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VARIABLE INTEREST ENTITIES

12 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Disclosure Of Variable Interest Entities [Text Block]

NOTE 21. Variable Interest Entities

The Company reports its VIEs’ portion of consolidated net income and stockholders’ equity as non-controlling interests in the consolidated financial statements.

Summary information regarding consolidated VIEs is as follows:

		June 30, 2015			June 30, 2016			June 30, 2016
		RMB			RMB			U.S. Dollars
ASSETS
Current Assets
Cash and cash equivalents		¥	7,096,901		¥	619,430		$	93,227
Notes receivable			4,205,530			4,660,177			701,377
Trade accounts receivable, net			56,956,197			38,097,626			5,733,855
Purchase advances			19,016,573			1,323,305			199,163
Other assets			28,792,279			25,584,030			3,850,506
Total current assets		¥	116,067,480		¥	70,284,568		$	10,578,128
Non-current assets			7,088,383			5,113,193			769,557
Total Assets		¥	123,155,863		¥	75,397,761		$	11,347,685
LIABILITIES
Trade accounts payable		¥	17,155,793		¥	7,540,430		$	1,134,867
Taxes payable			1,153,216			755,881			113,763
Other liabilities			31,386,734			19,025,594			2,863,433
Total current liabilities			49,695,743			27,321,905			4,112,063
Total Liabilities		¥	49,695,743		¥	27,321,905		$	4,112,063

The financial performance of VIEs reported in the consolidated statement of operations and comprehensive income for the year ended June 30, 2016 includes revenues of ¥42,728,277 ($6,430,788), operating expenses of ¥31,590,843 ($4,754,557), and net loss of ¥25,481,256 ($3,835,038).

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- References

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6759159-111685

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5728-111685

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5710-111685

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