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Intangible Assets and Digital Assets | 12 Months Ended
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Jun. 30, 2023
Intangible Assets and Digital Assets [Abstract] |
INTANGIBLE ASSETS AND DIGITAL ASSETS | NOTE 6 – INTANGIBLE ASSETS AND DIGITAL ASSETS Intangible assets consisted of the following:
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |
Land use rights, net |  | $ | 7,862,624 |  |  | $ | 8,758,704 |
Technology patent, net |  |  | - |  |  |  | - |
Customer relationships, net |  |  | - |  |  |  | - |
Non-compete agreement |  |  | - |  |  |  | - |
Trademarks |  |  | 5,701,011 |  |  |  | 6,176,784 |
Total |  | $ | 13,563,635 |  |  | $ | 14,935,488 |
LAND USE RIGHT On September 25, 2009, Yuxing was granted a land use right for approximately 88 acres (353,000 square meters or 3.8 million square feet) by the People’s Government and Land & Resources Bureau of Hu County, Xi’an, Shaanxi Province. The fair value of the related intangible asset was determined to be the respective cost of RMB73,184,895 (or $10,084,895). The intangible asset is being amortized over the grant period of 50 years using the straight-line method. On August 13, 2003, Tianjuyuan was granted a certificate of Land Use Right for a parcel of land of approximately 11 acres (42,726 square meters or 459,898 square feet) at Ping Gu District, Beijing. The purchase cost was recorded at RMB1,045,950 (or $144,132). The intangible asset is being amortized over the grant period of 50 years. On August 16, 2001, Jinong received a land use right as a contribution from a shareholder, which was granted by the People’s Government and Land& Resources Bureau of Yangling District, Shaanxi Province. The fair value of the related intangible asset at the time of the contribution was determined to be RMB7,285,099 (or $1,003,887). The intangible asset is being amortized over the grant period of 50 years. The Land Use Rights consisted of the following:
|  | June 30, 2022 |  |  | Foreign Currency Adjustment |  |  | Amortization/ Subtraction |  |  | June 30, 2023 |
Land use rights |  | $ | 12,014,170 |  |  |  | (925,405 | ) |  |  | - |  |  |  | 11,088,765 |
Less: accumulated amortization |  |  | (3,255,466 | ) |  |  |  |  |  |  | 29,325 |  |  |  | (3,226,141 | )
Total land use rights, net |  | $ | 8,758,704 |  |  |  | (925,405 | ) |  |  | 29,325 |  |  |  | 7,862,624 |
TECHNOLOGY PATENT On August 16, 2001, Jinong was issued a technology patent related to a proprietary formula used in the production of humid acid. The fair value of the related intangible asset was determined to be the respective cost of RMB5,875,068 (or $809,584) and is being amortized over the patent period of 10 years using the straight-line method. This technology patent has been fully amortized. On July 2, 2010, the Company acquired Gufeng and its wholly owned subsidiary Tianjuyuan. The fair value on the acquired technology patent was estimated to be RMB9,200,000 (or $1,267,760) and is amortized over the remaining useful life of six years using the straight-line method. As of June 30, 2023, this technology patent is fully amortized. The technology know-how consisted of the following:
|  | June 30, |  |  | Foreign Currency |  |  | June 30, |
|  | 2022 |  |  | Adjustment |  |  | 2023 |
Technology know-how |  | $ | 2,250,708 |  |  |  | (173,363 | ) |  | $ | 2,077,344 |
Less: accumulated amortization |  |  | (2,250,708 | ) |  |  | 173,363 |  |  |  | (2,077,344 | )
Total technology know-how, net |  | $ | - |  |  |  | - |  |  | $ | - |
CUSTOMER RELATIONSHIP On July 2, 2010, the Company acquired Gufeng and its wholly owned subsidiary Tianjuyuan. The fair value on the acquired customer relationships was estimated to be RMB65,000,000 (or $8,957,000) and is amortized over the remaining useful life of ten years. As of June 30, 2023, this customer relationship is fully amortized.
|  | June 30, |  |  | Foreign Currency |  |  | June 30, |
|  | 2022 |  |  | Adjustment |  |  | 2023 |
Customer relationships |  | $ | 9,704,500 |  |  |  | (747,500 | ) |  | $ | 8,957,000 |
Less: accumulated amortization |  |  | (9,704,500 | ) |  |  | 747,500 |  |  |  | (8,957,000 | )
Total customer relationships, net |  | $ | - |  |  |  | - |  |  | $ | - |
NON-COMPETE AGREEMENT On July 2, 2010, the Company acquired Gufeng and its wholly owned subsidiary Tianjuyuan. The fair value on the acquired non-compete agreement was estimated to be RMB1,320,000 (or $181,896) and is amortized over the remaining useful life of five years using the straight-line method. As of June 30, 2023, this non-compete agreement is fully amortized.
|  | June 30, |  |  | Foreign Currency |  |  | June 30, |
|  | 2022 |  |  | Adjustment |  |  | 2023 |
Non-compete agreement |  | $ | 197,076 |  |  |  | (15,180 | ) |  | $ | 181,896 |
Less: accumulated amortization |  |  | (197,076 | ) |  |  | 15,180 |  |  |  | (181,896 | )
Total non-compete agreement, net |  | $ | - |  |  |  | - |  |  | $ | - |
TRADEMARKS On July 2, 2010, the Company acquired Gufeng and its wholly owned subsidiary Tianjuyuan. The preliminary fair value on the acquired trademarks and brand names was estimated to be RMB41,371,630 (or $5,701,011) and is subject to an annual impairment test.
|  | June 30, |  |  | Foreign Currency |  |  | June 30, |
|  | 2022 |  |  | Adjustment |  |  | 2023 |
Trademarks |  | $ | 6,232,670 |  |  |  | (480,078 | ) |  | $ | 5,752,592 |
Less: accumulated amortization |  |  | (55,886 | ) |  |  | 4,305 |  |  |  | (51,581 | )
Total trademarks, net |  | $ | 6,176,784 |  |  |  | (475,773 | ) |  | $ | 5,701,011 |
AMORTIZATION EXPENSE Estimated amortization expenses of intangible assets for the next five twelve months periods ended June 30, are as follows:
Years Ending June 30, |  | Expense ($) |
2024 |  |  | 307,807 |
2025 |  |  | 248,563 |
2026 |  |  | 236,935 |
2027 |  |  | 221,431 |
2028 |  |  | 221,431 |
DIGITAL ASSETS On March 13, 2023, the Company established Antaeus Tech Inc. (“Antaeus”) in the State of Delaware. In April 2023, Antaeus started to purchase digital assets mining machines and to mine bitcoin in West Texas. As of June 30, 2023, the company held digital assets with amount of $210,342.

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