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Variable Interest Entities (Tables)

12 Months Ended

Jun. 30, 2019

Variable Interest Entities [Abstract]

Schedule of VIEs consolidated financial statements

		June 30,				June 30,
		2019				2018
ASSETS
Current Assets
Cash and cash equivalents		$	818,312			$	982,312
Accounts receivable, net			29,933,837				38,295,505
Inventories			19,944,011				21,133,970
Other current assets			475,001				988,051
Related party receivable			(1,031	)			(359,005	)
Advances to suppliers			3,606,384				848,458
Total Current Assets			54,776,514				61,889,291
Plant, Property and Equipment, Net			9,753,039				11,206,667
Other assets			218,549				226,654
Intangible Assets, Net			10,212,668				11,348,180
Goodwill			3,208,779				3,319,732
Total Assets		$	78,169,549			$	87,990,524
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable		$	17,250,276			$	25,584,614
Customer deposits			256,489				841,694
Accrued expenses and other payables			6,243,753				3,896,340
Amount due to related parties			42,680,723				43,339,286
Total Current Liabilities			66,431,241				73,661,934
Total Liabilities		$	66,431,241				73,661,934
Stockholders' equity			11,738,308				14,328,590
Total Liabilities and Stockholders' Equity		$	78,169,549			$	87,990,524

		Years Ended June 30,
		2019				2018
Revenue		$	81,541,077			$	77,351,284
Expenses			84,247,714				80,535,970
Net income		$	(2,706,637	)		$	(3,184,686	)

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- References

No definition available.

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- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6759159-111685

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5747-111685

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6228884-111685

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5710-111685

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5728-111685

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