UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from ____________ to ____________

Commission File Number 001-34260

ENLIGHTIFY, INC.

(Exact name of registrant as specified in its charter)

Nevada		36-3526027
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification No.)

3rd floor, Borough A, Block A. No. 181, South Taibai

Road, Xi’an, Shaanxi province, PRC 710065

(Address of principal executive offices) (Zip Code)

+86-29-88266368

(Issuer’s telephone number, including area code)

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		ENFY		NYSE

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:15,770,934 shares of common stock, $0.001 par value, as of July 10, 2025.

TABLE OF CONTENTS

		Page Number
PART I	FINANCIAL INFORMATION	1

Item 1.	Financial Statements (unaudited)	1

	Condensed Consolidated Balance Sheets as of March 31, 2025 and June 30, 2024	1

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months and Nine Months Ended March 31, 2025 and 2024	2

	Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended March 31, 2025 and 2024	3

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2025 and 2024	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40

Item 4.	Controls and Procedures	41

PART II	OTHER INFORMATION	42

Item 6.	Exhibits	42

Signatures		43

Exhibits/Certifications		44

INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS

In addition to historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. You can identify such forward-looking statements by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements may include, among other things, statements relating to:

●

our expectations regarding the market for our products and services;

●

our expectations regarding the continued growth of our industry;

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our beliefs regarding the competitiveness of our products;

●

our expectations regarding the expansion of our manufacturing capacity;

●

our expectations with respect to increased revenue growth and our ability to maintain profitability resulting from increases in our production volumes;

●

our future business development, results of operations and financial condition;

●

competition from other fertilizer and plant producers;

●

the loss of any member of our management team;

●

our ability to integrate acquired subsidiaries and operations into existing operations;

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market conditions affecting our equity capital;

●

our ability to successfully implement our selective acquisition strategy;

●

changes in general economic conditions;

●

changes in accounting rules or the application of such rules;

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any failure to comply with the periodic filing and other requirements of The New York Stock Exchange, or NYSE, for continued listing,

●

any failure to identify and remediate the material weaknesses or other deficiencies in our internal control and disclosure control over financial reporting;

Also, forward-looking statements represent our estimates and assumptions only as of the date of this report. You should read this report and the documents that we reference in this report, or that we filed as exhibits to this report, in their entirety and with the understanding that our actual future results may be materially different from what we expect.

Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

ENLIGHTIFY, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	March 31, 2025			June 30, 2024
ASSETS
Current assets
Cash and cash equivalents	$	48,792,729		$	58,772,587
Digital assets		-			53,693
Accounts receivable, net		22,429,490			16,493,068
Inventories, net		32,800,755			37,826,456
Advances to suppliers, net		15,453,915			12,110,034
Other current assets		5,293,533			2,430,052
Total current assets		124,770,422			127,685,890

Non-current assets
Plant, property and equipment, net		12,526,920			14,021,292
Intangible assets, net		13,180,911			13,313,157
Other non-current assets		12,389,739			8,226,344
Total non-current assets		38,097,570			35,560,793

Total assets	$	162,867,992		$	163,246,683

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	1,547,259		$	1,685,725
Customer deposits		7,432,037			4,937,207
Accrued expenses and other payables		16,863,591			14,909,843
Amount due to related parties		5,823,574			5,511,053
Taxes payable		26,697,718			26,781,175
Short term loans		5,599,467			7,466,250
Total current liabilities		63,963,646			61,291,253

Long-term liabilities
Long-term loans		6,957,290			1,856,250
Total non-current liabilities		6,957,290			1,856,250
Total liabilities	$	70,920,936		$	63,147,503

Commitments and contingencies		-			-

Stockholders’ equity
Preferred Stock, $.001 par value, 20,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and June 30, 2024, respectively		-			-
Common stock, $.001 par value, 115,197,165 shares authorized, 14,793,538 and 14,793,538 shares issued as of March 31, 2025 and June 30, 2024, respectively;14,447,558 and 14,793,538 shares outstanding as of March 31, 2025 and June 30, 2024, respectively		14,794			14,794
Additional paid-in capital		244,825,844			244,825,844
Statutory reserve		26,775,495			26,728,079
Retained earnings		(152,816,514	)		(144,919,001	)
Less: treasury stock		(398,526	)		-
Accumulated other comprehensive loss		(26,454,037	)		(26,550,536	)
Total stockholders’ equity		91,947,056			100,099,180

Total liabilities and stockholders’ equity	$	162,867,992		$	163,246,683

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ENLIGHTIFY, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

	Three Months Ended March 31,						Nine Months Ended March 31,
	2025			2024			2025			2024
Sales
Jinong	$	6,645,870		$	7,534,076		$	20,231,251		$	23,634,474
Gufeng		15,674,534			22,544,062			28,867,388			41,174,493
Yuxing		2,465,314			2,467,916			7,218,409			7,262,819
Antaeus		-			392,263			181,746			1,064,507
Net sales		24,785,718			32,938,317			56,498,794			73,136,293
Cost of goods sold
Jinong		4,115,700			4,510,800			12,699,650			16,099,697
Gufeng		13,697,237			19,759,666			25,249,053			35,953,277
Yuxing		2,013,477			2,096,025			5,921,666			6,015,793
Antaeus		-			230,916			215,773			748,275
Cost of goods sold		19,826,414			26,597,407			44,086,142			58,817,042
Gross profit		4,959,304			6,340,910			12,412,652			14,319,251
Operating expenses
Selling expenses		1,716,374			1,855,189			5,458,008			5,505,203
General and administrative expenses		3,842,153			15,457,007			14,111,497			26,961,424
Total operating expenses		5,558,527			17,312,196			19,569,505			32,466,627
Loss from operations		(599,223	)		(10,971,286	)		(7,156,853	)		(18,147,376	)
Other income (expense)
Other income (expense)		(179,827	)		108,443			(499,043	)		149,152
Interest income		25,374			42,547			104,246			148,744
Interest expense		(121,802	)		(75,461	)		(347,974	)		(216,828	)
Total other income (expense)		(276,255	)		75,529			(742,771	)		81,068
Loss before income taxes		(875,478	)		(10,895,757	)		(7,899,624	)		(18,066,308	)
Provision for income taxes		(255	)		5,527			(49,527	)		(10,828	)
Net loss		(875,223	)		(10,901,284	)		(7,850,097	)		(18,055,480	)

