32,466,627				21,109,103				11,357,524				53.8	%
Loss from operations			(18,147,376	)			(4,033,921	)			(14,113,455	)			349.9	%
Other income (expense)
Other income (expense)			149,152				115,399				33,753				29.2	%
Interest income			148,744				199,858				(51,114	)			-25.6	%
Interest expense			(216,828	)			(216,391	)			(437	)			0.2	%
Total other income (expense)			81,068				98,866				(17,798	)			-18.0	%
Loss before income taxes			(18,066,308	)			(3,935,055	)			(14,131,253	)			359.1	%
Provision for income taxes			(10,828	)			-				(10,828	)			-	%
Net Loss			(18,055,480	)			(3,935,055	)			(14,120,425	)			358.8	%

Other comprehensive income (loss)
Foreign currency translation gain (loss)			1,705,539				(4,040,988	)			5,746,527				-142.2	%
Comprehensive loss		$	(16,349,941	)		$	(7,976,043	)			(8,373,898	)			105.0	%

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Net Sales

Total net sales for the nine months ended March 31, 2024 were $73,136,293 a decrease of $24,262,199 or 24.9%, from $97,398,492 for the nine months ended March 31, 2023. This decrease was primarily due to decrease in Jinong and Gufeng’ net sales.

For the nine months ended March 31, 2024, Jinong’s net sales decreased $7,962,454, or 25.2%, to $23,634,474 from $31,596,928 for the nine months ended March 31, 2023. This decrease was mainly due to Jinong’s lower sales volume in the last nine months. Jinong sold 21,087 ton of products for the nine months ended March 31, 2024, comparing to 23,684 for the nine months ended March 31, 2023. To align with sustainable practice, the company adjustment its product structure by discontinuing the sales of powdered products.

For the nine months ended March 31, 2024, Gufeng’s net sales were $41,174,493, a decrease of $16,711,692, or 28.9%, from $57,886,185 for the nine months ended March 31, 2023. This decrease was mainly due to the decrease in Gufeng’s sales volume in the last nine months. Gufeng sold 83,184 ton of products for the nine months ended March 31, 2024, comparing to 111,783 for the nine months ended March 31, 2023.

For the nine months ended March 31, 2024, Yuxing’s net sales were $7,262,819, a decrease of $652,560 or 8.2%, from $7,915,379 for the nine months ended March 31, 2023.

For the nine months ended March 31, 2024, Antaeus’s net sales were $1,064,507.

Cost of Goods Sold

Total cost of goods sold for the nine months ended March 31, 2024 was $58,817,042, a decrease of $21,506,268, or 26.8%, from $80,323,310 for the nine months ended March 31, 2023. The decrease was mainly due to the decrease in Jinong and Gufeng’s cost of goods sold which decreased 29.3% and 29.5%.

Cost of goods sold by Jinong for the nine months ended March 31, 2024 was $16,099,697, a decrease of $6,664,083, or 29.3%, from $22,763,780 for the nine months ended March 31, 2023. The decrease in cost of goods was primarily due to the 25.2% decrease in net sales during the last nine months.

Cost of goods sold by Gufeng for the nine months ended March 31, 2024 was $35,953,277, a decrease of $15,047,874, or 29.5%, from $51,001,151 for the nine months ended March 31, 2023. This decrease was primarily due to the 28.9% decrease in net sales during the last nine months.

For nine months ended March 31, 2024, cost of goods sold by Yuxing was $6,015,793, a decrease of $542,586, or 8.3%, from $6,558,379 for the nine months ended March 31, 2023. This decrease was mainly due to the 8.2% decrease in Yuxing’s net sales during the last nine months.

Cost of goods sold by Antaeus for the nine months ended March 31, 2024 was $748,275.

Gross Profit

Total gross profit for the nine months ended March 31, 2024 decreased by $2,755,931, or 16.1%, to $14,319,251, as compared to $17,075,182 for the nine months ended March 31, 2023. Gross profit margin was 19.6% and 17.5% for the nine months ended March 31, 2024 and 2023, respectively.

Gross profit generated by Jinong decreased by $1,298,371 or 14.7%, to $7,534,777 for the nine months ended March 31, 2024 from $8,833,148 for the nine months ended March 31, 2023. Gross profit margin from Jinong’s sales was approximately 31.9% and 28.0% for the nine months ended March 31, 2024 and 2023, respectively. The company was actively promoting liquid fertilizer production with higher profit margins in last three month, which contributed ti the increase for the gross profit margin percentage.

For the nine months ended March 31, 2024, gross profit generated by Gufeng was $5,221,216, a decrease of $1,663,818, or 24.2%, from $6,885,034 for the nine months ended March 31, 2023. Gross profit margin from Gufeng’s sales was approximately 12.7% and 11.9% for the nine months ended March 31, 2024 and 2023, respectively. The increase in gross profit margin was mainly due to lower product costs.

26

For the nine months ended March 31, 2024, gross profit generated by Yuxing was $1,247,026, a decrease of $109,974, or 8.1% from $1,357,000 for the nine months ended March 31, 2023. The gross profit margin was approximately 17.2% and 17.1% for the nine months ended March 31, 2024 and 2023, respectively. The increase in gross profit percentage was mainly due to the decrease in product costs.

For the nine months ended March 31, 2024, gross profit generated by Antaeus was $316,232.

Selling Expenses

Our selling expenses consisted primarily of salaries of sales personnel, advertising and promotion expenses, freight-out costs and related compensation. Selling expenses were $5,505,203, or 7.5%, of net sales for the nine months ended March 31, 2024, as compared to $6,054,463, or 6.2% of net sales for the nine months ended March 31, 2023, a decrease of $549,260 or 9.1%.

The selling expenses of Jinong for the nine months ended March 31, 2024 were $5,236,479 or 22.2% of Jinong’s net sales, as compared to selling expenses of $5,810,513 or 18.4% of Jinong’s net sales for the nine months ended March 31, 2023.

The selling expenses of Gufeng were $193,422 or 0.5% of Gufeng’s net sales for the nine months ended March 31, 2024, as compared to $188,947 or 0.3% of Gufeng’s net sales for the nine months ended March 31, 2023.

The selling expenses of Yuxing were $75,302 or 1.0% of Yuxing’s net sales for the nine months ended March 31, 2024, as compared to $55,003 or 0.7% of Yuxing’s net sales for the nine months ended March 31, 2023.

The selling expenses of Antaeus were $0 of Antaeus’s net sales for the nine months ended March 31, 2024.

General and Administrative Expenses

General and administrative expenses consisted primarily of related salaries, rental expenses, business development, depreciation and travel expenses incurred by our general and administrative departments and legal and professional expenses including expenses incurred and accrued for certain litigation. General and administrative expenses were $26,961,424, or 36.9% of net sales for the nine months ended March 31, 2024, as compared to $15,054,640, or 15.5% of net sales for the nine months ended March 31, 2023, an increase of $11,906,784, or 79.1%.

Jinong’s general and administrative expenses were $5,885,355 for the nine months ended March 31, 2024, increased $496,910 or 9.2%, as compared to $5,388,445 for the nine months ended March 31, 2023.

27

Gufeng’s general and administrative expenses were $15,488,217 for the nine months ended March 31, 2024, increased $9,072,046, or 141.4%, as compared to $6,416,171 for the nine months ended March 31, 2023. The increase of Gufeng’s general and administrative expenses was mainly due to the rise in bad debts expenses caused by product quality issues.

Yuxing’s general and administrative expenses were $2,177,013 for the nine months ended March 31, 2024, increased $1,387,233, or 175.6%, as compared to $789,780 for the nine months ended March 31, 2023. The increase of Yuxing’s general and administrative expenses was mainly due to the inventory impairment with amount of $1.6 million caused by the bad weather in November 2023.

Antaeus’s general and administrative expenses were $404,851 for the nine months ended March 31, 2024.

Total Other Income (Expenses)

Total other income (expenses) consisted of income from subsidies received from the PRC government, interest income, interest expenses and bank charges. Total other income for the nine months ended March 31, 2024 was $81,068, as compared to $98,866 for the nine months ended March 31, 2023, a decrease in income of $17,798 or 18%. The difference was mainly due to the decrease in interest income with amount of $51,114, or 25.6% from $199,858 for the nine months ended March 31, 2023 to $148,744 for the nine months ended March 31, 2024.

Income Taxes

Jinong is subject to a preferred tax rate of 15% as a result of its business being classified as a High-Tech project under the PRC Enterprise Income Tax Law (“EIT”) that became effective on January 1, 2008. Jinong didn’t incurr income tax expenses for the nine months ended March 31, 2024 and 2023.

Gufeng is subject to a tax rate of 25%, has no income tax expenses for the nine months ended March 31, 2024 and 2023.

Yuxing has no income tax for the nine months ended March 31, 2024 and 2023 as a result of being exempted from paying income tax due to its products fall into the tax exemption list set out in the EIT.

Antaeus is subject to a tax rate of 21% and had income tax expense of $(10,828) for the nine months ended March 31, 2024.

Net loss

Net loss for the nine months ended March 31, 2024 was $(18,055,480), an increase of loss with amount of $14,120,425 or 358.8%, compared to $(3,935,055) for the nine months ended March 31, 2023. The increase was mainly due to lower net sales and higher general and administrative expenses. Net loss as a percentage of total net sales was approximately -24.7% and -4.0% for the nine months ended March 31, 2024 and 2023, respectively.

28

Discussion of Segment Profitability Measures

As of March 31, 2024, we were engaged in the following businesses: the production and sale of fertilizers through Jinong and Gufeng, the production and sale of high-quality agricultural products by Yuxing and the production and sale of Bitcoin by Antaeus. For financial reporting purpose, our operations were organized into four main business segments based on locations and products: Jinong (fertilizer production), Gufeng (fertilizer production), Yuxing (agricultural products production) and Antaeus (Bitcoin). Each of the segments has its own annual budget about development, production and sales.

Each of the four operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) makes decisions with respect to resources allocation and performance assessment upon receiving financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems; however, net income by segment is the principal benchmark to measure profit or loss adopted by the CODM.

For Jinong, the net loss increased by $1,299,668, or 58.8%, to $(3,509,256) for the nine months ended March 31, 2024, from $(2,209,588) for the nine months ended March 31, 2023. The increase in net loss was principally due to lower net sales and higher general and administrative expenses.

For Gufeng, the net income decreased by $10,699,661 or 9447.2%, to $(10,586,404) for the nine months ended March 31, 2024, from $113,257 for the nine months ended March 31, 2023. The increase in net loss was principally due to the lower net sales and the increase in general and administrative expenses.

For Yuxing, the net income decreased $1,534,561 or 246.9%, to $(913,113) for the nine months ended March 31, 2024 from $621,448 for the nine months ended March 31, 2023. The decrease was mainly due to lower net sales and the higher general and administrative expenses.

For Antaeus, the net loss was $(40,732) for the nine months ended March 31, 2024.

Liquidity and Capital Resources

Our principal sources of liquidity include cash from operations, borrowings from local commercial banks and net proceeds of offerings of our securities.

As of March 31, 2024, cash and cash equivalents were $61,595,756, a decrease of $9,546,432, or 13.4%, from $71,142,188 as of June 30, 2023.

We intend to use the net proceeds from our securities offerings, as well as other working capital if required, to acquire new businesses, upgrade production lines and complete Yuxing’s new greenhouse facilities for agriculture products located on 88 acres of land in Hu County, 18 kilometers southeast of Xi’an city. We believe that we have sufficient cash on hand and positive projected cash flow from operations to support our business growth for the next twelve months to the extent we do not have further significant acquisitions or expansions. However, if events or circumstances occur and we do not meet our operating plan as expected, we may be required to seek additional capital and/or to reduce certain discretionary spending, which could have a material adverse effect on our ability to achieve our business objectives. Notwithstanding the foregoing, we may seek additional financing as necessary for expansion purposes and when we believe market conditions are most advantageous, which may include additional debt and/or equity financings. There can be no assurance that any additional financing will be available on acceptable terms, if at all. Any equity financing may result in dilution to existing stockholders and any debt financing may include restrictive covenants.

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The following table sets forth a summary of our cash flows for the periods indicated:

		Nine Months Ended
		March 31,
		2024				2023
Net cash used in operating activities		$	(7,316,276	)		$	(5,471,529	)
Net cash (used in) provided by investing activities			(4,101,010	)			591,595
Net cash provided by financing activities			1,330,251				19,903,006
Effect of exchange rate change on cash and cash equivalents			540,604				(1,032,771	)
Net (decrease) increase in cash and cash equivalents			(9,546,431	)			13,990,301
Cash and cash equivalents, beginning balance			71,142,188				57,770,303
Cash and cash equivalents, ending balance		$	61,595,756			$	71,760,603

Operating Activities

Net cash used in operating activities was $7,316,276, for the nine months ended March 31, 2024, a increase of $1,844,747, or 33.7%, from cash used in operating activities of $5,471,529 for the nine months ended March 31, 2023. The increase in cash used in operating activities was mainly due to an increase in advance to suppliers during the nine months ended March 31, 2024 as compared to the same period in 2023.

Investing Activities

Net cash used in investing activities for the nine months ended March 31, 2024 was $4,101,010, compared to cash provided by investing activities of $591,595 for the nine months ended March 31, 2023. The difference of $4,692,605 was mainly due to long-term investment with amount of $2,450,000 during the nine months ended March 31, 2024, comparing with $0 during the nine months ended March 31, 2023.

Financing Activities

Net cash provided by financing activities for the nine months ended March 31, 2024 was $1,330,251, a decrease of $18,572,755, or 93.3% compared to $19,903,006 net cash provided by financing activities for the nine months ended March 31, 2023. The decrease was mainly due to the repayment of loans with amount of $1,639,410 and no proceeds from the sale of common stock during the nine months ended March 31, 2024.

As of March 31, 2024, and June 30, 2023, our loans payable was as follows:

		March 31,				June 30,
		2024				2023
Short-term loans payable:		$	7,505,100			$	5,346,640
Long-term loans payable:			-				937,040
Total		$	7,505,100			$	6,283,680

Accounts Receivable

We had accounts receivable of $14,940,226 as of March 31, 2024, as compared to $16,455,734 as of June 30, 2023, a decrease of $1,515,508, or 9.2%.

Allowance for doubtful accounts in accounts receivable as of March 31, 2024 was $53,898,532, a decrease of $809,954, or 1.5%, from $54,708,486 as of June 30, 2023. And the allowance for doubtful accounts as a percentage of accounts receivable was 78.3% as of March 31, 2024 and 76.9% as of June 30, 2023.

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Inventories

We had inventories of $36,704,542 as of March 31, 2024, as compared to $46,455,131 as of June 30, 2023, a decrease of $9,750,589, or 21.0%. The decrease was primarily due to Gufeng’s inventory. As of March 31, 2024, Gufeng’s inventory was $10,264,968, compared to $21,691,450 as of June 30, 2023, a decrease of $11,426,482, or 52.7%. The company confirmed the loss of $4.0 million and $1.7 million of inventories for the nine months ended March 31, 2024 and 2023, respectively.

Advances to Suppliers

We had advances to suppliers of $21,360,797 as of March 31, 2024 as compared to $14,332,715 as of June 30, 2023, representing an increase of $7,028,082, or 49.0%. Our inventory level may fluctuate from time to time, depending how quickly the raw material is consumed and replenished during the production process, and how soon the finished goods are sold. The replenishment of raw material relies on management’s estimate of numerous factors, including but not limited to, the raw materials future price, and spot price along with its volatility, as well as the seasonal demand and future price of finished fertilizer products. Such estimate may not be accurate, and the purchase decision of raw materials based on the estimate can cause excessive inventories in times of slow sales and insufficient inventories in peak times.

Accounts Payable

We had accounts payable of $1,916,245 as of March 31, 2024 as compared to $2,100,449 as of June 30, 2023, representing a decrease of $184,204, or 8.8%.

Customer Deposits (Unearned Revenue)

We had customer deposits of $5,220,526 as of March 31, 2024 as compared to $5,489,781 as of June 30, 2023, representing a decrease of $269,255, or 4.9%. The decrease was mainly attributable to Jinong’ $479,788 unearned revenue as of March 31, 2024, compared to $1,152,204 unearned revenue as of June 30, 2023, decreased $672,416, or 58.4%, caused by the advance deposits made by clients. This increase was due to seasonal fluctuation and we expect to deliver products to our customers during the next three months at which time we will recognize the revenue.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Critical Accounting Policies and Estimates

Management’s discussion and analysis of its financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with United States generally accepted accounting principles. Our financial statements reflect the selection and application of accounting policies which require management to make significant estimates and judgments. See Note 2 to our consolidated financial statements, “Basis of Presentation and Summary of Significant Accounting Policies.” We believe that the following paragraphs reflect the most critical accounting policies that currently affect our financial condition and results of operations:

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.

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Revenue recognition

Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, we have no other significant obligations and collectability is reasonably assured. Payments received before all the relevant criteria for revenue recognition are satisfied are recorded as unearned revenue.

Our revenue consists of invoiced value of goods, net of a value-added tax (VAT). No product return or sales discount allowance is made as products delivered and accepted by customers are normally not returnable and sales discounts are normally not granted after products are delivered.

Cash and cash equivalents

For statement of cash flows purposes, we consider all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents.

Accounts receivable

Our policy is to maintain reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Any accounts receivable of Jinong and Gufeng that are outstanding for more than 180 days will be accounted as allowance for bad debts, and any accounts receivable of Yuxing that are outstanding for more than 90 days will be accounted as allowance for bad debts.

Segment reporting

FASB ASC 280 requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other way management disaggregates a company.

As of March 31, 2024, we were organized into four main business units: Jinong (fertilizer production), Gufeng (fertilizer production), Yuxing (agricultural products production) and Antaeus (Bitcoin). For financial reporting purpose, our operations were organized into four main business segments based on locations and products: Jinong (fertilizer production), Gufeng (fertilizer production), Yuxing (agricultural products production) and Antaeus (Bitcoin). Each of the segments has its own annual budget regarding development, production, and sales.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Disclosures About Market Risk

We may be exposed to changes in financial market conditions in the normal course of business. Market risk generally represents the risk that losses may occur because of movements in interest rates and equity prices. We currently do not, in the normal course of business, use financial instruments that are subject to changes in financial market conditions.

Currency Fluctuations and Foreign Currency Risk

Substantially all our revenues and expenses are denominated in RMB. However, we use the U.S. dollar for financial reporting purposes. Conversion of RMB into foreign currencies is regulated by the People’s Bank of China through a unified floating exchange rate system. Although the PRC government has stated its intention to support the value of RMB, there can be no assurance that such exchange rate will not again become volatile or that RMB will not devalue significantly against U.S. dollar. Exchange rate fluctuations may adversely affect the value, in U.S. dollar terms, of our net assets and income derived from our operations in the PRC.

Our reporting currency is the U.S. dollar. Except for U.S. holding companies, all our consolidated revenues, consolidated costs and expenses, and our assets are denominated in RMB. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected by fluctuations in the exchange rate between the U.S. dollars and RMB. If RMB depreciates against the U.S. dollar, the value of our RMB revenues, earnings and assets as expressed in our U.S. dollar financial statements will decline. Assets and liabilities are translated at the exchange rates as of the balance sheet dates, revenues and expenses are translated at the average exchange rates, and shareholders’ equity is translated at historical exchange rates. Any resulting translation adjustments are not included in determining net income (loss) but are included in determining other comprehensive income, a component of shareholders’ equity. As of March 31, 2024, our accumulated other comprehensive loss was $25 million. We have not entered any hedging transactions to reduce our exposure to foreign exchange risk. The value of the RMB against the U.S. dollar and other currencies is affected by, among other things, changes in PRC’s political and economic conditions. Between July 1, 2023 and March 31, 2024, China’s currency increased by a cumulative 1.2% against the U.S. dollar, making Chinese exports more expensive and imports into China cheaper by that percentage. The effect on trade can be substantial. Moreover, it is possible that in the future, the PRC authorities may lift restrictions on fluctuations in the RMB exchange rate and lessen intervention in the foreign exchange market.

Interest Rate Risk

We deposit surplus funds with Chinese banks earning daily interest. We do not invest in any instruments for trading purposes. All our outstanding debt instruments carry fixed rates of interest. The amount of short-term debt outstanding as of March 31, 2024 and June 30, 2023 was $7.5 million and $5.4 million, respectively. We are exposed to interest rate risk primarily with respect to our short-term bank loans. Although the interest rates, which are based on the banks’ prime rates with respect to our short-term loans, are fixed for the terms of the loans, the terms are typically three to twelve months for short-term bank loans and interest rates are subject to change upon renewal. There was no material change in interest rates for short-term bank loans renewed during the three months ended March 31, 2024. The original loan term on average is one year, and the remaining average life of the short-term-loans is approximately four months.

Management monitors the banks’ prime rates in conjunction with our cash requirements to determine the appropriate level of debt balances relative to other sources of funds. We have not entered any hedging transactions to reduce our exposure to interest rate risk.

Credit Risk

We have experienced higher credit risk than usual since 2020. With the impact of COVID-19 pandemic, the overdue outstanding accounts receivable increased significantly compared with the years prior to the pandemic. Our accounts receivables are typically unsecured and are mainly derived from revenues earned from customers in the PRC. Most of our customers are individuals and small and medium-sized enterprises (“SMEs”), which may not have strong cash flows or be well capitalized. They may be vulnerable to an epidemic outbreak and slowing macroeconomic conditions. Many of the SMEs that we work with cannot weather COVID-19 and the resulting economic impact, or they cannot resume business as usual after a prolonged outbreak. Numerous distributors encountered significant difficulties and/or hardships in their businesses amid the pandemic. Even through our receivables are monitored regularly by our credit managers, the bad debts expenses are higher in recent 4 years comparing with the years before 2020.

