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Intangible Assets and Digital Assets | 9 Months Ended
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Mar. 31, 2024
Intangible Assets and Digital Assets [Abstract] |
INTANGIBLE ASSETS AND DIGITAL ASSETS | NOTE 6 – INTANGIBLE ASSETS AND DIGITAL ASSETS Intangible assets consisted of the following:
|  | March 31, |  |  | June 30, |
|  | 2024 |  |  | 2023 |
Land use rights, net |  | $ | 7,791,501 |  |  | $ | 7,862,624 |
Trademarks |  |  | 5,771,342 |  |  |  | 5,701,011 |
Total |  | $ | 13,562,843 |  |  | $ | 13,563,635 |
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 $10,209,293). 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 $145,910). 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 $1,061,271). The intangible asset is being amortized over the grant period of 50 years. The Land Use Rights consisted of the following:
|  | March 31, |  |  | June 30, |
|  | 2024 |  |  | 2023 |
Land use rights |  | $ | 11,225,564 |  |  |  | 11,088,765 |
Less: accumulated amortization |  |  | (3,434,063 | ) |  |  | (3,226,141 | )
Total land use rights, net |  | $ | 7,791,501 |  |  |  | 7,862,624 |
TRADEMARKS On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value of the acquired trademarks was estimated to be RMB41,371,630 (or $5,771,342) and is subject to an annual impairment test.
|  | March 31, |  |  | June 30, |
|  | 2024 |  |  | 2023 |
Trademarks |  | $ | 5,823,560 |  |  | $ | 5,752,592 |
Less: accumulated amortization |  |  | (52,218 | ) |  |  | (51,581 | )
Total trademarks, net |  | $ | 5,771,342 |  |  | $ | 5,701,011 |
AMORTIZATION EXPENSE Estimated amortization expenses of intangible assets for the next five twelve months periods ended March 31, are as follows:
Twelve Months Ended on March 31, |  | Expense ($) |
2025 |  |  | 261,831 |
2026 |  |  | 246,724 |
2027 |  |  | 224,163 |
2028 |  |  | 224,163 |
2029 |  |  | 224,163 |
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 March 31, 2024, the company held digital assets with amount of $34,757.

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