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VARIABLE INTEREST ENTITIES | 9 Months Ended
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Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entity Disclosure [Text Block] | NOTE 14 VARIABLE INTEREST ENTITIES In accordance with accounting standards regarding consolidation of variable interest entities, VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. All VIEs with which a company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. Green Nevada through one of its subsidiaries, Jinong, entered into a series of agreements (the “VIE Agreements”) with Yuxing for it to qualify as a VIE, effective June 16, 2013. The Company has concluded, based on the contractual arrangements, that Yuxing is a VIE and that the Company’s wholly-owned subsidiary, Jinong, absorbs a majority of the risk of loss from the activities of Yuxing, thereby enabling the Company, through Jinong, to receive a majority of Yuxing expected residual returns. As a result of the VIE Agreements, Green Nevada is able to exercise control over Yuxing and is entitled to substantially all of the economic benefits of Yuxing through its subsidiary, Jinong. Therefore, Green Nevada consolidates Yuxing in accordance with ASC 810-10 (“Consolidation of Variable Interest Entities”) since the date of the VIE Agreements. The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of March 31, 2016 and June 30, 2015:
|  | March 31 |  | June 30, |
|  | 2016 |  | 2015 |
ASSETS |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 235,350 |  | $ | 79,867 |
Accounts receivable, net |  |  | 135,092 |  |  | 72,748 |
Inventories |  |  | 18,677,259 |  |  | 18,138,137 |
Other current assets |  |  | 665,289 |  |  | 48,845 |
Advances to suppliers |  |  | 3,222,535 |  |  | 61,739 |
Total Current Assets |  |  | 22,935,525 |  |  | 18,401,336 |
Plant, Property and Equipment, Net |  |  | 14,045,185 |  |  | 15,692,975 |
Construction In Progress |  |  | 65,301 |  |  | 68,921 |
Intangible Assets, Net |  |  | 9,856,432 |  |  | 10,582,657 |
Total Assets |  | $ | 46,902,443 |  | $ | 44,745,889 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |
Accounts payable |  | $ | 280,490 |  | $ | 159,730 |
Accrued expenses and other payables |  |  | 311,108 |  |  | 222,871 |
Amount due to related parties |  |  | 44,305,540 |  |  | 43,488,198 |
Total Current Liabilities |  |  | 44,616,648 |  |  | 43,870,799 |
Stockholders' equity |  |  | 2,285,795 |  |  | 875,090 |
Total Liabilities and Stockholders' Equity |  | $ | 46,902,443 |  | $ | 44,745,889 |
|  | Three months ended March 31, |  | Nine months ended March 31, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Revenue |  | $ | 3,274,177 |  | $ | 1,175,092 |  | $ | 6,599,577 |  | $ | 3,106,317 |
Expenses |  |  | 2,725,619 |  |  | 1,046,695 |  |  | 5,131,634 |  |  | 2,459,970 |
Net income (loss) |  | $ | 548,558 |  | $ | 128,397 |  | $ | 1,467,943 |  | $ | 646,347 |

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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=52262685&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=52262685&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=52262685&loc=d3e5710-111685 + Details
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