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SUBSEQUENT EVENT | 3 Months Ended
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Sep. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | NOTE 16 – SUBSEQUENT EVENT On October 1, 2014, the Company’s Board of Directors approved a private placement investment in the Company’s common stock from Mr. Tao Li, Chairman and CEO of the Company. Subject to the stockholders approval, the Company may issue 496,445 shares of its common stock at a purchase price of $2.25 per share, the closing price of the Common Stock that day, for an aggregate purchase price of $1,117,000. On October 17, 2014, the Company’s Compensation Committee approved the issuance of 464,776 shares of Common Stock to its 47 employees under the Company’s Amended and Restated 2012 Employee Stock Purchase Plan for a cash contribution of a total of $1,045,757. The issuance is at the closing price $2.25 per share on October 16, 2014. On September 26, 2014, the Board of Directors approved the issuance of 5,415 shares to its consultant for its consulting services valued at $14,000, and 17,367 shares of common stock to its counsel for the legal services valued at $36,298.47. The shares were not issued until October 15, 2014.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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