CONCENTRATION AND RISKS

12 Months Ended

Jun. 30, 2017

Concentration Risk Disclosure [Text Block]

NOTE 13 - CONCENTRATION AND RISKS

The Company maintains principally all bank accounts in the PRC which are not protected by Federal Deposit Insurance Corporation (“FDIC”) insurance or other insurance. The cash balance held in the PRC bank accounts was $23,112,124 and $21,986,817 as of June 30, 2017 and 2016, respectively.

During the years ended June 30, 2017 and 2016, almost 100% of the Company's assets were located in the PRC and 100% of the Company's revenues were derived from its subsidiaries and VIEs located in the PRC.

For the year ended June 30, 2017, two customers accounted for approximately 11% and 10% of the Company’s total sales, respectively. At June 30, 2017, four customers accounted for approximately 54% of the Company’s accounts receivable. For the year ended June 30, 2016, one customer accounted for approximately 40% of the Company’s total sales. At June 30, 2016, two customers accounted for approximately 76% of the Company’s accounts receivable.

For the year ended June 30, 2017, two vendors accounted for approximately 23% and 14% of the Company’s total purchases, respectively. For the year ended June 30, 2016, three vendors accounted for approximately 25%, 13% and 11% of the Company’s total purchases, respectively.