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Restricted Net Assets | 12 Months Ended
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Jun. 30, 2020
Disclosure Text Block Supplement [Abstract] |
RESTRICTED NET ASSETS | NOTE 20 – RESTRICTED NET ASSETS The Company’s operations are primarily conducted through its PRC subsidiaries, which can only pay dividends out of their retained earnings determined in accordance with the accounting standards and regulations in the PRC and after it has met the PRC requirements for appropriation to statutory reserves. In addition, the Company’s businesses and assets are primarily denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. These currency exchange control procedures imposed by the PRC government authorities may restrict the ability of the Company’s PRC subsidiaries to transfer their net assets to the Parent Company through loans, advances or cash dividends. The Company’s PRC subsidiaries net assets as of June 30, 2020 and 2019 exceeded 25% of the Company’s consolidated net assets. Accordingly, condensed Parent Company financial statements have been prepared in accordance with Rule 5-04 and Rule 12-04 of SEC Regulation S-X, and are as follows. Parent Company Financial Statements PARENT COMPANY FINANCIAL INFORMATION OF CHINA GREEN AGRICULTURE, INC. Condensed Balance Sheets
|  | As of June 30, |
|  | 2020 |  |  | 2019 |
ASSETS |  |  |  |  |  |
Current Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 65,520 |  |  | $ | 78,406 |
Other current assets |  |  | 169,071 |  |  |  | 71 |
Total Current Assets |  |  | 234,590 |  |  |  | 78,476 |
Long-term equity investment |  |  | 273,573,440 |  |  |  | 406,084,910 |
Total long-term assets |  |  | 273,573,440 |  |  |  | 406,084,910 |
Total Assets |  | $ | 273,808,030 |  |  | $ | 406,163,387 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 214,520 |  |  | $ | 214,520 |
Amount due to related parties |  |  | 3,192,986 |  |  |  | 2,592,986 |
Other payables and accrued expenses |  |  | 7,594,602 |  |  |  | 6,800,194 |
Total Current Liabilities |  |  | 11,002,108 |  |  |  | 9,607,701 |
Stockholders’ Equity |  |  |  |  |  |  |  |
Common stock, $.001 par value, 115,197,165 shares authorized, 3,986,912 and 3,241,413 shares issued and outstanding as of June 30, 2020 and June 30, 2019, respectively |  |  | 6,350 |  |  |  | 3,987 |
Additional paid in capital |  |  | 155,455,332 |  |  |  | 138,012,445 |
Accumulated other comprehensive income |  |  | (34,264,089 | ) |  |  | (19,821,211 | )
Retained earnings |  |  | 141,608,329 |  |  |  | 278,360,465 |
Total Stockholders’ Equity |  |  | 262,805,922 |  |  |  | 396,555,686 |
Total Liabilities and Stockholders’ Equity |  | $ | 273,808,030 |  |  | $ | 406,163,387 |
Condensed Statements of Operations
|  | Year ended June 30, |
|  | 2020 |  |  | 2019 |
Revenue |  | $ | - |  |  | $ | - |
General and administrative expenses |  |  | 1,555,269 |  |  |  | 1,807,010 |
Interest income |  |  | 19 |  |  |  | 9 |
Provision for tax |  |  | - |  |  |  | - |
Equity investment in subsidiaries |  |  | (135,196,887 | ) |  |  | 13,397,397 |
Net income |  | $ | (136,752,136 | ) |  | $ | 11,590,395 |
Condensed Statements of Cash Flows |  | Year Ended June 30, |
|  | 2020 |  |  | 2019 |
Net cash provided by (used in) operating activities |  | $ | (10,864,886 | ) |  | $ | (8,617,776 | )
Net cash provided by (used in) investing activities |  |  | - |  |  |  | - |
Net cash provided by (used in) financing activities |  |  | 10,852,000 |  |  |  | 8,679,230 |
Cash and cash equivalents, beginning balance |  |  | 78,405 |  |  |  | (29,103,559 | )
Cash and cash equivalents, ending balance |  | $ | 65,520 |  |  | $ | (29,042,104 | )
Notes to Condensed Parent Company Financial Information As of June 30, 2020, and 2019, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Consolidated Financial Statements, if any. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

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