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Inventories

3 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 3 - INVENTORIES

The inventories consist of the following:

		September 30, 2019				June 30, 2019
Raw materials		$	777,744			$	974,639
Work-in-process			540,057				651,769
Finished goods			1,753,374				1,533,318
Less: inventory reserve for raw materials			(1,082,425	)			(944,167	)
Total		$	1,988,750			$	2,215,559

Work-in-process includes direct costs such as seed selection, fertilizer, labor cost and subcontractor fees that are spent in growing agricultural products on the leased farmland, and indirect costs which include amortization of the prepayment of the farmland lease fees and farmland development costs. All the costs are accumulated until the time of harvest and then allocated to harvested crop costs when they are sold.

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- References

No definition available.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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