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Variable interest entity ("VIE") | 12 Months Ended
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Jun. 30, 2019
Variable interest entity (VIE) |
Variable interest entity ("VIE") | Note 3 – Variable interest entity (“VIE”) A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. Xiangtai WFOE is deemed to have a controlling financial interest and be the primary beneficiary of CQ Penglin because it has both of the following characteristics:
| (1) |  | The power to direct activities at CQ Penglin that most significantly impact such entity’s economic performance, and
| (2) |  | The obligation to absorb losses of, and the right to receive benefits from CQ Penglin that could potentially be significant to such entity.
Pursuant to the Contractual Arrangements, CQ Penglin pays service fees equal to all of its net income to Xiangtai WFOE. At the same time, Xiangtai WFOE is obligated to absorb all of CQ Penglin’s losses. The Contractual Arrangements are designed so that CQ Penglin operates for the benefit of Xiangtai WFOE and ultimately, the Company. Accordingly, the accounts of CQ Penglin are consolidated in the accompanying financial statements. In addition, its financial positions and results of operations are included in the Company’s financial statements. The carrying amount of VIE’s consolidated assets and liabilities are as follows:
|  | June 30, 2019 |  | June 30, 2018
Current assets |  | $ | 39,258,826 |  | $ | 27,501,962
Property and equipment, net |  |  | 868,435 |  |  | 1,050,013
Other noncurrent assets |  |  | 162,142 |  |  | 392,876
Total assets |  |  | 40,289,403 |  |  | 28,944,851
Total liabilities |  |  | (30,645,069) |  |  | (18,922,393)
Net assets |  | $ | 9,644,334 |  | $ | 10,022,458
|  | June 30, 2019 |  | June 30, 2018
Current liabilities: |  |  |  |  |  |
Short-term loans - banks |  | $ | 4,150,310 |  | $ | 4,530,011
Loans from third parties |  |  | 2,303,420 |  |  | 4,756,512
Short-term loans - related parties |  |  | 329,120 |  |  | —
Accounts payable |  |  | 6,995,932 |  |  | 651,404
Other payables and accrued liabilities |  |  | 238,882 |  |  | 206,850
Other payables – related parties |  |  | 528,717 |  |  | 444,709
Intercompany payables |  |  | 8,928,579 |  |  | 4,291,604
Customer deposits |  |  | 367,149 |  |  | 150,578
Taxes payable |  |  | 2,805,722 |  |  | 2,909,223
Total current liabilities |  |  | 26,647,831 |  |  | 17,940,891
Other liabilities: |  |  |  |  |  |
Long-term loan – bank |  |  | 866,231 |  |  | 981,502
Loan from a third party |  |  | 3,131,007 |  |  | —
|  |  | 3,997,238 |  |  | 981,502
Total liabilities |  | $ | 30,645,069 |  | $ | 18,922,393
The summarized operating results of the VIE’s are as follows:
|  | For the year ended |  | For the year ended |  | For the year ended
|  | June 30, 2019 |  | June 30, 2018 |  | June 30, 2017
Operating revenues |  | $ | 89,959,760 |  | $ | 94,596,470 |  | $ | 60,944,017
Gross profit |  | $ | 7,809,539 |  | $ | 9,011,763 |  | $ | 5,146,692
Income from operations |  | $ | 6,556,351 |  | $ | 9,454,230 |  | $ | 3,694,021
Net income |  | $ | 5,533,912 |  | $ | 3,786,061 |  | $ | 2,627,212

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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