XML 45 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Variable Interest Entities
 12 Months Ended
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