TAXES PAYABLE (Tables)

12 Months Ended

Jun. 30, 2014

Schedule of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	June 30,		June 30,
	2014		2013
VAT provision	$	61,506	$	36,573
Income tax payable		1,166,683		25,348,794
Other levies		693,266		343,392
Total	$	1,921,455	$	25,728,759

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes consists of the following:

	Years Ended June 30,
	2014		2013		2012
Current tax - foreign	$	8,060,946	$	10,183,988	$	10,801,313
Deferred tax		-		-		-
	$	8,060,946	$	10,183,988	$	10,801,313

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred income tax assets and liabilities as of June 30, 2014 and 2013 are as follows:

	June 30,		June 30,
	2014		2013
Deferred tax assets:
Net operating loss	$	9,616,214	$	6,511,141
Total deferred tax assets		9,616,214		6,511,141
Less valuation allowance		(9,616,214)		(6,511,141)
	$	-	$	-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Actual income tax benefit reported in the consolidated statements of income and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 34% to income before income taxes for the years ended June 30, 2014, 2013 and 2012 for the following reasons:

June 30, 2014

	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	42,708,208			$	(9,132,567)			$	33,575,641

Expected income tax expense (benefit)		10,677,052	25.0	%		(3,105,073)	34.0	%		7,571,979
High-tech income benefits on Jinong		(1,568,160)	(3.7)	%		-	-			(1,568,160)
Losses from subsidiaries in which no benefit is recognized		(1,047,946)	(2.5)	%		-	-			(1,047,946)
Change in valuation allowance on deferred tax asset from US tax benefit		-				3,105,073	(34.0)	%		3,105,073
Actual tax expense	$	8,060,946	18.9	%	$	-	-	%	$	8,060,946	24.0	%

June 30, 2013

	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	58,899,089			$	(3,941,053)			$	54,958,036

Expected income tax expense (benefit)		14,724,772	25.0	%		(1,339,958)	34.0	%		13,384,814
High-tech income benefits on Jinong		(4,430,219)	(7.5)	%		-	-			(4,430,219)
Losses from subsidiaries in which no benefit is recognized		(110,565)	(0.2)	%		-	-			(110,565)
Change in valuation allowance on deferred tax asset from US tax benefit		-				1,339,958	(34.0)	%		1,339,958
Actual tax expense	$	10,183,988	17.3	%	$	-	-	%	$	10,183,988	18.5	%

June 30, 2012	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	58,465,856			$	(5,706,718)			$	52,759,138

Expected income tax expense (benefit)		13,189,785	22.6	%		(1,940,284)	(34.0)	%		11,249,501
High-tech income benefits on Jinong		(4,439,873)	(7.6)	%		-	-			(4,439,873)
Losses from subsidiaries in which no benefit is recognized		2,051,401	3.5	%		-	-			2,051,401
Change in valuation allowance on deferred tax asset from US tax benefit		-				1,940,284	34.0	%		1,940,284
Actual tax expense	$	10,801,313	18.5	%	$	-	-	%	$	10,801,313	20.5	%