Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 18, 2015 | Dec. 31, 2014 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Trading Symbol | cadc | ||
Entity Registrant Name | China Advanced Construction Materials Group, Inc | ||
Entity Central Index Key | 1,392,363 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 2,180,799 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 5,800,000 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 2,691,915 | $ 15,431,110 |
Restricted cash | 11,062,358 | 13,413,264 |
Accounts and notes receivable, net of allowance for doubtful accounts of $28,209,249 and $31,667,803, as of June 30, 2015 and 2014, respectively | 40,357,169 | 49,367,452 |
Inventories | 1,416,664 | 1,562,309 |
Short term investments | 5,401,499 | 14,716,023 |
Other receivables | 1,080,187 | 4,121,550 |
Prepayments and advances | 52,478,097 | 35,699,065 |
Deferred tax assets | 1,836,757 | 2,585,902 |
Total current assets | 116,324,646 | 136,896,675 |
OTHER ASSETS: | ||
PROPERTY PLANT AND EQUIPMENT, net | 10,155,848 | 12,878,263 |
ADVANCES ON EQUIPMENT PURCHASES, net of allowance of $3,578,891 and $2,368,438, as of June 30, 2015 and 2014, respectively | 1,684,064 | 2,855,937 |
Total assets | 128,164,558 | 152,630,875 |
CURRENT LIABILITIES: | ||
Short term loans, banks and bank guarantees | 26,355,700 | 54,396,713 |
Short term loans - other | 0 | 3,250,000 |
Notes payable | 30,530,050 | 9,750,000 |
Accounts payable | 23,399,883 | 32,501,363 |
Customer deposits | 1,284,579 | 1,072,998 |
Other payables | 2,704,233 | 2,059,739 |
Other payables - shareholders | 83,678 | 925,385 |
Accrued liabilities | 2,603,662 | 2,241,208 |
Capital lease obligations - current | 1,489,384 | 4,659,756 |
Taxes payable | 12,859 | 192,205 |
Total current liabilities | 88,464,028 | 111,049,367 |
OTHER LIABILITIES | ||
Capital lease obligations - non current | 0 | 1,177,586 |
Total liabilities | 88,464,028 | 112,226,953 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
SHAREHOLDERS' EQUITY: | ||
Preferred stock $0.001 par value, 1,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.001 par value, 74,000,000 shares authorized, 2,180,799 and 1,486,871 shares issued and outstanding as of June 30, 2015 and 2014, respectively | 2,181 | 1,487 |
Additional paid-in-capital | 38,373,584 | 35,233,305 |
Accumulated deficit | (15,398,817) | (11,234,705) |
Statutory reserves | 6,248,357 | 6,248,357 |
Accumulated other comprehensive income | 10,475,225 | 10,155,478 |
Total shareholders' equity | 39,700,530 | 40,403,922 |
Total liabilities and shareholders' equity | $ 128,164,558 | $ 152,630,875 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Allowance for Doubtful Accounts Receivable, Current | $ 28,209,249 | $ 31,667,803 |
Advances On Equipment Purchases Net Of Allowance | $ 3,578,891 | $ 2,368,438 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 74,000,000 | 74,000,000 |
Common Stock, Shares, Issued | 2,180,799 | 1,486,871 |
Common Stock, Shares, Outstanding | 2,180,799 | 1,486,871 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUE | ||
Sales of concrete | $ 55,156,358 | $ 47,468,956 |
Manufacturing services | 314,220 | 1,221,881 |
Total revenue | 55,470,578 | 48,690,837 |
COST OF REVENUE | ||
Concrete | 50,464,403 | 42,809,448 |
Manufacturing services | 285,620 | 1,258,283 |
Total cost of revenue | 50,750,023 | 44,067,731 |
GROSS PROFIT | 4,720,555 | 4,623,106 |
RECOVERY OF (PROVISION FOR) DOUBTFUL ACCOUNTS | 2,846,905 | (7,683,463) |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (10,142,589) | (10,676,783) |
RESEARCH AND DEVELOPMENT EXPENSES | (1,143,476) | (1,484,218) |
LOSS REALIZED FROM DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT | (90,494) | (1,669,923) |
IMPAIRMENT LOSS OF LONG-LIVED ASSETS | 0 | (293,040) |
LOSS FROM OPERATIONS | (3,809,099) | (17,184,321) |
OTHER (EXPENSE) INCOME, NET | ||
Subsidy income | 1,673,444 | 2,921,550 |
Non-operating expense, net | (742,087) | (135,469) |
Interest income | 1,175,683 | 2,744,518 |
Interest expense | (1,361,697) | (2,548,080) |
TOTAL OTHER INCOME, NET | 745,343 | 2,982,519 |
LOSS BEFORE PROVISION FOR INCOME TAXES | (3,063,756) | (14,201,802) |
