0001144204-12-062576.txt : 20121114 0001144204-12-062576.hdr.sgml : 20121114 20121114161935 ACCESSION NUMBER: 0001144204-12-062576 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sino-Global Shipping America, Ltd. CENTRAL INDEX KEY: 0001422892 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 261241372 STATE OF INCORPORATION: VA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34024 FILM NUMBER: 121204802 BUSINESS ADDRESS: STREET 1: 136-56 39TH AVENUE, STREET 2: ROOM #305 CITY: FLUSHING STATE: NY ZIP: 11354 BUSINESS PHONE: 718-888-1814 MAIL ADDRESS: STREET 1: 136-56 39TH AVENUE, STREET 2: ROOM #305 CITY: FLUSHING STATE: NY ZIP: 11354 10-Q 1 v327079_10q.htm FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the three month period ended September 30, 2012

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ___________ to ___________.

Commission File Number 001-34024

Sino-Global Shipping America, Ltd.

(Exact name of registrant as specified in its charter)

Virginia	11-3588546
(State or other jurisdiction of	(I.R.S. employer
Incorporation or organization)	identification number)

136-56 39th Avenue, Room #305

Flushing, New York 11354

(Address of principal executive offices and zip code)

(718) 888-1814

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨ (Do not check if a smaller reporting company)	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The Company is authorized to issue 10,000,000 shares of common stock, without par value per share, and 1,000,000 shares of preferred stock, without par value per share. As of the date of this report, the Company has 2,903,841 issued shares of common stock and no shares of preferred stock.

SINO-GLOBAL SHIPPING AMERICA, LTD.

FORM 10-Q

INDEX

PART I. FINANCIAL INFORMATION	1
Item 1. Financial Statements	1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	1
Item 3. Quantitative and Qualitative Disclosures about Market Risk	7
Item 4/4T. Controls and Procedures	7
PART II. OTHER INFORMATION	8
Item 1. Legal Proceedings	8
Item 1A. Risk Factors	8
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	8
Item 3. Defaults upon Senior Securities	8
Item 4. Mine Safety Disclosures	8
Item 5. Other Information	8
Item 6. Exhibits	9

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains certain statements of a forward-looking nature. Such forward-looking statements, including but not limited to projected growth, trends and strategies, future operating and financial results, financial expectations and current business indicators are based upon current information and expectations and are subject to change based on factors beyond the control of the Company. Forward-looking statements typically are identified by the use of terms such as “look,” “may,” “will,” “should,” “might,” “believe,” “plan,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently. The accuracy of such statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including but not limited to the following:

the ability to timely and accurately provide shipping agency services;

its dependence on a limited number of larger customers;

political and economic factors in the Peoples’ Republic of China (“PRC”);

the Company’s ability to expand and grow its lines of business;

unanticipated changes in general market conditions or other factors, which may result in cancellations or reductions in the need for the Company’s services;

a weakening of economic conditions which would reduce demand for services provided by the Company and could adversely affect profitability;

the effect of terrorist acts, or the threat thereof, on consumer confidence and spending, or the production and distribution of product and raw materials which could, as a result, adversely affect the Company’s shipping agency services, operations and financial performance;

the acceptance in the marketplace of the Company’s new lines of services;

foreign currency exchange rate fluctuations;

hurricanes or other natural disasters;

the Company’s ability to identify and successfully execute cost control initiatives;

the impact of quotas, tariffs, or safeguards on the importation or exportation of the Company’s customer’s products; or

other risks outlined above and in the Company’s other filings made periodically by the Company.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update this forward-looking information. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this Report. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

See the financial statements following the signature page of this report, which are incorporated herein by reference.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our company’s financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors.

Overview

We are a shipping agency service provider for ships coming to and departing from Chinese ports. Our company was incorporated in New York in February 2001. On September 18, 2007, we amended the Articles of Incorporation and Bylaws of our New York corporation to merge into a new Virginia corporation, Sino-Global Shipping America, Ltd.

Our principal geographic market is in the People’s Republic of China (“PRC”). As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, we operate our business in the PRC through Sino-Global Shipping Agency, Ltd. (“Sino-China”), a PRC limited liability company wholly owned by our founder and Chief Executive Officer, Cao Lei, and Chief Financial Officer, Zhang Mingwei, both of whom are PRC citizens. Sino-China holds the licenses and permits necessary to provide shipping services in the PRC. Headquartered in Beijing with branches in Qingdao, Tianjin, Qinhuangdao and Fangchenggang, we provide general shipping agency services in all commercial ports in China.

On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), which invested in one 90%-owned subsidiary on May 31, 2009, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”. Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”).

Trans Pacific Beijing and Sino-China do not have a parent-subsidiary relationship. Trans Pacific Beijing has contractual arrangements with Sino-China and its shareholders that enable the Company to substantially control Sino-China.

For the purpose of building up an international shipping agency service network, we formed a wholly-owned subsidiary, Sino-Global Shipping Australia Pty Ltd. (“Sino-Global AUS”) in Perth, Australia on July 3, 2008, which serves the needs of customers shipping into and out of Western Australia. The Company also signed an agreement with Monson Agencies Australia (“Monson”), one of the largest shipping agency service providers in Australia. Through the Company’s relationship with Monson, the Company is able to provide general shipping agency services to all ports in Australia.

We established another wholly-owned subsidiary, Sino-Global Shipping (HK) Limited (“Sino-Global HK”) on September 22, 2008. Sino-Global HK is our control and management center for southern Chinese ports and enables our company to extend its offering of comprehensive shipping agency services to vessels going to and from one of the world’s busiest ports. On July 27, 2009, Sino-Global HK signed an exclusive partnership agreement with Forbes & Company Limited (“Forbes”), which is a listed company on the Bombay Stock Exchange (BOM: 502865) and one of the largest shipping and logistic service providers in India. Through our relationship with Forbes, we are able to provide general shipping agency services to all ports in India.

On July 5, 2011, Sino-China signed a Strategic Cooperative Agreement with COSCO Container Shipping Agency Co. Limited, one of the largest state-owned shipping agents in China. The Agreement entitles us to use COSCO Container Shipping Agency’s name to market business in China and overseas. In addition, we are able to provide shipping agency services through over 50 COSCO’s offices in China.

On October 12, 2011, the Company signed a Memorandum of Understanding with King & Sons Shipping Agency (“King & Sons”), subsidiary of Grindrod Limited, a public company listed on the Johannesburg Securities Exchange (JSE: GNDP) and one of the oldest shipping agents in South Africa. Through the Company’s relationship with King & Sons, it is able to provide general shipping agency services to all ports in South Africa.

On November 8, 2011, the Company signed a Memorandum of Understanding with Wilson Sons Shipping Agency (“Wilson Sons”), the oldest and the leading independent Brazilian ship agent. Through the Company’s relationship with Wilson Sons, it is able to provide general shipping agency services to all ports in Brazil.

Revenues

We provided shipping agency services to 124 ships including loading/discharging service to 73 ships and protective services to 51 ships for the three months ended September 30, 2012, compared to our services to 106 ships of which loading/discharging service to 92 ships and protective services to 14 ships for the three months ended September 30, 2011. Although the total number of ships increased in the first quarter of fiscal 2013, our total revenues decreased as we served fewer ships that required our higher-fee loading/discharging services. Our total revenues amounted to approximately $7.88 million for the three months ended September 30, 2012, compared to our total revenues of $8.59 million for the three months ended September 30, 2011.

We recognized more than 99% of our revenues in our locations in the United States, Australia and Hong Kong. The revenues recorded in China are subject to a 5% business tax as well as an additional 0.5% surcharge after deducting the costs of services. We deduct these business taxes and related surcharges from our gross revenues to arrive at our total revenues.

The Chinese Ministry of Finance and the State Administration of Taxation jointly set out the Value Added Tax (VAT) reform plan, which will see the business tax replaced by VAT commencing from Shanghai on January 1, 2012, and then be extended to all other provinces and autonomies in mainland China. As we recorded most of our revenues outside of China, there is little effect of ongoing VAT reform to our operating results.

We charge the shipping agency fees in two ways: (1) the fixed fees are predetermined with a customer, and (2) the cost-plus fees are calculated based on the actual costs incurred plus a mark up. We generally require payments in advance from customers and bill them the balances within 30 days after the transactions are completed.

We believe the most significant factors that directly or indirectly affect our shipping agency service revenues are:

the number of ships to which we provide port loading/discharging services;

the size and types of ships we serve;

the types of services we provide, for example loading/discharging, protective, owner’s affairs or other services;

the rate of service fees we charge;

the number of ports at which we provide services; and

the number of customers we serve.

Historically, our services have primarily been driven by the increase in the number of ships and customers, as the rate of service fees has largely similar among our competitors. We believe that an increase in the number of ports served generally leads to an increase in the number of ships and customers. We expect that we will continue to earn a substantial majority of our revenues from our shipping agency services. As a result, we plan to continue to focus most of our resources on expanding our business to cover more ports in the PRC. In addition, we will allocate our resources in marketing our brand to customers, including ship owners and charters, which transport goods from all ports around the world to China. We believe that our diversified focus on loading and discharging cargo in both Chinese and overseas ports will enable us to continue growing quickly and also place us in a better position to manage the exchange rate risk associated with the trend of the U.S. dollar’s devaluation against the RMB because our overseas revenues and port charges are normally paid in foreign currencies. To the extent these other foreign currencies devalue against the RMB, of course, we would still face exchange rate risks.

Operating Costs and Expenses

Our operating costs and expenses consist of costs of revenues, general and administrative expenses, selling expenses. Our total operating costs and expenses decreased as a percentage of total revenues for the three months ended September 30, 2012 mainly due to our budget control efforts on general and administrative expenses. The following table sets forth the components of our Company’s costs and expenses for the periods indicated.

	For the three months ended September 30,
	2012						2011						Change
	US$			%			US$			%			US$			%

Revenues		7,882,068			100.00			8,592,707			100.00			(710,639	)		(8.27	)

Costs and expenses
Cost of revenues		(7,118,163	)		(90.31	)		(7,754,218	)		(90.24	)		636,055			(8.20	)

General and administrative expense		(996,273	)		(12.64	)		(1,381,913	)		(16.08	)		385,640			(27.91	)
Selling expense		(86,508	)		(1.10	)		(104,582	)		(1.22	)		18,074			(17.28	)
		(8,200,944	)					(9,240,713	)

Costs of Revenues. Costs of revenues represent the expenses incurred in the periods when a ship docks in a harbor to load and discharge cargo. We believe the most significant factors that directly or indirectly affect our costs of revenues are:

the number of ships to which we provide port loading/discharging services;

the size of ships we serve, as large ships require more towboats to park at harbor;

the nationality of ships we serve, as foreign ships pay different tonnage taxes depending on its nationality;

the complexity of service processing;

the operating condition of a particular port for ships loading or discharging;

the number of days a ship loading or discharging; and

the number of days ships loading or discharging during overtime period and public holidays.

We typically pay the costs of revenues on behalf of our customers. Except for Australia and Canada where our revenues and costs are settled in the local currencies, we receive most revenues from our clients in U.S. dollars and pay most costs of revenues to the local port agents in the local currency, for example the RMB in China. As such, the costs of revenues will change if the foreign currency exchange rates change.

Our costs of revenues as a percentage of our total revenues increased slightly from 90.24% to 90.31% for the three months ended September 30, 2012, primarily because the U.S. dollar devalued by 1.02% against the Chinese RMB for the three months ended September 30, 2012 compared to the three months ended September 30, 2011.

