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Stockholders' Equity | 12 Months Ended
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Jun. 30, 2017
Stockholders' Equity [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 12 – STOCKHOLDERS’ EQUITY Common Stock On September 30, 2014, the Company granted an aggregate of 1,750,000 shares of restricted stock under the 2009 Plan to certain executive officers, directors and employees, among which were (i) 240,000 shares of restricted stock to Mr. Tao Li, the CEO; (ii) 100,000 shares of restricted stock to Mr. Ken Ren, the CFO, (iii) 40,000 shares of restricted stock to Mr. Yizhao Zhang, (iv) 30,000 shares of restricted stock to Ms. Yiru Shi, and (v) 20,000 shares of restricted stock to Mr. Lianfu Liu, each an independent director of the Company; and (vi) 1,320,000 shares of restricted stock to key employees. The stock grants are subject to time-based vesting schedules, vesting in various installments until March 31, 2015 for the CFO and the three independent directors, until June 30, 2015 for the CEO and until March 31, 2017 for the employees. The value of the restricted stock awards was $3,675,000 and is based on the fair value of the Company’s common stock on the grant date. This amount has been amortized to compensation expense over the vesting periods for the various awards. On September 28, 2015, the Company granted an aggregate of 1,000,000 shares of restricted stock under the 2009 Plan to certain key employees. The stock grants are subject to time-based vesting schedules, vesting in various installments until June 30, 2016. The value of the restricted stock awards was $1,660,000 and is based on the fair value of the Company’s common stock on the grant date. This amount is being amortized to compensation expense over the vesting periods for the various awards. On June 26, 2016, the Company granted an aggregate of 670,000 shares of restricted stock under the 2009 Plan to certain key employees. The stock grants vest immediately. The value of the restricted stock awards was $897,800 and is based on the fair value of the Company’s common stock on the grant date. On December 30, 2016, the Company granted an aggregate of 870,000 shares of restricted stock under the 2009 Plan to certain key employees. The stock grants vest immediately. The value of the restricted stock awards was $1,044,000 and is based on the fair value of the Company’s common stock on the grant date. The following table sets forth changes in compensation-related restricted stock awards during the twelve-month periods ended June 2017 and 2016:
|  |  |  |  |  |  | Fair |  |  |  | Grant Date |
|  |  | Number of |  |  |  | Value of |  |  |  | Fair Value |
|  |  | Shares |  |  |  | Shares |  |  |  | Per share |
Outstanding (unvested) at June 30, 2016 |  |  | - |  |  | $ | - |  |  |  |  |
Granted |  |  | - |  |  |  | - |  |  | $ | - |
Forfeited |  |  | - |  |  |  |  |  |  |  |  |
Vested |  |  | - |  |  |  | - |  |  |  |  |
Outstanding (unvested) at June 30, 2017 |  |  | - |  |  | $ | - |  |  |  |  |
As of June 30, 2017, the unamortized expense related to the grant of restricted shares of common stock was nil. The fair value of the restricted common stock awards was based on the closing price of the Company’s common stock on the grant date. The fair value of the common stock awarded is amortized over the various vesting terms of each grant. The following table sets forth changes in compensation-related restricted stock awards during years ended June 30, 2017 and 2016:
|  |  |  |  | Fair |  |  | Grant Date |
|  | Number of |  |  | Value of |  |  | Fair Value |
|  | Shares |  |  | Shares |  |  | Per share |
Outstanding (unvested) at June 30, 2015 |  |  | 1,708,000 |  |  | $ | 1,797,992 |  |  |  |  |
Granted |  |  | 1,000,000 |  |  |  | 1,660,000 |  |  | $ | 1.66 |
Granted |  |  | 670,000 |  |  |  | 897,800 |  |  | $ | 1.34 |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |
Vested |  |  | (2,790,000 | ) |  |  | (4,120,528 | ) |  |  |  |
Outstanding (unvested) at June 30, 2016 |  |  | 588,000 |  |  | $ | 235,264 |  |  |  |  |
Granted |  |  | 870,000 |  |  |  | 1,044,000 |  |  | $ | 1.20 |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |
Vested |  |  | (1,458,000 | ) |  |  | (1,279,264 | ) |  |  |  |
Outstanding (unvested) at June 30, 2017 |  |  | - |  |  |  | - |  |  |  |  |
During the year ended June 30, 2017, the Company issued 32,660 shares of common stock for consulting services valued at $41,212. The shares were valued at the market price on the date of issuance. During the year ended June 30, 2016, the Company issued 73,407 shares of common stock for consulting services valued at $114,763. The shares were valued at the market price on the date of issuance. Preferred Stock Under the Company’s Articles of Incorporation, the Board has the authority, without further action by stockholders, to designate up to 20,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be greater than the rights of the common stock. If the Company sells preferred stock under its registration statement on Form S-3, it will fix the rights, preferences, privileges, qualifications and restrictions of the preferred stock of each series in the certificate of designation relating to that series and will file the certificate of designation that describes the terms of the series of preferred stock the Company offers before the issuance of the related series of preferred stock. As of June 30, 2017, the Company has 20,000,000 shares of preferred stock authorized, with a par value of $.001 per share, of which no shares are issued or outstanding.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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