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Variable Interest Entities

9 Months Ended

Mar. 31, 2024

Variable Interest Entities [Abstract]

VARIABLE INTEREST ENTITIES

NOTE 16 – VARIABLE INTEREST ENTITIES

In accordance with accounting standards regarding consolidation of variable interest entities, VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision-making ability. All VIEs with which a company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes.

Green Nevada through one of its subsidiaries, Jinong, entered into a series of agreements (the “VIE Agreements”) with Yuxing for it to qualify as a VIE, effective June 16, 2013.

The Company has concluded, based on the contractual arrangements, that Yuxing is a VIE and that the Company’s wholly owned subsidiary, Jinong, absorbs most of the risk of loss from the activities of Yuxing, thereby enabling the Company, through Jinong, to receive a majority of Yuxing expected residual returns.

The following financial statement amounts and balances of the VIE (Yuxing) was included in the accompanying consolidated financial statements as of March 31, 2024 and June 30, 2023:

		March 31,				June 30,
		2024				2023
ASSETS
Current assets
Cash and cash equivalents		$	443,264			$	323,854
Accounts receivable, net			437,684				283,221
Inventories			24,714,180				24,288,379
Other current assets			114,640				136,237
Total current assets			25,709,768				25,031,691
Non-current assets:
Plant, property and equipment, net			5,647,070				5,887,278
Intangible assets, net			7,231,583				7,294,729
Other non-current assets			9,905				9,784
Total non-current assets			12,888,558				13,191,791
Total assets		$	38,598,326			$	38,223,482
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	12,667			$	12,512
Customer deposits			45,481				62,134
Accrued expenses and other payables			290,498				282,968
Amount due to related parties			40,664,965				39,346,051
Total current liabilities			41,013,611				39,703,665
Total Liabilities		$	41,013,611				39,703,665
Shareholders’ equity			(2,415,285	)			(1,480,183	)
Total liabilities and shareholders’ equity		$	38,598,326			$	38,223,482

		Three Months Ended March 31,
		2024				2023
Revenue		$	2,467,914			$	2,198,139
Expenses			2,237,007				2,070,867
Net income		$	230,907			$	127,272

		Nine Months Ended March 31,
		2024				2023
Revenue		$	7,262,818			$	7,915,379
Expenses			8,175,931				7,293,931
Net (loss) income		$	(913,113	)		$	621,448

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- References

No definition available.

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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