General and Administrative Expenses. Our general and administrative expenses primarily consist of salaries and benefits for our staff (both operating and administrative personnel), business promotion, depreciation expenses, office rental expenses and expenses for legal, accounting and other professional services. For the three months ended September 30, 2012 and 2011, our general and administrative expenses as a percentage of our total revenues decreased from 16.08% in 2011 to 12.64% in 2012. This is mainly because we slowed down our business expansion in China and overseas to face the economic recession. In particular, the general and administrative expenses of our Australian and Hong Kong offices constituted about 10.22% of our total general and administrative expenses for the period ended September 30, 2012, compared to about 11.84% for the period ended September 30, 2011.

Selling Expenses. Our selling expenses primarily consist of commissions and traveling expenses for our operating staff to the ports at which we provide services. In line with fall in our revenues, our selling expenses decreased in absolute amount and as a percentage of our total net revenues for the three months ended September 30, 2012.

Critical Accounting Policies

We prepare the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). These accounting principles require us to make judgments, estimates and assumptions on the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. We continually evaluate these judgments and estimates based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information and assumptions that we believe to be reasonable.

There have been no material changes during the three months ended September 30, 2012 in the Company’s significant accounting policies from those previously disclosed in the 2012 annual report.

2013 Trends

Because our principal operating market is based in PRC, our business strategies are heavily influenced by the developments occurring in the Chinese economic and political environments. Since the end of calendar 2011, the Chinese government has exercised significant control to slow the pace of growth of the Chinese economy. Whether these control policies will continue or there will be a new incentive plan to promote Chinese economic growth will depend on the policies initiated by the incoming 18^th Chinese Communist Party National Congress. Recently, nine Chinese government authorities, including the Development and Reform Committee, the Ministry of Finance, the National Asset Administrative Committee, the Securities and Exchange Committee and so on, jointly considered a set of restructuring plans for the steel manufacturing, automobile, concrete, machinery, information technology, chemical and other industries. This adds uncertainty to our business decision-making and strategy implementation.

In this difficult macro economic environment, our revenues decreased 8.27% in the first quarter of fiscal 2013. Although it is difficult for us to predict future trends under economic uncertainties, we still believe that growth is a key for a small company like us to survive and develop. As such, we will continue setting the top line growth as our first priority. We try to achieve growth in fiscal 2013, supported by our efforts to maintain our current clients, attract new clients and increase in revenues from our agency services to vessels coming to Chinese ports as well as expanding business activities at the loading ports in Australia, Canada, South Africa, Brazil and other countries with which China has major trading activities.

In addition to the difficulties in revenue growth, we have experienced significant difficulties in managing our foreign exchange risks. Because we receive most of our revenues in U.S. dollars and pay most of our expenses in Chinese RMB, we have faced increased costs of revenues due to the devaluation of the U.S. dollar against the RMB over the last few years. Although the U.S. dollar devaluation appears to be slowing down, we anticipate the trend will continue in fiscal 2013 and our gross margin will continue to be negatively affected by the devalued U.S. dollar.

Our general and administrative expenses decreased with our lower revenue. In the 2013 fiscal year, we will continue our combined effort to control our budget and promote business growth.

Results of Operations

Three Months Ended September 30, 2012 Compared to Three Months Ended September 30, 2011

Revenues. Our total revenues decreased by 8.27% from $8,592,707 for the three months ended September 30, 2011 to $7,882,068 in the comparable three months in 2012. The number of ships that generated revenues for us increased from 106 for the first quarter of fiscal 2012 to 124 for the comparable quarter of fiscal 2013. In contrast to the increased total numbers of ships we served, our revenues decreased because we provided protective services for more ships, and this type of service generates significantly lower revenues per ship. For the three months ended September 30, 2012, we provided protective services to 51 ships, compared to 14 ships for the first quarter of 2011. We provided our higher-revenue loading/discharging services to 73 and 92 ships for the three months ended September 30, 2012 and 2011, respectively.

Total Operating Costs and Expenses. Our total operating costs and expenses decreased by 11.25% from $9,240,713 for the three months ended September 30, 2011 to $8,200,944 for the three months ended September 30, 2012. This decrease was primarily due to decreases in our costs of revenues and general and administrative expenses, as discussed below.

Costs of Revenues. Our cost of revenues decreased by 8.20% from $7,754,218 for the three months ended September 30, 2011 to $7,118,163 for the three months ended September 30, 2012. Revenues decreased slightly more rapidly than costs of revenues, and gross margins decreased from 9.76% down to 9.69% for the comparative three months ended September 30, 2011 and 2012, respectively. The 0.07% decrease in gross margin was largely due to the devaluation of the U.S. dollar against the Chinese currency. The average foreign exchange rate was $1.00 to RMB6.3524 for the three months ended September 30, 2012 compared to $1.00 to RMB6.4176 for the three months ended September 30, 2011, a 1.02% increase during the period.

General and Administrative Expenses. Our general and administrative expenses decreased by 27.91% from $1,381,913 for the three months ended September 30, 2011 to $996,273 for the three months ended September 30, 2012. This mainly due to (1) decreased bad debts provision of $67,827, and (2) a decrease of $268,981 in business promotion. In our current difficult business environment, we will continue our budget control to reduce the general and administrative expenses.

Selling Expenses. Our selling expenses decreased by 17.28% from $104,582 for the quarter ended September 30, 2011 to $86,508 for the quarter ended September 30, 2012. Most selling expenses are commissions paid to business partners who refer shipping agency businesses to us, and the average rate of commissions decreased in the period.

Operating Loss. We had an operating loss of $318,876 for the three months ended September 30, 2012, compared to an operating loss of $648,006 for the comparable three months ended September 30, 2011. The operating loss for the first quarter of fiscal 2013 was decreased primarily due to reduced general and administrative expenses.

Financial Expense, Net. Our net financial expense was $2,568 for the three months ended September 30, 2012, compared to our net financial expense of $44,003 for the three months ended September 30, 2011. The net financial expenses were derived largely from the foreign exchange losses recognized in the financial statement consolidation. Foreign exchange losses resulting from the settlement of foreign exchange transactions are recognized in the condensed consolidated statements of operations.

Taxation. Our income tax expense was $157,200 for the three months ended September 30, 2012, compared to income tax benefits of $23,121 for the three months ended September 30, 2011. We made a current tax provision of $24,200 and recognized a $133,000 deferred tax expense. The deferred tax expense consisted of an increase to the deferred tax asset valuation allowance to approximately 50% in the first quarter of 2013.

Net Loss. As a result of the foregoing, we had a net loss of $442,157 for the quarter ended September 30, 2012, compared to net loss of $826,940 for the quarter ended September 30, 2011. After deduction of non-controlling interest in loss, net loss attributable to Sino-Global Shipping America, Ltd. was $190,233 for the three months ended September 30, 2012, compared to net loss of $665,787 for the three months ended September 30, 2011. With other comprehensive loss foreign currency translation, comprehensive loss was $199,016 for the three months ended September 30, 2012, compared to comprehensive loss of $625,357 for the three months ended September 30, 2011.

Liquidity and Capital Resources

Cash Flows and Working Capital

We have financed our operations primarily through cash flows from operations and IPO proceeds. As of September 30, 2012, we had $3,117,556 in cash and cash equivalents. Our cash and cash equivalents primarily consist of cash on hand and cash in banks. We deposited approximately 89.14% of our cash in banks in the USA, Australia and Hong Kong.

The following table sets forth a summary of our cash flows for the periods indicated:

	For the three months ended September 30,
	2012			2011

Net cash used in operating activities	$	(1,192,349	)	$	(380,144	)
Net cash used in investing activities		(144,248	)		(1,796	)
Net cash used in financing activities		(285	)		(8,993	)
Net decrease in cash and cash equivalents		(1,315,777	)		(389,630	)
Cash and cash equivalents at beginning of Period		4,433,333			4,878,828
Cash and cash equivalents at end of Period		3,117,556			4,489,198

Operating Activities

Net cash used in operating activities was $1,192,349 for the three months ended September 30, 2012, compared to net cash used in operating activities of $380,144 for the comparable period in 2011. The increased use in operating cash flows is mainly attributable to a net loss of $442,157, an increase in deferred tax expense of $133,000, offset by a decrease in advances from customers of $136,672 and a decrease in accounts payable of $1,010,652. Under the tightened financing policies imposed by the Chinese government, we had to accelerate our payments to local port agents and our accounts payable balance was significantly reduced. Should the tightening financing situation continue in China, we will be under pressure to accelerate payments to local agents and our cash balance will continue to decline.

Since we collect most of our revenues in U.S. dollars and pay most of our costs and expenses in RMB, the increase in the valuation of RMB against U.S. dollar has caused a decline in gross margin for our Company for the period ended September 30, 2012.

We expect we will be substantially dependent on the value of the U.S. dollar for the foreseeable future, even where the revenues are not paid in U.S. dollars.

Investing Activities

Net cash used in investing activities was $144,248 compared to net cash used in investing activities of $1,796 for the three months ended September 30, 2012 and 2011, respectively. We made capital expenditures of $144,248 and $1,796 for the first quarter of fiscal 2012 and 2011, representing 1.60% and 0.02% of our total assets, respectively.

Financing Activities

Net cash used in financing activities was $285 for the three months ended September 30, 2012 from the increase of non-controlling interest in majority-owned subsidiary.

Working Capital

Total working capital as of September 30, 2012 amounted to $1,387,603, compared to $1,753,974 as of June 30, 2012. Total current assets as of September 30, 2012 amounted to $8,332,125, a decrease of $1,454,276 compared to June 30, 2012.

Current liabilities amounted to $6,944,522 at September 30, 2012, in comparison to $8,032,427 at June 30, 2012. The decrease was attributable mainly to a decrease in accounts payable of $1,010,652.

The current ratio decreased slightly from 1.22 at June 30, 2012 to 1.20 at September 30, 2012.

We believe that current cash, cash equivalents, and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including cash needs for working capital and capital expenditures, for at least the next 12 months. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our existing cash is insufficient to meet our requirements, we may seek to sell additional securities or borrow from banks. However, financing may not be available in the amounts we need or on terms acceptable to us, if at all. The sale of additional equity securities, including convertible debt securities, would dilute our shareholders. The incurrence of debt would divert cash from working capital and capital expenditures to service debt obligations and could result in operating and financial covenants that would restrict our operations and our ability to pay dividends to our shareholders. If we are unable to obtain additional equity or debt financing as required, our business, operations and prospects may suffer.

Contractual Obligations and Commercial Commitments

We have leased certain office premises and apartments for employees under operating leases through September 30, 2014. Below is a summary of our company’s contractual obligations and commitments as of September 30, 2012:

	Payment Due by Period
	Total		Less than 1 year		1-3 years		More than 3 years
Contractual Obligations
Operating leases	$	221,990	$	156,199	$	65,791	$	—

Company Structure

We conduct our operations primarily through our wholly-owned subsidiaries, Trans Pacific, Sino-AUS and Sino-HK and our variable interest entity, Sino-China. As a result, our ability to pay dividends and to finance any debt we may incur depends upon dividends paid by our subsidiaries and management fees paid by Sino-China. If our subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, Trans Pacific is permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, wholly foreign-owned enterprises like Trans Pacific are required to set aside at least 10% of their after-tax profit each year to fund a statutory reserve until the amount of the reserve reaches 50% of such entity’s registered capital.