Other comprehensive loss
Foreign currency translation gain (loss)		670,071			(2,163,484	)		96,499			1,705,539
Comprehensive loss	$	(205,152	)	$	(13,064,767	)	$	(7,753,598	)	$	(16,349,941	)

Basic weighted average shares outstanding		14,563,347			14,203,877			14,717,928			13,653,240
Basic net loss per share	$	(0.06	)	$	(0.79	)	$	(0.53	)	$	(1.32	)

Diluted weighted average shares outstanding		14,563,347			14,203,877			14,717,928			13,653,240
Diluted net loss per share	$	(0.06	)	$	(0.79	)	$	(0.53	)	$	(1.32	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ENLIGHTIFY, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

	Number		Common		Additional Paid In		Statutory		Retained			Treasury			Accumulated Other Comprehensive			Total Stockholders’
	Of Shares		Stock		Capital		Reserve		Earnings			Stock			Income (Loss)			Equity
BALANCE, DECEMBER 31, 2024		14,793,538	$	14,794	$	244,825,844	$	26,759,968	$	(151,925,764	)	$	-		$	(27,124,108	)	$	92,550,734

Net loss										(875,223	)								(875,223	)

Issuance of stock

Common stock repurchased													(398,526	)					(398,526	)

Transfer to statutory reserve								15,527		(15,527	)								-

Other comprehensive income (loss)																670,071			670,071

BALANCE, MARCH 31, 2025		14,793,538	$	14,794	$	244,825,844	$	26,775,495	$	(152,816,514	)	$	(398,526	)	$	(26,454,037	)	$	91,947,056

	Number		Common		Additional Paid In		Statutory		Retained			Accumulated Other Comprehensive			Total Stockholders’
	Of Shares		Stock		Capital		Reserve		Earnings			Income (Loss)			Equity
BALANCE, DECEMBER 31, 2023		13,380,914	$	13,381	$	242,090,576	$	2,657,1173	$	(123,510,975	)	$	(23,081,470	)	$	122,082,685

Net loss										(10,901,284	)					(10,901,284	)

Issuance of stock		973,515		974		1,848,707										1,849,681

Issuance of stock for convertible notes

Issuance of stock for consulting services		439,109		439		886,561										887,000

Transfer to statutory reserve								156,906		(156,906	)					-

Other comprehensive loss													(2,163,484	)		(2,163,484	)

BALANCE, MARCH 31, 2024		14,793,538	$	14,794	$	244,825,844	$	26,728,079	$	(134,569,166	)	$	(25,244,954	)	$	111,754,597

ENLIGHTIFY, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED MARCH 31, 2025 AND 2024

	Number		Common		Additional Paid In		Statutory		Retained			Treasury			Accumulated Other Comprehensive			Total Stockholders’
	Of Shares		Stock		Capital		Reserve		Earnings			Stock			Income (Loss)			Equity
BALANCE, JUNE 30, 2024		14,793,538	$	14,794	$	244,825,844	$	26,728,079	$	(144,919,001	)	$	-		$	(26,550,536	)	$	100,099,180

Net loss										(7,850,097	)								(7,850,097	)

Issuance of stock

Common stock repurchased													(398,526	)					(398,526	)

Transfer to statutory reserve								47,416		(47,416	)								-

Other comprehensive income (loss)																96,499			96,499

BALANCE, MARCH 31, 2025		14,793,538	$	14,794	$	244,825,844	$	26,775,495	$	(152,816,514	)	$	(398,526	)	$	(26,454,037	)	$	91,947,056

	Number		Common		Additional Paid In		Statutory		Retained			Accumulated Other Comprehensive			Total Stockholders’
	Of Shares		Stock		Capital		Reserve		Earnings			Income (Loss)			Equity
BALANCE, JUNE 30, 2023		13,380,914	$	13,381	$	242,090,576	$	26,728,079	$	(116,513,686	)	$	(26,950,493	)	$	125,367,857

Net loss										(18,055,480	)					(18,055,480	)

Issuance of stock		973,515		974		1,848,707										1,849,681

Issuance of stock for convertible notes

Issuance of stock for consulting services		439,109		439		886,561										887,000

Transfer to statutory reserve																-

Other comprehensive income (loss)													1,705,539			1,705,539

BALANCE, MARCH 31, 2024		14,793,538	$	14,794	$	244,825,844	$	26,728,079	$	(134,569,166	)	$	(25,244,954	)	$	111,754,597

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ENLIGHTIFY, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended March 31,
	2025			2024
Cash flows from operating activities
Net loss	$	(7,850,097	)	$	(18,055,480	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		1,883,391			2,033,752
Provision for losses on accounts receivable		7,122,447			16,970,555
Gain (Loss) on disposal of property, plant and equipment		67,750			-
Inventories impairment		2,248,187			3,969,293
Changes in operating assets
Digital assets		53,693			175,585
Accounts receivable		(13,056,367	)		(15,259,021	)
Amount due from related parties		(6,385	)		27,787
Other current assets		(2,850,360	)		199,768
Inventories		2,908,106			6,312,446
Advances to suppliers		(3,335,930	)		(6,824,502	)
Other assets		1,401,758			1,404,244
Deferred tax assets		(49,527	)		(10,828	)
Changes in operating liabilities
Accounts payable		(142,410	)		(199,488	)
Customer deposits		2,498,889			(335,612	)
Amount due to related parties		-			(1,003	)
Tax payables		(78,304	)		(153,879	)
Accrued expenses and other payables		1,844,050			2,430,107
Interest payable		1,141			-
Net cash used in operating activities		(7,339,968	)		(7,316,276	)

