I apologize, but it seems that you didn’t provide a financial report for me to summarize. The text you provided appears to be the header of a Securities and Exchange Commission (SEC) filing, but it doesn’t contain any financial information. If you could provide the actual financial report, I’d be happy to help you summarize it in a single paragraph.
Overview
China Green Agriculture, Inc. is engaged in the research, development, production, and sale of various types of fertilizers, agricultural products, and Bitcoin in China and the United States through its wholly-owned subsidiaries and a variable interest entity (VIE).
The company’s primary business is fertilizer products, specifically humic-acid based compound fertilizer produced by Jinong and various other fertilizer products produced by Gufeng. Additionally, through Yuxing, the company develops and produces agricultural products such as top-grade fruits, vegetables, flowers, and colored seedlings. The company also engages in the mining of digital assets Bitcoin through its U.S. subsidiary Antaeus.
For financial reporting purposes, the company’s operations are organized into four business segments: fertilizer products (Jinong), fertilizer products (Gufeng), agricultural products (Yuxing), and Bitcoin (Antaeus). The fertilizer business generated approximately 88.8% and 92.1% of the company’s total revenues for the years ended June 30, 2024 and 2023, respectively. Yuxing generated 9.8% and 7.8% of revenues, while Antaeus generated 1.3% and 0.2% for the same periods.
Recent Developments
During the three months ending June 30, 2024, Jinong discontinued 7 obsolete products and terminated 150 unqualified distributors, while Gufeng did not introduce any new fertilizer products or onboard new distributors.
Results of Operations
Fiscal Year ended June 30, 2024 Compared to the Year ended June 30, 2023
Net Sales:
Cost of Goods Sold:
Gross Profit:
Selling Expenses:
General and Administrative Expenses:
Net Loss:
Discussion of Segment Profitability Measures
Liquidity and Capital Resources
Critical Accounting Policies and Estimates
The company’s critical accounting policies and estimates include the use of estimates, revenue recognition, cash and cash equivalents, accounts receivable, assets held for sale, deferred assets, segment reporting, and the impact of currency fluctuations and foreign currency risk, interest rate risk, credit risk, inflation risk, and risks of epidemics, pandemics, or other outbreaks.