33

Inflation Risk

Inflationary factors such as increases in the cost of our products and overhead costs may adversely affect our operating results. Notwithstanding the measures taken by the PRC government to control inflation, China still experienced an increase in inflation and our operating cost became higher than anticipated. The high rate of inflation had an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs.

Risk of epidemics, pandemics, or other outbreaks

The outbreak of COVID-19 has adversely affected, and in the future it or other epidemics, pandemics or outbreaks may adversely affect, our operations. This is or may be due to closures or restrictions requested or mandated by governmental authorities, disruption to supply chains and workforce, reduction of demand for our products and services, and credit losses when customers and other counterparties fail to satisfy their obligations to us. We share most of these risks with all businesses.

In addition, the COVID-19 outbreak has significantly increased economic and demand uncertainty. The current outbreak and continued spread of COVID-19 may cause a global recession, which would have a further adverse impact on our financial condition and operations, and this impact could exist for an extensive period.

The Company is continuing to monitor the situation and take appropriate actions in accordance with the recommendations and requirements of relevant authorities. The full extent of the impact of the COVID-19 pandemic on the Company’s operational and financial performance is currently uncertain and will depend on many factors outside the Company’s control, including, without limitation, the timing, extent, trajectory and duration of the pandemic, the development and availability of effective treatments and vaccines, the imposition of protective public safety measures, and the impact of the pandemic on the global economy and demand for consumer products.

Additional future impacts on the Company may include, but are not limited to, material adverse effects on demand for the Company’s products and services; the Company’s supply chain and sales and distribution channels; the Company’s ability to execute its strategic plans; and the Company’s profitability and cost structure. To the extent the COVID-19 pandemic adversely affects the Company’s business, results of operations, financial condition and stock price, it may also have the effect of heightening many of the other risks described above.

Item 4. Controls and Procedures

(a) Evaluation of disclosure controls and procedures

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), at the conclusion of the period ended March 31, 2023 we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of the end of the period covered by this Report, our disclosure controls and procedures were effective and adequately designed to ensure that the information required to be disclosed by us in the reports we submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms and that such information was accumulated and communicated to our Chief Executive Officer and Chief Financial Officer, in a manner that allowed for timely decisions regarding required disclosure.

(b) Changes in internal controls

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

34

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

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 March 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. On December 11, 2023, the Second Circuit affirmed the district court’s decision. On or about April 19, 2024, the Plaintiff filed an appeal to the Supreme Court of the United States. The Company does not believe a response to Plaintiff’s appeal is necessary.

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.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no unregistered sales of the Company’s equity securities during the three months ended March 31, 2024, that were not otherwise disclosed in a Current Report on Form 8-K.

Item 3. Defaults Upon Senior Securities

There has been no default in the payment of principal, interest, sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the Company.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

There is no other information required to be disclosed under this item which was not previously disclosed.

Item 6. Exhibits

The exhibits required by this item are set forth in the Exhibit Index attached hereto.

35

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CHINA GREEN AGRICULTURE, INC.

Date: May 16, 2024	By:	/s/ Zhuoyu Li
	Name:	Zhuoyu Li
	Title:	Chief Executive Officer
		(principal executive officer)

Date: May 16, 2024	By:	/s/ Zhibiao Pan
	Name:	Zhibiao Pan
	Title:	Co-Chief Executive Officer
		(principal executive officer)

Date: May 16, 2024	By:	/s/ Yongcheng Yang
	Name:	Yongcheng Yang
	Title:	Chief Financial Officer
		(principal financial officer and principal accounting officer)

36

EXHIBIT INDEX

No.		Description
21.1*		List of Subsidiaries of the Company
31.1*		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Co-Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3*		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1+		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+		Certification of Co-Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3+		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith

+	In accordance with the SEC Release 33-8238, deemed being furnished and not filed.

37

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Exhibit 21.1

EX-21.1 LIST OF SUBSIDIARIES OF THE COMPANY

SUBSIDIAIRES OF CHINA GREEN AGRICULTURE, INC.

Name		Place of Incorporation
Green Agriculture Holding Corporation		New Jersey
Antaeus Tech, Inc.		Delaware
Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd.		People’s Republic of China
Beijing Gufeng Chemical Products Co., Ltd.		People’s Republic of China
Beijing Tianjuyuan Fertilizer Co., Ltd.		People’s Republic of China

VARIABLE INTEREST ENTITIES OF CHINA GREEN AGRICULTURE, INC.

Name		Place of Incorporation
Xi’an Hu County Yuxing Agriculture Technology Development Co, Ltd.		People’s Republic of China

Exhibit 31.1

CERTIFICATION

I, Zhuoyu Li, certify that:

1.	I have reviewed this report on Form 10-Q of China Green Agriculture, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a)

all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 16, 2024

/s/ Zhuoyu Li
Zhuoyu Li
Chairman of the Board of Directors, Chief Executive Officer, and President
(principal executive officer)

Exhibit 31.2

CERTIFICATION

I, Zhibiao Pan, certify that:

1.	I have reviewed this report on Form 10-Q of China Green Agriculture, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a)

all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 16, 2024

/s/ Zhibiao Pan
Zhibiao Pan
Co-Chief Executive Officer
(principal executive officer)

Exhibit 31.3

CERTIFICATION

I, Yongcheng Yang, certify that:

1.	I have reviewed this report on Form 10-Q of China Green Agriculture, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a)

all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 16, 2024

/s/ Yongcheng Yang
Yongcheng Yang
Chief Financial Officer
(principal financial officer and principal accounting officer)

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certifies, in his capacity as the Chairman of the Board of Directors, Chief Executive Officer, and President of China Green Agriculture, Inc. (the “Company”), for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

(1)	The Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 16, 2024

/s/ Zhuoyu Li
Zhuoyu Li
Chairman of the Board of Directors, Chief Executive Officer, and President
(principal executive officer)

Exhibit 32.2

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certifies, in his capacity as the Co-Chief Executive Officer of China Green Agriculture, Inc. (the “Company”), for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

(1)	The Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 16, 2024

/s/ Zhibiao Pan
Zhibiao Pan
Co-Chief Executive Officer
(principal executive officer)

Exhibit 32.3

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certifies, in his capacity as the Chief Financial Officer of China Green Agriculture, Inc. (the “Company”), for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

(1)	The Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 16, 2024

/s/ Yongcheng Yang
Yongcheng Yang
Chief Financial Officer
(principal financial officer)

Cover - shares	9 Months Ended
Cover - shares	Mar. 31, 2024	May 16, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	CHINA GREEN AGRICULTURE, INC.
Entity Central Index Key	0000857949
Entity File Number	001-34260
Entity Tax Identification Number	36-3526027
Entity Incorporation, State or Country Code	NV
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
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
Entity Address, City or Town	Xi’an
Entity Address, Country	CN
Entity Address, Postal Zip Code	710065
Entity Phone Fax Numbers [Line Items]
City Area Code	+86
Local Phone Number	29-88266368
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	CGA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		14,793,538

Unaudited Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Current assets
Cash and cash equivalents	$ 61,595,756	$ 71,142,188
Digital assets	34,757	210,342
Accounts receivable, net	14,940,226	16,455,734
Inventories, net	36,704,542	46,455,131
Advances to suppliers, net	21,360,797	14,332,715
Other current assets	2,432,938	2,631,049
Total current assets	137,069,016	151,227,159
Non-current assets
Plant, property and equipment, net	16,663,135	16,690,245
Intangible assets, net	13,562,843	13,563,635
Other non-current assets	6,314,128	5,200,325
Total non-current assets	36,540,106	35,454,205
Total assets	173,609,122	186,681,364
Current liabilities
Accounts payable	1,916,245	2,100,449
Customer deposits	5,220,526	5,489,781
Accrued expenses and other payables	14,678,667	14,929,427
Taxes payable	26,892,526	27,070,961
Short-term loans	7,505,100	5,346,640
Total current liabilities	61,854,526	60,376,467
Non-current liabilities
Long-term loans		937,040
Total non-current liabilities		937,040
Total liabilities	61,854,526	61,313,507
Commitments and contingencies
Shareholders’ equity
Preferred stock, $.001 par value, 20,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively
Common stock, $.001 par value, 115,197,165 shares authorized, 14,793,538 and 13,380,914 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively	14,794	13,381
Additional paid-in capital	244,825,844	242,090,576
Statutory reserve	26,728,079	26,728,079
Retained earnings	(134,569,167)	(116,513,686)
Accumulated other comprehensive loss	(25,244,954)	(26,950,493)
Total shareholders’ equity	111,754,596	125,367,857
Total liabilities and shareholders’ equity	173,609,122	186,681,364
Related Party
Current liabilities
Amount due to related parties	$ 5,641,462	$ 5,439,209

Unaudited Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	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	14,793,538	13,380,914
Common stock, shares outstanding	14,793,538	13,380,914

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Sales
Net sales	$ 32,938,317	$ 45,261,960	$ 73,136,293	$ 97,398,492
Cost of goods sold
Cost of goods sold	26,597,407	37,886,004	58,817,042	80,323,310
Gross profit	6,340,910	7,375,956	14,319,251	17,075,182
Operating expenses
Selling expenses	1,855,189	1,958,455	5,505,203	6,054,463
General and administrative expenses	15,457,007	5,234,123	26,961,424	15,054,640
Total operating expenses	17,312,196	7,192,578	32,466,627	21,109,103
Loss (income) from operations	(10,971,286)	183,378	(18,147,376)	(4,033,921)
Other income (expense)
Other income (expense)	108,443	5,538	149,152	115,399
Interest income	42,547	67,097	148,744	199,858
Interest expense	(75,461)	(66,408)	(216,828)	(216,391)
Total other income (expense)	75,529	6,227	81,068	98,866
Loss (income) before income taxes	(10,895,757)	189,605	(18,066,308)	(3,935,055)
Provision for income taxes	5,527		(10,828)
Net loss (income)	(10,901,284)	189,605	(18,055,480)	(3,935,055)
Other comprehensive (loss) income
Foreign currency translation (loss) gain	(2,163,484)	792,281	1,705,539	(4,040,988)
Comprehensive (loss) income	$ (13,064,767)	$ 981,886	$ (16,349,941)	$ (7,976,043)
Basic weighted average shares outstanding (in Shares)	14,203,877	13,380,914	13,653,240	13,204,768
Basic net loss (income) per share (in Dollars per share)	$ (0.79)	$ 0.02	$ (1.32)	$ (0.3)
Diluted weighted average shares outstanding (in Shares)	14,203,877	13,380,914	13,653,240	13,204,768
Diluted net loss (income) per share (in Dollars per share)	$ (0.79)	$ 0.02	$ (1.32)	$ (0.3)
Jinong
Sales
Net sales	$ 7,534,076	$ 9,606,177	$ 23,634,474	$ 31,596,928
Cost of goods sold
Cost of goods sold	4,510,800	6,851,488	16,099,697	22,763,780
Gufeng
Sales
Net sales	22,544,062	33,457,644	41,174,493	57,886,185
Cost of goods sold
Cost of goods sold	19,759,666	29,268,662	35,953,277	51,001,151
Yuxing
Sales
Net sales	2,467,916	2,198,139	7,262,819	7,915,379
Cost of goods sold
Cost of goods sold	2,096,025	1,765,854	6,015,793	6,558,379
Antaeus
Sales
Net sales	392,263		1,064,507
Cost of goods sold
Cost of goods sold	$ 230,916		$ 748,275

Unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (18,055,480)	$ (3,935,055)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	2,033,752	1,812,893
Provision for losses on accounts receivable	16,970,555	9,329,683
Inventories impairment	3,969,293	1,691,679
Changes in operating assets
Digital assets	175,585
Accounts receivable	(15,259,021)	(14,159,591)
Amount due from related parties	27,787	(2,696)
Other current assets	199,768	(9,295,056)
Inventories	6,312,446	(4,593,619)
Advances to suppliers	(6,824,502)	12,028,741
Other assets	1,404,244	1,455,556
Deferred tax assets	(10,828)
Changes in operating liabilities
Accounts payable	(199,488)	276,584
Customer deposits	(335,612)	(673,151)
Amount due to related parties	(1,003)	(3,751)
Tax payables	(153,879)	7,826
Accrued expenses and other payables	2,430,107	1,328,059
Interest payable		(739,631)
Net cash used in operating activities	(7,316,276)	(5,471,529)
Cash flows from investing activities
Purchase of plant, property, and equipment	(1,651,010)	(309,514)
Investment	(2,450,000)
Sales of discontinued operations		901,109
Net cash (used in) provided by investing activities	(4,101,010)	591,595
Cash flows from financing activities
Proceeds from the sale of common stock		16,757,130
Proceeds from loans	2,778,662	2,884,076
Repayment of loans	(1,639,410)	(58,200)
Advance from related party	191,000	320,000
Net cash provided by financing activities	1,330,251	19,903,006
Effect of exchange rate change on cash and cash equivalents	540,604	(1,032,771)
Net (decrease) increase in cash and cash equivalents	(9,546,431)	13,990,301
Cash and cash equivalents, beginning balance	71,142,188	57,770,303
Cash and cash equivalents, ending balance	61,595,756	71,760,603
Supplement disclosure of cash flow information
Interest expense paid	216,828	216,391
Income taxes paid	$ 193,833	$ 330,861

Organization and Description of Business

9 Months Ended

Mar. 31, 2024

Organization and Description of Business [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

China Green Agriculture, Inc. (the “Company”, “Parent Company” or “Green Nevada”), through its subsidiaries, is engaged in the research, development, production, distribution and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production, and distribution of agricultural products.

Unless the context indicates otherwise, as used in this Report, the following are the references herein of all the subsidiaries of the Company (i) Green Agriculture Holding Corporation (“Green New Jersey”), a wholly-owned subsidiary of Green Nevada, incorporated in the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (“Yuxing”), a Variable Interest Entity (“VIE”) in the in the PRC controlled by Jinong through a series of contractual agreements; (iv) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (“Gufeng”), (v) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng’s wholly-owned subsidiary in the PRC (“Tianjuyuan”), and (vi)Antaeus Tech, Inc. (“Antaeus”), a wholly-owned subsidiary of Green Nevada incorporated in the State of Delaware.

On 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 Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2024

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 March 31, 2024, 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 March 31, 2024 and June 30, 2023 were $61,008,072 and $69,091,838, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $587,684 and $2,050,350 in cash in three banks in the United States as of March 31, 2024 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. The Company measures gains or losses on the disposition of digital assets in accordance with the first-in-first-out (“FIFO”) method of accounting.

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 March 31, 2024, the Company held Bitcoin as digital assets with amount of $34,757. 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 March 31, 2024, 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 March 31, 2024, and June 30, 2023, the Company had accounts receivable of $14,940,226 and $16,455,734, net of allowance for doubtful accounts of $53,898,532 and $54,708,486, respectively. The company recorded bad debt expense in the amount of $17.0 million and $9.3 million for the nine months ended March 31, 2024 and 2023, 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 March 31, 2024, and 2023, 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 nine months ended March 31, 2024 and 2023, 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 March 31, 2024 and 2023, 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 March 31, 2024, and June 30, 2023, the Company had customer deposits of $5,220,526 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
		March 31,
		2024				2023
Net Loss (Income) for Basic Earnings Per Share		$	(10,901,284	)		$	189,605
Basic Weighted Average Number of Shares			14,203,877				13,380,914
Net Loss (Income) Per Share – Basic		$	(0.79	)		$	0.02
Net Loss (Income) for Diluted Earnings Per Share		$	(10,901,284	)		$	189,605
Diluted Weighted Average Number of Shares			14,203,877				13,380,914
Net Loss (Income) Per Share – Diluted		$	(0.79	)		$	0.02

		Nine Months Ended
		March 31,
		2024				2023
Net Loss for Basic Earnings Per Share		$	(18,055,480	)		$	(3,935,055	)
Basic Weighted Average Number of Shares			13,653,240				13,204,768
Net Loss Per Share – Basic		$	(1.32	)		$	(0.30	)
Net Loss for Diluted Earnings Per Share		$	(18,055,480	)		$	(3,935,055	)
Diluted Weighted Average Number of Shares			13,653,240				13,204,768
Net Loss Per Share – Diluted		$	(1.32	)		$	(0.30	)

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

9 Months Ended

Mar. 31, 2024

Going Cercern [Abstract]

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 March 31, 2024 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

9 Months Ended

Mar. 31, 2024

Inventories [Abstract]

NOTE 4 – INVENTORIES

Inventories consisted of the following:

		March 31,				June 30,
		2024				2023
Raw materials		$	5,939,882			$	11,617,989
Supplies and packing materials		$	863,791			$	410,904
Work in progress		$	173,796			$	172,248
Finished goods		$	29,727,073			$	34,253,990
Total		$	36,704,542			$	46,455,131

The company confirmed the loss of $4.0 million and $1.7 million of inventories for the nine months ended March 31, 2024 and 2023, respectively.

Property, Plant and Equipment

9 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

		March 31,				June 30,
		2024				2023
Building and improvements		$	37,538,033			$	37,065,465
Auto			2,750,682				2,716,931
Machinery and equipment			18,958,963				18,608,254
Others			1,502,600				-
Total property, plant and equipment			60,750,278				58,390,650
Less: accumulated depreciation			(44,087,143	)			(41,700,404	)
Total		$	16,663,135			$	16,690,246

For the nine months ended March 31, 2024, total depreciation expense was $1,872,498, increased $233,364, or 14.2%, from $1,639,134 for the nine months ended March 31, 2023.

Intangible Assets and Digital Assets

9 Months Ended

Mar. 31, 2024

Intangible Assets and Digital Assets [Abstract]

INTANGIBLE ASSETS AND DIGITAL ASSETS

NOTE 6 – INTANGIBLE ASSETS AND DIGITAL ASSETS

Intangible assets consisted of the following:

		March 31,				June 30,
		2024				2023
Land use rights, net		$	7,791,501			$	7,862,624
Trademarks			5,771,342				5,701,011
Total		$	13,562,843			$	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 $10,209,293). 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 $145,910). 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 $1,061,271). The intangible asset is being amortized over the grant period of 50 years.

The Land Use Rights consisted of the following:

		March 31,				June 30,
		2024				2023
Land use rights		$	11,225,564				11,088,765
Less: accumulated amortization			(3,434,063	)			(3,226,141	)
Total land use rights, net		$	7,791,501				7,862,624

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 $5,771,342) and is subject to an annual impairment test.

		March 31,				June 30,
		2024				2023
Trademarks		$	5,823,560			$	5,752,592
Less: accumulated amortization			(52,218	)			(51,581	)
Total trademarks, net		$	5,771,342			$	5,701,011

AMORTIZATION EXPENSE

Estimated amortization expenses of intangible assets for the next five twelve months periods ended March 31, are as follows:

Twelve Months Ended on March 31,		Expense ($)
2025			261,831
2026			246,724
2027			224,163
2028			224,163
2029			224,163

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 March 31, 2024, the company held digital assets with amount of $34,757.

Other Non-Current Assets

9 Months Ended

Mar. 31, 2024

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 March 31, 2024, the balance of other non-current assets was $6,314,128 and $3,745,576 was the lease fee advances for agriculture lands that the Company engaged in Shiquan County from 2026 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 $1.4 million and $1.5 million as expenses for the nine months ended March 31, 2024 and 2023, respectively.

Estimated amortization expenses of the lease advance payments for the next four twelve-month periods ended March 31 and thereafter are as follows:

Twelve months ending March 31,
2025		$	1,872,788
2026		$	1,872,788
2027		$	1,872,788

Accrued Expenses and Other Payables

9 Months Ended

Mar. 31, 2024

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:

		March 31,				June 30,
		2024				2023
Payroll and welfare payable		$	166,634			$	188,222
Accrued expenses			9,483,910				9,805,444
Other payables			4,911,128				4,820,193
Other levy payable			116,994				115,568
Total		$	14,678,667			$	14,929,427

Amount Due to Related Parties

9 Months Ended

Mar. 31, 2024

Amount Due to Related Parties [Abstract]

AMOUNT DUE TO RELATED PARTIES

NOTE 9 – AMOUNT DUE TO RELATED PARTIES

At the end of December 2015, Yuxing entered into a sales agreement with the Company’s affiliate, 900LH.com Food Co., Ltd. (“900LH.com”, previously announced as Xi’an Gem Grain Co., Ltd) pursuant to which Yuxing is to supply various vegetables to 900LH.com for its incoming seasonal sales at the holidays and year ends (the “Sales Agreement”). The contingent contracted value of the Sales Agreement is RMB25,500,000 (approximately $3,557,250). For the nine months ended March 31, 2024 and 2023, Yuxing hadn’t sold any products to 900LH.com.

The amount due from 900LH.com to Yuxing was $0 and $27,560 as of March 31, 2024 and June 30, 2023, respectively.

As of March 31, 2024, and June 30, 2023, the amount due to related parties was $5,641,462 and $5,439,209, respectively. As of March 31, 2024, and June 30, 2023, $976,500 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 March 31, 2024, 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 March 31, 2024, 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 March 31, 2024, 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 $3,906).

Loan Payables

9 Months Ended

Mar. 31, 2024

Loan Payables [Abstract]

NOTE 10 – LOAN PAYABLES

As of March 31, 2024, 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 loans are collateralized by Tianjuyuan’s land use right and building ownership right.

