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Concentrations and Litigation | 3 Months Ended
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Sep. 30, 2024
Concentrations and Litigation [Abstract] |
CONCENTRATIONS AND LITIGATION | NOTE 13 – CONCENTRATIONS AND LITIGATION Market Concentration The majority of the Company’s revenue-generating operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among other things, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by, among other things, changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation. Vendor and Customer Concentration There was one vendor that the Company purchased over 10% of its raw materials with an aggregate amount of $1,002,911, or 13.2%, for fertilizer manufacturing during the three months ended September 30, 2024. There were three vendors that the Company purchased over 10% of its raw materials with an aggregate amount of $6,878,429, or 10.7%, 10.5%, and 10.1%, respectively, for fertilizer manufacturing during the three months ended September 30, 2023. No customer accounted for over 10% of the Company’s sales for the three months ended September 30, 2024 and 2023. Litigation On May 28, 2024, an individual commenced a lawsuit in Texas state court against the Company and its former co-CEO, Mr. Zhibiao Pan. The individual alleges that the Company used funds he stored in cryptocurrency wallets operated by entities related to Mr. Pan to purchase cryptocurrency mining sites. The Company intends to move to dismiss the lawsuit. The Company has engaged counsel and negotiated an extension to enable investigation of this matter, and will be responding to the lawsuit in December 2024. There are no other actions, suits, proceedings, inquiries or investigations before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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