Discontinued Operations

12 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIUONS

NOTE 20 – DISCONTINUED OPERATIONS

On June 10, 2021, the Company, through its wholly-owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Xindeguo and Xinyulei. In return, the shareholders of Xindeguo and Xinyulei agreed to pay cash with amount of RMB1,850,000 (approximately $286,380) to the Company.

For the discontinuation of Xindeguo and Xinyulei made on June 10, 2021, the Company gave up the control of the following assets in Xindeguo and Xinyulei:

Working Capital	$	(1,135,366	)
Intangible Assets		28,050
Long-term equity investment		139,320
Goodwill		1,257,784
Total Asset		288,898

In return, the purchase consideration returned to the Company from Xindeguo and Xinyulei’s shareholders is summarized below:

Cash	$	286,380
Total Payback	$	286,380
Net Gain (Loss)		(2,518	)

On June 10, 2021, the Company, through its wholly-owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Xiangrong. In return, the shareholders of Xiangrong agreed to pay cash with amount of RMB24,430,000 (approximately $3,781,764) to the Company.

For the discontinuation of Xiangrong made on June 10, 2021, the Company gave up the control of the following assets in Xiangrong:

Working Capital	$	2,930,551
Intangible assets		23,890
Goodwill		316,200
Total Asset	$	3,270,641

In return, the purchase consideration returned to the Company from Xiangrong’s shareholders is summarized below:

Cash	$	3,781,764
Total Payback	$	3,781,764
Net Gain (Loss)		511,123

The following table summarizes the results of discontinued operations for the periods presented:

	June 30,		June 30,
	2021		2020
ASSETS
Current Assets
Cash and cash equivalents	$	26,426	$	96,185
Accounts receivable, net		4,905,066		6,641,255
Inventories		2,896,198		512,441
Other current assets		1,392,245		159,165
Related party receivable		0		0
Advances to suppliers		390,656		79,095
Total Current Assets		9,610,591		7,488,141
Plant, Property and Equipment, Net		0		14,780
Other assets		139,320		152,820
Intangible Assets, Net		51,940		112,575
Goodwill		1,573,984		1,438,751
Total Assets	$	11,375,835	$	9,207,067
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1,235,297	$	445,059
Customer deposits		595,528		15,701
Accrued expenses and other payables		5,985,470		4,390,475
Amount due to related parties		0		0
Total Current Liabilities		7,816,295		4,851,235
Total Liabilities	$	7,816,295		4,851,235
Stockholders’ equity		3,559,540		4,355,832
Total Liabilities and Stockholders’ Equity	$	11,375,835	$	9,207,067

	Years Ended June 30,
	2021			2020
Revenue	$	8,519,069		$	19,815,384
Cost of goods sold		7,053,703			17,119,372
Selling expenses		297,449			344,185
General and administrative expenses		2,260,980			(1,397,894	)
Other income (expense)		125			(34	)
Income before provision (benefit) from income taxes		(1,092,938	)		3,749,687
Provision (benefit) for income taxes		83,560			240,941
(Loss) income from discontinued operations, net of taxes	$	(1,176,498	)	$	3,508,746