No.			Payee		Loan period per agreement		Interest Rate				March 31, 2024
1			Beijing Bank -Pinggu Branch		June 5, 2023-June 5, 2024			4.15	%			1,395,000
2			Huaxia Bank -HuaiRou Branch		June 28, 2023-June 28, 2024			3.65	%			1,395,000
3			Pinggu New Village Bank		June 29, 2023-June 28, 2024			5.00	%			976,500
4			Industrial Bank Co. Ltd		August 19, 2022-August 18, 2024			3.98	%			948,600
5			Industrial Bank Co. Ltd		October 7, 2023-October 6, 2024			3.70	%			2,790,000
			Total								$	7,505,100

The interest expense from loans was $216,828 and $216,391 for the nine months ended March 31, 2024 and 2023, respectively.

Taxes Payable

9 Months Ended

Mar. 31, 2024

Taxes Payable [Abstract]

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 March 31, 2007.

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”, which allows certain fertilizer products to be exempt from VAT beginning June 1, 2008. The Company submitted the application for exemption in May 2009, which was granted effective September 1, 2009, continuing through March 31, 2015. On August 10, 2015 and August 28, 2015, the SAT released Notice #90. “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.

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,” under which, effective July 1, 2017, all the Company’s fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 11% of the gross sales price. The tax rate was reduced 2% from 13%.

On April 4, 2018, the PRC State of Administration of Taxation (SAT) released Notice 2018 #32, “Notice on Adjustment of VAT Tax Rate,” under which, effective May 1, 2018, all the Company’s fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 10% of the gross sales price. The tax rate was reduced 1% from 11%.

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,” under which, effective April 1, 2019, all the Company’s fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 9% of the gross sales price. The tax rate was reduced 1% from 10%.

Income Taxes and Related Payables

		March 31,				June 30,
		2024				2023
VAT provision		$	(571,042	)		$	(398,499	)
Income tax payable			(2,158,708	)			(2,132,400	)
Other levies			611,741				591,325
Repatriation tax			29,010,535				29,010,535
Total		$	26,892,526			$	27,070,961

The provision for income taxes consists of the following:

		March 31,				March 31,
		2024				2023
Current tax		$	(10,828	)		$	-
Deferred tax			-				-
Total		$	(10,828	)		$	-

Significant components of deferred tax assets were as follows:

		March 31,				June 30,
		2024				2023
Deferred tax assets
Deferred tax benefit			32,874,122				32,464,001
Valuation allowance			(32,765,474	)			(32,366,181	)
Total deferred tax assets		$	108,647				97,820

Tax Rate Reconciliation

Our effective tax rates were approximately 0.1% and 0% for the nine months ended March 31, 2024 and 2023, 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 nine months ended March 31, 2024 and 2023 for the following reasons:

March 31, 2024

		China 15% - 25%								United States 21%								Total
Pretax loss		$	(15,060,332	)							(3,005,976	)							(18,066,308	)

Expected income tax expense (benefit)			(3,765,083	)			25.0	%			(631,255	)			21.0	%			(4,396,338	)
High-tech income benefits on Jinong			-				-				-								-
Losses from subsidiaries in which no benefit is recognized			3,754,255				-24.9	%			-								3,754,255
Change in valuation allowance on deferred tax asset from US tax benefit			-				-				631,255				-21.0	%			631,255
Actual tax expense		$	(10,828	)			0.1	%			-				-				(10,828	)			0.1	%

March 31, 2023

		China 15% - 25%								United States 21%								Total
Pretax loss		$	(1,474,883	)							(2,460,172	)						$	(3,932,555	)

Expected income tax expense (benefit)			(368,721	)			25.0	%			(516,636	)			21.0	%			(885,357	)
High-tech income benefits on Jinong			552,397				(37.5	)%			-				-				552,397
Losses from subsidiaries in which no benefit is recognized			(183,676	)			12.5	%			-				-				(183,676	)
Change in valuation allowance on deferred tax asset from US tax benefit			-				0	%			516,636				(21.0	)%			516,636
Actual tax expense		$	-				0	%		$	-				0	%		$	-				0	%

Shareholders’ Equity

9 Months Ended

Mar. 31, 2024

Stockholders’ Equity [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 12 – SHAREHOLDERS’ EQUITY

Common Stock

On August 2, 2022, the Company completed the issuance of 1,117,142 shares of its Common Stock for $16,757,130 to P Kevin HODL Ltd, an entity owned and controlled by Mr. Zhibiao Pan, who was subsequently appointed as the Company’s co-Chief Executive Officer on August 25, 2022. This sale was made pursuant to the Share Purchase Agreement dated November 23, 2021 in transactions exempt from registration under the Securities Act of 1933, as amended, in reliance on an exemption provided by Rule 903 of Regulation S and/or Section 4(a)(2) of the Securities Act.

On November 25, 2022, the Company issued 122,305 shares of common stock to settle an amount of $658,000 payable of consulting services.

On January 18, 2024, the Company issued 439,109 shares of common stock to settle an amount of $887,000 payable of consulting services.

On February 16, 2024, the Company issued 973,515 shares of common stock to settle an amount of $1,849,680 payable of accrued compensations.

As of March 31, 2024, and June 30, 2023, there were 14,793,538 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 March 31, 2024, 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

9 Months Ended

Mar. 31, 2024

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.

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 March 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. On December 11, 2023, the Second Circuit affirmed the district court’s decision. On or about April 19, 2024, the Plaintiff filed an appeal to the Supreme Court of the United States. The Company does not believe a response to Plaintiff’s appeal is necessary.

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

9 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 14 – SEGMENT REPORTING

As of March 31, 2024, 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 Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		March 31, 2024				March 31, 2023				March 31, 2024				March 31, 2023
Revenues from unaffiliated customers:
Jinong		$	7,534,076			$	9,606,177			$	23,634,474			$	31,596,928
Gufeng			22,544,062				33,457,644				41,174,493				57,886,184
Yuxing			2,467,916				2,198,139				7,262,819				7,915,380
Antaeus			392,263				-				1,064,507				-
Consolidated		$	32,938,317			$	45,261,960			$	73,136,293			$	97,398,492

Operating (loss) income:
Jinong		$	(3,081,511	)		$	(1,687,189	)		$	(3,587,057	)		$	(2,365,810	)
Gufeng			(7,366,951	)			2,491,007				(10,460,423	)			279,915
Yuxing			139,072				127,971				(1,005,290	)			512,218
Antaeus			5,398				-				(88,619	)			-
Reconciling item (1)			-				(748,411	)			-				(2,460,244	)
Reconciling item (2)			(667,294	)			-				(3,005,987	)			-
Consolidated		$	(10,971,286	)		$	183,378			$	(18,147,376	)		$	(4,033,921	)

Net (loss) income:
Jinong		$	(3,078,870	)		$	(1,639,160	)		$	(3,509,256	)		$	(2,209,588	)
Gufeng			(7,406,821	)			2,449,880				(10,586,404	)			113,257
Yuxing			230,907				127,272				(913,113	)			621,448
Antaeus			20,794				-				(40,732	)			-
Reconciling item (1)			-				25				12				72
Reconciling item (2)			(667,294	)			(748,411	)			(3,005,987	)			(2,460,243	)
Consolidated		$	(10,901,284	)		$	189,605			$	(18,055,480	)		$	(3,935,055	)

Depreciation and Amortization:
Jinong		$	193,079			$	199,812			$	572,897			$	589,916
Gufeng			183,444				193,155				549,055				573,201
Yuxing			189,812				194,903				561,453				649,776
Antaeus			125,130				-				350,347				-
Consolidated		$	691,465			$	587,869			$	2,033,752			$	1,812,893

Interest expense:
Jinong			35,530				25,359				91,046				50,486
Gufeng			39,931				41,049				125,782				165,905
Yuxing			-				-				-				-
Antaeus			-				-				-				-
Consolidated		$	75,461			$	66,408			$	216,828			$	216,391

Capital Expenditure:
Jinong		$	9,037			$	1,244			$	50,861			$	35,334
Gufeng			180				1,375				180				217,480
Yuxing			34,630				1,207				97,370				56,700
Antaeus			-				-				1,502,600				-
Consolidated		$	43,847			$	3,825			$	1,651,011			$	309,514

		As of
		March 31,				June 30,
		2024				2023
Identifiable assets:
Jinong		$	75,080,500			$	87,862,836
Gufeng			46,752,248				49,749,041
Yuxing			38,598,326				38,223,482
Antaeus			3,355,841				3,292,247
Reconciling item (1)			9,656,086				7,387,637
Reconciling item (2)			166,121				166,121
Consolidated		$	173,609,122			$	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

9 Months Ended

Mar. 31, 2024

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 $3,906).

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 $42,018 and $40,540 as rent expenses from these committed property leases for the nine-month periods ended March 31, 2024 and 2023, respectively. The contingent rent expenses herein for the next five twelve-month periods ended March 31, are as follows:

Years ending March 31,
2025			$	56,024
2026				56,024
2027				56,024
2028				56,024
2029				56,024

Variable Interest Entities

9 Months Ended

Mar. 31, 2024

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.

The following financial statement amounts and balances of the VIE (Yuxing) was included in the accompanying consolidated financial statements as of March 31, 2024 and June 30, 2023:

		March 31,				June 30,
		2024				2023
ASSETS
Current assets
Cash and cash equivalents		$	443,264			$	323,854
Accounts receivable, net			437,684				283,221
Inventories			24,714,180				24,288,379
Other current assets			114,640				136,237
Total current assets			25,709,768				25,031,691

Non-current assets:
Plant, property and equipment, net			5,647,070				5,887,278
Intangible assets, net			7,231,583				7,294,729
Other non-current assets			9,905				9,784
Total non-current assets			12,888,558				13,191,791
Total assets		$	38,598,326			$	38,223,482

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	12,667			$	12,512
Customer deposits			45,481				62,134
Accrued expenses and other payables			290,498				282,968
Amount due to related parties			40,664,965				39,346,051
Total current liabilities			41,013,611				39,703,665
Total Liabilities		$	41,013,611				39,703,665

Shareholders’ equity			(2,415,285	)			(1,480,183	)

Total liabilities and shareholders’ equity		$	38,598,326			$	38,223,482

		Three Months Ended March 31,
		2024				2023
Revenue		$	2,467,914			$	2,198,139
Expenses			2,237,007				2,070,867
Net income		$	230,907			$	127,272

		Nine Months Ended March 31,
		2024				2023
Revenue		$	7,262,818			$	7,915,379
Expenses			8,175,931				7,293,931
Net (loss) income		$	(913,113	)		$	621,448

Subsequent Events

9 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 17 – SUBSEQUENT EVENTS

In accordance with ASC 855-10, the Company has analyzed its operations after March 31, 2024 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.

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,901,284)	$ 189,605	$ (18,055,480)	$ (3,935,055)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy (Policies)

9 Months Ended

Mar. 31, 2024

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

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

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 March 31, 2024, 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 March 31, 2024 and June 30, 2023 were $61,008,072 and $69,091,838, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $587,684 and $2,050,350 in cash in three banks in the United States as of March 31, 2024 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. The Company measures gains or losses on the disposition of digital assets in accordance with the first-in-first-out (“FIFO”) method of accounting.