Cash flows from investing activities
Purchase of plant, property, and equipment		(245,364	)		(1,651,010	)
Long-term equity investment		(5,497,981	)		(2,450,000	)
Net cash used in investing activities		(5,743,345	)		(4,101,010	)

Cash flows from financing activities
Proceeds from loans		7,077,439			2,778,662
Repayment of loans		(3,845,409	)		(1,639,410	)
Other payable		99,117			-
Advance from related party		310,000			191,000
Repurchases of common stock		(398,526	)		-
Net cash provided by financing activities		3,242,621			1,330,251

Effect of exchange rate change on cash and cash equivalents		(139,166	)		540,604
Net decrease in cash and cash equivalents		(9,979,858	)		(9,546,431	)

Cash and cash equivalents, beginning balance		58,772,587			71,142,188
Cash and cash equivalents, ending balance	$	48,792,729		$	61,595,756

Supplement disclosure of cash flow information
Interest expense paid	$	346,833		$	216,828
Income taxes paid	$	213,135		$	193,833

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ENLIGHTIFY, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

Enlightify, Inc. a Nevada corporation (the “Company”, “Parent Company” or “Green Nevada”, formerly known as “China Green Agriculture Inc.”), through its subsidiaries, is engaged in the research, development, production, distribution and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production, and distribution of agricultural products.

Unless the context indicates otherwise, as used in this Report, the following are the references herein of all the subsidiaries of the Company (i) Green Agriculture Holding Corporation (“Green New Jersey”), a wholly-owned subsidiary of Green Nevada, incorporated in the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (“Yuxing”), a Variable Interest Entity (“VIE”) in the in the PRC controlled by Jinong through a series of contractual agreements; (iv) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (“Gufeng”), (v) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng’s wholly-owned subsidiary in the PRC (“Tianjuyuan”), and (vi) Antaeus Tech, Inc. (“Antaeus”), a wholly-owned subsidiary of Green Nevada incorporated in the State of Delaware.

On June 30, 2016 the Company, through its wholly-owned subsidiary Jinong, entered into strategic acquisition agreements and a series of contractual agreements with the shareholders of the following six companies that are organized under the laws of the PRC and would be deemed VIEs: Shaanxi Lishijie Agrochemical Co., Ltd. (“Lishijie”), Songyuan Jinyangguang Sannong Service Co., Ltd. (“Jinyangguang”), Shenqiu County Zhenbai Agriculture Co., Ltd. (“Zhenbai”), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. (“Wangtian”), Aksu Xindeguo Agricultural Materials Co., Ltd. (“Xindeguo”), and Xinjiang Xinyulei Eco-agriculture Science and Technology co., Ltd. (“Xinyulei”). On January 1, 2017, the Company, through its wholly owned subsidiary Jinong, entered into strategic acquisition agreements and a series of contractual agreements with the shareholders of the following two companies that are organized under the laws of the PRC and would be deemed VIEs, Sunwu County Xiangrong Agricultural Materials Co., Ltd. (“Xiangrong”), and Anhui Fengnong Seed Co., Ltd. (“Fengnong”).

On November 30, 2017, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Zhenbai.

On June 2, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Xindeguo, Xinyulei and Xiangrong.

On December 1, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Lishijie.

On December 31, 2021, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Fengnong.

On March 31, 2022, the Company, through its wholly owned subsidiary Jinong, discontinued the strategic acquisition agreements and the series of contractual agreements with the shareholders of Jinyangguang and Wangtian.

On December 27, 2023, the Company entered into a Stock Purchase Agreement with Zhibiao Pan for the purchase by the Company from Zhibiao Pan of all the outstanding stock of Lonestar Dream, Inc., a Delaware corporation (“Lonestar”). Mr. Zhibiao Pan served as the Co-Chief Executive Officer of the Company from August 2022 to November 2024 and is the sole shareholder of Lonestar. On June 13, 2025, the Company and Mr. Pan entered into a Mutual Rescission Agreement terminating the Stock Purchase Agreement. Consequently, the acquisition of Lonestar was terminated.

Our current corporate structure is set forth in the following diagram:

NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principle of consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan, Yuxing and Antaeus. All significant inter-company accounts and transactions have been eliminated in consolidation.

Effective June 16, 2013, Yuxing was converted from being a wholly owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned one natural person, who is not affiliated to the Company (“Yuxing’s Owner”). Effective the same day, Yuxing’s Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became a VIE associated with Jinong.

VIE assessment

A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. In order to determine if an entity is considered a VIE, the Company first performs a qualitative analysis, which requires certain subjective decisions regarding its assessments, including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties, and the purpose of the arrangement. If the Company cannot conclude after a qualitative analysis whether an entity is a VIE, it performs a quantitative analysis. The qualitative analysis considered the design of the entity, the risks that cause variability, the purpose for which the entity was created, and the variability that the entity was designed to pass along to its variable interest holders. When the primary beneficiary could not be identified through a qualitative analysis, we used internal cash flow models to compute and allocate expected losses or expected residual returns to each variable interest holder based upon the relative contractual rights and preferences of each interest holder in the VIE’s capital structure.

Use of estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment.

