SUBSEQUENT EVENT

3 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 16 – SUBSEQUENT EVENT

On October 1, 2014, the Company’s Board of Directors approved a private placement investment in the Company’s common stock from Mr. Tao Li, Chairman and CEO of the Company. Subject to the stockholders approval, the Company may issue 496,445 shares of its common stock at a purchase price of $2.25 per share, the closing price of the Common Stock that day, for an aggregate purchase price of $1,117,000.

On October 17, 2014, the Company’s Compensation Committee approved the issuance of 464,776 shares of Common Stock to its 47 employees under the Company’s Amended and Restated 2012 Employee Stock Purchase Plan for a cash contribution of a total of $1,045,757. The issuance is at the closing price $2.25 per share on October 16, 2014.

On September 26, 2014, the Board of Directors approved the issuance of 5,415 shares to its consultant for its consulting services valued at $14,000, and 17,367 shares of common stock to its counsel for the legal services valued at $36,298.47. The shares were not issued until October 15, 2014.