ACQUISITION (Tables)

6 Months Ended

Dec. 31, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:

Accounts receivable, net		28,521
Inventory		61,329
Other current assets		194,943
Distribution rights		1,134,099
Property, plant and equipment		14,846
Advance from customers		(82,586)
Tax payable		(17,826)
Deferred tax liabilities		(283,525)
Salary payable		(26,508)
Accrued liabilities and other current liabilities		(1,049,667)
Non-controlling interest		1,505
Goodwill		2,152,975
Total purchase price for acquisition, net of $23,301 of cash	$	2,128,106

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The fair value of distribution rights and its estimated useful lives is as follows:

		Preliminary Fair Value			Weighted Average Useful Life (in Years)
Distribution rights		$	1,134,099			(a)

(a) The distribution rights with no expiration date has been determined to have an indefinite life.

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma condensed financial information presents the combined results of operations for the six and three months ended December 31, 2017 and 2016 of Shineco, Inc and Tianjin Tajite as if the acquisition had occurred as of the beginning of each period presented (in thousands except per share amounts):

	Pro Forma Combined Six Months Ended December 31,				Pro Forma Combined Three Months Ended December 31,
	2017		2016		2017		2016
Net sales	$	22,099	$	17,591	$	14,194	$	11,224
Net income		4,644		3,833		3,553		2,749
Net income per common share, basic and diluted	$	0.22	$	0.21	$	0.17	$	0.14
Shares outstanding, basic and diluted		21,034		20,205		21,034		21,034