Leases

The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and lease liabilities are recognized at commencement based on the present value of lease payments over the lease term. As the implicit rate is typically not readily determinable in the Company’s lease agreements, the Company uses its incremental borrowing rate as of the lease commencement date to determine the present value of the lease payments. The incremental borrowing rate is based on the Company’s specific rate of interest to borrow on a collateralized basis, over a similar term and in a similar economic environment as the lease. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recognized on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Additionally, the Company accounts for lease and non-lease components as a single lease component for its identified asset classes. As of March 31, 2025, the Company does not have any material leases for the implementation of ASC 842.

Cash and cash equivalents and concentration of cash

For statement of cash flows purposes, the Company considers all cash on hand and in banks, certificates of deposit with state owned banks in the PRC and banks in the United States, and other highly liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums of cash in three major banks in China. The aggregate cash in such accounts and on hand as of March 31, 2025 and June 30, 2024 were $48,727,240 and $58,433,626, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $65,489 in cash in four banks in the United States as of March 31, 2025, and $338,961 in cash in three banks in United States as of June 30, 2024. Cash overdraft as of balance sheet date will be reflected as liabilities in the balance sheet. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.

Digital Assets

Digital assets are included in current assets in the condensed consolidated balance sheets. Digital assets are accounted for as indefinite-lived intangible assets and are initially measured in accordance with FASB Accounting Standards Codification (“ASC”) Topic 350 – Intangibles-Goodwill and Other. The Company measures gains or losses on the disposition of digital assets in accordance with the first-in-first-out (“FIFO”) method of accounting.

Digital assets are not amortized, but are assessed for impairment annually, or more frequently, when events or changes in circumstances occur, indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Whenever the exchange-traded price of digital asset declines below the carrying value, the Company has determined that an impairment exists and records an impairment equal to the amount by which the carrying value exceeds the fair value.

As of March 31, 2025, and June 30, 2024, the Company held Bitcoin as digital assets with amount of $0 and $53,693 respectively. Bitcoin is classified on our balance sheet as a current asset due to the Company’s ability to sell it in a highly liquid marketplace and its intent to liquidate its Bitcoin to support operations when needed.

Accounts receivable

Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves at each year-end. Accounts considered uncollectible are provisioned for /written off based upon management’s assessment. As of March 31, 2025, and June 30, 2024, the Company had accounts receivable of $22,429,490 and $16,493,068, net of allowance for doubtful accounts of $28,364,739 and $22,741,696, respectively. The Company recorded bad debt expense in the amount of $7.1 million and $17.0 million for the nine months ended March 31, 2025 and 2024, respectively. The Company adopts no policy to accept product returns after the sales delivery.

Inventories

Inventory is valued at the lower of cost (determined on a weighted average basis) or market. Inventories consist of raw materials, work in process, finished goods and packaging materials. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. As of March 31, 2025, and 2024, the Company had no reserve for obsolete goods. The Company confirmed the loss of $2.2 million and $4.0 million of inventories for the nine months ended March 31, 2025 and 2024, respectively.

Intangible Assets

The Company records intangible assets acquired individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity’s future cash flows. The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of March 31, 2025 and 2024, respectively.

Customer deposits

Payments received before all the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits are recognized as revenue. As of March 31, 2025, and June 30, 2024, the Company had customer deposits of $7,432,037 and $4,937,207, respectively.

Earnings per share

Basic earnings per share are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.

The components of basic and diluted earnings per share consist of the following:

	Three Months Ended
	March 31,
	2025			2024
Net Loss for Basic Earnings Per Share	$	(875,223	)	$	(10,901,284	)
Basic Weighted Average Number of Shares		14,563,347			14,203,877
Net Loss Per Share – Basic	$	(0.06	)	$	(0.79	)
Net Loss for Diluted Earnings Per Share	$	(875,223	)	$	(10,901,284	)
Diluted Weighted Average Number of Shares		14,563,347			14,203,877
Net Loss Per Share – Diluted	$	(0.06	)	$	(0.79	)

	Nine Months Ended
	March 31,
	2025			2024
Net Loss for Basic Earnings Per Share	$	(7,850,097	)	$	(18,055,480	)
Basic Weighted Average Number of Shares		14,717,928			13,653,240
Net Loss Per Share – Basic	$	(0.53	)	$	(1.32	)
Net Loss for Diluted Earnings Per Share	$	(7,850,097	)	$	(18,055,480	)
Diluted Weighted Average Number of Shares		14,717,928			13,653,240
Net Loss Per Share – Diluted	$	(0.53	)	$	(1.32	)

Recent accounting pronouncements

The Company has evaluated all recently issued accounting pronouncements and does not believe any such pronouncements currently have, and does not expect such pronouncements to have, a material impact on the Condensed Consolidated Financial Statements on a prospective basis.

In December 2023, the FASB issued ASU 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which establishes accounting guidance for crypto assets meeting certain criteria. Bitcoin meets these criteria. The amendments require crypto assets meeting the criteria to be recognized at fair value with changes recognized in net income for each reporting period. Upon adoption, a cumulative-effect adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. ASU 2023-08 is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the updated guidance to have a material impact on its disclosures.

NOTE 3 – GOING CERCERN

The Company’s financial statements are prepared assuming that the Company will continue as a going concern. The Company has incurred operating losses and had negative operating cash flows during the reporting period from July 1, 2024 through March 31, 2025 and may continue to incur operating losses and generate negative cash flows as the Company implements its future business plan. If the situation exists, there could be substantial doubts about the Company’s ability to continue as going concern.

The ability of the Company to continue as a going concern depends upon whether the Company can successfully execute its business strategies to recover from loss and eventually attain profitable operations.

The accompanying financial statements do not include any adjustments to reflect the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as going concern.

NOTE 4 – INVENTORIES

Inventories consisted of the following:

	March 31,		June 30,
	2025		2024
Raw materials	$	3,504,946	$	8,127,043
Supplies and packing materials	$	243,261	$	995,692
Work in progress	$	169,600	$	170,345
Finished goods	$	28,882,948	$	28,533,376
Total	$	32,800,755	$	37,826,456

The Company confirmed the loss of $2.2 million and $4.0 million of inventories for the nine months ended March 31, 2025 and 2024, respectively.

