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Variable Interest Entities | 12 Months Ended
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Jun. 30, 2017
Variable Interest Entities [Abstract] |
VARIABLE INTEREST ENTITIES | NOTE 18 – VARIABLE INTEREST ENTITIES Because of these contractual arrangements, with Yuxing and the VIE Companies the Company is entitled to substantially all 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, 2017 and 2016:
|  | June 30, |  |  | June 30, |
|  | 2017 |  |  | 2016 |
ASSETS |  |  |  |  |  |
Current Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 374,587 |  |  | $ | 1,017,841 |
Accounts receivable, net |  |  | 30,687,859 |  |  |  | 7,050,201 |
Inventories |  |  | 21,314,940 |  |  |  | 26,370,202 |
Other current assets |  |  | 2,195,156 |  |  |  | 1,839,523 |
Advances to suppliers |  |  | 2,380,812 |  |  |  | 4,900,524 |
Total Current Assets |  |  | 56,953,354 |  |  |  | 41,196,291 |
Plant, Property and Equipment, Net |  |  | 12,418,906 |  |  |  | 13,377,817 |
Other assets |  |  | 225,508 |  |  |  | 334,264 |
Intangible Assets, Net |  |  | 13,002,818 |  |  |  | 12,913,776 |
Goodwill |  |  | 3,837,038 |  |  |  | 3,158,179 |
Total Assets |  | $ | 86,437,624 |  |  | $ | 70,980,327 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Short-term loan |  | $ | 166,311 |  |  |  | 0 |
Accounts payable |  | $ | 18,355,921 |  |  | $ | 3,840,052 |
Customer deposits |  |  | 1,375,785 |  |  |  | 3,486,150 |
Accrued expenses and other payables |  |  | 3,833,868 |  |  |  | 5,562,253 |
Amount due to related parties |  |  | 42,741,043 |  |  |  | 43,478,158 |
Total Current Liabilities |  |  | 66,472,928 |  |  |  | 56,366,613 |
Long-term Loan |  |  | 3,549 |  |  |  | 0 |
Total Liabilities |  | $ | 66,476,477 |  |  |  | 0 |
Stockholders’ equity |  |  | 19,961,147 |  |  |  | 14,613,714 |
Total Liabilities and Stockholders’ Equity |  | $ | 86,437,624 |  |  | $ | 70,980,327 |
|  | Years Ended June 30, |
|  | 2017 |  |  | 2016 |
Revenue |  | $ | 74,124,754 |  |  | $ | 8,406,663 |
Expenses |  |  | 71,572,295 |  |  |  | 6,935,251 |
Net income |  | $ | 2,552,459 |  |  | $ | 1,471,412 |

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- References No definition available. + Details
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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 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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Namespace Prefix: | us-gaap_
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