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INVENTORIES, NET | 3 Months Ended
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Sep. 30, 2022
Inventory Disclosure [Abstract] |
INVENTORIES, NET | NOTE 5 – INVENTORIES, NET The inventories, net consisted of the following: SCHEDULE OF INVENTORIES, NET
|  | September 30, 2022 |  |  | June 30, 2022 |
Raw materials |  | $ | 60,555 |  |  | $ | 67,467 |
Work-in-process |  |  | 18,046,891 |  |  |  | 18,709,325 |
Finished goods |  |  | 1,122,368 |  |  |  | 1,191,275 |
Less: inventory reserve |  |  | (1,173,594 | ) |  |  | (1,249,543 | )
Total inventories, net |  | $ | 18,056,220 |  |  | $ | 18,718,524 |
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. The Company wrote off inventory amounted to US$241,754 and US$492,987 during the three months ended September 30, 2022 and 2021, respectively. It was due to the continuous impact from the COVID-19 pandemic which resulted in the damage and death of a large number of yew trees.

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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 https://asc.fasb.org/topic&trid=2126998 + Details
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