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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Jun. 30, 2016
USD ($)
Jun. 30, 2016
CNY (¥)
Jun. 30, 2015
CNY (¥)
Cash flows from operating activities:      
Net loss $ (6,153,002) ¥ (40,882,577) ¥ (31,456,388)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 143,744 955,083 526,046
Gain from disposal of equipment (6,124) (40,688) (193,657)
Provision for doubtful accounts 2,178,560 14,475,074 3,252,868
Provision for slow moving inventories 365,468 2,428,288 7,700,836
Share based compensation 856,566 5,691,308 3,123,417
Deferred tax (benefit) provision 262,193 1,742,098 (532,136)
Change in fair value of warrants liability 0 0 (4,034,272)
Restricted shares issued for services 344,266 2,287,415 1,585,462
Loss from warrants redemption 0 0 2,496,375
Income tax benefit 82,152 545,845 (2,552,075)
Changes in operating assets and liabilities:      
Notes receivable (68,426) (454,647) (4,205,530)
Trade accounts receivable 2,206,146 14,658,360 (3,245,218)
Inventories 179,373 1,191,811 (4,209,241)
Purchase advance, net 742,058 4,930,479 3,271,935
Deferred revenue (282,775) (1,878,848) (2,134,295)
Advances from customers (49,531) (329,100) (271,685)
Accrued payroll and employees' welfare 20,216 134,320 (170,835)
Accrued expenses 25,960 172,490 5,291
Taxes payable 118,928 790,199 (1,322,818)
Net cash used in operating activities (42,994) (285,674) (15,102,337)
Cash flows from investing activities:      
Purchase of property and equipment (27,253) (181,075) (2,078,204)
Proceeds from disposal of equipment 9,030 60,000 400,400
Net cash used in investing activities (18,223) (121,075) (1,677,804)
Cash flows from financing activities:      
Proceeds from short-term bank loans 75,252 500,000 7,000,000
Repayments of short-term bank loans (1,128,782) (7,500,000) (10,000,000)
Proceeds from short-term borrowings 79,767 530,000 0
Proceeds from sale of common stock, net of issuance costs 25,874 171,919 2,392,027
Net cash provided by (used in) financing activities (1,532,653) (10,183,446) 11,092,027
Effect of exchange rate fluctuation on cash and cash equivalents 9,466 62,886 (61,543)
Net decrease in cash (1,584,404) (10,527,309) (5,749,657)
Cash at beginning of the year 1,857,964 12,344,929 18,094,586
Cash at end of the year 273,560 1,817,620 12,344,929
Supplemental cash flow information      
Cash paid during the period for interest 135,961 903,368 1,060,529
Cash paid during the period for taxes 21,443 142,477 881,794
Non-cash investing and financing activities      
Issuance of common stock to redeem warrants 0 0 3,462,438
AR and short-term borrowings-related parties offset 30,101 200,000 0
Inventories used for fixed assets 154,329 1,025,410 0
All Other [Member]      
Changes in operating assets and liabilities:      
Other receivable, net (267,244) (1,775,659) 2,481,328
Prepaid expense 107,762 716,004 1,808,350
Trade accounts payable (1,447,153) (9,615,363) 2,213,583
Other payables 130,809 869,135 337,978
Related Party [Member]      
Changes in operating assets and liabilities:      
Trade accounts receivable 164,118 1,090,453 4,315,755
Other receivable, net 13,699 91,021 1,323,412
Purchase advance, net 206,798 1,374,034 0
Prepaid expense 63,212 420,000 (190,000)
Trade accounts payable 0 0 3,528,705
Other payables 281,426 1,869,889 1,003,678
Cash flows from financing activities:      
Proceeds from short-term borrowings 1,940,813 12,895,400 18,250,000
Repayment of short-term borrowings $ (2,525,577) ¥ (16,780,765) ¥ (6,550,000)