XML 55 R34.htm IDEA: XBRL DOCUMENT v3.19.3
Commitments and Contingencies (Tables)
12 Months Ended
Jun. 30, 2019
Schedule of future annual lease payments under non-cancelable operating leases
Twelve months ending June 30,  Amount 
2020  $459,000 
2021   433,000 
2022   433,000 
2023   126,000 
2024   8,000 
Total  $1,459,000 
Schedule of litigation disputes and accrued costs
Dispute matter  Claim
amount as of June 30,
2019
   Interest and penalties   Total claim amount as of June 30,
2019
 
1) Guarantees  $2,155,740   $352,411   $2,508,151 
2) Sales   20,177    9,284    29,461 
3) Purchases   1,367,237    175,069    1,542,306 
4) Leases   3,808,038    670,914    4,478,952 
5) Labor   26,204    -    26,204 
6) Others   307,222    135,866    443,088 
Total  $7,684,618   $1,343,544    9,028,162 
Payments made by related party             (2,436,977)
Accrued contingent liabilities            $6,591,185 
Schedule of litigation disputes contingencies associated
Dispute matter  Claim
amount as of June 30,
2019
   Interest and penalties   Total claim amount as of June 30,
2019
 
1) Guarantees  $59,127,585   $10,171,070   $69,298,655 
2) Purchases   2,771,981    71,649    2,843,630 
3) Leases   8,852,874    -    8,852,874 
4) Labor   227,963    -    227,963 
Total  $70,980,403   $10,242,719    81,223,122 
Settled claims             (54,474,782)
Remaining claims amount            $26,748,340 
Related-party [Member]  
Schedule of third-party borrowed from bank
Name of party being guaranteed  Guaranteed amount   Guarantee 
expiration date
Beijing Lianlv (borrower)  $10,048,349   April 11, 2019
Third-party [Member]  
Schedule of third-party borrowed from bank
Name of party being guaranteed  Guaranteed amount   Guarantee 
expiration date
Tangshan Long Tang Trading Co., Ltd ("Long Tang")  $2,145,978   December 29, 2017