Variable Interest Entities (Tables)

3 Months Ended

Sep. 30, 2018

Variable Interest Entities [Abstract]

Schedule of VIEs consolidated financial statements

	September 30,		June 30,
	2018		2018

ASSETS
Current Assets
Cash and cash equivalents	$	1,347,720	$	982,312
Accounts receivable, net		35,129,065		38,295,505
Inventories		20,889,337		21,133,970
Other current assets		950,471		988,051
Related party receivable		249,087		(359,005	)
Advances to suppliers		814,358		848,458
Total Current Assets		59,380,038		61,889,291

Plant, Property and Equipment, Net		10,548,189		11,206,667
Other assets		218,549		226,654
Intangible Assets, Net		10,724,735		11,348,180
Goodwill		3,181,816		3,319,732
Total Assets	$	84,053,327	$	87,990,524

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Short-term loan	$	-	$	-
Accounts payable		20,951,481		25,584,614
Customer deposits		242,728		841,694
Accrued expenses and other payables		4,109,982		3,896,340
Amount due to related parties		41,903,021		43,339,286
Total Current Liabilities	$	67,207,212	$	73,661,934
Long-term Loan		-		-
Total Liabilities	$	67,207,212	$	73,661,934

Stockholders’ equity		16,846,115		14,328,590

Total Liabilities and Stockholders’ Equity		84,053,327	$	87,990,524

	Three Months Ended September 30,
	2018		2017
Revenue	$	17,985,020	$	17,132,823
Expenses		15,371,814		19,112,207
Net income	$	2,613,206	$	(1,979,384	)

- 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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