INVENTORIES, NET

12 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 5 – INVENTORIES, NET

The inventories, net consisted of the following:

	June 30, 2024			June 30, 2023
Raw materials	$	290,152		$	315,129
Work-in-process		338,902			16,713,913
Finished goods		989,914			1,179,243
Less: inventory reserve		(30,443	)		(1,163,304	)
Total inventories, net		1,588,525			17,044,981
Less: inventories, net, held for discontinued operations		-			(16,720,575	)
Inventories, net, held for continuing operations	$	1,588,525		$	324,406

Work-in-process mainly includes direct costs such as seed selection, fertilizer, labor cost, and subcontractor fees that are spent in growing agricultural products on the leased farmland, and indirect costs which include amortization of the prepayment of the farmland lease fees and farmland development costs. All the costs are accumulated until the time of harvest and then allocated to harvested crop costs when they are sold.

The Company wrote off inventory held for discontinued operations amounted to nil and US$803,186 during the years ended June 30, 2024 and 2023, respectively. It was due to the continuous impact from the COVID-19 pandemic which resulted in the damage and death of a large number of yew trees.