Variable Interest Entities (Tables)

9 Months Ended

Mar. 31, 2017

Variable Interest Entities [Abstract]

Schedule of VIEs consolidated financial statements

	March 31,		June 30,
	2017		2016
ASSETS
Current Assets
Cash and cash equivalents	$	841,855	$	1,017,841
Accounts receivable, net		17,821,871		7,050,201
Inventories		25,470,980		26,370,202
Other current assets		1,635,899		1,875,912
Advances to suppliers		1,566,273		4,900,524
Total Current Assets		47,336,878		41,214,680
Plant, Property and Equipment, Net		12,361,600		13,377,817
Other assets		217,819		334,264
Intangible Assets, Net		12,777,313		12,913,776
Goodwill		3,706,222		3,158,179
Total Assets	$	76,399,832	$	70,998,716

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	9,839,580	$	3,840,052
Customer deposits		2,186,165		3,486,150
Accrued expenses and other payables		2,947,891		5,580,642
Amount due to related parties		40,636,386		43,478,158
Short-term Loan		160,641		-
Total Current Liabilities		55,770,663		56,385,002

Long-term Liabilities
Long-term Loan		3,428		-
Stockholders' equity		20,625,741		14,613,714
Total Liabilities and Stockholders' Equity	$	76,399,832	$	70,998,716

	Three months ended March 31,				Nine months ended March 31,
	2017		2016		2017		2016
Revenue	$	24,130,308	$	3,274,177	$	49,630,476	$	6,599,577
Expenses		22,740,434		2,725,619		45,707,439		5,131,634
Net income (loss)	$	1,389,874	$	548,558	$	3,923,037	$	1,467,943

- 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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