To the extent Trans Pacific does not generate sufficient after-tax profits to fund this statutory reserve, its ability to pay dividends to us may be limited. Although these statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, these reserve funds are not distributable as cash dividends except in the event of a solvent liquidation of the companies. Other than as described in the previous sentences, China’s State Administration of Foreign Exchange (“SAFE”) has approved the company structure between our company and Trans Pacific, and Trans Pacific is permitted to pay dividends to our company.

Off-Balance Sheet Commitments and Arrangements

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholders’ equity or that are not reflected in our condensed consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serve as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

This Item is not applicable because we are a smaller reporting company.

Item 4/4T. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our Company maintains a system of controls and procedures designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

As of September 30, 2012, our company carried out an evaluation, under the supervision of and with the participation of management, including our company’s chief executive officer and chief financial officer, of the effectiveness of the design and operation of our company’s disclosure controls and procedures. Based on the foregoing, the chief executive officer and chief financial officer concluded that our company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) were effective in timely alerting them to information required to be included in the Company’s periodic Securities and Exchange Commission filings.

Changes in Internal Control over Financial Reporting

There were no changes in our company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) during the three months ended September 30, 2012 that have materially affected, or are reasonably likely to materially affect, our company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are periodically involved in legal proceedings in the ordinary course of business. During the three months ended September 30, 2012, neither we nor any of our subsidiaries or affiliate was involved in any material pending legal proceedings. Nor was any of our property subject to any such material pending legal proceedings.

Item 1A. Risk Factors

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) None

(b) The annual report filed on September 28, 2012 for the fiscal year ended June 30, 2012 (SEC Accession No. 0001144204-12-053502) is incorporated herein by reference, subject to the replacement of the table under Item 5 thereof with the following table showing the use of proceeds from our initial public offering.

	Budgeted Use of Net Proceeds					As September 30, 2012
Description of Use	US$		%			US$		%
Organization of our company and creation of contractual arrangements among our company, Sino-China and Trans Pacific		100,000		1.23	%		103,526		1.27	%
Business expansion to main ports in China and overseas		5,930,941		72.74	%		3,994,870		48.99	%
Sarbanes-Oxley compliance		500,000		6.13	%		296,689		3.64	%
Marketing of company across China, United States and internationally		244,621		3.00	%		954,870		11.71	%
Develop information exchange system		400,000		4.91	%		112,164		1.38	%
Train staff		163,081		2.00	%		406,347		4.98	%
Fixed asset purchase		407,702		5.00	%		583,041		7.15	%
Miscellaneous expenses		407,702		5.00	%		717,521		8.80	%
Stock repurchases		—		0.00	%		372,527		4.57	%

Total		8,154,048		100.00	%		7,541,555		92.49	%

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed herewith:

Number		Exhibit
3.1		Articles of Incorporation of Sino-Global Shipping America, Ltd.(1)
3.2		Bylaws of Sino-Global Shipping America, Ltd.(1)
4.1		Specimen Certificate for Common Stock.(1)
10.1		Exclusive Management Consulting and Technical Services Agreement by and between Trans Pacific and Sino-China.(1)
10.2		Exclusive Marketing Agreement by and between Trans Pacific and Sino-China.(1)
10.3		Proxy Agreement by and among Cao Lei, Zhang Mingwei, the Registrant and Sino-China.(1)
10.4		Equity Interest Pledge Agreement by and among Trans Pacific, Cao Lei and Zhang Mingwei.(1)
10.5		Exclusive Equity Interest Purchase Agreement by and among the Registrant, Cao Lei, Zhang Mingwei and Sino-China.(1)
10.6		First Amended and Restated Exclusive Management Consulting and Technical Services Agreement by and between Trans Pacific and Sino-China.(1)
10.7		First Amended and Restated Exclusive Marketing Agreement by and between Trans Pacific and Sino-China.(1)
10.8		Agency Agreement by and between the Registrant and Beijing Shou Rong Forwarding Service Co., Ltd.(2)
10.9		Lease Agreement dated December 8, 2009.(3)
13.1		Annual report of our company on Form 10-K for the year ended June 30, 2011.(4)
14.1		Code of Ethics of our company.(5)
21.1		List of subsidiaries of our company.(6)
31.1		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(7)
31.2		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(7)
32.1		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(7)
32.2		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(7)
99.1		Press release, dated November 14, 2012, titled "Sino-Global Announces Fiscal First Quarter 2013 Financial Results.

EX-101.INS		XBRL Instance Document. (8)
EX-101.SCH		XBRL Taxonomy Extension Schema Document. (8)
EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document. (8)
EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase Document. (8)
EX-101.LAB		XBRL Taxonomy Extension Label Linkbase Document. (8)
EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document. (8)

(1)

Incorporated by reference to the Company’s Registration Statement on Form S-1, Registration No. 333-148611.

(2)

Incorporated by reference to our company’s Form 8-K filed on January 15, 2010, File No. 001-34024.

(3)

Incorporated by reference to our company’s Form 8-K filed on February 4, 2010, File No. 001-34024.

(4)

Incorporated by reference to our company’s Form 10-K filed on September 26, 2011, File No. 001-34024.

(5)

Incorporated by reference to our company’s Form 10-KSB filed on September 29, 2008, File No. 001-34024.

(6)

Incorporated by reference to our company’s Form 10-K filed on September 22, 2009, File No. 001-34024.

(7)

Filed herewith.

(8)

Furnished herewith.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SINO-GLOBAL SHIPPING AMERICA, LTD.

November 14, 2012	By:	/s/ Zhang Mingwei
		Zhang Mingwei
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

Index to Financial Statements

	PAGE
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

Condensed Consolidated Balance Sheets as of September 30, 2012 and June 30, 2012	F-1

Condensed Consolidated Statements of Operations and Comprehensive loss for the three months Ended September 30, 2012 and 2011	F-2

Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2012 and 2011	F-3

Notes to the Unaudited Condensed Consolidated Financial Statements	F-4

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	September 30,			June 30,
	2012			2012

Assets
Current assets
Cash and cash equivalents	$	3,117,556		$	4,433,333
Advances to suppliers		831,821			901,654
Accounts receivable, less allowance for doubtful accounts of $357,140		3,700,083			3,788,966
Other receivables, less allowance for doubtful accounts of $80,000		509,509			377,835
Other current assets		58,300			82,257
Prepaid taxes		27,356			27,356
Deferred tax assets		87,500			175,000

Total current assets		8,332,125			9,786,401

Property and equipment, net		391,444			415,672
Other long-term assets		21,260			30,457
Deferred tax assets - long term		298,500			344,000

Total Assets		9,043,329			10,576,530

Liabilities and Equity
Current liabilities
Advances from customers		166,765			303,437
Accounts payable		6,456,493			7,467,145
Accrued expenses		88,007			92,217
Other current liabilities		233,257			169,628

Total Current Liabilities		6,944,522			8,032,427

Total Liabilities	$	6,944,522		$	8,032,427

Commitments and Contingency

Equity
Preferred stock, 1,000,000 shares authorized, no par value;		-			-
Common stock, 10,000,000 shares authorized, no par value; 3,029,032 shares issued, 2,903,841 outstanding	$	7,709,745		$	7,709,745
Additional paid-in capital		1,191,796			1,191,796
Treasury stock, at cost - 125,191 shares		(372,527	)		(372,527	)
Accumulated deficit		(3,247,090	)		(3,056,858	)
Accumulated other comprehensive loss		10,890			16,709
Unearned Stock-based Compensation		(202,089	)		(202,089	)

Total Sino-Global Shipping America Ltd. Stockholders' equity		5,090,725			5,286,776

Non-Controlling interest		(2,991,918	)		(2,742,673	)

Total equity		2,098,807			2,544,103

Total Liabilities and Equity	$	9,043,329		$	10,576,530

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-1

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)


	For the three months ended September 30,
	2012			2011

Net Revenues	$	7,882,068		$	8,592,707

Cost of revenues		(7,118,163	)		(7,754,218	)
Gross profit		763,905			838,489

General and administrative expenses		(996,273	)		(1,381,913	)
Selling expenses		(86,508	)		(104,582	)
		(1,082,781	)		(1,486,495	)

Operating Loss		(318,876	)		(648,006	)

Financial expense, net		(2,568	)		(44,003	)
Other income, net		36,487			30,032
Loss from equity investment		-			(188,084	)
		33,919			(202,055	)

Net loss before provision for income taxes		(284,957	)		(850,061	)

Income tax (expense) benefit		(157,200	)		23,121

Net loss		(442,157	)		(826,940	)

Net loss attributed to non-controlling interest		(251,924	)		(161,153	)

Net loss attributable to Sino-Global Shipping America, Ltd		(190,233	)		(665,787	)

Net loss		(442,157	)		(826,940	)

Other comprehensive income:
Foreign currency translation adjustments		(5,819	)		33,649
Comprehensive loss		(447,976	)		(793,291	)

Less: Comprehensive loss attributable to non-controlling interest		(248,960	)		(167,934	)

Comprehensive loss attributable to Sino-Global Shipping America Ltd.	$	(199,016	)	$	(625,357	)

Loss per share
-Basic and diluted	$	(0.07	)	$	(0.23	)

Weighted average number of common shares used in computation
-Basic and diluted	$	2,903,841		$	2,903,841

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-2

SINO-GLOBAL SHIPPING AMERICA LTD. AND AFFILIATE

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

	For the three months ended September 30,
	2012			2011
	US$			US$


Operating Activities

Net loss		(442,157	)		(826,940	)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation		39,672			74,822
Provision for doubtful accounts		-			95,190
Deferred tax expense (benefit)		133,000			(50,000	)
Loss from equity investment		-			188,084
Gain on disposition of property and equipment		(20,475	)		-
Changes in assets and liabilities
Decrease (Increase) in advances to suppliers		69,833			(319,903	)
Decrease (Increase) in accounts receivable		88,883			(104,492	)
(Increase) Decrease in other receivables		(6,354	)		16,792
Decrease in other current assets		33,154			11,892
Decrease in advances from customers		(136,672	)		(7,503	)
(Decrease) Increase in accounts payable		(1,010,652	)		616,590
Decrease in accrued expenses		(4,210	)		(24,870	)
Increase in income taxes payable		17,600			19,555
Increase (Decrease) in other current liabilities		46,029			(69,361	)

Net cash used in operating activities		(1,192,349	)		(380,144	)

Investing Activities
Acquisition of property and equipment		(144,248	)		(1,796	)

Net cash used in investing activities		(144,248	)		(1,796	)

Financing Activities
Increase in noncontrolling interest in majority-owned susidiary		(285	)		(8,993	)

Net cash used in financing activities		(285	)		(8,993	)

Effect of exchange rate fluctuations on cash and cash equivalents		21,105			1,303

Net decrease in cash and cash equivalents		(1,315,777	)		(389,630	)

Cash and cash equivalents at beginning of period		4,433,333			4,878,828

Cash and cash equivalents at end of period		3,117,556			4,489,198

Supplemental information
Income taxes paid		6,600			6,600

Supplemental non-cash flow information

The Company disposed of assets with a gross sale price which is included in Other Receivables as collection has not occured.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-3

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND NATURE OF BUSINESS

Sino-Global Shipping America, Ltd. (the “Company”) was incorporated on February 2, 2001 in New York. On September 18, 2007, the Company amended the Articles of Incorporation and Bylaws to merge into a new Corporation, Sino-Global Shipping America, Ltd. in Virginia.

