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RELATED PARTY TRANSACTIONS
3 Months Ended
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:
 
 
 
September 30, 2017
 
June 30, 2017
 
 
 
 
 
 
 
Yang Bin
 
$
150,265
 
$
147,550
 
Zhang Xin
 
 
93,164
 
 
91,480
 
Chang Song
 
 
74,381
 
 
73,037
 
Zhang Xinyu
 
 
62,572
 
 
61,441
 
Zhang Hua
 
 
42,074
 
 
28,034
 
Beijing Huiyinansheng Asset Management Co., Ltd
 
 
22,540
 
 
22,132
 
Zhang Yuying
 
 
-
 
 
15,567
 
Wang Qiwei
 
 
8,266
 
 
8,117
 
Tian Shuangpeng
 
 
1,503
 
 
1,475
 
 
 
$
454,765
 
$
448,833
 
 
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.
 
 
 
September 30, 2017
 
June 30, 2017
 
 
 
 
 
 
 
Wu Yang
 
$
96,245
 
$
94,505
 
Wang Sai
 
 
115,830
 
 
71,942
 
Zhao Min
 
 
93,116
 
 
91,433
 
 
 
$
305,191
 
$
257,880
 
 
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.