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SEGMENT REPORTING
 12 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
NOTE 15 - SEGMENT REPORTING
 
ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Group's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Group's business segments.
 
The Company's chief operating decision maker has been identified as the Chief Executive Officer who reviews the financial information of separate operating segments when making decisions about allocating resources and assessing performance of the Group. Based on management's assessment, the Company has determined that it has three operating segments according to the major products and locations as follows:
 
Ø
Developing, manufacturing and distributing of specialized fabrics, textile products and other by-products derived from an indigenous Chinese plant called Apocynum Venetum, commonly known as “Bluish Dogbane” or known in Chinese as “Luobuma” (referred to herein as Luobuma):
 
The operating companies of this segment, namely Tenet-Jove and Tenet Huatai, specialize in Luobuma developing and manufacturing of relevant products. With rich experience and broad channels in domestic market, the Group is leading in Luobuma textile production and other by-products.
 
This segment’s operations are focused in the north region of Mainland China, mostly carried out in Beijing and Tianjin City.
 
Ø
Planting, processing and distributing of traditional Chinese medicinal herbal products as well as other pharmaceutical products (“Herbal products”):
 
The operating companies of this segment, namely AnKang Longevity Group and its subsidiaries, plant and process more than 600 kinds of Chinese medicinal herbal products with an established domestic sales and distribution network.
 
Ankang Longevity Group is also engaged in retail pharmacy business and the operating revenue is also included in this segment due to immaterial amount. Ankang Longevity Group also started a joint-venture pharmacy retail and wholesale distribution business in the second quarter of 2013 with a large Chinese pharmaceutical company, Shaanxi Pharmaceutical Holdings Group, aiming to expand its pharmacy retail and wholesale business. The operations of this segment are mainly located in the Mid-western region of Mainland China.
 
Ø
Planting, processing and distributing of green and organic agricultural produce as well as growing and cultivating of Chinese Yew trees (“Agricultural products”):
 
The operating companies of this segment, the Zhisheng Group, engage in the business of growing and distributing green and organic vegetables and fruits as well as providing logistics services for distributing agricultural products. This segment has been focusing its efforts on the growing and cultivating of Chinese yew tree (formally known as “taxus media”), a small evergreen tree whose branches can be used for the production of anti-cancer medication and tree itself can be used for ornamental indoor bonsai tree, which are known to have the effect of purifying air quality.
 
The operations of this segment are located in the East and North regions of Mainland China, mostly carried out in Shandong Province and in Beijing where the Zhisheng Group has newly developed over 100 acres of modern greenhouses for cultivating yew trees and other plants.
 
The following table presents summarized information by segment for the year ended June 30, 2016:
 
 
 
For the year ended June 30, 2016
 
 
 
Bluish
 
 
Herbal
 
 
Agricultural
 
 
 
 
 
 
 
dogbane
 
 
products
 
 
products
 
 
Total
 
Segment revenue
 
$
4,387,060
 
 
$
14,031,955
 
 
$
16,787,837
 
 
$
35,206,852
 
Cost of goods
 
 
1,974,182
 
 
 
10,990,162
 
 
 
11,072,897
 
 
 
24,037,241
 
Business and sales related tax
 
 
20,711
 
 
 
64,327
 
 
 
-
 
 
 
85,038
 
Gross profit
 
 
2,392,167
 
 
 
2,977,466
 
 
 
5,714,940
 
 
 
11,084,573
 
Gross profit contribution %
 
 
21.6
%
 
 
26.9
%
 
 
51.5
%
 
 
100.0
%
 
The following table presents summarized information by segment for year ended June 30, 2015:
 
 
 
For the year ended June 30, 2015
 
 
 
Bluish
 
 
Herbal
 
 
Agricultural
 
 
 
 
 
 
 
dogbane
 
 
products
 
 
products
 
 
Total
 
Segment revenue
 
$
3,530,807
 
 
$
13,858,949
 
 
$
15,240,746
 
 
$
32,630,502
 
Cost of goods
 
 
1,349,520
 
 
 
10,982,826
 
 
 
9,872,387
 
 
 
22,204,733
 
Business and sales related tax
 
 
12,624
 
 
 
65,624
 
 
 
14
 
 
 
78,262
 
Gross profit
 
 
2,168,663
 
 
 
2,810,499
 
 
 
5,368,345
 
 
 
10,347,507
 
Gross profit contribution %
 
 
21.0
%
 
 
27.2
%
 
 
51.8
%
 
 
100.0
%
 
Total Assets as of
 
 
 
June 30, 2016
 
June 30, 2015
 
 
 
 
 
 
 
 
 
Bluish Dogbane or “Luobuma”
 
$
6,963,093
 
$
6,308,727
 
Herbal products
 
 
28,088,515
 
 
25,001,487
 
Agricultural products
 
 
21,997,180
 
 
20,821,910
 
 
 
$
57,048,788
 
$
52,132,124