Segment Reporting

12 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 16 – SEGMENT REPORTING

As of June 30, 2022, the Company was organized into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production). Each of the three 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,
	2022			2021
Revenues from unaffiliated customers:
Jinong	$	54,339,228		$	59,409,169
Gufeng		102,755,286			110,834,918
Yuxing		11,356,390			11,038,666
Consolidated	$	168,450,904		$	181,282,753
Operating income (expense):
Jinong	$	(3,466,631	)	$	(20,314,442	)
Gufeng		(80,233,988	)		(98,976,802	)
Yuxing		581,840			622,636
Reconciling item (1)		-			-
Reconciling item (2)		(679,326	)		(1,830,382	)
Consolidated	$	(83,798,104	)	$	(122,292,018	)

Net income (loss):
Jinong	$	(3,063,634	)		(20,482,770	)
Gufeng		(80,547,966	)		(99,310,549	)
Yuxing		722,936			639,313
Reconciling item (1)		4,513			13
Reconciling item (2)		612,503			(4,529,952	)
Reconciling item (3)	$	1,748,951		$	(1,309,864	)
Consolidated	$	(80,522,696	)	$	(124,993,809	)
Depreciation and Amortization:
Jinong	$	833,042		$	809,559
Gufeng		816,510			1,202,230
Yuxing		1,280,938			1,249,414
Consolidated	$	2,930,490		$	3,261,203
Interest expense:
Jinong		-			-
Gufeng		256,784			266,304
Yuxing		-			-
Consolidated	$	256,784		$	266,304
Capital Expenditure:
Jinong	$	97,900		$	59,916
Gufeng		29,308			75,983
Yuxing		37,069			108,732
Consolidated	$	164,278		$	244,632

	As of
	June 30,			June 30,
	2022			2021
Identifiable assets:
Jinong	$	100,958,241		$	85,585,344
Gufeng		80,823,101			130,346,782
Yuxing		40,132,337			38,516,348
Reconciling item (1)		(27,064,606	)		(31,748,449	)
Reconciling item (2)		166,121			166,121
Consolidated	$	195,115,195		$	222,866,145

(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 gain on discontinuing sales VIEs and the intercompany transaction clearing.

Total revenues from exported products currently accounted for less than 1% of the Company’s total fertilizer revenues for the years ended June 30, 2022 and 2021, respectively.