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	March 31,			June 30,
	2025			2024
Building and improvements	$	37,020,258		$	36,999,854
Auto		2,763,903			2,711,245
Machinery and equipment		18,254,830			18,713,182
Others		-			1,502,600
Total property, plant and equipment		58,038,991			59,926,881
Less: accumulated depreciation		(45,512,071	)		(44,087,598	)
Less: impairment		-			(1,817,991	)
Total	$	12,526,920		$	14,021,292

For the nine months ended March 31, 2025, total depreciation expense was $1,598,333, decreased $274,165, or 14.6%, from $1,872,498 for the nine months ended March 31, 2024.

NOTE 6 – INTANGIBLE ASSETS AND DIGITAL ASSETS

Intangible assets consisted of the following:

	March 31,		June 30,
	2025		2024
Land use rights, net	$	7,477,833	$	7,624,558
Trademarks		5,703,078		5,688,599
Total	$	13,180,911	$	13,313,157

LAND USE RIGHT

On September 25, 2009, Yuxing was granted a land use right for approximately 88 acres (353,000 square meters or 3.8 million square feet) by the People’s Government and Land & Resources Bureau of Hu County, Xi’an, Shaanxi Province. The fair value of the related intangible asset was determined to be the respective cost of RMB73,184,895 (or $10,088,538). The intangible asset is being amortized over the grant period of 50 years using the straight-line method.

On August 13, 2003, Tianjuyuan was granted a certificate of Land Use Right for a parcel of land of approximately 11 acres (42,726 square meters or 459,898 square feet) at Ping Gu District, Beijing. The purchase cost was recorded at RMB1,045,950 (or $144,184). The intangible asset is being amortized over the grant period of 50 years.

On August 16, 2001, Jinong received a land use right as a contribution from a shareholder, which was granted by the People’s Government and Land & Resources Bureau of Yangling District, Shaanxi Province. The fair value of the related intangible asset at the time of the contribution was determined to be RMB7,285,099 (or $1,004,251). The intangible asset is being amortized over the grant period of 50 years.

The Land Use Rights consisted of the following:

	March 31,			June 30,
	2025			2024
Land use rights	$	11,092,789			11,064,624
Less: accumulated amortization		(3,614,956	)		(3,440,066	)
Total land use rights, net	$	7,477,833			7,624,558

TRADEMARKS

On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value of the acquired trademarks was estimated to be RMB41,371,630 (or $5,703,079) and is subject to an annual impairment test.

	March 31,			June 30,
	2025			2024
Trademarks	$	5,754,679		$	5,740,068
Less: accumulated amortization		(51,601	)		(51,469	)
Total trademarks, net	$	5,703,078		$	5,688,599

AMORTIZATION EXPENSE

Estimated amortization expenses of intangible assets for the next five twelve months periods ended March 31, are as follows:

Twelve Months Ended on March 31,	Expense ($)
2026		243,806
2027		221,511
2028		221,511
2029		221,511
2030		221,511

Digital assets

On March 13, 2023, the Company established Antaeus Tech Inc. (“Antaeus”) in the State of Delaware. In April 2023, Antaeus started to purchase digital assets mining machines and to mine Bitcoin in West Texas. As of March 31, 2025, and June 30, 2024, the Company held digital assets with the amount of $0 and $53,693, respectively. The Company’s digital assets include Bitcoin only. Digital assets are classified on our balance sheet as current assets due to the Company’s ability to sell them in a highly liquid marketplace and its intent to liquidate its digital assets to support operations when needed.

The Company adopted ASU 2023-08, which requires entities to measure crypto assets at fair value with changes recognized in the Condensed Consolidated Statements of Operations each reporting period. As of March 31, 2025, the Company did not hold any digital assets.

The following table presents a roll-forward of total digital assets (including digital assets, restricted) for the nine months ended March 31, 2025, based on the fair value model under ASU 2023-08:

	Fair Value
Beginning balance: digital assets at June 30, 2024	$	53,693
Addition of digital assets, mining proceeds		181,377
Addition of digital assets, other		-
Disposition of digital assets		(245,607	)
Realized gain (loss) on digital assets		10,536
Unrealized gain (loss) on digital assets		-
Digital assets at March 31, 2025	$	-

For the nine months ended March 31, 2025, the Company acquired $181,377 of digital assets through mining activities and disposed of $245,607 digital assets through the sale of digital assets. For the nine months ended March 31, 2025, the Company realized total gains on digital assets of $10,536.

NOTE 7 – OTHER NON-CURRENT ASSETS

Other non-current assets mainly include advance payments related to leasing land for use by the Company. As of March 31, 2025, the balance of other non-current assets was $12,389,739 and $1,883,761 was the lease fee advances for agriculture lands that the Company engaged in Shiquan County from 2027 to 2028.

In March 2017, Jinong entered into a lease agreement for approximately 3,400 mu, and 2600-hectare agriculture lands in Shiquan County, Shaanxi Province. The lease was from April 2017 and was renewable for every ten-year period up to 2066. The aggregate leasing fee was approximately RMB 13 million per annum, The Company had made 10-year advances of leasing fee per lease terms. The Company has amortized $1.4 million and $1.4 million as expenses for the nine months ended March 31, 2025 and 2024, respectively.

