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PROPERTY AND EQUIPMENT, NET

9 Months Ended

Mar. 31, 2023

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

		March 31, 2023				June 30, 2022
Buildings		$	1,763,325			$	1,808,172
Machinery and equipment			1,062,553				27,351
Motor vehicles			205,399				139,077
Office equipment			187,984				178,271
Leasehold improvement			181,693				186,314
Farmland leasehold improvements			3,061,857				3,139,729
Subtotal			6,462,811				5,478,914
Less: accumulated depreciation and amortization			(4,453,875	)			(3,388,640	)
Less: impairment for property and equipment			(697,074	)			(714,802	)
Total property and equipment, net		$	1,311,862			$	1,375,472

Depreciation and amortization expense was US$185,339 and US$284,901 for the nine months ended March 31, 2023 and 2022, respectively. Depreciation and amortization expense was US$20,668 and US$70,170 for the three months ended March 31, 2023 and 2022, 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, have not been able to grow and cultivate green agricultural produce on the leased farmlands, 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 such leased farmland (Note 11). 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$697,074 and US$714,802 was recorded as of March 31, 2023 and June 30, 2022, respectively.

Farmland leasehold improvements, net consisted of following:

SCHEDULE OF LEASEHOLD IMPROVEMENTS

		March 31, 2023				June 30, 2022
Blueberry farmland leasehold improvements		$	2,352,255			$	2,412,079
Yew tree planting base reconstruction			263,539				270,242
Greenhouse renovation			446,063				457,408
Subtotal			3,061,857				3,139,729
Less: accumulated amortization			(2,364,783	)			(2,424,927	)
Less: impairment for farmland leasehold improvements			(697,074	)			(714,802	)
Total farmland leasehold improvements, net		$	-			$	-

X

- References

No definition available.

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//360/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-7

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