RELATED PARTY TRANSACTIONS |
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions Disclosure [Text Block] | NOTE 10 - RELATED PARTY TRANSACTIONS DUE FROM RELATED PARTIES The Company had previously made temporary advances to certain shareholders of the Company as well as several other entities that are either owned by directors or family members of those directors. Those advances are due on demand, non-interest bearing, except for the advance to Xinyang Yifangyuan Garden Technology Co., Ltd., which bears fixed monthly interest rate of 4.17%. As of March 31, 2017 and June 30, 2016, the outstanding amounts due from related parties consist of the following:
For the nine months ended March 31, 2017 and 2016, interest income of $86,585 and $213,178 recognized on these loans was included in “Interest income, net” on the unaudited condensed consolidated statements of income and comprehensive income. For the three months ended March 31, 2017 and 2016, interest income of nil and $56,961 recognized on these loans was included in “Interest income (expense), net” on the unaudited condensed consolidated statements of income and comprehensive income. DUE TO RELATED PARTIES As of March 31, 2017 and June 30, 2016, the Company has related party payables of $168,129 and $244,915, respectively, mainly due to the principal shareholders or certain relatives of the shareholder of the Company who lend funds for the Company’s operations. The payables are unsecured, non-interest bearing and due on demand.
SALES TO AND PURCHASES FROM RELATED PARTIES For the nine and three months ended March 31, 2017, the Company recorded sales to Shaanxi Pharmaceutical Group Pai’ang Medicine Co., Ltd, a related party, of $2,562,560 and $879,956, respectively. There were no purchases from related parties for the nine and three months ended March 31, 2017. For the nine and three months ended March 31, 2016, the Company recorded sales to Shaanxi Pharmaceutical Group Pai’ang Medicine Co., Ltd, a related party, of $2,296,384 and $786,656, respectively. There were no purchases from related parties for the nine and three months ended March 31, 2016. |