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TAXES (Tables)

12 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

i) The components of the income tax expense are as follows:

		For the years ended
		June 30,
		2017			2016
Current income tax provision		$	1,165,857		$	1,298,472
Deferred income tax provision (benefit)			86,780			(120,765)
Total		$	1,252,637		$	1,177,707

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

ii) The following table summarizes deferred tax assets resulting from differences between the financial reporting basis and tax basis of assets and liabilities:

		June 30, 2017			June 30, 2016
Allowance for doubtful accounts		$	24,598		$	123,818
Inventory reserve			209,236			203,674
Net operating loss carry-forwards			111,882			114,122
Total			345,716			441,614
Valuation allowance			(111,882)			(114,122)
Deferred tax assets, net		$	233,834		$	327,492

Summary of Valuation Allowance [Table Text Block]

Movement of the valuation allowance:

		June 30, 2017			June 30, 2016
Beginning balance		$	114,122		$	108,932
Current year addition			-			13,971
Exchange difference			(2,240)			(8,781)
Ending balance		$	111,882		$	114,122

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

iii) The following table reconciles the PRC statutory rates to the Company's effective tax rate for the years ended June 30, 2017 and 2016:

		For the years ended
		June 30,
		2017			2016
PRC statutory tax rate		$	25.00	%	$	25.00	%
Exemption rendered by local tax authorities			(12.31)	%		(12.56)	%
Effective tax rate		$	12.69	%	$	12.44	%

Schedule of Taxes Payable [Table Text Block]

Taxes payable consists of the following:

		June 30, 2017			June 30, 2016
Income tax payable		$	1,541,548		$	1,201,641
Value added tax payable			60,685			69,955
Business tax and other taxes payable			6,693			6,546
		$	1,608,926		$	1,278,142

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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