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Variable Interest Entities | 12 Months Ended
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Jun. 30, 2016
Variable Interest Entities [Abstract] |
VARIABLE INTEREST ENTITIES | NOTE 17 - VARIABLE INTEREST ENTITIES As a result of these contractual arrangements, with Yuxing and the VIE Companies the Company is entitled to substantially all of the economic benefits of Yuxing and the VIE Companies. The following financial statement amounts and balances of the VIEs were included in the accompanying consolidated financial statements as of June 30, 2016 and 2015:
|  | June 30, |  |  | June 30, |
|  | 2016 |  |  | 2015 |
ASSETS |  |  |  |  |  |
Current Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,017,841 |  |  | $ | 79,867 |
Accounts receivable, net |  |  | 7,050,201 |  |  |  | 72,748 |
Inventories |  |  | 26,370,202 |  |  |  | 18,138,137 |
Other current assets |  |  | 1,875,912 |  |  |  | 48,845 |
Advances to suppliers |  |  | 4,900,524 |  |  |  | 61,739 |
Total Current Assets |  |  | 41,214,680 |  |  |  | 18,401,336 |
Plant, Property and Equipment, Net |  |  | 13,377,817 |  |  |  | 15,692,975 |
Other assets |  |  | 334,264 |  |  |  | 68,921 |
Intangible Assets, Net |  |  | 12,913,776 |  |  |  | 10,582,657 |
Goodwill |  |  | 3,158,179 |  |  |  | - |
Total Assets |  | $ | 70,998,716 |  |  | $ | 44,745,889 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 3,840,052 |  |  | $ | 159,730 |
Customer deposits |  |  | 3,486,150 |  |  |  | - |
Accrued expenses and other payables |  |  | 5,580,642 |  |  |  | 222,871 |
Amount due to related parties |  |  | 43,478,158 |  |  |  | 43,488,198 |
Total Current Liabilities |  |  | 56,385,002 |  |  |  | 43,870,799 |
Stockholders' equity |  |  | 14,613,714 |  |  |  | 875,090 |
Total Liabilities and Stockholders' Equity |  | $ | 70,998,716 |  |  | $ | 44,745,889 |
|  | Years Ended June 30, |
|  | 2016 |  |  | 2015 |
Revenue |  | $ | 8,406,663 |  |  | $ | 4,323,514 |
Expenses |  |  | 6,935,251 |  |  |  | 3,572,142 |
Net income |  | $ | 1,471,412 |  |  | $ | 751,372 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6759159-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5728-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5710-111685 + Details
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