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CONCENTRATIONS AND LITIGIATION | 12 Months Ended
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Jun. 30, 2013
Concentration and Litigation [Abstract] |
Concentration and Litigation [Text Block] | NOTE 13 –CONCENTRATIONS AND LITIGIATION Market Concentration All of the Company's revenue-generating operations are conducted in the PRC. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC's economy. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among other things , the political, economic and legal environments and foreign currency exchange. The Company's results may be adversely affected by, among other things, changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation. Vendor and Customer Concentration There were two vendors from which the Company purchased 14.6% and 13.6% of its raw materials for the year ended June 30, 2013. Total purchase from these two venders amounted to $33,832,070 as of June 30, 2013. The total amount payable to these two vendors as of June 30, 2013 was $9,426,904. There were two vendors from which the Company purchased 11.9% and 10.1% of its raw materials for the year ended June 30, 2012. Account payable to Beijing Baofengnian Agricultural Material Co. Ltd. was $216,842 and advance payment to Inner Mongolia Shuangying Chemical Products Co. Ltd. was $1,389,368. One vendor accounted for approximately 11.5% of the Company’s total purchases for the year ended June 30, 2011. Advance payment to Inner Mongolia Shuangying Chemical Products Co. Ltd. was $900,070 as of June 30, 2011. One customer, accounted for $39,735,292, or 18.3% of the Company’s sales for the year ended June 30, 2013. The total amount of advances from this customer as of June 30, 2013 was $611,948. One customer, Sinoagri Holding Company Limited, accounted for $31,509,757, or 14.5% of the Company’s sales for the year ended June 30, 2012. One customer, Sinoagri Holding Company Limited, accounted for $31,599,412, or 17.6% of the Company’s sales for the year ended June 30, 2011. Litigation On October 15, 2010, a class action lawsuit was filed against the Company and certain of its current and former officers in the United States District Court for the District of Nevada (the "Nevada Federal Court") on behalf of purchasers of the Company’s common stock between November 12, 2009 and September 1, 2010. The current version of the complaint alleges that the Company and certain of its current and former officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended, by making material misstatements and omissions in the Company’s financial statements, securities offering documents, and related disclosures during the class period. On October 7, 2011, the defendants moved to dismiss the amended complaint and to strike portions of it. On November 2, 2012, the Nevada Federal Court issued an order dismissing the claims for violation of sections 11, 12(a)(2) and 15 of the Securities Act of 1933 as to all defendants and dismissing certain individual defendants from the complaint and allowing the claims for violations of section 10(b) and 20(a) of the Securities Exchange Act of 1934 to continue with respect to the Company and certain of the individual defendants. The Nevada Federal Court also denied the defendants’ motion to strike. The parties to the securities class action held mediation on March 7, 2013, which led to an agreement in principle to settle the case for a payment of $2.5 million by the Company’s insurers in exchange for a release of all claims against all defendants. The parties are currently in the process of documenting the settlement

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- Definition The entire disclosure for any concentrations and litigation existing during the reporting period. + References No definition available. + Details
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