Variable Interest Entities

12 Months Ended

Jun. 30, 2017

Variable Interest Entities [Abstract]

VARIABLE INTEREST ENTITIES

NOTE 18 – VARIABLE INTEREST ENTITIES

Because of these contractual arrangements, with Yuxing and the VIE Companies the Company is entitled to substantially all the economic benefits of Yuxing and the VIE Companies. The following financial statement amounts and balances of the VIEs were included in the accompanying consolidated financial statements as of June 30, 2017 and 2016:

	June 30,		June 30,
	2017		2016
ASSETS
Current Assets
Cash and cash equivalents	$	374,587	$	1,017,841
Accounts receivable, net		30,687,859		7,050,201
Inventories		21,314,940		26,370,202
Other current assets		2,195,156		1,839,523
Advances to suppliers		2,380,812		4,900,524
Total Current Assets		56,953,354		41,196,291
Plant, Property and Equipment, Net		12,418,906		13,377,817
Other assets		225,508		334,264
Intangible Assets, Net		13,002,818		12,913,776
Goodwill		3,837,038		3,158,179
Total Assets	$	86,437,624	$	70,980,327
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Short-term loan	$	166,311		0
Accounts payable	$	18,355,921	$	3,840,052
Customer deposits		1,375,785		3,486,150
Accrued expenses and other payables		3,833,868		5,562,253
Amount due to related parties		42,741,043		43,478,158
Total Current Liabilities		66,472,928		56,366,613
Long-term Loan		3,549		0
Total Liabilities	$	66,476,477		0
Stockholders’ equity		19,961,147		14,613,714
Total Liabilities and Stockholders’ Equity	$	86,437,624	$	70,980,327

	Years Ended June 30,
	2017		2016
Revenue	$	74,124,754	$	8,406,663
Expenses		71,572,295		6,935,251
Net income	$	2,552,459	$	1,471,412