Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2014 | Mar. 13, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TIANYIN PHARMACEUTICAL CO., INC. | |
Entity Central Index Key | 1362718 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -24 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 29,432,791 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $11,619,292 | $16,120,041 |
Restricted cash | 419,139 | 994,017 |
Accounts receivable, net of allowance for doubtful accounts of $102,590 and $102,401 at December 31, 2014 and June 30, 2014, respectively | 2,273,805 | 9,074,576 |
Inventory | 6,266,299 | 3,841,712 |
Loan receivable | 1,981,280 | |
Deferred tax assets | 994,918 | 1,180,510 |
Prepaid research and development expenses - current portion | 3,525,167 | |
Other current assets | 885,284 | 587,384 |
Total current assets | 25,983,904 | 33,779,520 |
Property and equipment, net | 46,490,692 | 45,378,356 |
Intangibles, net | 27,340,736 | 27,699,733 |
Prepaid research and development expenses | 1,057,550 | |
Goodwill | 211,510 | 211,120 |
Total assets | 101,084,392 | 107,068,729 |
Current liabilities: | ||
Accounts payable and accrued expenses | 298,349 | 1,592,459 |
Accounts payable - construction related | 821,377 | 2,238,927 |
Short-term bank loans | 2,928,600 | 4,547,200 |
Income tax payable | 35,832 | |
Other taxes payable | 61,792 | 390,490 |
Other current liabilities | 391,104 | 522,995 |
Total current liabilities | 4,501,222 | 9,327,903 |
Total liabilities | 4,501,222 | 9,327,903 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 25,000,000 shares authorized, no shares issued and outstanding at December 31, 2014 and June 30, 2014 | ||
Common stock, $0.001 par value, 50,000,000 shares authorized, 29,546,276 shares issued, 29,432,791 shares outstanding at December 31, 2014 and June 30, 2014 | 29,546 | 29,546 |
Additional paid-in capital | 27,809,515 | 30,189,802 |
Treasury stock, 113,485 shares at cost | -135,925 | -135,925 |
Statutory reserve | 7,148,893 | 6,976,412 |
Retained earnings | 51,132,786 | 50,193,258 |
Accumulated other comprehensive income | 10,598,355 | 10,423,712 |
Total stockholders' equity | 96,583,170 | 97,676,805 |
Noncontrolling interest | 64,021 | |
Total equity | 96,583,170 | 97,740,826 |
Total liabilities and equity | $101,084,392 | $107,068,729 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $102,590 | $102,401 |
Treasury stock, shares | 113,485 | 113,485 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 29,546,276 | 29,546,276 |
Common stock, shares outstanding | 29,432,791 | 29,432,791 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statements Of Operations [Abstract] | ||||
Sales | $6,691,740 | $13,923,166 | $16,425,121 | $28,671,714 |
Cost of sales | 3,041,483 | 7,705,869 | 7,696,946 | 16,460,902 |
Gross profit | 3,650,257 | 6,217,297 | 8,728,175 | 12,210,812 |
Operating expenses | ||||
Selling expenses | 1,216,952 | 2,428,675 | 2,845,800 | 4,967,919 |
General and administrative expenses | 1,253,361 | 1,082,395 | 2,189,417 | 2,111,161 |
Research and development | 914,607 | 252,014 | 2,007,250 | 503,328 |
Total operating expenses | 3,384,920 | 3,763,084 | 7,042,467 | 7,582,408 |
Income from operations | 265,337 | 2,454,213 | 1,685,708 | 4,628,404 |
Other income (expenses): | ||||
Interest income | 13,002 | 86,424 | 13,819 | 108,734 |
Interest expense | -69,819 | -119,821 | -158,657 | -222,722 |
Total other income (expenses) | -56,817 | -33,397 | -144,838 | -113,988 |
Income before provision for income taxes | 208,520 | 2,420,816 | 1,540,870 | 4,514,416 |
Provision for income taxes | 82,336 | 727,757 | 437,164 | 1,361,865 |
Net income | 126,184 | 1,693,059 | 1,103,706 | 3,152,551 |
Less: Net income (loss) attributable to noncontrolling interest | 0 | -50,549 | -8,303 | -106,180 |
Net income attributable to Tianyin Pharmaceutical Co., Inc. | $126,184 | $1,743,608 | $1,112,009 | $3,258,731 |
Basic and diluted earnings per share | $0 | $0.06 | $0.04 | $0.11 |
Weighted average number of common shares outstanding: | ||||
Basic and diluted | 29,432,791 | 29,382,791 | 29,432,791 | 29,382,791 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statements Of Comprehensive Income [Abstract] | ||||
Net income | $126,184 | $1,693,059 | $1,103,706 | $3,152,551 |
Other comprehensive income | ||||
Foreign currency translation adjustment | 173,910 | 435,429 | 174,638 | 1,048,091 |
Total other comprehensive income | 173,910 | 435,429 | 174,638 | 1,048,091 |
