Variable Interest Entities (Tables)

12 Months Ended

Jun. 30, 2018

Variable Interest Entities [Abstract]

Schedule of VIEs consolidated financial statements

	June 30,			June 30,
	2018			2017

ASSETS
Current Assets
Cash and cash equivalents	$	982,312		$	374,587
Accounts receivable, net		38,295,505			30,687,859
Inventories		21,133,970			21,314,940
Other current assets		988,051			2,195,156
Related party receivable		(359,005	)		0
Advances to suppliers		848,458			2,380,812
Total Current Assets		61,889,291			56,953,354

Plant, Property and Equipment, Net		11,206,667			12,418,906
Other assets		226,654			225,508
Intangible Assets, Net		11,348,180			13,002,818
Goodwill		3,319,732			3,837,038
Total Assets	$	87,990,524		$	86,437,624

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Short-term loan	$	0			166,311
Accounts payable	$	25,584,614		$	18,355,921
Customer deposits		841,694			1,375,785
Accrued expenses and other payables		3,896,340			3,833,868
Amount due to related parties		43,339,286			42,741,043
Total Current Liabilities		73,661,934			66,472,928
Long-term Loan		0			3,549
Total Liabilities	$	73,661,934			66,476,477

Stockholders’ equity		14,328,590			19,961,147

Total Liabilities and Stockholders’ Equity	$	87,990,524		$	86,437,624

	Years Ended June 30,
	2018			2017
Revenue	$	77,351,284		$	74,124,754
Expenses		80,535,970			71,572,295
Net income	$	(3,184,686	)	$	2,552,459

- 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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