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 March 31, 2024, the Company held Bitcoin as digital assets with amount of $34,757. 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 March 31, 2024, 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 March 31, 2024, and June 30, 2023, the Company had accounts receivable of $14,940,226 and $16,455,734, net of allowance for doubtful accounts of $53,898,532 and $54,708,486, respectively. The company recorded bad debt expense in the amount of $17.0 million and $9.3 million for the nine months ended March 31, 2024 and 2023, 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 March 31, 2024, and 2023, 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 nine months ended March 31, 2024 and 2023, 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 March 31, 2024 and 2023, 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 March 31, 2024, and June 30, 2023, the Company had customer deposits of $5,220,526 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
		March 31,
		2024				2023
Net Loss (Income) for Basic Earnings Per Share		$	(10,901,284	)		$	189,605
Basic Weighted Average Number of Shares			14,203,877				13,380,914
Net Loss (Income) Per Share – Basic		$	(0.79	)		$	0.02
Net Loss (Income) for Diluted Earnings Per Share		$	(10,901,284	)		$	189,605
Diluted Weighted Average Number of Shares			14,203,877				13,380,914
Net Loss (Income) Per Share – Diluted		$	(0.79	)		$	0.02

		Nine Months Ended
		March 31,
		2024				2023
Net Loss for Basic Earnings Per Share		$	(18,055,480	)		$	(3,935,055	)
Basic Weighted Average Number of Shares			13,653,240				13,204,768
Net Loss Per Share – Basic		$	(1.32	)		$	(0.30	)
Net Loss for Diluted Earnings Per Share		$	(18,055,480	)		$	(3,935,055	)
Diluted Weighted Average Number of Shares			13,653,240				13,204,768
Net Loss Per Share – Diluted		$	(1.32	)		$	(0.30	)

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 Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2024

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
		March 31,
		2024				2023
Net Loss (Income) for Basic Earnings Per Share		$	(10,901,284	)		$	189,605
Basic Weighted Average Number of Shares			14,203,877				13,380,914
Net Loss (Income) Per Share – Basic		$	(0.79	)		$	0.02
Net Loss (Income) for Diluted Earnings Per Share		$	(10,901,284	)		$	189,605
Diluted Weighted Average Number of Shares			14,203,877				13,380,914
Net Loss (Income) Per Share – Diluted		$	(0.79	)		$	0.02

		Nine Months Ended
		March 31,
		2024				2023
Net Loss for Basic Earnings Per Share		$	(18,055,480	)		$	(3,935,055	)
Basic Weighted Average Number of Shares			13,653,240				13,204,768
Net Loss Per Share – Basic		$	(1.32	)		$	(0.30	)
Net Loss for Diluted Earnings Per Share		$	(18,055,480	)		$	(3,935,055	)
Diluted Weighted Average Number of Shares			13,653,240				13,204,768
Net Loss Per Share – Diluted		$	(1.32	)		$	(0.30	)

Inventories (Tables)

9 Months Ended

Mar. 31, 2024

Schedule of Inventories [Abstract]

Schedule of Inventories

Inventories consisted of the following:

		March 31,				June 30,
		2024				2023
Raw materials		$	5,939,882			$	11,617,989
Supplies and packing materials		$	863,791			$	410,904
Work in progress		$	173,796			$	172,248
Finished goods		$	29,727,073			$	34,253,990
Total		$	36,704,542			$	46,455,131

Property, Plant and Equipment (Tables)

9 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following:

		March 31,				June 30,
		2024				2023
Building and improvements		$	37,538,033			$	37,065,465
Auto			2,750,682				2,716,931
Machinery and equipment			18,958,963				18,608,254
Others			1,502,600				-
Total property, plant and equipment			60,750,278				58,390,650
Less: accumulated depreciation			(44,087,143	)			(41,700,404	)
Total		$	16,663,135			$	16,690,246

Intangible Assets and Digital Assets (Tables)

9 Months Ended

Mar. 31, 2024

Intangible Assets and Digital Assets [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following:

		March 31,				June 30,
		2024				2023
Land use rights, net		$	7,791,501			$	7,862,624
Trademarks			5,771,342				5,701,011
Total		$	13,562,843			$	13,563,635

The Land Use Rights consisted of the following:

		March 31,				June 30,
		2024				2023
Land use rights		$	11,225,564				11,088,765
Less: accumulated amortization			(3,434,063	)			(3,226,141	)
Total land use rights, net		$	7,791,501				7,862,624

The preliminary fair value of the acquired trademarks was estimated to be RMB41,371,630 (or $5,771,342) and is subject to an annual impairment test.

		March 31,				June 30,
		2024				2023
Trademarks		$	5,823,560			$	5,752,592
Less: accumulated amortization			(52,218	)			(51,581	)
Total trademarks, net		$	5,771,342			$	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 March 31, are as follows:

Twelve Months Ended on March 31,		Expense ($)
2025			261,831
2026			246,724
2027			224,163
2028			224,163
2029			224,163

Other Non-Current Assets (Tables)

9 Months Ended

Mar. 31, 2024

Other Non-Current Assets [Abstract]

Schedule of Estimated Amortization Expenses of the Lease Advance Payments

Estimated amortization expenses of the lease advance payments for the next four twelve-month periods ended March 31 and thereafter are as follows:

Twelve months ending March 31,
2025		$	1,872,788
2026		$	1,872,788
2027		$	1,872,788

Accrued Expenses and Other Payables (Tables)

9 Months Ended

Mar. 31, 2024

Accrued Expenses and Other Payables [Abstract]

Schedule of Accrued Expenses and Other Payables

Accrued expenses and other payables consisted of the following:

		March 31,				June 30,
		2024				2023
Payroll and welfare payable		$	166,634			$	188,222
Accrued expenses			9,483,910				9,805,444
Other payables			4,911,128				4,820,193
Other levy payable			116,994				115,568
Total		$	14,678,667			$	14,929,427

Loan Payables (Tables)

9 Months Ended

Mar. 31, 2024

Loan Payables [Abstract]

Schedule of Loan Payables

As of March 31, 2024, 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 loans are collateralized by Tianjuyuan’s land use right and building ownership right.

No.			Payee		Loan period per agreement		Interest Rate				March 31, 2024
1			Beijing Bank -Pinggu Branch		June 5, 2023-June 5, 2024			4.15	%			1,395,000
2			Huaxia Bank -HuaiRou Branch		June 28, 2023-June 28, 2024			3.65	%			1,395,000
3			Pinggu New Village Bank		June 29, 2023-June 28, 2024			5.00	%			976,500
4			Industrial Bank Co. Ltd		August 19, 2022-August 18, 2024			3.98	%			948,600
5			Industrial Bank Co. Ltd		October 7, 2023-October 6, 2024			3.70	%			2,790,000
			Total								$	7,505,100

Taxes Payable (Tables)

9 Months Ended

Mar. 31, 2024

Taxes Payable [Abstract]

Schedule of Income Taxes and Related Payables

Income Taxes and Related Payables

		March 31,				June 30,
		2024				2023
VAT provision		$	(571,042	)		$	(398,499	)
Income tax payable			(2,158,708	)			(2,132,400	)
Other levies			611,741				591,325
Repatriation tax			29,010,535				29,010,535
Total		$	26,892,526			$	27,070,961

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

		March 31,				March 31,
		2024				2023
Current tax		$	(10,828	)		$	-
Deferred tax			-				-
Total		$	(10,828	)		$	-

Schedule of Deferred Tax Assets

Significant components of deferred tax assets were as follows:

		March 31,				June 30,
		2024				2023
Deferred tax assets
Deferred tax benefit			32,874,122				32,464,001
Valuation allowance			(32,765,474	)			(32,366,181	)
Total deferred tax assets		$	108,647				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 nine months ended March 31, 2024 and 2023 for the following reasons:

		China 15% - 25%								United States 21%								Total
Pretax loss		$	(15,060,332	)							(3,005,976	)							(18,066,308	)

Expected income tax expense (benefit)			(3,765,083	)			25.0	%			(631,255	)			21.0	%			(4,396,338	)
High-tech income benefits on Jinong			-				-				-								-
Losses from subsidiaries in which no benefit is recognized			3,754,255				-24.9	%			-								3,754,255
Change in valuation allowance on deferred tax asset from US tax benefit			-				-				631,255				-21.0	%			631,255
Actual tax expense		$	(10,828	)			0.1	%			-				-				(10,828	)			0.1	%

		China 15% - 25%								United States 21%								Total
Pretax loss		$	(1,474,883	)							(2,460,172	)						$	(3,932,555	)

Expected income tax expense (benefit)			(368,721	)			25.0	%			(516,636	)			21.0	%			(885,357	)
High-tech income benefits on Jinong			552,397				(37.5	)%			-				-				552,397
Losses from subsidiaries in which no benefit is recognized			(183,676	)			12.5	%			-				-				(183,676	)
Change in valuation allowance on deferred tax asset from US tax benefit			-				0	%			516,636				(21.0	)%			516,636
Actual tax expense		$	-				0	%		$	-				0	%		$	-				0	%

Segment Reporting (Tables)

9 Months Ended

Mar. 31, 2024

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 Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		March 31, 2024				March 31, 2023				March 31, 2024				March 31, 2023
Revenues from unaffiliated customers:
Jinong		$	7,534,076			$	9,606,177			$	23,634,474			$	31,596,928
Gufeng			22,544,062				33,457,644				41,174,493				57,886,184
Yuxing			2,467,916				2,198,139				7,262,819				7,915,380
Antaeus			392,263				-				1,064,507				-
Consolidated		$	32,938,317			$	45,261,960			$	73,136,293			$	97,398,492

Operating (loss) income:
Jinong		$	(3,081,511	)		$	(1,687,189	)		$	(3,587,057	)		$	(2,365,810	)
Gufeng			(7,366,951	)			2,491,007				(10,460,423	)			279,915
Yuxing			139,072				127,971				(1,005,290	)			512,218
Antaeus			5,398				-				(88,619	)			-
Reconciling item (1)			-				(748,411	)			-				(2,460,244	)
Reconciling item (2)			(667,294	)			-				(3,005,987	)			-
Consolidated		$	(10,971,286	)		$	183,378			$	(18,147,376	)		$	(4,033,921	)

Net (loss) income:
Jinong		$	(3,078,870	)		$	(1,639,160	)		$	(3,509,256	)		$	(2,209,588	)
Gufeng			(7,406,821	)			2,449,880				(10,586,404	)			113,257
Yuxing			230,907				127,272				(913,113	)			621,448
Antaeus			20,794				-				(40,732	)			-
Reconciling item (1)			-				25				12				72
Reconciling item (2)			(667,294	)			(748,411	)			(3,005,987	)			(2,460,243	)
Consolidated		$	(10,901,284	)		$	189,605			$	(18,055,480	)		$	(3,935,055	)