Estimated amortization expenses of the lease advance payments for the next three twelve-month periods ended March 31 and thereafter are as follows:

Twelve months ending March 31,
2026	$	1,850,636
2027	$	1,850,636
2028	$	33,125

NOTE 8 – ACCRUED EXPENSES AND OTHER PAYABLES

Accrued expenses and other payables consisted of the following:

	March 31,		June 30,
	2025		2024
Payroll and welfare payable	$	164,664	$	164,245
Accrued expenses		11,976,351		10,312,491
Other payables		4,605,825		4,317,791
Other levy payable		115,610		115,316
Interest payable		1,141		-
Total	$	16,863,591	$	14,909,843

NOTE 9 – AMOUNT DUE TO RELATED PARTIES

At the end of December 2015, Yuxing entered into a sales agreement with the Company’s affiliate, 900LH.com Food Co., Ltd. (“900LH.com”, previously announced as Xi’an Gem Grain Co., Ltd) pursuant to which Yuxing is to supply various vegetables to 900LH.com for its incoming seasonal sales at the holidays and year ends (the “Sales Agreement”). The contingent contracted value of the Sales Agreement is RMB25,500,000 (approximately $3,515,175). For the nine months ended March 31, 2025 and 2024, Yuxing hadn’t sold any products to 900LH.com.

The amount due from 900LH.com to Yuxing was $6,385 and $0 as of March 31, 2025 and June 30, 2024, respectively.

As of March 31, 2025, and June 30, 2024, the amount due to related parties was $5,823,574 and $5,511,053, respectively. As of March 31, 2025, and June 30, 2024, $964,950 and $962,500, respectively were amounts that Gufeng borrowed from a related party, Xi’an Techteam Science& Technology Industry (Group) Co. Ltd., a company controlled by Mr. Zhuoyu Li, Chairman and CEO of the Company, representing unsecured, non-interest-bearing loans that are due on demand. These loans are not subject to written agreements. As of March 31, 2025, and June 30, 2024, $2,336,693 and $2,336,693, respectively were advances from Mr. Zhuoyu Li, Chairman and CEO of the Company. The advances were unsecured and non-interest-bearing. As of March 31, 2025, and June 30, 2024, $310,000 and $0, respectively were advances from Mr. Zhibiao Pan, the former Co-CEO of the Company. The advances were unsecured and non-interest-bearing.

As of March 31, 2025, and June 30, 2024, the Company’s subsidiary, Jinong, owed 900LH.com $0.

On July 1, 2024, Jinong renewed the office lease with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), of which Mr. Zhuoyu Li, Chairman and CEO of the Company, served as Chairman. Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provides for a two-year term effective as of July 1, 2024 with monthly rent of RMB28,000 (approximately $3,860).

NOTE 10 – LOAN PAYABLES

As of March 31, 2025, the short-term and long-term loan payables consisted of ten loans which mature on dates ranging from June 24, 2025 through June 13, 2027 with interest rates ranging from 3.55% to 5.00%. No. 1 to 2 below were collateralized by Tianjuyuan’s land use right and building ownership right and guaranteed by the cash deposit. No. 3 and 4 were guaranteed by Jinong. No.5 was collateralized by Kingtone Information’s building ownership right. No. 6 to 8 below were collateralized by Jinong’s land use right and building ownership right. No. 9 to 10 were collateralized by Kingtone Information’s building ownership right and guaranteed by the legal representative of Yuxing.

No.	Payee	Loan period per agreement	Interest Rate			March 31, 2025
1	Beijing Bank -Pinggu Branch	June 28, 2024-June 27, 2025		3.95	%		1,240,650
2	Beijing Bank -Pinggu Branch	July 31, 2024-June 27, 2025		3.95	%		137,850
3	Huaxia Bank -HuaiRou Branch	June 28, 2024-June 28, 2025		3.65	%		1,378,500
4	Pinggu New Village Bank	June 28, 2024-June 27, 2025		5.00	%		964,950
5	Industrial Bank Co. Ltd	July 5, 2024-July 4, 2026		3.55	%		419,064
6	Industrial Bank Co. Ltd	August 21, 2024-June 24, 2025		3.55	%		937,380
7	Xi’an Bank Co. Ltd	September 26, 2024-September 25, 2026		3.70	%		1,378,500
8	Xi’an Bank Co. Ltd	September 26, 2024-September 25, 2026		3.70	%		1,378,500
9	Chang’An Bank	June 14, 2024-June 13, 2027		4.00	%		1,964,363
10	Qinnong Bank	August 5, 2024-August 4, 2026		3.80	%		2,757,000
	Total					$	12,556,757

The interest expense from loans was $347,974 and $216,828 for the nine months ended March 31, 2025 and 2024, respectively.

NOTE 11 – TAXES PAYABLE

Enterprise Income Tax

Effective January 1, 2008, the Enterprise Income Tax (“EIT”) law of the PRC replaced the tax laws for Domestic Enterprises (“DEs”) and Foreign Invested Enterprises (“FIEs”). The EIT rate of 25% replaced the 33% rate that was applicable to both DEs and FIEs. The two-year tax exemption and three-year 50% tax reduction tax holiday for production-oriented FIEs was eliminated. Since January 1, 2008, Jinong became subject to income tax in China at a rate of 15% as a high-tech company, because of the expiration of its tax exemption on December 31, 2007. Accordingly, it made no provision for income taxes for the nine-month period ended March 31, 2025 and 2024.

Value-Added Tax

All the Company’s fertilizer products that are produced and sold in the PRC were subject to a Chinese Value-Added Tax (VAT) of 9% of the gross sales price. On April 29, 2008, the PRC State of Administration of Taxation (SAT) released Notice #56, “Exemption of VAT for Organic Fertilizer Products”, which allows certain fertilizer products to be exempt from VAT beginning June 1, 2008. The Company submitted the application for exemption in May 2009, which was granted effective September 1, 2009, continuing through March 31, 2015. On August 10, 2015 and August 28, 2015, the SAT released Notice #90. “Reinstatement of VAT for Fertilizer Products”, and Notice #97, “Supplementary Reinstatement of VAT for Fertilizer Products”, which restore the VAT of 13% of the gross sales price on certain fertilizer products includes non-organic fertilizer products starting from September 1, 2015, but granted taxpayers a reduced rate of 3% from September 1, 2015 through June 30, 2016.

