XML 73 R23.htm IDEA: XBRL DOCUMENT
v2.4.1.9

RESTRICTED NET ASSETS | 12 Months Ended
--- | ---
Jun. 30, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Restricted Assets Disclosure [Text Block] | NOTE 16 – RESTRICTED NET ASSETS The Company’s operations are primarily conducted through its PRC subsidiaries, which can only pay dividends out of their retained earnings determined in accordance with the accounting standards and regulations in the PRC and after it has met the PRC requirements for appropriation to statutory reserves. In addition, the Company’s businesses and assets are primarily denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. These currency exchange control procedures imposed by the PRC government authorities may restrict the ability of the Company’s PRC subsidiaries to transfer their net assets to the Parent Company through loans, advances or cash dividends. The Company’s PRC subsidiaries net assets as of June 30, 2014 and 2013 exceeded 25% of the Company’s consolidated net assets. Accordingly, condensed Parent Company financial statements have been prepared in accordance with Rule 5-04 and Rule 12-04 of SEC Regulation S-X, and are as follows. Parent Company Financial Statements PARENT COMPANY FINANCIAL INFORMATION OF CHINA GREEN AGRICULTURE, INC.
Condensed Balance Sheets |  | As of June 30, |
|  | 2014 |  | 2013 |
ASSETS |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 117,939 |  | $ | 62,299 |
Other current assets |  |  | 1,908 |  |  | 1,908 |
Total Current Assets |  |  | 119,847 |  |  | 64,207 |
Long-term equity investment |  |  | 335,598,200 |  |  | 299,923,857 |
Total long term assets |  |  | 335,598,200 |  |  | 299,923,857 |
Total Assets |  | $ | 335,718,047 |  | $ | 299,988,064 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |
Accounts payable |  | $ | 214,520 |  | $ | 394,520 |
Amount due to related parties |  |  | 588,343 |  |  | 138,343 |
Other payables and accrued expenses |  |  | 2,875,392 |  |  | 2,601,909 |
Total Current Liabilities |  |  | 3,678,255 |  |  | 3,134,772 |
Stockholders' Equities |  |  |  |  |  |  |
Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236, shares issued and outstanding as of June 30, 2014 and 2013, respectively |  |  | 32,362 |  |  | 29,943 |
Additional paid in capital |  |  | 114,605,214 |  |  | 105,962,909 |
Accumulated other comprehensive income |  |  | 22,840,491 |  |  | 21,813,410 |
Retained earnings |  |  | 194,561,725 |  |  | 169,047,030 |
Total Stockholders' Equity |  |  | 332,039,792 |  |  | 296,853,292 |
Total Liabilities and Stockholders' Equity |  | $ | 335,718,047 |  | $ | 299,988,064 |
Condensed Statements of Operations |  | Year ended June 30, |
|  | 2014 |  | 2013 |  | 2012 |
Revenue |  | $ | - |  | $ | - |  | $ | - |
General and administrative expenses |  |  | 9,132,587 |  |  | 3,941,195 |  |  | 5,707,065 |
Interest income (expense) |  |  | 20 |  |  | 142 |  |  | 347 |
Equity investment in subsidiaries |  |  | 34,647,262 |  |  | 48,715,101 |  |  | 47,664,543 |
Net income |  | $ | 25,514,695 |  | $ | 44,774,048 |  | $ | 41,957,825 |
Condensed Statements of Cash Flows |  | Year Ended June 30, |
|  | 2014 |  | 2013 |  | 2012 |
Net cash provided by (used in) operating activities |  | $ | 55,640 |  | $ | (215,239) |  | $ | (1,286,612) |
Net cash provided by (used in) investing activities |  |  | 0 |  |  | 0 |  |  | 0 |
Net cash provided by financing activities |  |  | 0 |  |  | 0 |  |  | 600,001 |
Cash and cash equivalents, beginning balance |  |  | 62,299 |  |  | 277,538 |  |  | 964,149 |
Cash and cash equivalents, ending balance |  | $ | 117,939 |  | $ | 62,299 |  | $ | 277,538 |
Notes to Condensed Parent Company Financial Information As of June 30, 2014, 2013 and 2012, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Consolidated Financial Statements, if any. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

X
- Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. + References No definition available. + Details
Name: | us-gaap_RestrictedAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration