VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of December 31, 2014 and June 30, 2014:

	December 31,		June 30,
	2014		2014

ASSETS
Current Assets
Cash and cash equivalents	$	33,050	$	102,777
Accounts receivable, net		194,876		61,248
Inventories		16,825,333		16,538,621
Other current assets		33,740		12,745
Advances to suppliers		29,938		53,168
Total Current Assets		17,116,937		16,768,559

Plant, Property and Equipment, Net		16,276,095		16,450,206
Construction In Progress		48,973		48,883
Intangible Assets, Net		10,637,083		10,736,322
Total Assets	$	44,079,088	$	44,003,970

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	187,066	$	739,526
Accrued expenses and other payables		31,916		3,086
Amount due to related parties		43,222,540		43,142,280
Total Current Liabilities		43,441,522		43,884,892

Stockholders' equity		637,566		119,078

Total Liabilities and Stockholders' Equity	$	44,079,088	$	44,003,970

	Three months ended December 31,				Six months ended December 31,
	2014		2013		2014		2013
Revenue	$	1,079,674	$	863,963	$	1,931,225	$	1,649,226
Expenses		923,763		861,067		1,413,275		1,542,520
Net income (loss)	$	155,911	$	2,896	$	517,950	$	106,706

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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