On April 28, 2017, the PRC State of Administration of Taxation (SAT) released Notice 2017 #37, “Notice on Policy of Reduced Value Added Tax Rate,” under which, effective July 1, 2017, all the Company’s fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 11% of the gross sales price. The tax rate was reduced by 2% from 13%.

On April 4, 2018, the PRC State of Administration of Taxation (SAT) released Notice 2018 #32, “Notice on Adjustment of VAT Tax Rate,” under which, effective May 1, 2018, all the Company’s fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 10% of the gross sales price. The tax rate was reduced by 1% from 11%.

On March 20, 2019, the PRC State of Administration of Taxation (SAT) released Notice 2019 #39, “Announcement on Policies Concerning Deepening the Reform of Value Added Tax,” under which, effective April 1, 2019, all the Company’s fertilizer products that are produced and sold in the PRC are subject to a Chinese Value-Added Tax (VAT) of 9% of the gross sales price. The tax rate was reduced by 1% from 10%.

Income Taxes and Related Payables

	March 31,			June 30,
	2025			2024
VAT provision	$	(783,267	)	$	(692,476	)
Income tax payable		(2,133,175	)		(2,127,759	)
Other levies		603,625			590,875
Repatriation tax		29,010,535			29,010,535
Total	$	26,697,718		$	26,781,175

The provision for income taxes consists of the following:

	March 31,			March 31,
	2025			2024
Current tax	$	(49,527	)	$	(10,828	)
Deferred tax		-			-
Total	$	(49,527	)	$	(10,828	)

Significant components of deferred tax assets were as follows:

	March 31,			June 30,
	2025			2024
Deferred tax assets
Deferred tax benefit		32,935,924			32,804,190
Valuation allowance		(32,377,926	)		(32,295,719	)
Total deferred tax assets	$	557,998		$	508,471

Tax Rate Reconciliation

Our effective tax rates were approximately 0.6% and 0.1% for the nine months ended March 31, 2025 and 2024, respectively. Substantially all the Company’s income before income taxes and related tax expense are from PRC sources. Actual income tax benefit reported in the consolidated statements of operations and comprehensive income (loss) differ from the amounts computed by applying the US statutory income tax rate of 21.0% to income before income taxes for the nine months ended March 31, 2025 and 2024 for the following reasons:

March 31, 2025

	China 15% - 25%					United States 21%					Total
Pretax loss	$	(6,257,263	)				(1,642,362	)				(7,899,624	)

Expected income tax expense (benefit)		(1,564,316	)	25.0	%		(344,896	)	21.0	%		(1,909,212	)
High-tech income benefits on Jinong		-		-			-					-
Losses from subsidiaries in which no benefit is recognized		1,514,789		-24.2	%		-					1,514,789
Change in valuation allowance on deferred tax assets from US tax benefit		-		-			344,896		-21.0	%		344,896
Actual tax expense	$	(49,527	)	0.8	%		-		-			(49,527	)	0.6	%

March 31, 2024

	China 15% - 25%					United States 21%					Total
Pretax loss	$	(15,060,332	)				(3,005,976	)				(18,066,308	)

Expected income tax expense (benefit)		(3,765,083	)	25.0	%		(631,255	)	21.0	%		(4,396,338	)
High-tech income benefits on Jinong		-		-			-					-
Losses from subsidiaries in which no benefit is recognized		3,754,255		-24.9	%		-					3,754,255
Change in valuation allowance on deferred tax assets from US tax benefit		-		-			631,255		-21.0	%		631,255
Actual tax expense	$	(10,828	)	0.1	%		-		-			(10,828	)	0.1	%

NOTE 12 – SHAREHOLDERS’ EQUITY

Common Stock

There were no shares of common stock issued during the nine months ended March 31, 2025 and March 31, 2024.

On April 23, 2025, the Company issued 1,323,376 shares of common stock to certain key employees pursuant to the Company’s 2023 Equity Incentive Plan.

As of July 10, 2025, there were 16,116,914 shares issued and 15,770,934 shares outstanding, compared to 14,793,538 shares issued and 14,793,538 shares outstanding as of June 30, 2024.

Preferred Stock

Under the Company’s Articles of Incorporation, the Board has the authority, without further action by stockholders, to designate up to 20,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be greater than the rights of the common stock. If the Company sells preferred stock under its registration statement on Form S-3, it will fix the rights, preferences, privileges, qualifications and restrictions of the preferred stock of each series in the certificate of designation relating to that series and will file the certificate of designation that describes the terms of the series of preferred stock the Company offers before the issuance of the related series of preferred stock.

As of March 31, 2025, the Company has 20,000,000 shares of preferred stock authorized, with a par value of $.001 per share, of which no shares are issued or outstanding.

Share Repurchase Program

On January 21, 2025, the Board of Directors of the Company approved a share repurchase program authorizing up to 2,000,000 shares of its common stock, at a price not exceeding $3.00 per share. The Plan is designed to enhance shareholder value, optimize the Company’s capital structure, utilize excess cash in a tax-efficient manner, and signal management’s confidence in the Company’s long-term prospects. The repurchase program is expected to be completed by the end of 2025. Under the plan, the Company may repurchase shares from time to time through open market purchases, privately negotiated transactions, or other methods, in compliance with applicable securities laws.

We repurchased the following shares of common stock under the share repurchase program:

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans		Maximum Number of Shares That May Not Yet Be Purchased Under the Plans of Programs		Dollar Value
January 1, 2025 to January 31, 2025		181,742	$	1.03		181,742		1,818,258	$	187,122
February 1, 2025 to February 28, 2025		164,238		1.29		164,238		1,653,020		211,404
March 1, 2025 to March 31, 2025		-		-		-		-		-
Total		345,980	$	1.15		345,980	$	1,653,020	$	398,526

During the nine months ended March 31, 2025, the Company repurchased 345,980 shares of its common stock under an authorized share repurchase program for $398,526. All repurchases were made using cash resources. All shares repurchased were under the share repurchase program approved on January 21, 2025.