Total Comprehensive income | 300,094 | 2,128,488 | 1,278,344 | 4,200,642 |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | -49,912 | -8,308 | -104,386 | |
Comprehensive income attributable to Tianyin Pharmaceutical Co., Inc. | $300,094 | $2,178,400 | $1,286,652 | $4,305,028 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net Income | $1,103,706 | $3,152,551 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,285,722 | 1,297,519 |
Deferred tax assets | 185,592 | |
Changes in current assets and current liabilities: | ||
Accounts receivable | 6,813,344 | -563,334 |
Inventory | -2,416,004 | 61,748 |
Prepaid research and development expenses | -4,579,900 | |
Other current assets | -296,633 | 314,887 |
Accounts payable and accrued expenses | -1,296,255 | 99,102 |
Accounts payable - construction related | -1,420,812 | -2,736,906 |
Income tax and other taxes payable | -365,093 | -259,470 |
Other current liabilities | -132,776 | 18,527 |
Net cash provided by (used in) operating activities | -1,119,109 | 1,384,624 |
Cash flows from investing activities: | ||
Addition of Construction in process | -1,903,684 | -367,234 |
Collection of loans receivable | 1,983,720 | |
Acquisition of non-controlling interests | -2,436,000 | |
Net cash used in investing activities | -2,355,964 | -367,234 |
Cash flows from financing activities: | ||
Changes in restricted cash | 576,360 | 4,558,680 |
Repayment of short-term bank loans | -1,626,000 | -1,400,166 |
Net cash provided by (used in) financing activities | -1,049,640 | 3,158,514 |
Effect of foreign currency translation on cash | 23,964 | 304,207 |
Net increase (decrease) in cash and cash equivalents | -4,500,749 | 4,480,111 |
Cash and cash equivalents - beginning of period | 16,120,041 | 26,827,008 |
Cash and cash equivalents - end of period | 11,619,292 | 31,307,119 |
Supplemental disclosures of cash activities | ||
Cash paid for interest | 150,808 | 222,645 |
Cash paid for income taxes | $306,992 | $1,340,918 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 6 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS |
Tianyin Pharmaceutical (the “Company” or “TPI”), was established under the laws of Delaware. The Company’s primary business is to research, manufacture and sell pharmaceutical products in China through its wholly owned subsidiaries. | |
The following chart describes the Company’s current corporate structure: | |
Basis_of_Presentation_and_Cons
Basis of Presentation and Consolidation | 6 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND CONSOLIDATION | NOTE 2 – BASIS OF PRESENTATION AND CONSOLIDATION |
The unaudited consolidated financial statements include the accounts of TPI and its wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. The accompanying unaudited financial statements have been prepared in accordance with US GAAP applicable to interim financial information and the requirements of Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by US GAAP for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included. | |
These interim unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended June 30, 2014, included in the Company’s annual report on Form 10-K filed with the U.S. Securities Exchange Commission on December 9, 2014, as not all disclosures required by US GAAP for annual financial statements are presented. The interim consolidated financial statements follow the same accounting policies and methods of computations as the audited consolidated financial statements for the year ended June 30, 2014. | |
In preparing the accompanying unaudited consolidated financial statements, we evaluated the period from December 31, 2014 through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified for this period. | |
The Company uses the United States dollar (“U.S. Dollar” or “US$” or “$”) for financial reporting purposes. The subsidiaries within the Company maintain their books and records in their respective functional currency, being the primary currency of the economic environment in which their operations are conducted. Assets and liabilities of a subsidiary with functional currency other than U.S. Dollar are translated into U.S. Dollars using the applicable exchange rates prevailing at the balance sheet date. Items on the statements of comprehensive income and cash flows are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as a component of accumulated other comprehensive income. | |
