RELATED PARTY TRANSACTIONS |
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Sep. 30, 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 and to other entities that are either owned by family members of those shareholders or to other entities that the Company has investments in. Those advances are due on demand, non-interest bearing. As of September 30, 2017 and June 30, 2017, the outstanding amounts due from related parties consist of the following:
DUE TO RELATED PARTIES As of September 30, 2017 and June 30, 2017, the Company had related party payables of $305,191 and $257,880, respectively, mainly due to the principal shareholders or certain relatives of the shareholders of the Company who lend funds for the Company’s operations. The payables are unsecured, non-interest bearing and due on demand.
SALES TO RELATED PARTIES For the three months ended September 30, 2017 and 2016, the Company recorded sales to Shaanxi Pharmaceutical Group, a related party , of $771,604 and $800,199, respectively. As of September 30, 2017 and June 30, 2017, the balance of accounts receivable due from Shaanxi Pharmaceutical Group was $1,790,094 and $2,205,453, respectively. |