The Company’s principal geographic market is in the People’s Republic of China (“PRC”). As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, the Company provides its services in the PRC through Sino-Global Shipping Agency Ltd. (“Sino-China”), a Chinese legal entity, which holds the licenses and permits necessary to operate shipping services in the PRC. Sino-China is located in Beijing with branches in Qingdao, Tianjin, Qinhuangdao and Fangchenggang and provides general shipping agency services in all commercial ports in the PRC.

On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”, Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”) on May 31, 2009.

To build an international shipping agency service network, the Company formed a wholly-owned subsidiary, Sino-Global Shipping Australia Pty Ltd. (“Sino-Global AUS”) in Perth, Australia on July 3, 2008, which serves the needs of customers shipping into and out of Western Australia. The Company also signed an agreement with Monson Agencies Australia (“Monson”), one of the largest shipping agency service providers in Australia. Through the Company’s relationship with Monson, the Company is able to provide general shipping agency services to all ports in Australia.

The Company established another wholly-owned subsidiary, Sino-Global Shipping (HK) Limited ("Sino-Global HK") to perform as a control and management center for southern Chinese ports and enables the Company to extend its offering of comprehensive shipping agency services to vessels going to and from one of the world's busiest ports. Sino-Global HK has signed an exclusive partnership agreement with Forbes & Company Limited (“Forbes”), which is a listed company on the Bombay Stock Exchange (BOM: 502865) and one of the largest shipping and logistic service providers in India. Through the Company’s relationship with Forbes, it is able to provide general shipping agency services to all ports in India.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes during fiscal year 2013 in the Company’s significant accounting policies to those previously disclosed in the 2012 annual report. Therefore only those policies considered by management to be most impactful to the reader have been disclosed in this quarterly form 10-Q.

F-4

(a) Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”).

(b) Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.

The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.

The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.

The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:

F-5

	September 30,		June 30,
	2012		2012


Total current asstes	$	586,181	$	537,068
Total assets		851,991		766,075
Total current liabilities		312,805		298,948
Total liabilities		312,805		298,948

(c) Translation of Foreign Currency

The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.

The exchange rates for the three months ended September 30, 2012 and the year ended June 30, 2012 are as follows:

	September 30,			June 30,
	2012			2012
Foreign currency		BS	PL		BS	PL
RMB:1USD		6.3410	6.3524		6.3249	6.3520
1AUD:USD		1.0381	1.0395		1.0203	1.0323
1HKD:USD		0.1290	0.1289		0.1289	0.1286

(d) Accounts receivable

Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection.

F-6

(e) Loss per share

Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.

The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.

(f) Risks and Uncertainties

The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.

(g) Recent Accounting Pronouncements

There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form-10K for the year ended June 30, 2012.

3. OTHER RECEIVABLES / OTHER CURRENT LIABILITIES

(a) Other Receivables

Other receivables represent mainly amounts to be received from customers for advance payments made to the port agent for reimbursed charges to be incurred in connection with the costs of services as well as loans to employees.

(b) Other Current Liabilities

Other current liabilities represent mainly advance payments received from customers for reimbursed port agent charges to be incurred and miscellaneous accrued liabilities.

F-7

4. PROPERTY AND EQUIPMENT

Property and equipment are as follows:

	September 30,		June 30,
	2012		2012


Land and building	$	78,401	$	78,601
Motor vehicles		712,036		918,451
Computer equipment		128,104		126,729
Office equipment		47,740		46,359
Furniture and Fixtures		53,351		53,440
System software		120,233		120,539
Leasehold improvement		67,216		67,387

Total		1,207,081		1,411,506

Less : Accumulated depreciation and amortization		815,637		995,834

Property and equipment, net	$	391,444	$	415,672

5. NON-CONTROLLING INTEREST

Non-controlling interest in Sino-China consists of the following:

	September 30,			June 30,
	2012			2012

Sino-China:
Original paid-in capital	$	356,400		$	356,400
Additional paid-in capital		1,044			1,044
Accumulated other comprehensive loss		(42,549	)		(45,514	)
Accumulated deficit		(3,298,708	)		(3,050,234	)
Other adjustments		(25,715	)		(22,265	)
		(3,009,528	)		(2,760,569	)
Trans Pacific Logistics Shanghai Ltd.		17,610			17,896
Total	$	(2,991,918	)	$	(2,742,673	)

6. COMMITMENTS

Office leases

The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:

	Amount

Twevle months ending September 30,

2013	$	156,199
2014		65,791
	$	221,990

Rent expense for the three months ended September 30, 2012 and 2011 was $77,880 and $88,100, respectively.

7. INCOME TAXES

The income tax (provision) benefit is as follows:

F-8

	For the three months ended September 30,
	2012			2011

Current
USA	$	(24,200	)	$	(26,879	)
China		-			-
		(24,200	)		(26,879	)
Deferred
USA		(133,000	)		50,000
China		-			-
		(133,000	)		50,000
Total	$	(157,200	)	$	23,121

Operations in the USA have incurred net operating losses which have a cumulative net operating loss carry-forward of approximately $615,000, which may be available to reduce future taxable income. This carry-forward will expire if not utilized by 2032. A deferred tax asset amounting to approximately $249,000 has been recorded for the future benefits of the loss carry-forward. Other deferred tax assets relating to the allowance for doubtful accounts and stock compensation expense totaling approximately $523,000 has been recorded. Management believes that the realization of the deferred tax assets appears to be uncertain due to the Company’s continuing losses in the USA. Accordingly, the Company has increased the deferred tax asset valuation allowance to approximately 50% at September 30 2012. The increase to the valuation allowance resulted in an expense of approximately $130,000.

8. CONCENTRATIONS

Major Customer

For the three months ended September 30, 2012 and 2011, approximately 70% and 51%, respectively, of the Company’s revenues were from one customer. The Company provides services to one customer under an exclusive agency agreement that expires on December 31, 2012.

Major Suppliers

For the three months ended September 30, 2012, one supplier accounted for 21% of the total cost of revenues, respectively. For the three months ended September 30, 2011, two suppliers accounted for 18% and 16% of the cost of revenues, respectively.

-------------------------------------------------------------------------

F-9

EX-31.1 2 v327079_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Cao Lei, certify that:

(1) I have reviewed this Form 10-Q of Sino-Global Shipping America, Ltd.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5) The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2012	/s/ Cao Lei
	Cao Lei
	Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 v327079_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Zhang Mingwei, certify that:

(1) I have reviewed this Form 10-Q of Sino-Global Shipping America, Ltd.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2012	/s/ Zhang Mingwei
	Zhang Mingwei
	Chief Financial Officer (Principal Financial Officer)

EX-32.1 4 v327079_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Form 10-Q report of Sino-Global Shipping America, Ltd. for the period ended September 14, 2012 as filed with the Securities and Exchange Commission on the date hereof and pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Cao Lei, certify that:

(1) This report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the this period report fairly presents, in all material respects, the financial condition and results of operations of Sino-Global Shipping America, Ltd..

Date: November 14, 2012	/s/ Cao Lei
	Cao Lei
	Chief Executive Officer (Principal Executive Officer)

EX-32.2 5 v327079_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1) This report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the this period report fairly presents, in all material respects, the financial condition and results of operations of Sino-Global Shipping America, Ltd..

Date: November 14, 2012	/s/ Zhang Mingwei
	Zhang Mingwei
	Chief Financial Officer (Principal Financial Officer)

EX-99.1 6 v327079_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACTS:

Mr. Mingwei Zhang, Chief Financial Officer	Stephen D. Axelrod, CFA
Sino-Global, Beijing.	Wolfe Axelrod Weinberger Assoc. LLC
Tel. +86-10-6439-1888	Tel. (212) 370-4500 Fax (212) 370-4505

SINO-GLOBAL ANNOUNCES FISCAL FIRST QUARTER 2013 FINANCIAL RESULTS

- Revenues decreased 8.3% for the first quarter ended September 30, 2012

compared to prior fiscal year -

- Strong balance sheet with $3.1 million in cash and working capital of $1.4 million –

- Chinese government strict financing policies resulted in

decreased iron ore imports into China -

Beijing, November 14, 2012 – Sino-Global Shipping America, Ltd. (Nasdaq: SINO), a leading, non-state-owned provider of shipping agency services operating primarily in China, today announced its selected financial results for its first fiscal quarter ended September 30, 2012.

Financial Highlights for the First Fiscal Quarter Ended September 30, 2012

Total revenues decreased 8.3% to US$7.88 million, from US$8.59 million in the first fiscal quarter ended September 30, 2011.

The devaluation of the US dollar against the Chinese Renminbi (“RMB”) resulted in a minor change in gross margin from 9.76% in the first fiscal quarter of 2011 to 9.69% in the current fiscal quarter.

General and administrative expenses as a percentage of total revenues decreased to 12.6% from 16.1% as a result of strong internal budget controls.

Net loss was US$442,157 compared to net loss of US$826,940 in the first fiscal quarter of 2011.

Basic and diluted losses per share were US$0.07 and US$0.23 for the first fiscal quarter of 2013 and 2012, respectively. Earnings and losses per share are adjusted for the non-controlling interest.

Mr. Cao Lei, Sino-Global’s Chief Executive Officer, stated, “In this difficult macro economic environment, our revenues decreased 8.27% in the first quarter of fiscal 2013. Although it is difficult for us to predict future trend under economic uncertainties, we still believe that growth is a key for a small company like ours to survive and develop. As such, we will continue setting as our first priority increasing the top line growth.”

Mr. Cao, continued, “We continue to work on signing additional reciprocal shipping agency agreements in the near future that will result in additional ships and loading ports that use Sino-Global’s services and believe that these efforts will result in significant incremental revenues. In addition, we are working to achieve growth in fiscal 2013, supported by our efforts to maintain our current clients, attract new clients and increase in revenues from our agency services to vessels coming to Chinese ports as well as expanding business activities at the loading ports in Australia, Canada, South Africa, Brazil and other countries to which China has major trading activities.”

In conclusion, Mr. Cao, stated, “While first quarter revenues were slightly lower than a year earlier, we have taken the necessary steps to limit our losses and preserve our capital structure. We believe fiscal 2013 results will accelerate over the course of the fiscal year as we maintain and add to our current customer base and benefit from the development of new markets in China and overseas reciprocal agreements.”

Selected Financial Results for Fiscal 2013

Revenues

Our total revenues decreased by 8.27% from $8,592,707 for the three months ended September 30, 2011 to $7,882,068 in the comparable three months in 2012. The number of ships that generated revenues for us increased from 106 for the first quarter of fiscal 2012 to 124 for the comparable quarter of fiscal 2013. In contrast the larger increased numbers of ships we served, our revenues decreased. This is because we provided protective services for more ships which generated significantly lower revenues per ship. For the three months ended September 30, 2012, we provided protective services to 51 ships, compared to 14 ships for the first quarter of 2011. We provided loading/discharging service to 73 and 92 ships for the three months ended September 30, 2012 and 2011, respectively.

Costs of Revenues.

Our cost of revenues decreased by 8.20% from $7,754,218 for the three months ended September 30, 2011 to $7,118,163 for the three months ended September 30, 2012. The revenues decreased faster than costs of revenues, and the gross margins decreased from 9.76% down to 9.69% for the comparative three months ended September 30, 2011 and 2012, respectively. The 0.07% decrease in gross margin was largely due to the devaluation of the U.S. dollar against the Chinese currency. The average foreign exchange rate was $1.00 to RMB 6.3524 for the three months ended September 30, 2012 compared to $1.00 to RMB 6.4176 for the three months ended September 30, 2011, a 1.02% increase during the period.

