XML 48 R33.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Taxes Payable (Tables)
9 Months Ended
Mar. 31, 2024
Taxes Payable [Abstract]  
Schedule of Income Taxes and Related Payables Income Taxes and Related Payables
   March 31,   June 30, 
   2024   2023 
VAT provision  $(571,042)  $(398,499)
Income tax payable   (2,158,708)   (2,132,400)
Other levies   611,741    591,325 
Repatriation tax   29,010,535    29,010,535 
Total  $26,892,526   $27,070,961 
Schedule of Provision for Income Taxes The provision for income taxes consists of the following:
   March 31,   March 31, 
   2024   2023 
Current tax  $(10,828)  $
    -
 
Deferred tax   
-
    
-
 
Total  $(10,828)  $
-
 
Schedule of Deferred Tax Assets Significant components of deferred tax assets were as follows:
   March 31,   June 30, 
   2024   2023 
Deferred tax assets        
Deferred tax benefit   32,874,122    32,464,001 
Valuation allowance   (32,765,474)   (32,366,181)
Total deferred tax assets  $108,647    97,820 

 

Schedule of Effective Income Tax Rate Reconciliation Actual income tax benefit reported in the consolidated statements of operations and comprehensive income (loss) differ from the amounts computed by applying the US statutory income tax rate of 21.0% to income before income taxes for the nine months ended March 31, 2024 and 2023 for the following reasons:
  China 15% - 25%      United States 21%      Total    
Pretax loss  $(15,060,332)                 (3,005,976)                 (18,066,308)             
                               
Expected income tax expense (benefit)   (3,765,083)   25.0%   (631,255)   21.0%   (4,396,338)     
High-tech income benefits on Jinong   
-
    
-
    
-
    
 
    
-
      
Losses from subsidiaries in which no benefit is recognized   3,754,255    -24.9%   
-
    
 
    3,754,255      
Change in valuation allowance on deferred tax asset from US tax benefit   
-
    
-
    631,255    -21.0%   631,255      
Actual tax expense  $(10,828)   0.1%   
-
    
-
    

(10,828

)   0.1%
  China 15% - 25%      United States 21%      Total    
Pretax loss  $(1,474,883)        (2,460,172)       $(3,932,555)             
                               
Expected income tax expense (benefit)   (368,721)   25.0%   (516,636)   21.0%   (885,357)     
High-tech income benefits on Jinong   552,397    (37.5)%   
-
    
-
    552,397      
Losses from subsidiaries in which no benefit is recognized   (183,676)   12.5%   
-
    
-
    (183,676)     
Change in valuation allowance on deferred tax asset from US tax benefit   
                     -
    0%   516,636    (21.0)%   516,636      
Actual tax expense  $
-
    0%  $
-
    0%  $
-
   0%