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PROPERTY AND EQUIPMENT, NET

3 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 8 - PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT 

		September 30, 2022				June 30, 2022
Buildings		$	1,702,641			$	1,808,172
Machinery and equipment			25,755				27,351
Motor vehicles			130,960				139,077
Office equipment			160,857				178,271
Leasehold improvement			175,440				186,314
Farmland leasehold improvements			2,956,484				3,139,729
Subtotal			5,152,137				5,478,914
Less: accumulated depreciation and amortization			(3,213,660	)			(3,388,640	)
Less: impairment for property and equipment			(673,084	)			(714,802	)
Total property and equipment, net		$	1,265,393			$	1,375,472

Depreciation and amortization expense was US$30,966 and US$81,473 for the three months ended September 30, 2022 and 2021, respectively.

During the year ended June 30, 2022, the management performed evaluation on the impairment of property and equipment. Due to the continuous impact from the COVID-19 pandemic, the Company’s Zhisheng VIEs, has not been able to grow and cultivate green agricultural produce on its leased farmland, and based on the management estimation, these farmlands are unlikely to generate enough future profit and cashflow, hence, the Company decided to record full impairment of leased farmland (Note 12). Therefore, farmland leasehold improvements relating to these farmlands were also fully impaired as of June 30, 2022.The impairment for property and equipment of US$673,084 and US$714,802 was recorded as of September 30, 2022 and June 30, 2022, respectively.

Farmland leasehold improvements consisted of following:

 SCHEDULE OF LEASEHOLD IMPROVEMENTS

		September 30, 2022				June 30, 2022
Blueberry farmland leasehold improvements		$	2,271,302			$	2,412,079
Yew tree planting base reconstruction			254,470				270,242
Greenhouse renovation			430,712				457,408
Less: impairment for property and equipment			(2,956,484	)			(3,139,729	)
Total farmland leasehold improvements		$	-			$	-

X

- References

No definition available.

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X

- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI https://asc.fasb.org/topic&trid=2155823

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916

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