Operating Expenses

General and Administrative Expenses. Our general and administrative expenses primarily consist of salaries and benefits for our staff (both operating and administrative personnel), business promotion, depreciation expenses, office rental expenses and expenses for legal, accounting and other professional services. For the three months ended September 30, 2012, our general and administrative expenses as a percentage of our total revenues decreased from 16.08% to 12.64% for the three months ended September 30, 2011. This is mainly because we slowed down our business expansion in China and overseas to face the economic recession. In particular, the general and administrative expenses of our Australian and Hong Kong offices constituted about 10.22% of all general and administrative expenses for the period ended September 30, 2012, compared to that of 11.84% for the year earlier period.

Selling Expenses.

Our selling expenses primarily consist of commissions and traveling expenses for our operating staff to the ports at which we provide services. In line with the fall in our revenues, our selling expenses decreased in absolute amount and as a percentage of our total net revenues for the three months ended September 30, 2012.

Operating Loss.

We had an operating loss of $318,876 for the three months ended September 30, 2012, compared to operating loss of $648,006 for the comparable three months in 2011. The operating loss for the first quarter of fiscal 2013 was decreased primarily due to the reduced general and administrative expenses.

Our net financial expense was $2,568 for the three months ended September 30, 2012, compared to our net financial expense of $44,003 for the three months ended September 30, 2011. The net financial expenses were derived largely from the foreign exchange losses recognized in the financial statement consolidation. Foreign exchange losses resulting from the settlement of foreign exchange transactions are recognized in the condensed consolidated statements of operations.

Our income tax expense was $157,200 for the three months ended September 30, 2012, compared to income tax benefits of $23,121 for the three months ended September 30, 2011. As we made tax provision of $24,200 and recognized $133,000 of net deferred tax assets, the income tax expense of the first quarter of 2013 were $157,200.

As a result of the foregoing, we had a net loss of $442,157 for the quarter ended September 30, 2012, compared to net loss of $826,940 for the quarter ended September 30, 2011. After deduction of non-controlling interest in loss, net loss attributable to Sino-Global Shipping America, Ltd. was $190,233 for the three months ended September 30, 2012, compared to net loss of $665,787 for the three months ended September 30, 2011. With other comprehensive loss foreign currency translation, comprehensive loss was $199,016 for the three months ended September 30, 2012, compared to comprehensive loss of $625,357 for the three months ended September 30, 2011.

Other Selected Data

As of September 30, 2012, we had $3,117,556 in cash and cash equivalents. Our cash and cash equivalents primarily consist of cash on hand and cash in banks. We deposited approximately 89.14% of our cash in banks in the USA, Australia and Hong Kong.

About Sino-Global Shipping America, Ltd.

Registered in the United States in 2001 and operating primarily in mainland China, Sino-Global is a leading, non-state-owned provider of high-quality shipping agency services. With local branches in most of China's main ports and contractual arrangements in all those where it does not have branch offices, Sino-Global is able to offer efficient, high-quality shipping agency services to shipping companies entering Chinese ports. With a subsidiary in Perth, Australia, where it has a contractual relationship with a local shipping agency, Sino-Global provides complete shipping agent services to companies involved in trades between Chinese and Australian ports. Sino-Global also cooperates with companies in Hong Kong, China, India, and South Africa to offer comprehensive shipping agent services to vessels going to and from some of the world's busiest ports.

Sino-Global provides ship owners, operators and charters with comprehensive yet customized shipping agency services including intelligence, planning, real-time analysis and on-the-ground implementation and logistics support. Sino-Global has achieved both ISO9001 and UKAS certifications.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in Sino-Global's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. Sino-Global undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

For More Information

For a more detailed review of Sino-Global’s financial results for fiscal quarter ended September 30, 2012, please refer to the company’s filing on Form 10-Q filing or Sino-Global’s web site: www.sino-global.com.

- Tables to Follow –

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)


	For the three months ended September 30,
	2012			2011

Net Revenues	$	7,882,068		$	8,592,707

Cost of revenues		(7,118,163	)		(7,754,218	)
Gross profit		763,905			838,489

General and administrative expenses		(996,273	)		(1,381,913	)
Selling expenses		(86,508	)		(104,582	)
		(1,082,781	)		(1,486,495	)

Operating Loss		(318,876	)		(648,006	)

Financial expense, net		(2,568	)		(44,003	)
Other income, net		36,487			30,032
Loss from equity investment		-			(188,084	)
		33,919			(202,055	)

Net loss before provision for income taxes		(284,957	)		(850,061	)

Income tax (expense) benefit		(157,200	)		23,121

Net loss		(442,157	)		(826,940	)

Net loss attributed to non-controlling interest		(251,924	)		(161,153	)

Net loss attributable to Sino-Global Shipping America, Ltd		(190,233	)		(665,787	)

Net loss		(442,157	)		(826,940	)

Other comprehensive income:
Foreign currency translation adjustments		(5,819	)		33,649
Comprehensive loss		(447,976	)		(793,291	)

Less: Comprehensive loss attributable to non-controlling interest		(248,960	)		(167,934	)

Comprehensive loss attributable to Sino-Global Shipping America Ltd.	$	(199,016	)	$	(625,357	)

Loss per share
-Basic and diluted	$	(0.07	)	$	(0.23	)

Weighted average number of common shares used in computation
-Basic and diluted	$	2,903,841		$	2,903,841

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	September 30,			June 30,
	2012			2012

Assets
Current assets
Cash and cash equivalents	$	3,117,556		$	4,433,333
Advances to suppliers		831,821			901,654
Accounts receivable, less allowance for doubtful accounts of $357,140		3,700,083			3,788,966
Other receivables, less allowance for doubtful accounts of $80,000		509,509			377,835
Other current assets		58,300			82,257
Prepaid taxes		27,356			27,356
Deferred tax assets		87,500			175,000

Total current assets		8,332,125			9,786,401

Property and equipment, net		391,444			415,672
Other long-term assets		21,260			30,457
Deferred tax assets - long term		298,500			344,000

Total Assets		9,043,329			10,576,530

Liabilities and Equity
Current liabilities
Advances from customers		166,765			303,437
Accounts payable		6,456,493			7,467,145
Accrued expenses		88,007			92,217
Other current liabilities		233,257			169,628

Total Current Liabilities		6,944,522			8,032,427

Total Liabilities	$	6,944,522		$	8,032,427

Commitments and Contingency

Equity
Preferred stock, 1,000,000 shares authorized, no par value;		-			-
Common stock, 10,000,000 shares authorized, no par value; 3,029,032 shares issued, 2,903,841 outstanding	$	7,709,745		$	7,709,745
Additional paid-in capital		1,191,796			1,191,796
Treasury stock, at cost - 125,191 shares		(372,527	)		(372,527	)
Accumulated deficit		(3,247,090	)		(3,056,858	)
Accumulated other comprehensive loss		10,890			16,709
Unearned Stock-based Compensation		(202,089	)		(202,089	)

Total Sino-Global Shipping America Ltd. Stockholders' equity		5,090,725			5,286,776

Non-Controlling interest		(2,991,918	)		(2,742,673	)

Total equity		2,098,807			2,544,103

Total Liabilities and Equity	$	9,043,329		$	10,576,530

###

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1. ORGANIZATION AND NATURE OF BUSINESS   Sino-Global Shipping America, Ltd. (the “Company”) was incorporated on February 2, 2001 in New York. On September 18, 2007, the Company amended the Articles of Incorporation and Bylaws to merge into a new Corporation, Sino-Global Shipping America, Ltd. in Virginia.   The Company’s principal geographic market is in the People’s Republic of China (“PRC”). As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, the Company provides its services in the PRC through Sino-Global Shipping Agency Ltd. (“Sino-China”), a Chinese legal entity, which holds the licenses and permits necessary to operate shipping services in the PRC. Sino-China is located in Beijing with branches in Qingdao, Tianjin, Qinhuangdao and Fangchenggang and provides general shipping agency services in all commercial ports in the PRC.   On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”, Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”) on May 31, 2009.   Trans Pacific Beijing and Sino-China do not have a parent-subsidiary relationship. Trans Pacific Beijing has contractual arrangements with Sino-China and its shareholders that enable the Company to substantially control Sino-China.   To build an international shipping agency service network, the Company formed a wholly-owned subsidiary, Sino-Global Shipping Australia Pty Ltd. (“Sino-Global AUS”) in Perth, Australia on July 3, 2008, which serves the needs of customers shipping into and out of Western Australia. The Company also signed an agreement with Monson Agencies Australia (“Monson”), one of the largest shipping agency service providers in Australia. Through the Company’s relationship with Monson, the Company is able to provide general shipping agency services to all ports in Australia.   The Company established another wholly-owned subsidiary, Sino-Global Shipping (HK) Limited ("Sino-Global HK") to perform as a control and management center for southern Chinese ports and enables the Company to extend its offering of comprehensive shipping agency services to vessels going to and from one of the world's busiest ports. Sino-Global HK has signed an exclusive partnership agreement with Forbes & Company Limited (“Forbes”), which is a listed company on the Bombay Stock Exchange (BOM: 502865) and one of the largest shipping and logistic service providers in India. Through the Company’s relationship with Forbes, it is able to provide general shipping agency services to all ports in India.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   There have been no material changes during fiscal year 2013 in the Company’s significant accounting policies to those previously disclosed in the 2012 annual report. Therefore only those policies considered by management to be most impactful to the reader have been disclosed in this quarterly form 10-Q.   (a) Basis of presentation   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.   In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”). (b) Basis of consolidation   The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.   The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.   The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.   The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;"> Total current asstes</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">586,181</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">537,068</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Total assets</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">851,991</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">766,075</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Total current liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">312,805</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Total liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">312,805</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   (c) Translation of Foreign Currency   The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.   The exchange rates for the three months ended September 30, 2012 and the year ended June 30, 2012 are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt; font-weight: bold;">Foreign currency</td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="width: 44%; font-size: 10pt;">RMB:1USD</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3410</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3524</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3249</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3520</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">1AUD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0381</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0395</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0203</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0323</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">1HKD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1290</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1289</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1289</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1286</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   (d) Accounts receivable   Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivablebalances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection.   (e) Loss per share   Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.   The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.   (f) Risks and Uncertainties   The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.   (g) Recent Accounting Pronouncements   There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form-10K for the year ended June 30, 2012.

3. OTHER RECEIVABLES / OTHER CURRENT LIABILITIES   (a) Other Receivables   Other receivables represent mainly amounts to be received from customers for advance payments made to the port agent for reimbursed charges to be incurred in connection with the costs of services as well as loans to employees.   (b) Other Current Liabilities   Other current liabilities represent mainly advance payments received from customers for reimbursed port agent charges to be incurred and miscellaneous accrued liabilities.

