XML 52 R2.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Jun. 30, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 347,486 $ 1,098,691
Accounts and notes receivable, net 37,010,458 43,322,463
Inventories 511,160 427,193
Other receivables, net 1,423,563 71,242
Other receivable - related party 165,075 1,397,042
Prepayments and advances, net 12,566,372 1,569,162
Prepayment - related party 456,399 2,725,423
Prepaid expenses 25,000 40,458
Total current assets 52,505,513 50,651,674
PROPERTY PLANT AND EQUIPMENT, net 1,659,520 2,748,409
Total assets 54,165,033 53,400,083
CURRENT LIABILITIES:    
Short term bank loans - in default 24,686,899 26,062,665
Accounts payable 12,841,076 10,340,072
Customer deposits 635,762 903,034
Other payables 372,913 369,780
Other payables - related parties 757,737 195,763
Loans payable - employees 4,593,874
Accrued liabilities 3,083,929 1,217,584
Taxes payable 80,860 178,190
Accrued contingent liabilities 6,591,185 4,430,787
Total current liabilities 53,644,235 43,697,875
COMMITMENTS AND CONTINGENCIES (Note 14)
SHAREHOLDERS' EQUITY:    
Preferred shares, $0.001 par value, 1,000,000 shares authorized, no shares issued or outstanding
Ordinary shares, $0.001 par value, 74,000,000 shares authorized, 7,174,626 and 5,488,649 shares issued and outstanding as of June 30, 2019 and 2018, respectively 7,175 5,489
Additional paid-in-capital 54,237,082 48,360,368
Deferred stock compensation (3,161,200) (2,825,000)
Deficit (64,031,446) (49,642,916)
Statutory reserves 6,248,092 6,248,092
Accumulated other comprehensive income 7,221,095 7,556,175
Total shareholders' equity 520,798 9,702,208
Total liabilities and shareholders' equity $ 54,165,033 $ 53,400,083