Certain amounts for prior periods have been reclassified to conform to the current period presentation. | |
Acquisition_Of_NonControlling_
Acquisition Of Non-Controlling Interest | 6 Months Ended |
Dec. 31, 2014 | |
Acquisition of Non-Controlling Interest [Abstract] | |
ACQUISITION OF NON-CONTROLLING INTEREST | NOTE 3 – ACQUISITION OF NON-CONTROLLING INTEREST |
On September 30, 2014, the Company’s subsidiary, Chengdu Tianyin, acquired the remaining 13% of Sichuan Jiangchuan Pharmaceutical Co. Ltd (“JCM”) for RMB 15 million (approximately $2.4 million) from an unrelated individual. Total payment of RMB 15 million was made on October 8, 2014. JCM became a wholly owned subsidiary of Chengdu Tianyin on September 30, 2014. | |
Inventory
Inventory | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory [Abstract] | |||||||||
INVENTORY | NOTE 4 – INVENTORY | ||||||||
Inventory as of December 31, 2014 and June 30, 2014 consists of the following: | |||||||||
December 31, | June 30, | ||||||||
2014 | 2014 | ||||||||
Raw materials | $ | 2,450,113 | $ | 690,355 | |||||
Packaging supplies | 1,006,334 | 387,599 | |||||||
Work in process | 972,615 | 1,088,880 | |||||||
Finished goods | 1,837,237 | 1,674,878 | |||||||
$ | 6,266,299 | $ | 3,841,712 |
Prepaid_Research_and_Developme
Prepaid Research and Development Expense | 6 Months Ended |
Dec. 31, 2014 | |
Prepaid Research and Development Expense [Abstract] | |
PREPAID RESEARCH AND DEVELOPMENT EXPENSE | NOTE 5 – PREPAID RESEARCH AND DEVELOPMENT EXPENSE |
In July 2014, the Company’s subsidiary, Chengdu Tianyin, entered into a research and development agreement with a pharmaceutical research company, Kang Lu Biomedical Co. (KL). KL is a reputable TCM research company that specializes in the product development and CFDA application process for mTCM extracts and healthcare products. Persuant to the agreement, KL will provide research and development expanding formulation varieties from Gingko Mihuan Oral Liquid (GMOL) to Capsule formulation. The total contract price is RMB 65 million (approximately $10.5 million). The first payment of RMB 39 million (approximately $6.3 million) was paid in July 2014. The project is expected to be completed before August 2017. The total contract price will be amortized over the term of the agreement which is a period of three years on a straight line basis. | |
ShortTerm_Bank_Loans
Short-Term Bank Loans | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Short-Term Bank Loans [Abstract] | |||||||||
SHORT-TERM BANK LOANS | NOTE 6 – SHORT-TERM BANK LOANS | ||||||||
Short-term bank loans consist of the following: | |||||||||
2,928,600 | |||||||||
December 31, | June 30, | ||||||||
2014 | 2014 | ||||||||
On October 30, 2013, the Company obtained a loan from China CITIC Bank, which matures on October 30, 2014. The interest is calculated using an annual fixed interest rate of 7.20% and paid monthly. The loan was guaranteed by the Company’s CEO, Dr. Jiang and a third party. Loan principal of $1,618,600 was repaid in October 2014, and the remaining loan principal of $2,928,600 is in default and currently being discussed with the bank for loan renewal till July 2015. | $ | 2,928,600 | $ | 4,547,200 | |||||
Total short-term bank loans | $ | $ | 4,547,200 | ||||||
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
INCOME TAXES | NOTE 7 – INCOME TAXES | ||||||||
The Company's subsidiary, Raygere, is incorporated in the British Virgin Islands. Under the corporate tax laws of British Virgin Islands, it is not subject to tax on income or capital gain. | |||||||||
The operating subsidiaries in China are all subject to 25% income tax rate. The tax write- offs and loss profit credit could only be applied to the individual subsidiaries of TPI. | |||||||||
In July 2006, the FASB issued ASC 740 that clarifies the accounting for income taxes by prescribing a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company did not recognize any benefits in the financial statements for the fiscal year ended June 30, 2014 and for the six months ended December 31, 2014. | |||||||||
The comparison of income tax expense at the U.S. statutory rate of 35% in 2014 and 2013, to the Company’s effective tax is as follows: | |||||||||
Six months ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
U.S. Statutory rate | $ | 539,305 | $ | 1,580,046 | |||||
Tax rate difference between China and U.S. | (152,005 | ) | (450,750 | ) | |||||
Change in valuation allowance | 49,864 | 232,569 | |||||||
