Segment Reporting

12 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 16 – SEGMENT REPORTING

As of June 30, 2020, 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 the sales VIEs. Each of the four operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment.

	Years Ended June 30,
	2020			2019
Revenues from unaffiliated customers:
Jinong	$	57,001,659		$	76,494,490
Gufeng		119,623,964			136,285,236
Yuxing		9,227,113			10,101,051
Sales VIEs		63,390,760			71,440,026
Consolidated	$	249,243,496		$	294,320,803
Operating income (expense):
Jinong	$	(18,249,504	)	$	7,288,789
Gufeng		(117,826,339	)		14,076,655
Yuxing		413,226			(3,435,206	)
Sales VIEs		3,045,528			2,681,521
Reconciling item (1)		-			-
Reconciling item (2)		(1,555,269	)		(1,807,011	)
Consolidated	$	(134,172,358	)	$	18,804,748

Net income (loss):
Jinong	$	(15,422,166	)	$	5,925,025
Gufeng		(88,682,298	)		10,191,675
Yuxing		425,957			(3,435,659	)
Sales VIEs		2,153,503			729,023
Reconciling item (1)		19			9
Reconciling item (2)		(1,555,269	)		(1,807,009	)
Reconciling item (3)	$	(33,671,883	)	$	(12,668	)
Consolidated	$	(136,752,136	)	$	11,590,395
Depreciation and Amortization:
Jinong	$	760,535		$	788,787
Gufeng		2,070,861			2,144,061
Yuxing		1,179,144			1,242,761
Sales VIEs		687,942			745,169
Consolidated	$	4,698,482		$	4,920,779
Interest expense:
Jinong		25,593			277,003
Gufeng		278,373			318,122
Yuxing		-			-
Sales VIEs		105			-
Consolidated	$	304,071		$	595,125
Capital Expenditure:
Jinong	$	50,625		$	6,862
Gufeng		4,448			47,096
Yuxing		27,794			9,653
Sales VIEs		14,617			-
Consolidated	$	97,483		$	63,610

	As of
	June 30,			June 30,
	2020			2019
Identifiable assets:
Jinong	$	83,055,679		$	149,166,251
Gufeng		213,038,203			253,149,321
Yuxing		34,310,053			35,900,242
Sales VIEs		44,715,491			42,269,307
Reconciling item (1)		(33,157,364	)		518,158
Reconciling item (2)		166,121			(2,879	)
Consolidated	$	342,128,183		$	481,000,399

(1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey.

(2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company.

(3) Reconciling amounts refer to the loss on discontinuing sales VIE of Shenqiu Zhenbai.

Total revenues from exported products currently accounted for less than 1% of the Company’s total fertilizer revenues for the years ended June 30, 2020 and 2019, respectively.