4. PROPERTY AND EQUIPMENT   Property and equipment are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold;" colspan="2">September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Land and building</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">78,401</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">78,601</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Motor vehicles</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">712,036</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">918,451</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Computer equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">128,104</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">126,729</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Office equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">47,740</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">46,359</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Furniture and Fixtures</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">53,351</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">53,440</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">System software</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">120,233</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">120,539</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Leasehold improvement</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">67,216</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">67,387</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,207,081</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,411,506</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Less : Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">815,637</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">995,834</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Property and equipment, net</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">391,444</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">415,672</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"></td> </tr> </table>

5. NON-CONTROLLING INTEREST Non-controlling interest in Sino-China consists of the following: <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: left;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2012</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2012</td><td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2"> </td><td style="font-weight: bold;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Sino-China:</td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td><td style="text-align: right; font-weight: bold;"> </td><td style="text-align: left; font-weight: bold;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; width: 74%;">Original paid-in capital</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">356,400</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 10%;">356,400</td><td style="text-align: left; width: 1%;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Additional paid-in capital</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,044</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,044</td><td style="text-align: left;"> </td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left;">Accumulated other comprehensive loss</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(42,549</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(45,514</td><td style="text-align: left;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left;">Accumulated deficit</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(3,298,708</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(3,050,234</td><td style="text-align: left;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Other adjustments</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(25,715</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(22,265</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(3,009,528</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">(2,760,569</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Trans Pacific Logistics Shanghai Ltd.</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">17,610</td><td style="text-align: left; padding-bottom: 1pt;"> </td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;"> </td><td style="border-bottom: black 1pt solid; text-align: right;">17,896</td><td style="text-align: left; padding-bottom: 1pt;"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt;">Total</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;">$</td><td style="border-bottom: black 1pt solid; text-align: right;">(2,991,918</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;"> </td><td style="border-bottom: black 1pt solid; text-align: left;">$</td><td style="border-bottom: black 1pt solid; text-align: right;">(2,742,673</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr></table>

6. COMMITMENTS   Office leases   The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Twevle months ending September 30,</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 86%; font-size: 10pt;">2013</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">156,199</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">2014</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">65,791</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">221,990</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> </table>   Rent expense for the three months ended September 30, 2012 and 2011 was $77,880 and $88,100, respectively.

7. INCOME TAXES   The income tax (provision) benefit is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">For the three months ended September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Current</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="width: 72%; font-size: 10pt;">      USA</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">(24,200</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">(26,879</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">      China</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(24,200</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(26,879</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> Deferred</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">      USA</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(133,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">50,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">      China</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(133,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">50,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(157,200</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">23,121</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> </table>   Operations in the USA have incurred net operating losses which have a cumulative net operating loss carry-forward of approximately $615,000, which may be available to reduce future taxable income. This carry-forward will expire if not utilized by 2032. A deferred tax asset amounting to approximately $249,000 has been recorded for the future benefits of the loss carry-forward. Other deferred tax assets relating to the allowance for doubtful accounts and stock compensation expense totaling approximately $523,000 has been recorded. Management believes that the realization of the deferred tax assets appears to be uncertain due to the Company’s continuing losses in the USA. Accordingly, the Company has increased the deferred tax asset valuation allowance to approximately 50% at September 30 2012. The increase to the valuation allowance resulted in an expense of approximately $130,000.

8. CONCENTRATIONS   Major Customer   For the three months ended September 30, 2012 and 2011, approximately 70% and 51%, respectively, of the Company’s revenues were from one customer. The Company provides services to one customer under an exclusive agency agreement that expires on December 31, 2012.    Major Suppliers   For the three months ended September 30, 2012, one supplier accounted for 21% of the total cost of revenues, respectively. For the three months ended September 30, 2011, two suppliers accounted for 18% and 16% of the cost of revenues, respectively.

(a) Basis of presentation   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.   In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”).

(b) Basis of consolidation   The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.   The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.   The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.   The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows: <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;"> Total current asstes</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">586,181</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">537,068</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Total assets</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">851,991</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">766,075</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Total current liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">312,805</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Total liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">312,805</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>

(c) Translation of Foreign Currency   The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.   The exchange rates for the three months ended September 30, 2012 and the year ended June 30, 2012 are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt; font-weight: bold;">Foreign currency</td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="width: 44%; font-size: 10pt;">RMB:1USD</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3410</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3524</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3249</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3520</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">1AUD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0381</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0395</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0203</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0323</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">1HKD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1290</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1289</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1289</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1286</td> </tr> </table>

(d) Accounts receivable   Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivablebalances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection.

(e) Loss per share   Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.   The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.

(f) Risks and Uncertainties   The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.

(g) Recent Accounting Pronouncements   There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form-10K for the year ended June 30, 2012.

The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;"> Total current asstes</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">586,181</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">537,068</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Total assets</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">851,991</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">766,075</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Total current liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">312,805</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Total liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">312,805</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"></td> </tr> </table>

The exchange rates for the three months ended September 30, 2012 and the year ended June 30, 2012 are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt; font-weight: bold;">Foreign currency</td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: right; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="width: 44%; font-size: 10pt;">RMB:1USD</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3410</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3524</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3249</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3520</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">1AUD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0381</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0395</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0203</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0323</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">1HKD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1290</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1289</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1289</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1286</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>

Property and equipment are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold;" colspan="2">September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Land and building</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">78,401</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">78,601</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Motor vehicles</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">712,036</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">918,451</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Computer equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">128,104</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">126,729</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Office equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">47,740</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">46,359</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Furniture and Fixtures</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">53,351</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">53,440</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">System software</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">120,233</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">120,539</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Leasehold improvement</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">67,216</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">67,387</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,207,081</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,411,506</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Less : Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">815,637</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">995,834</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Property and equipment, net</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">391,444</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">415,672</td> </tr> </table>

Non-controlling interest in Sino-China consists of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> Sino-China:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;"> Original paid-in capital</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">356,400</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">356,400</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Additional paid-in capital</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,044</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,044</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Accumulated other comprehensive loss</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(42,549</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(45,514</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> Accumulated deficit</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(3,298,708</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(3,050,234</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> Other adjustments</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(25,715</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(22,265</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(3,009,528</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,760,569</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> Trans Pacific Logistics Shanghai Ltd.</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">17,610</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">17,896</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,991,918</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,742,673</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> </table>

The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Twevle months ending September 30,</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 86%; font-size: 10pt;">2013</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">156,199</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">2014</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">65,791</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">221,990</td> </tr> </table>

The income tax (provision) benefit is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">For the three months ended September 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Current</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="width: 72%; font-size: 10pt;">      USA</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">(24,200</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">(26,879</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">      China</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(24,200</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(26,879</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> Deferred</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">      USA</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(133,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">50,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">      China</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(133,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">50,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(157,200</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">23,121</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> </table>

2001-02-02 New York On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited ("Trans Pacific Beijing"), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited ("Trans Pacific Shanghai", Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as "Trans Pacific") on May 31, 2009.

6.3249

1.0203

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1.0323

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1.0381

0.1290

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0.90 0.85 0.05 0.10

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NON-CONTROLLING INTEREST (Details) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Original paid-in capital	$ 7,709,745	$ 7,709,745
Additional paid-in capital	1,191,796	1,191,796
Accumulated other comprehensive loss	10,890	16,709
Accumulated deficit	(3,247,090)	(3,056,858)
Non-Controlling interest	(2,991,918)	(2,742,673)
Sino Global Shipping Agency Ltd [Member]
Original paid-in capital	356,400	356,400
Additional paid-in capital	1,044	1,044
Accumulated other comprehensive loss	(42,549)	(45,514)
Accumulated deficit	(3,298,708)	(3,050,234)
Other adjustments	(25,715)	(22,265)
Non-Controlling interest	(3,009,528)	(2,760,569)
Trans Pacific Logistics Shanghai Ltd [Member]
Non-Controlling interest	$ 17,610	$ 17,896

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 14, 17, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

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-Section 45

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-Name Accounting Standards Codification

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

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-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

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-Name FASB Staff Position (FSP)

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References+ Details

XML 16 R9.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT

3 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

4. PROPERTY AND EQUIPMENT

Property and equipment are as follows:

	September 30,		June 30,
	2012		2012


Land and building	$	78,401	$	78,601
Motor vehicles		712,036		918,451
Computer equipment		128,104		126,729
Office equipment		47,740		46,359
Furniture and Fixtures		53,351		53,440
System software		120,233		120,539
Leasehold improvement		67,216		67,387

Total		1,207,081		1,411,506

Less : Accumulated depreciation and amortization		815,637		995,834

Property and equipment, net	$	391,444	$	415,672

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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INCOME TAXES (Details) (USD $)
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Sep. 30, 2011

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China

Current Income Tax Expense (Benefit) (24,200) (26,879)

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CONCENTRATIONS (Details Textual)
3 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member]

Concentration Risk, Percentage 70.00% 51.00%

Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier One [Member]

Concentration Risk, Percentage 21.00% 18.00%

Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier Two [Member]

Concentration Risk, Percentage 16.00%

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OTHER RECEIVABLES / OTHER CURRENT LIABILITIES
3 Months Ended

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Other Assets and Other Liabilities Disclosure Current [Abstract]

Other Assets and Other Liabilities Disclosure Current [Text Block]
3. OTHER RECEIVABLES / OTHER CURRENT LIABILITIES

(a) Other Receivables

Other receivables represent mainly amounts to be received from customers for advance payments made to the port agent for reimbursed charges to be incurred in connection with the costs of services as well as loans to employees.

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)

Sep. 30, 2012

Jun. 30, 2012

Current assets

Cash and cash equivalents $ 3,117,556 $ 4,433,333

Advances to suppliers 831,821 901,654

Accounts receivable, less allowance for doubtful accounts of $357,140 3,700,083 3,788,966

Other receivables, less allowance for doubtful accounts of $80,000 509,509 377,835

Other current assets 58,300 82,257

Prepaid taxes 27,356 27,356

Deferred tax assets 87,500 175,000

Total current assets 8,332,125 9,786,401

Property and equipment, net 391,444 415,672

Other long-term assets 21,260 30,457

Deferred tax assets - long term 298,500 344,000

Total Assets 9,043,329 10,576,530

Current liabilities

Advances from customers 166,765 303,437

Accounts payable 6,456,493 7,467,145

Accrued expenses 88,007 92,217

Other current liabilities 233,257 169,628

Total Current Liabilities 6,944,522 8,032,427

Total Liabilities 6,944,522 8,032,427

Commitments and Contingency

Equity

Preferred stock, 1,000,000 shares authorized, no par value;

Common stock, 10,000,000 shares authorized, no par value; 3,029,032 shares issued, 2,903,841 outstanding 7,709,745 7,709,745

Additional paid-in capital 1,191,796 1,191,796

Treasury stock, at cost - 125,191 shares (372,527) (372,527)

Accumulated deficit (3,247,090) (3,056,858)

Accumulated other comprehensive loss 10,890 16,709

Unearned Stock-based Compensation (202,089) (202,089)

Total Sino-Global Shipping America Ltd. Stockholders' equity 5,090,725 5,286,776

Non-Controlling interest (2,991,918) (2,742,673)

Total equity 2,098,807 2,544,103

Total Liabilities and Equity $ 9,043,329 $ 10,576,530

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ORGANIZATION AND NATURE OF BUSINESS
3 Months Ended

Sep. 30, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Organization Consolidation and Presentation Of Financial Statements Disclosure [Text Block]
1. ORGANIZATION AND NATURE OF BUSINESS

Sino-Global Shipping America, Ltd. (the “Company”) was incorporated on February 2, 2001 in New York. On September 18, 2007, the Company amended the Articles of Incorporation and Bylaws to merge into a new Corporation, Sino-Global Shipping America, Ltd. in Virginia.

