Taxes Payable (Tables)

6 Months Ended

Dec. 31, 2024

Taxes Payable [Abstract]

Schedule of Income Taxes and Related Payables

Income Taxes and Related Payables

	December 31,			June 30,
	2024			2024
VAT provision	$	(739,641	)	$	(692,476	)
Income tax payable		(2,120,486	)		(2,127,759	)
Other levies		589,744			590,875
Repatriation tax		29,010,535			29,010,535
Total	$	26,740,152		$	26,781,175

Schedule of Provisions for Income Taxes

The provision for income taxes consists of the following:

	December 31,			December 31,
	2024			2023
Current tax - foreign	$	(49,272	)	$	(16,355	)
Deferred tax		-			-
Total	$	(49,272	)	$	(16,355	)

Schedule of Deferred Tax Assets

Significant components of deferred tax assets were as follows:

	December 31,			June 30,
	2024			2024
Deferred tax assets
Deferred tax benefit		32,743,069			32,804,190
Valuation allowance		(32,185,326	)		(32,295,719	)
Total deferred tax assets	$	557,743		$	508,471

Schedule of Effective Income Tax Rate Reconciliation

Our effective tax rates were approximately 0.7% and 0.2% for the six months ended December 31, 2024 and 2023, respectively. Substantially all the Company’s income before income taxes and related tax expense are from PRC sources. Actual income tax benefit reported in the consolidated statements of operations and comprehensive income (loss) differ from the amounts computed by applying the US statutory income tax rate of 21.0% to income before income taxes for the six months ended December 31, 2024 and 2023 for the following reasons:

	China 15% - 25%					United States 21%					Total
Pretax loss	$	(5,978,461	)				(1,045,685	)			$	(7,024,146	)
Expected income tax expense (benefit)		(1,494,615	)	25.0	%		(219,594	)	21.0	%		(1,714,209	)
High-tech income benefits on Jinong		-		-			-					-
Losses from subsidiaries in which no benefit is recognized		1,445,344		-24.2	%		-					1,445,344
Change in valuation allowance on deferred tax asset from US tax benefit		-		-			219,594		-21.0	%		219,594
Actual tax expense	$	(49,272	)	0.8	%		-		-		$	(49,272	)	0.7	%

	China 15% - 25%					United States 21%					Total
Pretax loss	$	(4,831,871	)				(2,338,679	)			$	(7,170,551	)
Expected income tax expense (benefit)		(1,207,968	)	25.0	%		(491,123	)	21.0	%		(1,699,090	)
High-tech income benefits on Jinong		-		-			-					-
Losses from subsidiaries in which no benefit is recognized		1,191,613		-24.7	%		-					1,191,613
Change in valuation allowance on deferred tax asset from US tax benefit		-		-			491,123		-21.0	%		491,123
Actual tax expense	$	(16,355	)	0.3	%		-		-		$	(16,355	)	0.2	%