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Inventories

12 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

NOTE 4 – INVENTORIES

Inventories consisted of the following:

		June 30,				June 30,
		2021				2020
Raw materials		$	18,023,063			$	43,177,071
Supplies and packing materials		$	431,076			$	465,746
Work in progress		$	252,873			$	374,756
Finished goods		$	45,608,891			$	54,391,066
Total		$	64,315,903			$	98,408,639

During the year ended June 30, 2021, 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 $43,763,144 during the year ended June 30, 2021. No gain or loss incurred as the result of the nonmonetary transactions.

For the fiscal year ended June 30, 2021, total inventories decreased $34,092,736, or 34.6%, to $64,315,903 from $98,408,639 for the fiscal year ended June 30, 2020.