PROVISION FOR INCOME TAXES | (1,100,356) | (2,445,290) |
NET LOSS | (4,164,112) | (16,647,092) |
COMPREHENSIVE LOSS: | ||
Net loss | (4,164,112) | (16,647,092) |
Foreign currency translation adjustment | 319,747 | 358,915 |
COMPREHENSIVE LOSS | $ (3,844,365) | $ (16,288,177) |
Weighted average number of shares: | ||
Basic | 1,936,591 | 1,486,871 |
Diluted | 1,936,591 | 1,486,871 |
Loss per share: | ||
Basic | $ (2.15) | $ (11.20) |
Diluted | $ (2.15) | $ (11.20) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,164,112) | $ (16,647,092) |
Adjustments to reconcile net loss to cash (used in) provided by operating activities: | ||
Depreciation | 2,127,260 | 2,399,263 |
Stock-based compensation expense | 514,809 | 0 |
Deferred tax provision | 764,487 | 1,648,292 |
(Recovery of) provision for doubtful accounts | (2,846,905) | 7,683,463 |
Loss realized from disposal of property, plant and equipment | 90,494 | 1,669,923 |
Impairment loss of long-lived assets | 0 | 293,040 |
Imputed interest on other receivable from termination of leases | 0 | (710,155) |
Changes in operating assets and liabilities | ||
Accounts and notes receivable | (11,520,175) | 4,807,707 |
Inventories | 156,413 | (433,778) |
Other receivables | 3,388,038 | 2,870,784 |
Other receivable from termination of lease | 0 | 13,068,997 |
Prepayments and advances | (15,995,822) | (8,889,876) |
Accounts payable | 13,511,852 | (1,443,156) |
Customer deposits | 202,663 | (671,631) |
Other payables | 631,801 | 58,921 |
Accrued liabilities | 348,505 | 1,249,739 |
Taxes payable | (179,882) | 84,686 |
Net cash (used in) provided by operating activities | (12,970,574) | 7,039,127 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Redemptions (acquisitions) of short-term investments, net | 9,377,145 | (9,533,591) |
Proceeds from disposal of property, plant and equipment | 57,015 | 0 |
Purchase of property, plant and equipment | (43,633) | (392,006) |
Net cash provided by (used in) investing activities | 9,390,527 | (9,925,597) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from short term loans and bank guarantees | 43,005,600 | 75,172,737 |
Payments of short term loans and bank guarantees | (71,309,312) | (64,794,400) |
(Payments of) proceeds from short term loans - other | (3,258,000) | 3,256,000 |
Proceeds from notes payable | 50,987,700 | 17,908,000 |
Payments of notes payable | (30,380,850) | (8,140,000) |
Payable to shareholder | 118,302 | 168,057 |
Principal payments on capital lease obligations | (2,000,549) | (2,282,981) |
Restricted cash | 2,437,985 | (6,894,601) |
Proceeds from issuance of common stock | 1,167,552 | 0 |
Net cash (used in) provided by financing activities | (9,231,572) | 14,392,812 |
EFFECTS OF EXCHANGE RATE CHANGE IN CASH | 72,424 | (25,171) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (12,739,195) | 11,481,171 |
CASH AND CASH EQUIVALENTS, beginning of year | 15,431,110 | 3,949,939 |
CASH AND CASH EQUIVALENTS, end of year | $ 2,691,915 | $ 15,431,110 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid-In capital [Member] | Retained earnings Unrestricted [Member] | Retained earnings Statutory reserves [Member] | Accumulated other comprehensive income [Member] | Total |
Beginning Balance at Jun. 30, 2013 | $ 1,487 | $ 35,233,305 | $ 5,412,387 | $ 6,248,357 | $ 9,796,563 | $ 56,692,099 |
Beginning Balance (Shares) at Jun. 30, 2013 | 1,486,871 | |||||
Foreign currency translation gain | 358,915 | 358,915 | ||||
Net loss | (16,647,092) | (16,647,092) | ||||
Ending Balance at Jun. 30, 2014 | $ 1,487 | 35,233,305 | (11,234,705) | 6,248,357 | 10,155,478 | 40,403,922 |
Ending Balance (Shares) at Jun. 30, 2014 | 1,486,871 | |||||
Foreign currency translation gain | 319,747 | 319,747 | ||||
Restricted stock issued for compensation and services | $ 252 | 1,012,979 | 1,013,231 | |||
Restricted stock issued for compensation and services (Shares) | 251,875 | |||||
Common stock issued for repayment of related-party debts | $ 175 | 960,009 | 960,184 | |||
Common stock issued for repayment of related-party debts (Shares) | 174,865 | |||||
Common stock issued under Employee Stock Purchase Plan | $ 267 | 1,167,291 | 1,167,558 | |||