Depreciation and Amortization:
Jinong		$	193,079			$	199,812			$	572,897			$	589,916
Gufeng			183,444				193,155				549,055				573,201
Yuxing			189,812				194,903				561,453				649,776
Antaeus			125,130				-				350,347				-
Consolidated		$	691,465			$	587,869			$	2,033,752			$	1,812,893

Interest expense:
Jinong			35,530				25,359				91,046				50,486
Gufeng			39,931				41,049				125,782				165,905
Yuxing			-				-				-				-
Antaeus			-				-				-				-
Consolidated		$	75,461			$	66,408			$	216,828			$	216,391

Capital Expenditure:
Jinong		$	9,037			$	1,244			$	50,861			$	35,334
Gufeng			180				1,375				180				217,480
Yuxing			34,630				1,207				97,370				56,700
Antaeus			-				-				1,502,600				-
Consolidated		$	43,847			$	3,825			$	1,651,011			$	309,514

		As of
		March 31,				June 30,
		2024				2023
Identifiable assets:
Jinong		$	75,080,500			$	87,862,836
Gufeng			46,752,248				49,749,041
Yuxing			38,598,326				38,223,482
Antaeus			3,355,841				3,292,247
Reconciling item (1)			9,656,086				7,387,637
Reconciling item (2)			166,121				166,121
Consolidated		$	173,609,122			$	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 (Tables)

9 Months Ended

Mar. 31, 2024

Commitments and Contingencies [Abstract]

Schedule of Contingent Rent Expenses

Accordingly, the Company recorded an aggregate of $42,018 and $40,540 as rent expenses from these committed property leases for the nine-month periods ended March 31, 2024 and 2023, respectively. The contingent rent expenses herein for the next five twelve-month periods ended March 31, are as follows:

Years ending March 31,
2025			$	56,024
2026				56,024
2027				56,024
2028				56,024
2029				56,024

Variable Interest Entities (Tables)

9 Months Ended

Mar. 31, 2024

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 March 31, 2024 and June 30, 2023:

		March 31,				June 30,
		2024				2023
ASSETS
Current assets
Cash and cash equivalents		$	443,264			$	323,854
Accounts receivable, net			437,684				283,221
Inventories			24,714,180				24,288,379
Other current assets			114,640				136,237
Total current assets			25,709,768				25,031,691

Non-current assets:
Plant, property and equipment, net			5,647,070				5,887,278
Intangible assets, net			7,231,583				7,294,729
Other non-current assets			9,905				9,784
Total non-current assets			12,888,558				13,191,791
Total assets		$	38,598,326			$	38,223,482

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	12,667			$	12,512
Customer deposits			45,481				62,134
Accrued expenses and other payables			290,498				282,968
Amount due to related parties			40,664,965				39,346,051
Total current liabilities			41,013,611				39,703,665
Total Liabilities		$	41,013,611				39,703,665

Shareholders’ equity			(2,415,285	)			(1,480,183	)

Total liabilities and shareholders’ equity		$	38,598,326			$	38,223,482

		Three Months Ended March 31,
		2024				2023
Revenue		$	2,467,914			$	2,198,139
Expenses			2,237,007				2,070,867
Net income		$	230,907			$	127,272

		Nine Months Ended March 31,
		2024				2023
Revenue		$	7,262,818			$	7,915,379
Expenses			8,175,931				7,293,931
Net (loss) income		$	(913,113	)		$	621,448

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)			9 Months Ended
	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 16, 2013
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Aggregate cash in accounts and on hand	$ 61,008,072	$ 69,091,838	$ 61,008,072
Digital assets	34,757	210,342	34,757
Accounts receivable	14,940,226	16,455,734	14,940,226
Net of allowance for doubtful accounts	53,898,532	54,708,486	53,898,532
Debt expense			17,000,000	$ 9,300,000
Loss of inventories			4,000,000	$ 1,700,000
Customer deposits	5,220,526	5,489,781
Yuxing [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Percentage of ownership					100.00%
Jinong [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Percentage of ownership					100.00%
United States Bank [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Deposits in banks	$ 587,684	$ 2,050,350	$ 587,684

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Earnings Per Share - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Schedule of Basic and Diluted Earnings Per Share [Abstract]
Net Loss (Income) for Basic Earnings Per Share	$ (10,901,284)	$ 189,605	$ (18,055,480)	$ (3,935,055)
Basic Weighted Average Number of Shares	14,203,877	13,380,914	13,653,240	13,204,768
Net Loss (Income) Per Share – Basic	$ (0.79)	$ 0.02	$ (1.32)	$ (0.3)
Net Loss (Income) for Diluted Earnings Per Share	$ (10,901,284)	$ 189,605	$ (18,055,480)	$ (3,935,055)
Diluted Weighted Average Number of Shares	14,203,877	13,380,914	13,653,240	13,204,768
Net Loss (Income) Per Share – Diluted	$ (0.79)	$ 0.02	$ (1.32)	$ (0.3)

Inventories (Details) - USD ($) $ in Millions	9 Months Ended
Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Inventories [Abstract]
Loss of inventories	$ 4.0	$ 1.7

Inventories (Details) - Schedule of Inventories - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Schedule of Inventories [Abstract]
Raw materials	$ 5,939,882	$ 11,617,989
Supplies and packing materials	863,791	410,904
Work in progress	173,796	172,248
Finished goods	29,727,073	34,253,990
Total	$ 36,704,542	$ 46,455,131

Property, Plant and Equipment (Details) - USD ($)	9 Months Ended
Property, Plant and Equipment (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,872,498	$ 1,639,134
Increase in depreciation expense	$ 233,364
Depreciation expense percentage	14.20%

Property, Plant and Equipment (Details) - Schedule of Property, Plant and Equipment - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 60,750,278	$ 58,390,650
Less: accumulated depreciation	(44,087,143)	(41,700,404)
Total	16,663,135	16,690,246
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	37,538,033	37,065,465
Auto [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,750,682	2,716,931
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	18,958,963	18,608,254
Others [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,502,600

Intangible Assets and Digital Assets (Details)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Jun. 30, 2023 USD ($)	Apr. 02, 2023 ft²	Jul. 02, 2010 USD ($)	Jul. 02, 2010 CNY (¥)	Sep. 25, 2009 m²	Sep. 25, 2009 ft²	Aug. 13, 2003	Aug. 13, 2003 USD ($)	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 intangible assets	$ 10,209,293	¥ 73,184,895
Amortization period of intangible assets	50 years	50 years
Digital assets	$ 34,757		$ 210,342
Land Use Rights [Member]
Intangible Assets [Line Items]
Fair value of intangible assets										$ 145,910			¥ 1,045,950	$ 1,061,271	¥ 7,285,099
Amortization period of intangible assets									50 years					50 years	50 years
Trademarks [Member]
Intangible Assets [Line Items]
Fair value of intangible assets					$ 5,771,342	¥ 41,371,630

Intangible Assets and Digital Assets (Details) - Schedule of Intangible Assets - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Schedule of Intangible Assets [Line Items]
Total	$ 13,562,843	$ 13,563,635
Land Use Rights [Member]
Schedule of Intangible Assets [Line Items]
Total	7,791,501	7,862,624
Intangible assets gross	11,225,564	11,088,765
Less: accumulated amortization	(3,434,063)	(3,226,141)
Technology patent [Member]
Schedule of Intangible Assets [Line Items]
Total	5,771,342	5,701,011
Intangible assets gross	5,823,560	5,752,592
Less: accumulated amortization	(52,218)	(51,581)
Land Use Rights [Member]
Schedule of Intangible Assets [Line Items]
Total	7,791,501	7,862,624
Trademarks [Member]
Schedule of Intangible Assets [Line Items]
Total	$ 5,771,342	$ 5,701,011

Intangible Assets and Digital Assets (Details) - Schedule of Estimated Amortization Expenses of Intangible Assets	Mar. 31, 2024 USD ($)
Schedule of Estimated Amortization Expenses of Intangible Assets [Abstract]
2025	$ 261,831
2026	246,724
2027	224,163
2028	224,163
2029	$ 224,163

Other Non-Current Assets (Details) ¥ in Millions	9 Months Ended
Other Non-Current Assets (Details) ¥ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Other Non-Current Assets [Line Items]
Other non-current assets	$ 6,314,128			$ 5,200,325
Lease fee advances	$ 3,745,576
Lease term	10 years
Shiquan County [Member]
Other Non-Current Assets [Line Items]
Other non-current assets	$ 6,314,128
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
Amortization expenses	$ 1,400,000		$ 1,500,000

Other Non-Current Assets (Details) - Schedule of Estimated Amortization Expenses of the Lease Advance Payments - Other Noncurrent Assets [Member]	Mar. 31, 2024 USD ($)
Estimated Amortization Expenses of the Lease Advance Payments [Line Items]
2025	$ 1,872,788
2026	1,872,788
2027	$ 1,872,788

Accrued Expenses and Other Payables (Details) - Schedule of Accrued Expenses and Other Payables - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Accrued Expenses and Other Payables [Abstract]
Payroll and welfare payable	$ 166,634	$ 188,222
Accrued expenses	9,483,910	9,805,444
Other payables	4,911,128	4,820,193
Other levy payable	116,994	115,568
Total	$ 14,678,667	$ 14,929,427

Amount Due to Related Parties (Details)			1 Months Ended		9 Months Ended		12 Months Ended
Amount Due to Related Parties (Details)	Jul. 01, 2022 USD ($) m² ft²	Jul. 01, 2022 CNY (¥) m² ft²	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 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					$ 5,641,462		$ 5,439,209
Borrowed from related party					191,000	$ 320,000
Area of land (in Square Feet)								4,348	353,000	3,800,000	42,726	459,898
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					976,500		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
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	$ 3,906	¥ 28,000
Sales Agreement [Member]
Amount Due to Related Parties [Line Items]
Contingent contracted value amount			$ 3,557,250	¥ 25,500,000

Loan Payables (Details) - USD ($)	9 Months Ended
Loan Payables (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Loan Payables [Line Items]
Interest expense from loans	$ 216,828	$ 216,391
Minimum [Member] \| Loan Payable [Member]
Loan Payables [Line Items]
Loans payable, interest rate	3.65%
Maximum [Member] \| Loan Payable [Member]
Loan Payables [Line Items]
Loans payable, interest rate	5.00%

Loan Payables (Details) - Schedule of Loan Payables	9 Months Ended
Loan Payables (Details) - Schedule of Loan Payables	Mar. 31, 2024 USD ($)
Loan Payables [Line Items]
Loans payable	$ 7,505,100
Beijing Bank -Pinggu Branch [Member]
Loan Payables [Line Items]
Loan period per agreement, Start and End	June 5, 2023-June 5, 2024
Interest Rate	4.15%
Loans payable	$ 1,395,000
Huaxia Bank -HuaiRou Branch [Member]
Loan Payables [Line Items]
Loan period per agreement, Start and End	June 28, 2023-June 28, 2024
Interest Rate	3.65%
Loans payable	$ 1,395,000
Pinggu New Village Bank [Member]
Loan Payables [Line Items]
Loan period per agreement, Start and End	June 29, 2023-June 28, 2024
Interest Rate	5.00%
Loans payable	$ 976,500
Industrial Bank Co. Ltd [Member]
Loan Payables [Line Items]
Loan period per agreement, Start and End	August 19, 2022-August 18, 2024
Interest Rate	3.98%
Loans payable	$ 948,600
Industrial Bank Co. Ltd [Member]
Loan Payables [Line Items]
Loan period per agreement, Start and End	October 7, 2023-October 6, 2024
Interest Rate	3.70%
Loans payable	$ 2,790,000