The Company’s principal geographic market is in the People’s Republic of China (“PRC”). As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, the Company provides its services in the PRC through Sino-Global Shipping Agency Ltd. (“Sino-China”), a Chinese legal entity, which holds the licenses and permits necessary to operate shipping services in the PRC. Sino-China is located in Beijing with branches in Qingdao, Tianjin, Qinhuangdao and Fangchenggang and provides general shipping agency services in all commercial ports in the PRC.

On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”, Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”) on May 31, 2009.

Trans Pacific Beijing and Sino-China do not have a parent-subsidiary relationship. Trans Pacific Beijing has contractual arrangements with Sino-China and its shareholders that enable the Company to substantially control Sino-China.

To build an international shipping agency service network, the Company formed a wholly-owned subsidiary, Sino-Global Shipping Australia Pty Ltd. (“Sino-Global AUS”) in Perth, Australia on July 3, 2008, which serves the needs of customers shipping into and out of Western Australia. The Company also signed an agreement with Monson Agencies Australia (“Monson”), one of the largest shipping agency service providers in Australia. Through the Company’s relationship with Monson, the Company is able to provide general shipping agency services to all ports in Australia.

The Company established another wholly-owned subsidiary, Sino-Global Shipping (HK) Limited ("Sino-Global HK") to perform as a control and management center for southern Chinese ports and enables the Company to extend its offering of comprehensive shipping agency services to vessels going to and from one of the world's busiest ports. Sino-Global HK has signed an exclusive partnership agreement with Forbes & Company Limited (“Forbes”), which is a listed company on the Bombay Stock Exchange (BOM: 502865) and one of the largest shipping and logistic service providers in India. Through the Company’s relationship with Forbes, it is able to provide general shipping agency services to all ports in India.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)

Sep. 30, 2012

Jun. 30, 2012

RMB [Member] | Balance Sheet [Member]

Foreign Currency Exchange Rate, Translation1 6.3410 6.3249

RMB [Member] | Income Statement [Member]

Foreign Currency Exchange Rate, Translation1 6.3524 6.3520

AUD [Member] | Balance Sheet [Member]

Foreign Currency Exchange Rate, Translation1 1.0381 1.0203

AUD [Member] | Income Statement [Member]

Foreign Currency Exchange Rate, Translation1 1.0395 1.0323

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Foreign Currency Exchange Rate, Translation1 0.1289 0.1286

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PROPERTY AND EQUIPMENT (Details) (USD $)

Sep. 30, 2012

Jun. 30, 2012

Property, Plant and Equipment, Gross $ 1,207,081 $ 1,411,506

Less : Accumulated depreciation and amortization 815,637 995,834

Property and equipment, net 391,444 415,672

Land and Building [Member]

Property, Plant and Equipment, Gross 78,401 78,601

Vehicles [Member]

Property, Plant and Equipment, Gross 712,036 918,451

Computer Equipment [Member]

Property, Plant and Equipment, Gross 128,104 126,729

Office Equipment [Member]

Property, Plant and Equipment, Gross 47,740 46,359

Furniture and Fixtures [Member]

Property, Plant and Equipment, Gross 53,351 53,440

Software [Member]

Property, Plant and Equipment, Gross 120,233 120,539

Leasehold Improvements [Member]

Property, Plant and Equipment, Gross $ 67,216 $ 67,387

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes during fiscal year 2013 in the Company’s significant accounting policies to those previously disclosed in the 2012 annual report. Therefore only those policies considered by management to be most impactful to the reader have been disclosed in this quarterly form 10-Q.

(a) Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”).

(b) Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.

The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.

The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.

The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:

September 30, June 30,

2012 2012

Total current asstes $ 586,181 $ 537,068

Total assets 851,991 766,075

Total current liabilities 312,805 298,948

Total liabilities 312,805 298,948

(c) Translation of Foreign Currency

The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.

The exchange rates for the three months ended September 30, 2012 and the year ended June 30, 2012 are as follows:

September 30, June 30,

2012 2012

Foreign currency BS PL BS PL

RMB:1USD 6.3410 6.3524 6.3249 6.3520

1AUD:USD 1.0381 1.0395 1.0203 1.0323

1HKD:USD 0.1290 0.1289 0.1289 0.1286

(d) Accounts receivable

Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivablebalances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection.

(e) Loss per share

Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.

The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.

(f) Risks and Uncertainties

The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.

(g) Recent Accounting Pronouncements

There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form-10K for the year ended June 30, 2012.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)

Sep. 30, 2012

Jun. 30, 2012

Accounts receivable, allowance for doubtful accounts $ 357,140 $ 357,140

Other receivables, allowance for doubtful accounts $ 80,000 $ 80,000

Preferred stock, shares authorized 1,000,000 1,000,000

Preferred stock par value

Common stock, shares authorized 10,000,000 10,000,000

Common stock par value

Common stock, shares issued 3,029,032 3,029,032

Common stock, shares outstanding 2,903,841 2,903,841

Treasury stock,shares 125,191 125,191

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NON-CONTROLLING INTEREST (Tables)
3 Months Ended

Sep. 30, 2012

Noncontrolling Interest [Abstract]

Minority Interest [Table Text Block]
Non-controlling interest in Sino-China consists of the following:

September 30, June 30,

2012 2012

Sino-China:

Original paid-in capital $ 356,400 $ 356,400

Additional paid-in capital 1,044 1,044

Accumulated other comprehensive loss (42,549 ) (45,514 )

Accumulated deficit (3,298,708 ) (3,050,234 )

Other adjustments (25,715 ) (22,265 )

(3,009,528 ) (2,760,569 )

Trans Pacific Logistics Shanghai Ltd. 17,610 17,896

Total $ (2,991,918 ) $ (2,742,673 )

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DOCUMENT AND ENTITY INFORMATION
3 Months Ended

Sep. 30, 2012

Document Type 10-Q

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Document Period End Date Sep. 30, 2012

Document Fiscal Year Focus 2013

Document Fiscal Period Focus Q1

Trading Symbol sino

Entity Registrant Name Sino-Global Shipping America, Ltd.

Entity Central Index Key 0001422892

Current Fiscal Year End Date --06-30

Entity Filer Category Smaller Reporting Company

Entity Common Stock Shares Outstanding 2,903,841

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COMMITMENTS (Tables)
3 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]
The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:

Amount

Twevle months ending September 30,

2013 $ 156,199

2014 65,791

$ 221,990

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)
3 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Net Revenues $ 7,882,068 $ 8,592,707

Cost of revenues (7,118,163) (7,754,218)

Gross profit 763,905 838,489

General and administrative expenses (996,273) (1,381,913)

Selling expenses (86,508) (104,582)

Costs and Expenses (1,082,781) (1,486,495)

Operating Loss (318,876) (648,006)

Financial expense, net (2,568) (44,003)

Other income, net 36,487 30,032

Loss from equity investment (188,084)

Nonoperating Income (Expense), Total 33,919 (202,055)

Net loss before provision for income taxes (284,957) (850,061)

Income tax (expense) benefit (157,200) 23,121

Net loss (442,157) (826,940)

Net loss attributed to non-controlling interest (251,924) (161,153)

Net loss attributable to Sino-Global Shipping America, Ltd (190,233) (665,787)

Net loss (442,157) (826,940)

Other comprehensive income:

Foreign currency translation adjustments (5,819) 33,649

Comprehensive loss (447,976) (793,291)

Less: Comprehensive loss attributable to non-controlling interest (248,960) (167,934)

Comprehensive loss attributable to Sino-Global Shipping America Ltd. $ (199,016) $ (625,357)

Loss per share

-Basic and diluted $ (0.07) $ (0.23)

Weighted average number of common shares used in computation

-Basic and diluted 2,903,841 2,903,841

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INCOME TAXES
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Office leases

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Schedule Of Condensed Balance Sheet [Table Text Block]
The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:

September 30, June 30,

2012 2012

Total current asstes $ 586,181 $ 537,068

Total assets 851,991 766,075

Total current liabilities 312,805 298,948

Total liabilities 312,805 298,948

Schedule Of Differences Between Reported Amount and Reporting Currency Denominated Amount [Table Text Block]
The exchange rates for the three months ended September 30, 2012 and the year ended June 30, 2012 are as follows:

September 30, June 30,

2012 2012

Foreign currency BS PL BS PL

RMB:1USD 6.3410 6.3524 6.3249 6.3520

1AUD:USD 1.0381 1.0395 1.0203 1.0323

1HKD:USD 0.1290 0.1289 0.1289 0.1286

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Tabular disclosure of the U.S. dollar denominated balances, balances reported for financial reporting purposes and the differences between the two balances by each relevant line item on the financial statements.

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CONCENTRATIONS
3 Months Ended

Sep. 30, 2012

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]
8. CONCENTRATIONS

Major Customer

For the three months ended September 30, 2012 and 2011, approximately 70% and 51%, respectively, of the Company’s revenues were from one customer. The Company provides services to one customer under an exclusive agency agreement that expires on December 31, 2012.

Major Suppliers

For the three months ended September 30, 2012, one supplier accounted for 21% of the total cost of revenues, respectively. For the three months ended September 30, 2011, two suppliers accounted for 18% and 16% of the cost of revenues, respectively.

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The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Basis Of Accounting, Policy [Policy Text Block]
(a) Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”).

Consolidation, Policy [Policy Text Block]
(b) Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.

The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.

The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.

The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:

September 30, June 30,

2012 2012

Total current asstes $ 586,181 $ 537,068

Total assets 851,991 766,075

Total current liabilities 312,805 298,948

Total liabilities 312,805 298,948

Foreign Currency Transactions and Translations Policy [Policy Text Block]
(c) Translation of Foreign Currency

The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.

The exchange rates for the three months ended September 30, 2012 and the year ended June 30, 2012 are as follows:

September 30, June 30,

2012 2012

Foreign currency BS PL BS PL

RMB:1USD 6.3410 6.3524 6.3249 6.3520

1AUD:USD 1.0381 1.0395 1.0203 1.0323

1HKD:USD 0.1290 0.1289 0.1289 0.1286

Trade and Other Accounts Receivable, Policy [Policy Text Block]
(d) Accounts receivable

Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivablebalances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection.

Earnings Per Share, Policy [Policy Text Block]
(e) Loss per share

Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.

The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.

Risks and Uncertainties [Policy Text Block]
(f) Risks and Uncertainties

The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.

New Accounting Pronouncements, Policy [Policy Text Block]
(g) Recent Accounting Pronouncements

There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form-10K for the year ended June 30, 2012.

