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Discontinued Operations | 12 Months Ended
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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 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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