VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of December 31, 2015 and June 30, 2015:

	December 31		June 30,
	2015		2015

ASSETS
Current Assets
Cash and cash equivalents	$	180,970	$	79,867
Accounts receivable, net		192,716		72,748
Inventories		18,365,531		18,138,137
Other current assets		29,739		48,845
Advances to suppliers		3,116,861		61,739
Total Current Assets		21,885,817		18,401,336

Plant, Property and Equipment, Net		14,220,333		15,692,975
Construction In Progress		64,838		68,921
Intangible Assets, Net		9,842,881		10,582,657
Total Assets	$	46,013,869	$	44,745,889

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	273,112	$	159,730
Accrued expenses and other payables		30,091		222,871
Amount due to related parties		43,991,316		43,488,198
Total Current Liabilities		44,294,519		43,870,799

Stockholders' equity		1,719,350		875,090

Total Liabilities and Stockholders' Equity	$	46,013,869	$	44,745,889

	Three months ended December 31,				Six months ended December 31,
	2015		2014		2015		2014
Revenue	$	2,083,765	$	1,079,674	$	3,325,400	$	1,931,225
Expenses		1,570,665		923,763		2,406,015		1,413,275
Net income (loss)	$	513,100	$	155,911	$	919,385	$	517,950

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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