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PROPERTY AND EQUIPMENT (Tables)
3 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]
Property and equipment are as follows:

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2012 2012

Land and building $ 78,401 $ 78,601

Motor vehicles 712,036 918,451

Computer equipment 128,104 126,729

Office equipment 47,740 46,359

Furniture and Fixtures 53,351 53,440

System software 120,233 120,539

Leasehold improvement 67,216 67,387

Total 1,207,081 1,411,506

Less : Accumulated depreciation and amortization 815,637 995,834

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)

Sep. 30, 2012

Jun. 30, 2012

Total current asstes $ 8,332,125 $ 9,786,401

Total assets 9,043,329 10,576,530

Total current liabilities 6,944,522 8,032,427

Total liabilities 6,944,522 8,032,427

Sino - China [Member]

Total current asstes 586,181 537,068

Total assets 851,991 766,075

Total current liabilities 312,805 298,948

Total liabilities $ 312,805 $ 298,948

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COMMITMENTS (Details) (USD $)

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Twevle months ending September 30,

2013 $ 156,199

2014 65,791

Future minimum lease payments under operating leases agreements $ 221,990

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
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Sep. 30, 2012

Sep. 30, 2011

Operating Activities

Net loss $ (442,157) $ (826,940)

Adjustment to reconcile net loss to net cash used in operating activities

Depreciation 39,672 74,822

Provision for doubtful accounts 95,190

Deferred tax expense (benefit) 133,000 (50,000)

Loss from equity investment 188,084

Gain on disposition of property and equipment (20,475)

Changes in assets and liabilities

Decrease (Increase) in advances to suppliers 69,833 (319,903)

Decrease (Increase) in accounts receivable 88,883 (104,492)

(Increase) Decrease in other receivables (6,354) 16,792

Decrease in other current assets 33,154 11,892

Decrease in advances from customers (136,672) (7,503)

(Decrease) Increase in accounts payable (1,010,652) 616,590

Decrease in accrued expenses (4,210) (24,870)

Increase in income taxes payable 17,600 19,555

Increase (Decrease) in other current liabilities 46,029 (69,361)

Net cash used in operating activities (1,192,349) (380,144)

Investing Activities

Acquisition of property and equipment (144,248) (1,796)

Net cash used in investing activities (144,248) (1,796)

Financing Activities

Increase in noncontrolling interest in majority-owned susidiary (285) (8,993)

Net cash used in financing activities (285) (8,993)

Effect of exchange rate fluctuations on cash and cash equivalents 21,105 1,303

Net decrease in cash and cash equivalents (1,315,777) (389,630)

Cash and cash equivalents at beginning of period 4,433,333 4,878,828

Cash and cash equivalents at end of period 3,117,556 4,489,198

Supplemental information

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NON-CONTROLLING INTEREST
3 Months Ended

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Non-controlling interest in Sino-China consists of the following:

September 30, June 30,
2012 2012

Sino-China:
Original paid-in capital $ 356,400 $ 356,400
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COMMITMENTS (Details Textual) (USD $)
3 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Operating Leases, Rent Expense, Net $ 77,880 $ 88,100

X

- Definition

Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717

+ Details

Name: us-gaap_OperatingLeasesRentExpenseNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

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ORGANIZATION AND NATURE OF BUSINESS (Details Textual)
3 Months Ended

Sep. 30, 2012

Entity Incorporation, Date Of Incorporation Feb. 02, 2001

Entity Incorporation, State Country Name New York

Foreign Owned Enterprise Investment Percentage Description On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited ("Trans Pacific Beijing"), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited ("Trans Pacific Shanghai", Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as "Trans Pacific") on May 31, 2009.

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INCOME TAXES (Details Textual) (Operations in USA [Member], USD $)	3 Months Ended
	Sep. 30, 2012
Operations in USA [Member]
Operating Loss Carryforwards	$ 615,000
Operating Loss Carryforwards, Expiration Dates	2032
Deferred Tax Assets, Net	249,000
Deferred Tax Assets, Other	523,000
Valuation Allowance, Deferred Tax Asset, Change in Amount	$ 130,000
Percentage Of Deferred Tax Asset Valuation Allowance To Approximate	50.00%

INCOME TAXES (Details) (USD $)	3 Months Ended
INCOME TAXES (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Current
USA	$ (24,200)	$ (26,879)
China
Current Income Tax Expense (Benefit)	(24,200)	(26,879)
Deferred
USA	(133,000)	50,000
China
Net deferred	(133,000)	50,000
Total	$ (157,200)	$ 23,121

CONCENTRATIONS (Details Textual)	3 Months Ended
CONCENTRATIONS (Details Textual)	Sep. 30, 2012	Sep. 30, 2011
Customer Concentration Risk [Member] \| Sales Revenue, Services, Net [Member]
Concentration Risk, Percentage	70.00%	51.00%
Supplier Concentration Risk [Member] \| Cost Of Sales [Member] \| Major Supplier One [Member]
Concentration Risk, Percentage	21.00%	18.00%
Supplier Concentration Risk [Member] \| Cost Of Sales [Member] \| Major Supplier Two [Member]
Concentration Risk, Percentage		16.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Jun. 30, 2012
Current assets
Cash and cash equivalents	$ 3,117,556	$ 4,433,333
Advances to suppliers	831,821	901,654
Accounts receivable, less allowance for doubtful accounts of $357,140	3,700,083	3,788,966
Other receivables, less allowance for doubtful accounts of $80,000	509,509	377,835
Other current assets	58,300	82,257
Prepaid taxes	27,356	27,356
Deferred tax assets	87,500	175,000
Total current assets	8,332,125	9,786,401
Property and equipment, net	391,444	415,672
Other long-term assets	21,260	30,457
Deferred tax assets - long term	298,500	344,000
Total Assets	9,043,329	10,576,530
Current liabilities
Advances from customers	166,765	303,437
Accounts payable	6,456,493	7,467,145
Accrued expenses	88,007	92,217
Other current liabilities	233,257	169,628
Total Current Liabilities	6,944,522	8,032,427
Total Liabilities	6,944,522	8,032,427
Commitments and Contingency
Equity
Preferred stock, 1,000,000 shares authorized, no par value;
Common stock, 10,000,000 shares authorized, no par value; 3,029,032 shares issued, 2,903,841 outstanding	7,709,745	7,709,745
Additional paid-in capital	1,191,796	1,191,796
Treasury stock, at cost - 125,191 shares	(372,527)	(372,527)
Accumulated deficit	(3,247,090)	(3,056,858)
Accumulated other comprehensive loss	10,890	16,709
Unearned Stock-based Compensation	(202,089)	(202,089)
Total Sino-Global Shipping America Ltd. Stockholders' equity	5,090,725	5,286,776
Non-Controlling interest	(2,991,918)	(2,742,673)
Total equity	2,098,807	2,544,103
Total Liabilities and Equity	$ 9,043,329	$ 10,576,530

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	Sep. 30, 2012	Jun. 30, 2012
RMB [Member] \| Balance Sheet [Member]
Foreign Currency Exchange Rate, Translation1	6.3410	6.3249
RMB [Member] \| Income Statement [Member]
Foreign Currency Exchange Rate, Translation1	6.3524	6.3520
AUD [Member] \| Balance Sheet [Member]
Foreign Currency Exchange Rate, Translation1	1.0381	1.0203
AUD [Member] \| Income Statement [Member]
Foreign Currency Exchange Rate, Translation1	1.0395	1.0323
HKD [Member] \| Balance Sheet [Member]
Foreign Currency Exchange Rate, Translation1	0.1290	0.1289
HKD [Member] \| Income Statement [Member]
Foreign Currency Exchange Rate, Translation1	0.1289	0.1286

PROPERTY AND EQUIPMENT (Details) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Property, Plant and Equipment, Gross	$ 1,207,081	$ 1,411,506
Less : Accumulated depreciation and amortization	815,637	995,834
Property and equipment, net	391,444	415,672
Land and Building [Member]
Property, Plant and Equipment, Gross	78,401	78,601
Vehicles [Member]
Property, Plant and Equipment, Gross	712,036	918,451
Computer Equipment [Member]
Property, Plant and Equipment, Gross	128,104	126,729
Office Equipment [Member]
Property, Plant and Equipment, Gross	47,740	46,359
Furniture and Fixtures [Member]
Property, Plant and Equipment, Gross	53,351	53,440
Software [Member]
Property, Plant and Equipment, Gross	120,233	120,539
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross	$ 67,216	$ 67,387

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Accounts receivable, allowance for doubtful accounts	$ 357,140	$ 357,140
Other receivables, allowance for doubtful accounts	$ 80,000	$ 80,000
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock par value
Common stock, shares authorized	10,000,000	10,000,000
Common stock par value
Common stock, shares issued	3,029,032	3,029,032
Common stock, shares outstanding	2,903,841	2,903,841
Treasury stock,shares	125,191	125,191

DOCUMENT AND ENTITY INFORMATION	3 Months Ended
DOCUMENT AND ENTITY INFORMATION	Sep. 30, 2012
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Trading Symbol	sino
Entity Registrant Name	Sino-Global Shipping America, Ltd.
Entity Central Index Key	0001422892
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock Shares Outstanding	2,903,841

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	3 Months Ended
	Sep. 30, 2012
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	138,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	139,032
Sino - China [Member]
Net Income Percentage	90.00%
Consulting Fees Received Percentage	85.00%
Marketing Fees Received Percentage	5.00%
Net Income Percentage Attributable To Non Controlling Interest	10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Sep. 30, 2012	Jun. 30, 2012
Total current asstes	$ 8,332,125	$ 9,786,401
Total assets	9,043,329	10,576,530
Total current liabilities	6,944,522	8,032,427
Total liabilities	6,944,522	8,032,427
Sino - China [Member]
Total current asstes	586,181	537,068
Total assets	851,991	766,075
Total current liabilities	312,805	298,948
Total liabilities	$ 312,805	$ 298,948

COMMITMENTS (Details) (USD $)	Sep. 30, 2012
Twevle months ending September 30,
2013	$ 156,199
2014	65,791
Future minimum lease payments under operating leases agreements	$ 221,990

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Operating Activities
Net loss	$ (442,157)	$ (826,940)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation	39,672	74,822
Provision for doubtful accounts		95,190
Deferred tax expense (benefit)	133,000	(50,000)
Loss from equity investment		188,084
Gain on disposition of property and equipment	(20,475)
Changes in assets and liabilities
Decrease (Increase) in advances to suppliers	69,833	(319,903)
Decrease (Increase) in accounts receivable	88,883	(104,492)
(Increase) Decrease in other receivables	(6,354)	16,792
Decrease in other current assets	33,154	11,892
Decrease in advances from customers	(136,672)	(7,503)
(Decrease) Increase in accounts payable	(1,010,652)	616,590
Decrease in accrued expenses	(4,210)	(24,870)
Increase in income taxes payable	17,600	19,555
Increase (Decrease) in other current liabilities	46,029	(69,361)
Net cash used in operating activities	(1,192,349)	(380,144)
Investing Activities
Acquisition of property and equipment	(144,248)	(1,796)
Net cash used in investing activities	(144,248)	(1,796)
Financing Activities
Increase in noncontrolling interest in majority-owned susidiary	(285)	(8,993)
Net cash used in financing activities	(285)	(8,993)
Effect of exchange rate fluctuations on cash and cash equivalents	21,105	1,303
Net decrease in cash and cash equivalents	(1,315,777)	(389,630)
Cash and cash equivalents at beginning of period	4,433,333	4,878,828
Cash and cash equivalents at end of period	3,117,556	4,489,198
Supplemental information
Income taxes paid	$ 6,600	$ 6,600

COMMITMENTS (Details Textual) (USD $)	3 Months Ended
COMMITMENTS (Details Textual) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Operating Leases, Rent Expense, Net	$ 77,880	$ 88,100

ORGANIZATION AND NATURE OF BUSINESS (Details Textual)	3 Months Ended
ORGANIZATION AND NATURE OF BUSINESS (Details Textual)	Sep. 30, 2012
Entity Incorporation, Date Of Incorporation	Feb. 02, 2001
Entity Incorporation, State Country Name	New York
Foreign Owned Enterprise Investment Percentage Description	On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited ("Trans Pacific Beijing"), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited ("Trans Pacific Shanghai", Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as "Trans Pacific") on May 31, 2009.