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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Jun. 30, 2015
USD ($)
Jun. 30, 2015
CNY (¥)
Jun. 30, 2014
CNY (¥)
Cash flows from operating activities:      
Net income (loss) $ (5,166,272) ¥ (31,456,388) ¥ 1,827,820
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation 86,396 526,046 595,647
Loss (Gain) from disposal of equipment (31,805) (193,657) 128,902
Provision for doubtful accounts (534,238) 3,252,868 1,518,778
Provision for slow moving inventories 1,264,755 7,700,837 0
Share based compensation 512,977 3,123,417 2,429,028
Loss from investment 0 0 1,535,250
Deferred tax benefit (provision) (87,396) (532,136) (23,054)
Change in fair value of warrants liability (662,573) (4,034,272) (60,647)
Restricted shares issued for services 260,390 1,585,462 407,593
Loss from warrants redemption 409,995 2,496,375 0
Income tax benefit (419,143) (2,552,075) 961,136
Changes in operating assets and liabilities:      
Notes receivable (690,699) (4,205,530) 2,578,855
Trade accounts receivable (532,982) (3,245,218) (5,291,233)
Inventories (691,309) (4,209,241) (1,065,532)
Purchase advance, net 537,369 3,271,935 (6,879,156)
Tax recoverable 0 0 575,650
Deferred income (350,528) (2,134,295) 1,038,442
Advances from customers (44,620) (271,685) 330,685
Accrued payroll and employees' welfare (28,057) (170,835) (1,575,159)
Accrued expenses 869 5,291 (285,679)
Taxes payable (217,254) (1,322,818) 835,418
Net cash used in operating activities (2,480,349) (15,102,337) (7,960,044)
Cash flows from investing activities:      
Purchase of property and equipment (341,316) (2,078,204) (477,957)
Proceeds from disposal of equipment 65,760 400,400 141,716
Net cash used in investing activities (275,556) (1,677,804) (336,241)
Cash flows from financing activities:      
Proceeds from short-term bank loans 1,149,652 7,000,000 23,500,000
Repayments of short-term bank loans (1,642,360) (10,000,000) (23,500,000)
Proceeds from sale of common stock, net of issuance costs 392,857 2,392,027 12,132,882
Proceeds from stock options exercised 0 0 2,704,909
Net cash provided by financing activities 1,821,710 11,092,027 13,971,865
Effect of exchange rate fluctuation on cash and cash equivalents (10,106) (61,543) 68,614
Net decrease in cash and cash equivalents (944,301) (5,749,657) 5,744,194
Cash and cash equivalents at beginning of year 2,971,782 18,094,586 12,350,392
Cash and cash equivalents at end of year 2,027,481 12,344,929 18,094,586
Supplemental cash flow information      
Cash paid during the period for interest 174,177 1,060,529 939,416
Cash paid during the period for taxes 144,822 881,794 704,982
Non-cash investing and financing activities      
Issuance of common stock to prepay professional services 0 0 1,002,721
Issuance of common stock to redeem warrants 568,657 3,462,438 0
All Other [Member]      
Changes in operating assets and liabilities:      
Other receivable, net 407,522 2,481,328 (981,099)
Prepaid expense 296,996 1,808,350 (146,708)
Trade accounts payable 363,550 2,213,583 4,029,340
Other payables 55,508 337,978 (199,612)
Cash flows from financing activities:      
Repayment of short-term borrowings 0 0 (570,375)
Related Party [Member]      
Changes in operating assets and liabilities:      
Trade accounts receivable 708,803 4,315,755 (3,819,299)
Other receivable, net 217,352 1,323,412 (671,905)
Prepaid expense (31,205) (190,000) 136,000
Trade accounts payable 579,540 3,528,705 (3,994,718)
Other payables 164,840 1,003,678 (933,651)
Cash flows from financing activities:      
Proceeds from short-term borrowings 2,997,307 18,250,000 5,007,728
Repayment of short-term borrowings $ (1,075,746) ¥ (6,550,000) ¥ (5,303,279)