Variable Interest Entities (Tables)

9 Months Ended

Mar. 31, 2018

Variable Interest Entities [Abstract]

Schedule of VIEs consolidated financial statements

	March 31,		June 30,
	2018		2017

ASSETS
Current Assets
Cash and cash equivalents	$	1,174,732	$	374,587
Accounts receivable, net		31,971,388		30,687,859
Inventories		23,387,611		21,314,940
Other current assets		1,166,727		2,195,156
Related party receivable		556,286		-
Advances to suppliers		1,728,629		2,380,812
Total Current Assets		59,985,373		56,953,354

Plant, Property and Equipment, Net		12,322,679		12,418,906
Other assets		238,813		225,508
Intangible Assets, Net		12,173,920		13,002,818
Goodwill		3,506,296		3,837,038
Total Assets	$	88,227,081	$	86,437,624

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Short-term loan	$	-	$	166,311
Accounts payable		19,197,636		18,355,921
Customer deposits		471,786		1,375,785
Accrued expenses and other payables		3,873,176		3,833,868
Amount due to related parties		45,063,604		42,741,043
Total Current Liabilities	$	68,606,202	$	66,472,928
Long-term Loan		-		3,549
Total Liabilities	$	68,606,202	$	66,476,477

Stockholders’ equity		19,620,879		19,961,147

Total Liabilities and Stockholders’ Equity		88,227,081	$	86,437,624

	Three months ended March 31,				Nine months ended March 31,
	2018		2017		2018		2017
Revenue	$	16,127,953	$	24,130,308	$	47,205,271	$	49,630,476
Expenses		13,749,981		22,740,434		39,340,523		45,707,439
Net income (loss)	$	940,622	$	1,389,874	$	1,140,302	$	3,923,037

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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