PROPERTY AND EQUIPMENT, NET |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT, NET | NOTE 8 - PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following:
Depreciation and amortization expense charged to the continuing operations was US$355,676 and US$5,022 for the nine months ended March 31, 2024 and 2023, respectively. Depreciation and amortization expense charged to the continuing operations was US$112,487 and US$4,737 for the three months ended March 31, 2024 and 2023, respectively.
Depreciation and amortization expense charged to the discontinued operations was US$2,403 and US$180,317 for the nine months ended March 31, 2024 and 2023, respectively. Depreciation and amortization expense charged to the discontinued operations was US$ and US$15,931 for the three months ended March 31, 2024 and 2023, respectively.
The management performed evaluation on the impairment of property and equipment periodically. Due to the continuous impact from the COVID-19 pandemic, the Company’s Zhisheng VIEs, have not been able to grow and cultivate green agricultural produce on the leased farmlands, and based on the management estimation, these farmlands are unlikely to generate enough future profit and cashflow, hence, the Company decided to record full impairment of such leased farmland. Therefore, farmland leasehold improvements relating to these farmlands were also fully impaired. No impairment loss on property and equipment from the continuing operations and discontinued operations for the nine and three months ended March 31, 2024 and 2023, respectively.
The Company pledged certain property and equipment for the Company’s bank loans and its related party’s personal loan (see Note 12 and Note 13).
Farmland leasehold improvements, net consisted of following:
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