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Inventories
 12 Months Ended
Jun. 30, 2019
Inventory Disclosure [Abstract]  
INVENTORIES

NOTE 3 – INVENTORIES

 

Inventories consisted of the following:

 

   June 30,   June 30, 
   2019   2018 
Raw materials  $102,268,620   $13,154,465 
Supplies and packing materials  $496,138   $566,254 
Work in progress  $390,708   $417,130 
Finished goods  $58,858,423   $39,646,965 
Total  $162,013,889   $53,784,814 

 

During the year ended June 30, 2019, the Company sold compound fertilizers (finished goods) to certain parties at market price, and purchased equivalent amount of simple fertilizers (raw material) from the same parties also at market price. The simple fertilizers purchased, along with other materials were used in the Company's production facility to manufacture compound fertilizers. While nonmonetary, the sales and purchase transactions were consummated independently under separate agreements at different times, and measured at the prevailing market value. The total amount of nonmonetary sales and purchases amounted to $134,655,878 during the year ended June 30, 2019. No gain or loss incurred as the result of the nonmonetary transactions.