Effective tax | $ | 437,164 | $ | 1,361,865 | |||||
The provisions for income taxes are summarized as follows: | |||||||||
Six months ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current | $ | 251,571 | $ | 1,361,865 | |||||
Deferred | 135,729 | - | |||||||
Valuation allowance | 49,864 | - | |||||||
Total | $ | 437,164 | $ | 1,361,865 |
Risk_Factors
Risk Factors | 6 Months Ended |
Dec. 31, 2014 | |
Risk Factors [Abstract] | |
RISK FACTORS | NOTE 8 – RISK FACTORS |
The Company's operations are carried out in the PRC. Accordingly, the Company's business, financial condition and results of operations may be adversely influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC’s economy. Specifically, the Company's business may be negatively influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. | |
Risk_of_Concentrations_and_Cre
Risk of Concentrations and Credit Risk | 6 Months Ended |
Dec. 31, 2014 | |
Risk of Concentrations and Credit Risk [Abstract] | |
RISK OF CONCENTRATIONS AND CREDIT RISK | NOTE 9 – RISK OF CONCENTRATIONS AND CREDIT RISK |
Concentrations | |
In terms of individual product sales, our major product Gingko Mihuan Oral Liquid (GMOL) represented 59% or $9.6 million of total sales for the six months ended December 31, 2014, as compared to 40% or $11.4 million of total sales for the six months ended December 31, 2013. For the quarter ended December 31, 2014, GMOL sales represented 60% or $4.0 million as compared to 45% or $6.3 million for the quarter ended December 31, 2013. | |
For the six months ended December 31, 2014, one single customer accounted for 23% of the Company’s total sales compared with no customer with more than 10% of the Company’s sales for the six months ended December 31, 2013. | |
Purchases from one vendor accounted for 54% of the Company’s total purchases for the six months ended December 31, 2014 as compared to four vendors accounted for 18%, 14%, 12% and 11% respectively of the Company’s total purchases for the six months ended December 31, 2013. | |
Credit Risk | |
Financial instruments, which potentially subject the Company to credit risk consist principally of cash on deposit with financial institutions. Management believes that the financial institutions that hold the Company’s cash and cash equivalents are financially sound and minimal credit risk exists with respect to these investments. Due to the state ownership of China’s majority of financial institutions, the policies that regulate the banking industry also presents a unique risk that impacts all industrial segments in China. The traditional industries such as pharmaceutical manufacturing without exception may also be affected in terms of capital expenditure for GMP certification, raw material purchases and etc. | |
Inventory_Tables
Inventory (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory [Abstract] | |||||||||
Schedule of inventory | |||||||||
December 31, | June 30, | ||||||||
2014 | 2014 | ||||||||
Raw materials | $ | 2,450,113 | $ | 690,355 | |||||
Packaging supplies | 1,006,334 | 387,599 | |||||||
Work in process | 972,615 | 1,088,880 | |||||||
Finished goods | 1,837,237 | 1,674,878 | |||||||
$ | 6,266,299 | $ | 3,841,712 |
ShortTerm_Bank_Loans_Tables
Short-Term Bank Loans (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Short-Term Bank Loans [Abstract] | |||||||||
Schedule of short-term bank loans | December 31, | June 30, | |||||||
2014 | 2014 | ||||||||
On October 30, 2013, the Company obtained a loan from China CITIC Bank, which matures on October 30, 2014. The interest is calculated using an annual fixed interest rate of 7.20% and paid monthly. The loan was guaranteed by the Company’s CEO, Dr. Jiang and a third party. Loan principal of $1,618,600 was repaid in October 2014, and the remaining loan principal of $2,928,600 is in default and currently being discussed with the bank for loan renewal till July 2015. | $ | 2,928,600 | $ | 4,547,200 | |||||
Total short-term bank loans | $ | 2,928,600 | $ | 4,547,200 |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
Summary of comparison of income tax expense | Six months ended | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
U.S. Statutory rate | $ | 539,305 | $ | 1,580,046 | |||||
Tax rate difference between China and U.S. | (152,005 | ) | (450,750 | ) | |||||
Change in valuation allowance | 49,864 | 232,569 | |||||||
Effective tax | $ | 437,164 | $ | 1,361,865 | |||||
Summary of provisions for income taxes | |||||||||
