TAXES PAYABLE (Tables)

12 Months Ended

Jun. 30, 2015

Schedule of Tax Payable [Table Text Block]

Taxes payable consisted of the following:

	June 30,		June 30,
	2015		2014
VAT provision	$	27,251	$	61,506
Income tax payable		3,778,339		1,166,683
Other levies		698,952		693,266
Total	$	4,504,542	$	1,921,455

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

The provision for income taxes consisted of the following:

	Years Ended June 30,
	2015		2014		2013
Current tax - foreign	$	8,916,815	$	8,060,946	$	10,183,988
Deferred tax		-		-		-
	$	8,916,815	$	8,060,946	$	10,183,988

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

The components of deferred income tax assets and liabilities as of June 30, 2015 and 2014 are as follows:

	June 30,		June 30,
	2015		2014
Deferred tax assets:
Net operating loss	$	11,847,474	$	9,616,214
Total deferred tax assets		11,847,474		9,616,214
Less valuation allowance		(11,847,474)		(9,616,214)
	$	-	$	-

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, 2015, 2014 and 2013 for the following reasons:

June 30, 2015
	China				United States
	15% - 25%				34%				Total

Pretax income (loss)	$	46,922,721			$	(6,560,780)			$	40,361,941

Expected income tax expense (benefit)		11,730,680	25.0	%		(2,230,665)	34.0	%		9,500,015
High-tech income benefits on Jinong		(2,675,905)	(5.7)	%		-	-			(2,675,905)
Losses from subsidiaries in which no benefit is recognized		(137,960)	(0.3)	%		-	-			(137,960)
Change in valuation allowance on deferred tax asset from US tax benefit						2,230,665	(34.0)	%		2,230,665
Actual tax expense	$	8,916,815	19.0	%	$	-	-	%	$	8,916,815	22.1	%

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	%