Segment Reporting

6 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 14 – 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 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.

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
Revenues from unaffiliated customers:	2019			2018			2019			2018
Jinong	$	14,521,485		$	16,987,360		$	33,576,301		$	39,483,893
Gufeng		22,266,549			22,355,690			38,589,766			39,828,941
Yuxing		2,461,510			2,623,493			5,001,221			5,011,039
Sales VIEs		10,315,465			10,287,922			23,219,292			25,885,396
Consolidated	$	49,565,009		$	52,254,465		$	100,386,580		$	110,209,269
Operating income:
Jinong	$	(6,345,818	)	$	2,171,448		$	(5,767,775	)	$	9,099,538
Gufeng		(21,628,851	)		2,493,457			(33,129,109	)		4,102,509
Yuxing		141,271			(3,796,684	)		295,949			(3,603,507	)
Sales VIEs		547,915			3,748,752			4,841,232			6,380,051
Reconciling item (1)		0			0			0			0
Reconciling item (2)		(512,534	)		(342,219	)		(851,214	)		(963,984	)
Consolidated	$	(27,798,017	)	$	4,274,754		$	(34,610,917	)	$	15,014,607
Net income:
Jinong	$	(5,381,542	)	$	1,789,640		$	(4,857,441	)	$	7,689,656
Gufeng		(21,682,935	)		1,731,121			(33,194,889	)		2,851,465
Yuxing		140,943			(3,796,526	)		295,498			(3,603,348	)
Sales VIEs		355,224			3,136,310			4,223,710			5,556,339
Reconciling item (1)		1			8			7			10
Reconciling item (2)		(512,534	)		(342,218	)		(851,214	)		(963,984	)
Reconciling item (3)		(36	)		(12,598	)		(12,350	)		(12,598	)
Consolidated	$	(27,080,879	)	$	2,505,735		$	(34,396,679	)	$	11,517,540
Depreciation and Amortization:
Jinong	$	190,770		$	194,706		$	381,848		$	392,964
Gufeng		516,523			529,305			1,036,858			1,065,924
Yuxing		293,996			299,900			589,649			604,719
Sales VIEs		180,739			183,777			361,862			370,583
Consolidated	$	1,182,028		$	1,207,689		$	2,370,218		$	2,434,189
Interest expense:
Jinong		19,188			68,317			25,600			137,758
Gufeng		68,204			81,384			138,993			174,506
Yuxing		0			0			0			0
Sales VIEs		(77,098	)		(123	)		(77,097	)		0
Consolidated	$	10,294		$	149,578		$	87,496		$	312,264
Capital Expenditure:
Jinong	$	20,371		$	456		$	24,949		$	3,492
Gufeng		0			18,616			0			45,604
Yuxing		18,762			6,850			25,585			8,099
Sales VIEs		0			0			0			0
Consolidated	$	39,132		$	25,922		$	50,533		$	57,195

	As of
	December 31,			June 30,
	2019			2019
Identifiable assets:
Jinong	$	151,943,538		$	149,166,251
Gufeng		212,588,812			253,149,321
Yuxing		35,391,166			35,900,242
Sales VIEs		44,658,161			42,269,307
Reconciling item (1)		533,738			518,158
Reconciling item (2)		(2,879	)		(2,879	)
Consolidated	$	445,112,535		$	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.