Six months ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current | $ | 251,571 | $ | 1,361,865 | |||||
Deferred | 135,729 | - | |||||||
Valuation allowance | 49,864 | - | |||||||
Total | $ | 437,164 | $ | 1,361,865 |
Acquisition_Of_NonControlling_1
Acquisition Of Non-Controlling Interest (Details) (JCM [Member]) | 0 Months Ended | ||
In Millions, unless otherwise specified | Oct. 08, 2014 | Oct. 08, 2014 | Sep. 30, 2014 |
USD ($) | CNY | ||
Business Acquisition [Line Items] | |||
Percentage of Non controlling interest in subsidiary company | 13.00% | ||
Payment to acquire subsidiary company | $2.40 | 15 |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Schedule of inventory | ||
Raw materials | $2,450,113 | $690,355 |
Packaging supplies | 1,006,334 | 387,599 |
Work in process | 972,615 | 1,088,880 |
Finished goods | 1,837,237 | 1,674,878 |
Total | $6,266,299 | $3,841,712 |
Prepaid_Research_and_Developme1
Prepaid Research and Development Expense (Details) (KL [Member]) | 1 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2014 |
USD ($) | CNY | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Contract price for research and development | $10.50 | 65 |
Initial payment for research and development | $6.30 | 39 |
Project completion date | The project is expected to be completed before August 2017. The total contract price will be amortized over the term of the agreement which is a period of three years on a straight line basis. | The project is expected to be completed before August 2017. The total contract price will be amortized over the term of the agreement which is a period of three years on a straight line basis. |
ShortTerm_Bank_Loans_Details
Short-Term Bank Loans (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Schedule of short-term bank loans | ||
Total short-term bank loans | $2,928,600 | $4,547,200 |
Fixed interest rate of 7.2% [Member] | ||
Schedule of short-term bank loans | ||
Total short-term bank loans | $2,928,600 | $4,547,200 |
ShortTerm_Bank_Loans_Details_T
Short-Term Bank Loans (Details Textual) (Fixed interest rate of 7.2% [Member], USD $) | 0 Months Ended |
Oct. 30, 2013 | |
Fixed interest rate of 7.2% [Member] | |
Short-Term Bank Loans (Textual) | |
Annual fixed interest rate of short-term bank loans | 7.20% |
Maturity date | 30-Oct-14 |
Loan principal amount repaid | $1,618,600 |
Remaining loan principal | $2,928,600 |
Terms of the remaining loan | The remaining loan principal of $2,928,600 is in default and are currently being discussed with the bank for loan renewal till July 2015. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||||
U.S. Statutory rate | $539,305 | $1,580,046 | ||
Tax rate difference between China and U.S. | -152,005 | -450,750 | ||
Change in valuation allowance | 49,864 | 232,569 | ||
Effective tax | $82,336 | $727,757 | $437,164 | $1,361,865 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||||
Current | $251,571 | $1,361,865 | ||
Deferred | 135,729 | |||
Valuation allowance | 49,864 | 232,569 | ||
Total | $82,336 | $727,757 | $437,164 | $1,361,865 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes (Textual) | ||
Effective tax rates | 35.00% | 35.00% |
Operating subsidiaries in China [Member] | ||
Income Taxes (Textual) | ||
Effective tax rates | 25.00% |
Risk_of_Concentrations_and_Cre1
Risk of Concentrations and Credit Risk (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Vendor I [Member] | ||||
Risk of Concentrations and Credit Risk (Textual) | ||||
Percentage of materials purchased from vendors | 54.00% | 18.00% | ||
Vendor II [Member] | ||||
Risk of Concentrations and Credit Risk (Textual) | ||||
Percentage of materials purchased from vendors | 14.00% | |||
Vendor III [Member] | ||||
Risk of Concentrations and Credit Risk (Textual) | ||||
Percentage of materials purchased from vendors | 12.00% | |||
Vendor IV [Member] | ||||
Risk of Concentrations and Credit Risk (Textual) | ||||
Percentage of materials purchased from vendors | 11.00% | |||
No Customer [Member] | ||||
Risk of Concentrations and Credit Risk (Textual) | ||||
Concentration risk, percentage | 10.00% | |||
Customer One [Member] | ||||
Risk of Concentrations and Credit Risk (Textual) | ||||
Concentration risk, percentage | 23.00% | |||
Sales [Member] | GMOL [Member] | ||||
Risk of Concentrations and Credit Risk (Textual) | ||||
Concentration risk, percentage | 60.00% | 45.00% | 59.00% | 40.00% |
Sales revenue, goods, net | $4 | $6.30 | $9.60 | $11.40 |