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RELATED PARTY TRANSACTIONS
9 Months Ended
Mar. 31, 2017
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:
 
 
 
March 31, 2017
 
June 30, 2016
 
 
 
 
 
 
 
Shaanxi Pharmaceutical Group Pai’ang Medicine Co. Ltd
 
$
767,682
 
$
820,728
 
Yang Bin
 
 
145,114
 
 
150,504
 
Zhang Xin
 
 
89,971
 
 
93,312
 
Chang Song
 
 
57,320
 
 
85,035
 
Zhang Xinyu
 
 
53,172
 
 
-
 
Wang Fangqin
 
 
34,609
 
 
-
 
Beijing Huiyinansheng Asset Management Co., Ltd
 
 
21,767
 
 
-
 
Wang Qiwei
 
 
7,983
 
 
8,279
 
Qi Qiuchi
 
 
1,452
 
 
1,505
 
Tian Shuangpeng
 
 
1,451
 
 
11,288
 
Xinyang Yifangyuan Garden Technology Co., Ltd
 
 
-
 
 
500,784
 
 
 
$
1,180,521
 
$
1,671,435
 
 
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.
 
 
 
March 31, 2017
 
June 30, 2016
 
 
 
 
 
 
 
Wu Yang
 
 
92,946
 
 
96,398
 
Wang Sai
 
 
75,183
 
 
120,854
 
Zhang Yuying
 
 
-
 
 
26,769
 
Beijing Huiyinansheng Asset Management Co., Ltd
 
 
-
 
 
894
 
 
 
$
168,129
 
$
244,915
 
 
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.