Taxes Payable (Details)					9 Months Ended
Taxes Payable (Details)	Mar. 20, 2019	Apr. 04, 2018	Apr. 28, 2017	Jan. 01, 2008	Mar. 31, 2024	Mar. 31, 2023
Taxes Payable [Line Items]
Income tax rate percentage				15.00%	21.00%	21.00%
Tax reduction tax holiday					50.00%
VAT percentage					9.00%
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	9.00%	10.00%	11.00%		0.00%	0.10%
Minimum [Member]
Taxes Payable [Line Items]
Income tax rate percentage				25.00%
Minimum [Member] \| PRC [Member]
Taxes Payable [Line Items]
Income tax rate percentage	1.00%	1.00%	2.00%
Maximum [Member]
Taxes Payable [Line Items]
Income tax rate percentage				33.00%
Maximum [Member] \| PRC [Member]
Taxes Payable [Line Items]
Income tax rate percentage	10.00%	11.00%	13.00%

Taxes Payable (Details) - Schedule of Income Taxes and Related Payables - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Schedule of Income Taxes and Related Payables [Abstract]
VAT provision	$ (571,042)	$ (398,499)
Income tax payable	(2,158,708)	(2,132,400)
Other levies	611,741	591,325
Repatriation tax	29,010,535	29,010,535
Total	$ 26,892,526	$ 27,070,961

Taxes Payable (Details) - Schedule of Provision for Income Taxes - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Schedule of Provision for Income Taxes [Abstract]
Current tax			$ (10,828)
Deferred tax
Total	$ 5,527		$ (10,828)

Taxes Payable (Details) - Schedule of Deferred Tax Assets - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Deferred tax assets
Deferred tax benefit	$ 32,874,122	$ 32,464,001
Valuation allowance	(32,765,474)	(32,366,181)
Total deferred tax assets	$ 108,647	$ 97,820

Taxes Payable (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($)	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Pretax loss	$ (18,066,308)	$ (3,932,555)
Expected income tax expense (benefit)	(4,396,338)	(885,357)
High-tech income benefits on Jinong		552,397
Losses from subsidiaries in which no benefit is recognized	3,754,255	(183,676)
Change in valuation allowance on deferred tax asset from US tax benefit	631,255	516,636
Actual tax expense	$ (10,828)
Actual tax expense, Percentage	0.10%	0.00%
China 15% - 25% [Member]
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Pretax loss	$ (15,060,332)	$ (1,474,883)
Expected income tax expense (benefit)	$ (3,765,083)	$ (368,721)
Expected income tax expense (benefit), Percentage	25.00%	25.00%
High-tech income benefits on Jinong		$ 552,397
High-tech income benefits on Jinong, Percentage		(37.50%)
Losses from subsidiaries in which no benefit is recognized	$ 3,754,255	$ (183,676)
Losses from subsidiaries in which no benefit is recognized, Percentage	(24.90%)	12.50%
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		0.00%
Actual tax expense	$ (10,828)
Actual tax expense, Percentage	0.10%	0.00%
United States 21% [Member]
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Pretax loss	$ (3,005,976)	$ (2,460,172)
Expected income tax expense (benefit)	$ (631,255)	$ (516,636)
Expected income tax expense (benefit), Percentage	21.00%	21.00%
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	$ 631,255	$ 516,636
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage	(21.00%)	(21.00%)
Actual tax expense
Actual tax expense, Percentage		0.00%

Shareholders’ Equity (Details) - USD ($)				9 Months Ended
Shareholders’ Equity (Details) - USD ($)	Feb. 16, 2024	Jan. 18, 2024	Nov. 25, 2022	Mar. 31, 2024	Jun. 30, 2023	Aug. 02, 2022
Stockholders Equity [Line Items]
Issuance shares						1,117,142
Ownership cost (in Dollars)						$ 16,757,130
Common stock, shares issued		439,109	122,305	14,793,538	13,380,914
Consulting services (in Dollars)		$ 887,000	$ 658,000
Fair value stock (in Dollars)	$ 1,849,680
Common stock, shares outstanding				14,793,538	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

Segment Reporting (Details)	9 Months Ended
Segment Reporting (Details)	Mar. 31, 2024 Segments
Segment Reporting [Abstract]
Number of business segments	4
Number of operating segments	4

Segment Reporting (Details) - Schedule of Segment Reporting Information - USD ($)

3 Months Ended

9 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Mar. 31, 2023

Jun. 30, 2023

Revenues from unaffiliated customers:

Revenues from unaffiliated customers

$ 32,938,317

$ 45,261,960

$ 73,136,293

$ 97,398,492

Operating (loss) income:

Operating (loss) income

(10,971,286)

183,378

(18,147,376)

(4,033,921)

Net (loss) income:

Net (loss) income

(10,901,284)

189,605

(18,055,480)

(3,935,055)

Depreciation and Amortization:

Depreciation and Amortization

691,465

587,869

2,033,752

1,812,893

Interest expense:

Interest expense

75,461

66,408

216,828

216,391

Capital Expenditure:

Capital Expenditure

43,847

3,825

1,651,011

309,514

Identifiable assets

173,609,122

173,609,122

$ 186,681,364

Jinong [Member]

Revenues from unaffiliated customers:

Revenues from unaffiliated customers

7,534,076

9,606,177

23,634,474

31,596,928

Operating (loss) income:

Operating (loss) income

(3,081,511)

(1,687,189)

(3,587,057)

(2,365,810)

Net (loss) income:

Net (loss) income

(3,078,870)

(1,639,160)

(3,509,256)

(2,209,588)

Depreciation and Amortization:

Depreciation and Amortization

193,079

199,812

572,897

589,916

Interest expense:

Interest expense

35,530

25,359

91,046

50,486

Capital Expenditure:

Capital Expenditure

9,037

1,244

50,861

35,334

Identifiable assets

75,080,500

75,080,500

87,862,836

Gufeng [Member]

Revenues from unaffiliated customers:

Revenues from unaffiliated customers

22,544,062

33,457,644

41,174,493

57,886,184

Operating (loss) income:

Operating (loss) income

(7,366,951)

2,491,007

(10,460,423)

279,915

Net (loss) income:

Net (loss) income

(7,406,821)

2,449,880

(10,586,404)

113,257

Depreciation and Amortization:

Depreciation and Amortization

183,444

193,155

549,055

573,201

Interest expense:

Interest expense

39,931

41,049

125,782

165,905

Capital Expenditure:

Capital Expenditure

180

1,375

180

217,480

Identifiable assets

46,752,248

46,752,248

49,749,041

Yuxing [Member]

Revenues from unaffiliated customers:

Revenues from unaffiliated customers

2,467,916

2,198,139

7,262,819

7,915,380

Operating (loss) income:

Operating (loss) income

139,072

127,971

(1,005,290)

512,218

Net (loss) income:

Net (loss) income

230,907

127,272

(913,113)

621,448

Depreciation and Amortization:

Depreciation and Amortization

189,812

194,903

561,453

649,776

Interest expense:

Interest expense

Capital Expenditure:

Capital Expenditure

34,630

1,207

97,370

56,700

Identifiable assets

38,598,326

38,598,326

38,223,482

Antaeus [Member]

Revenues from unaffiliated customers:

Revenues from unaffiliated customers

392,263

1,064,507

Operating (loss) income:

Operating (loss) income

5,398

(88,619)

Net (loss) income:

Net (loss) income

20,794

(40,732)

Depreciation and Amortization:

Depreciation and Amortization

125,130

350,347

Interest expense:

Interest expense

Capital Expenditure:

Capital Expenditure

1,502,600

Identifiable assets

3,355,841

3,355,841

3,292,247

Reconciling item 1 [Member]

Operating (loss) income:

Operating (loss) income

^[1]

(748,411)

(2,460,244)

Net (loss) income:

Net (loss) income

^[1]

25

12

72

Capital Expenditure:

Identifiable assets

^[1]

9,656,086

9,656,086

7,387,637

Reconciling item 2 [Member]

Operating (loss) income:

Operating (loss) income

^[2]

(667,294)

(3,005,987)

Net (loss) income:

Net (loss) income

^[2]

(667,294)

$ (748,411)

(3,005,987)

$ (2,460,243)

Capital Expenditure:

Identifiable assets

^[2]

$ 166,121

$ 166,121

$ 166,121

[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 (Details)			9 Months Ended
Commitments and Contingencies (Details)	Jul. 01, 2022 USD ($) m² ft²	Jul. 01, 2022 CNY (¥) m² ft²	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Apr. 02, 2023 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 \| $			$ 42,018	$ 40,540
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	$ 3,906	¥ 28,000

Commitments and Contingencies (Details) - Schedule of Contingent Rent Expenses	Mar. 31, 2024 USD ($)
Schedule of Contingent Rent Expenses [Abstract]
2025	$ 56,024
2026	56,024
2027	56,024
2028	56,024
2029	$ 56,024

Variable Interest Entities (Details) - Schedule of VIEs Consolidated Financial Statements - VIE (Yuxing) [Member] - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Current assets
Cash and cash equivalents	$ 443,264		$ 443,264		$ 323,854
Accounts receivable, net	437,684		437,684		283,221
Inventories	24,714,180		24,714,180		24,288,379
Other current assets	114,640		114,640		136,237
Total current assets	25,709,768		25,709,768		25,031,691
Non-current assets:
Plant, property and equipment, net	5,647,070		5,647,070		5,887,278
Intangible assets, net	7,231,583		7,231,583		7,294,729
Other non-current assets	9,905		9,905		9,784
Total non-current assets	12,888,558		12,888,558		13,191,791
Total assets	38,598,326		38,598,326		38,223,482
Current liabilities
Accounts payable	12,667		12,667		12,512
Customer deposits	45,481		45,481		62,134
Accrued expenses and other payables	290,498		290,498		282,968
Amount due to related parties	40,664,965		40,664,965		39,346,051
Total current liabilities	41,013,611		41,013,611		39,703,665
Total Liabilities	41,013,611		41,013,611		39,703,665
Shareholders’ equity	(2,415,285)		(2,415,285)		(1,480,183)
Total liabilities and shareholders’ equity	38,598,326		38,598,326		$ 38,223,482
Revenue	2,467,914	$ 2,198,139	7,262,818	$ 7,915,379
Expenses	2,237,007	2,070,867	8,175,931	7,293,931
Net (loss) income	$ 230,907	$ 127,272	$ (913,113)	$ 621,448

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