Segment Reporting

9 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 15 – SEGMENT REPORTING

The Company is 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 (expense) and net income (loss) 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 (loss) by segment.

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	March 31, 2021			March 31, 2020			March 31, 2021			March 31, 2020
Revenues from unaffiliated customers:
Jinong	$	15,818,610		$	11,266,437		$	45,249,797		$	44,842,738
Gufeng		48,438,434			57,094,310			86,703,031			95,684,076
Yuxing		3,055,588			2,014,987			8,161,271			7,016,208
Sales VIEs		18,755,772			15,450,955			38,453,879			38,670,247
Consolidated	$	86,068,404		$	85,826,689		$	178,567,978		$	186,213,269
Operating income (loss):
Jinong	$	(4,562,066	)	$	(4,567,306	)	$	(9,626,306	)	$	(10,335,081	)
Gufeng		(11,120,630	)		(44,325,347	)		(71,940,923	)		(77,454,456	)
Yuxing		174,453			5,003			462,879			300,952
Sales VIEs		1,348,375			812,350			107,604			5,653,582
Reconciling item (1)		-			-			-			-
Reconciling item (2)		-			(389,072	)		-			(1,240,286	)
Consolidated	$	(14,159,868	)	$	(48,464,372	)	$	(80,996,746	)	$	(83,075,289	)
Net income (loss):
Jinong	$	(4,546,023	)	$	(5,388,358	)	$	(9,836,830	)	$	(10,245,799	)
Gufeng		(11,179,039	)		(44,538,320	)		(72,188,675	)		(77,733,209	)
Yuxing		174,804			4,204			479,363			299,702
Sales VIEs		1,023,254			89,265			(710,755	)		4,312,975
Reconciling item (1)		5			(1	)		7			6
Reconciling item (2)		(287,608	)		(389,072	)		(3,534,467	)		(1,240,286	)
Reconciling item (3)		(181	)		(28	)		(13,008	)		(12,379	)
Consolidated	$	(14,814,788	)	$	(50,222,309	)	$	(85,804,365	)	$	(84,618,989	)
Depreciation and Amortization:
Jinong	$	206,810		$	190,739		$	601,680		$	572,587
Gufeng		326,677			521,051			935,344			1,557,909
Yuxing		318,190			296,863			928,761			886,512
Sales VIEs		131,354			182,658			384,717			526,096
Consolidated	$	983,031		$	1,172,886		$	2,850,502		$	3,543,104
Interest expense:
Jinong		-			59			-			25,659
Gufeng		57,316			76,248			181,269			215,241
Yuxing		-			-			-			-
Sales VIEs		-			(87,497	)		-			(164,594	)
Consolidated	$	57,316		$	(11,190	)	$	181,269		$	76,306
Capital Expenditure:
Jinong	$	2,020		$	57		$	59,068		$	25,005
Gufeng		38,380			698			74,133			698
Yuxing		106,540			268			106,540			25,852
Sales VIEs		23,970			14,654			23,970			14,654
Consolidated	$	170,910		$	15,677		$	263,711		$	66,210

	As of
	March 31,			June 30,
	2021			2020
Identifiable assets:
Jinong	$	80,082,353		$	83,055,679
Gufeng		155,355,263			213,038,203
Yuxing		37,814,171			34,310,053
Sales VIEs		52,403,577			44,715,491
Reconciling item (1)		(35,491,191	)		(33,157,364	)
Reconciling item (2)		166,121			166,121
Consolidated	$	290,330,294		$	342,128,183

(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.