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Taxes Payable (Tables) | 12 Months Ended
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Jun. 30, 2024
Taxes Payable [Abstract] |
Schedule of Taxes payable | Taxes payable consisted of the following:
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |
VAT provision |  | $ | (692,476 | ) |  | $ | (398,499 | )
Income tax payable |  |  | (2,127,759 | ) |  |  | (2,132,400 | )
Other levies |  |  | 590,875 |  |  |  | 591,325 |
Repatriation tax |  |  | 29,010,535 |  |  |  | 29,010,535 |
Total |  | $ | 26,781,175 |  |  | $ | 27,070,961 |
Schedule of Provisions for Income Taxes | The provision for income taxes consists of the following:
|  | Years Ended June 30, |
|  | 2024 |  |  | 2023 |
Current tax – foreign |  | $ | (410,651 | ) |  | $ | (97,820 | )
Total |  | $ | (410,651 | ) |  | $ | (97,820 | )
Schedule of Deferred Tax Assets | Significant components of deferred tax assets were as follows:
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Deferred Tax Benefit |  |  | 32,804,190 |  |  |  | 32,464,001 |
Valuation allowance |  |  | (32,295,718 | ) |  |  | (32,366,181 | )
Total deferred tax assets |  | $ | 508,471 |  |  | $ | 97,820 |
Schedule of Effective Income Tax Rate Reconciliation | Actual income tax benefit reported in the consolidated statements of operations and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 21.0% and 21.0% to income before income taxes for the years ended June 30, 2024 and 2023 for the following reasons:
|  | China 15% - 25% |  |  | United States 21% |  |  | Total |
Pretax loss |  | $ | (24,961,034 | ) |  |  |  |  |  |  | (3,854,932 | ) |  |  |  |  |  | $ | (28,815,966 | ) |  |  |  |
Expected income tax expense (benefit) |  |  | (6,240,258 | ) |  |  | 25.0 | % |  |  | (809,536 | ) |  |  | 21.0 | % |  |  | (7,049,794 | ) |  |  |  |
High-tech income benefits on Jinong |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Loss from subsidiaries in which no benefit is recognized |  |  | 5,829,607 |  |  |  | (23.4 | )% |  |  | - |  |  |  | - |  |  |  | 5,829,607 |  |  |  |  |
Change in valuation allowance on deferred tax asset from US tax benefit |  |  | - |  |  |  | - |  |  |  | 809,536 |  |  |  | (21.0 | )% |  |  | 809,536 |  |  |  |  |
Actual tax expense |  | $ | (410,651 | ) |  |  | 1.6 | % |  | $ | - |  |  |  |  | % |  | $ | (410,651 | ) |  |  | 1.4 | %
|  | China 15% - 25% |  |  | United States 21% |  |  | Total |
Pretax loss |  | $ | (10,207,846 | ) |  |  |  |  |  |  | (3,171,958 | ) |  |  |  |  |  | $ | (13,379,805 | ) |  |  |  |
Expected income tax expense (benefit) |  |  | (2,551,962 | ) |  |  | 25.0 | % |  |  | (666,111 | ) |  |  | 21.0 | % |  |  | (3,218,073 | ) |  |  |  |
High-tech income benefits on Jinong |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Loss from subsidiaries in which no benefit is recognized |  |  | 2,454,142 |  |  |  | (24.0 | )% |  |  | - |  |  |  | - |  |  |  | 2,454,142 |  |  |  |  |
Change in valuation allowance on deferred tax asset from US tax benefit |  |  | - |  |  |  | - |  |  |  | 666,111 |  |  |  | (21.0 | )% |  |  | 666,111 |  |  |  |  |
Actual tax expense |  | $ | (97,820 | ) |  |  | 1.0 | % |  | $ | - |  |  |  |  | % |  | $ | (97,820 | ) |  |  | 0.7 | %

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