During the nine months ended March 31, 2024, the Company did not repurchase any common stock.

NOTE 13 – CONCENTRATIONS AND LITIGATION

Market Concentration

Most of the Company’s revenue-generating operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC’s economy.

The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among other things, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by, among other things, changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation.

Vendor and Customer Concentration

None of the vendors accounted for over 10% of the Company’s purchase of raw materials and supplies for the nine months ended March 31, 2025 and 2024.

None of the customers accounted for over 10% of the Company’s sales for the nine months ended March 31, 2025 and 2024.

Litigation

On May 28, 2024, an individual commenced a lawsuit in Texas state court against the Company and its former co-CEO, Mr. Zhibiao Pan. The individual alleges that the Company used funds he stored in cryptocurrency wallets operated by entities related to Mr. Pan to purchase cryptocurrency mining sites. The Company has moved to dismiss the lawsuit, in which motion is pending.

There are no other actions, suits, proceedings, inquiries or investigations before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

NOTE 14 – SEGMENT REPORTING

As of March 31, 2025, the Company was organized into four main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production), Yuxing (agricultural products production) and Antaeus (Bitcoin). Each of the four operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment.

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	March 31, 2025			March 31, 2024			March 31, 2025			March 31, 2024
Revenues from unaffiliated customers:
Jinong	$	6,645,870		$	7,534,076		$	20,231,251		$	23,634,474
Gufeng		15,674,534			22,544,062			28,867,388			41,174,493
Yuxing		2,465,314			2,467,916			7,218,409			7,262,819
Antaeus		-			392,263			181,746			1,064,507
Consolidated	$	24,785,718		$	32,938,317		$	56,498,794		$	73,136,293

Operating loss:
Jinong	$	(1,982,076	)	$	(3,081,511	)	$	(5,310,209	)	$	(3,587,057	)
Gufeng		1,786,127			(7,366,951	)		(593,131	)		(10,460,423	)
Yuxing		193,484			139,072			633,491			(1,005,290	)
Antaeus		(1,215	)		5,398			(245,776	)		(88,619	)
Reconciling item (1)		(595,543	)		(667,294	)		(1,641,228	)		(3,005,987	)
Consolidated	$	(599,223	)	$	(10,971,286	)	$	(7,156,853	)	$	(18,147,376	)

Net loss:
Jinong	$	(2,017,485	)	$	(3,078,870	)	$	(5,349,938	)	$	(3,509,256	)
Gufeng		1,584,662			(7,406,821	)		(1,152,563	)		(10,586,404	)
Yuxing		155,235			230,907			481,080			(913,113	)
Antaeus		(960	)		20,794			(186,315	)		(40,732	)
Reconciling item (1)		-			-			-			12
Reconciling item (2)		(596,675	)		(667,294	)		(1,642,361	)		(3,005,987	)
Consolidated	$	(875,223	)	$	(10,901,284	)	$	(7,850,097	)	$	(18,055,480	)

Depreciation and Amortization:
Jinong	$	190,714		$	193,079		$	577,218		$	572,897
Gufeng		178,629			183,444			545,030			549,055
Yuxing		188,594			189,812			568,677			561,453
Antaeus		-			125,130			192,466			350,347
Consolidated	$	557,937		$	691,465		$	1,883,391		$	2,033,752

Interest expense:
Jinong	$	36,689		$	35,530		$	112,471		$	91,046
Gufeng		38,153			39,931			113,360			125,782
Yuxing		45,820			-			121,003			-
Antaeus		-			-			-			-
Consolidated	$	120,662		$	75,461		$	346,834		$	216,828

Capital Expenditure:
Jinong	$	837		$	9,037		$	57,916		$	50,861
Gufeng		-			180			-			180
Yuxing		(522	)		34,630			187,448			97,370
Antaeus		-			-			-			1,502,600
Consolidated	$	315		$	43,847		$	245,364		$	1,651,011

	As of
	March 31,		June 30,
	2025		2024
Identifiable assets:
Jinong	$	62,292,063	$	72,411,611
Gufeng		40,354,516		39,063,187
Yuxing		43,565,764		40,535,883
Antaeus		1,573,976		1,612,177
Reconciling item (1)		14,912,602		9,454,754
Reconciling item (2)		169,071		169,071
Consolidated	$	162,867,992	$	163,246,683

(1)

Reconciling amounts refers to the unallocated assets or expenses of Green New Jersey.

(2)

Reconciling amounts refers to the unallocated assets or expenses of the Parent Company.

NOTE 15 – COMMITMENTS AND CONTINGENCIES

We are subject to various claims and contingencies related to lawsuits, certain taxes and environmental matters, as well as commitments under contractual and other commercial obligations. We recognize liabilities for commitments and contingencies when a loss is probable and estimable.

In February 2004, Tianjuyuan signed a fifty-year rental agreement with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District.

On April 2, 2023, Antaeus signed a one-year rental agreement for an office in Austin, Texas for approximately 404 square meters (4,348 square feet) space.

Accordingly, the Company recorded an aggregate of $41,558 and $42,018 as rent expenses from these committed property leases for the nine-month periods ended March 31, 2025 and 2024, respectively. The contingent rent expenses for the next five twelve-month periods ended March 31 are as follows:

Years ending March 31,
2026	$	55,411
2027		55,411
2028		55,411
2029		55,411
2030		55,411

NOTE 16 – VARIABLE INTEREST ENTITIES

SEC Form 10-Q filed by Enlightify Inc.