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Intangible Assets and Digital Assets
 9 Months Ended
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.