Common stock issued under Employee Stock Purchase Plan (Shares) | 267,188 | |||||
Net loss | (4,164,112) | (4,164,112) | ||||
Ending Balance at Jun. 30, 2015 | $ 2,181 | $ 38,373,584 | $ (15,398,817) | $ 6,248,357 | $ 10,475,225 | $ 39,700,530 |
Ending Balance (Shares) at Jun. 30, 2015 | 2,180,799 |
Organization and description of
Organization and description of business | 12 Months Ended |
Jun. 30, 2015 | |
Organization and description of business [Text Block] | Note 1 – Organization and description of business China Advanced Construction Materials Group, Inc. (“CADC Delaware”) was incorporated in the State of Delaware on February 15, 2007. CADC Delaware, through its 100% owned subsidiaries and its variable interest entities (“VIEs”), is engaged in producing general ready-mix concrete, customized mechanical refining concrete, and other concrete-related products that are mainly sold in the People’s Republic of China (“PRC”). CADC Delaware has a wholly-owned subsidiary in the British Virgin Islands, Xin Ao Construction Materials, Inc. (“BVI-ACM”), which is a holding company with no operations. BVI-ACM has a wholly-owned foreign enterprise, Beijing Ao Hang Construction Material Technology Co., Ltd. (“China-ACMH”), and China-ACMH has contractual agreements with an entity which is considered as a VIE. Beijing XinAo Concrete Group (“Xin Ao”), our VIE, is engaged in the business of consulting, concrete mixing and equipment rental services. Xin Ao has five wholly-owned subsidiaries (collectively, and with “Xin Ao”, the “VIEs”) in the PRC: (1) Beijing Heng Yuan Zheng Ke Technical Consulting Co., Ltd (“Heng Yuan Zheng Ke”), (2) Beijing Hong Sheng An Construction Materials Co., Ltd (“Hong Sheng An”), (3) Beijing Heng Tai Hong Sheng Construction Materials Co., Ltd (“Heng Tai”), (4) Da Tong Ao Hang Wei Ye Machinery, Equipment Rental Co., Ltd (“Da Tong”) and (5) Luan Xian Heng Xin Technology Co., Ltd (“Heng Xin”). On August 1, 2013, CADC Delaware consummated a reincorporation merger with its newly formed wholly-owned subsidiary, China Advanced Construction Materials Group, Inc. (“China ACM”), a Nevada corporation, with CADC Delaware merging into China ACM and China ACM being the surviving company, for the purpose of changing CADC Delaware’s state of incorporation from Delaware to Nevada. China ACM, BVI-ACM, China-ACMH and VIEs are collectively referred to as the Company. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Jun. 30, 2015 | |
Summary of significant accounting policies [Text Block] | Note 2 – Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and have been consistently applied. Principles of consolidation The consolidated financial statements reflect the activities of the following subsidiaries and VIEs. All material intercompany transactions have been eliminated. Ownership Subsidiaries and VIEs Place incorporated percentage BVI-ACM British Virgin Island 100% China-ACMH Beijing, China 100% Xin Ao Beijing, China VIE Heng Yuan Zheng Ke Beijing, China VIE Hong Sheng An Beijing, China VIE Heng Tai Beijing, China VIE Da Tong Datong, China VIE Heng Xin Luanxian, China VIE VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. All VIEs with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIEs. The primary beneficiary is required to consolidate the VIEs for financial reporting purposes. Management makes ongoing assessments of whether China ACM is the primary beneficiary of Xin Ao and its subsidiaries. Based upon a series of contractual arrangements, the Company determined that Xin Ao and its subsidiaries are VIEs subject to consolidation and that China ACM is the primary beneficiary. Accordingly, the accounts of Xin Ao and its subsidiaries are consolidated with those of China ACM. The carrying amount of the VIEs’ assets and liabilities are as follows: June 30, June 30, 2015 2014 Current assets $ 115,628,360 $ 136,681,518 Property, plant and equipment 10,154,170 12,874,414 Other noncurrent assets 491,100 487,500 Total assets 126,273,630 150,043,432 Liabilities (87,520,412 ) (111,066,630 ) Intercompany payables* (8,650,651 ) (7,397,342 ) Total liabilities (96,171,063 ) (118,463,972 ) Net assets $ 30,102,567 $ 31,579,460 * Payables to China - ACMH and BVI-ACM are eliminated upon consolidation. Use of estimates and assumptions The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The significant estimates and assumptions made in the preparation of the Company’s consolidated financial statements include deferred income taxes, allowance for doubtful accounts, allowance for inventory valuation, deferred stock-based compensation, the fair value and useful lives of property, plant and equipment. Actual results could be materially different from those estimates, upon which the carrying values were based. Foreign currency translation The reporting currency of the Company is the U.S. dollar. The functional currency of China ACM and BVI-ACM is the U.S. dollar. China-ACMH and its VIEs use their local currency Chinese Renminbi (“RMB”) as their functional currency. In accordance with the US GAAP guidance on Foreign Currency Translation, the Company’s results of operations and cash flows are translated at the average exchange rates during the period, assets and liabilities are translated at the exchange rates at the balance sheet dates, and equity is translated at historical exchange rates. As a result, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Asset and liability accounts at June 30, 2015 and 2014, were translated at RMB6.11 to $1.00 and RMB6.15 to $1.00, respectively. The average translation rates applied to the consolidated statements of operations and comprehensive income (loss) and cash flows for each of the years ended June 30, 2015 and 2014 were RMB6.14 to $1.00. Translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations. The effects of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive income. Revenue recognition Revenue is realized or realizable and earned when four criteria are met: • Persuasive evidence of an arrangement exists (the Company considers its sales contracts and technical service agreements to be pervasive evidence of an arrangement); • Delivery has occurred or services have been rendered; • The seller’s price to the buyer is fixed or determinable; and • Collectability of payment is reasonably assured. The Company sells its concrete products and provides concrete technical services primarily to major local construction companies. Sales agreements are signed with each customer. The agreements list all terms and conditions with the exception of delivery date and quantity, which are evidenced separately in purchase orders. The purchase price of products is fixed in the agreement and customers are not permitted to renegotiate after the contracts have been signed. The agreements include a cancellation clause if the Company or customers breach the contract terms specified in the agreement. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer or services are provided by the Company. Revenue represents the invoiced value of goods, net of a value added tax (“VAT”). The industry standard VAT rate for all of the Company’s concrete products that are sold in the PRC was 6% of the gross sales price prior to July 1, 2014. On July 1, 2014, the standard VAT rate for concrete products decreased to 3% of the gross sales price. Due to the fact that the Company uses recycled raw materials to manufacture its products, the State Administration of Taxation granted the Company a VAT tax exemption, which expired June 2015. From July 2015 going forward, the Company is subject to VAT at the rate of 3% of the gross sales price. The Company includes the shipping and handling fee in both revenue and cost of revenue. Financial instruments The US GAAP accounting standards regarding fair value of financial instruments and related fair value measurements define fair value, establish a three-level valuation hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs are defined as follows: Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3 inputs to the valuation methodology are unobservable. Current assets, and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. The carrying value of long-term capital lease obligations approximate their fair value as interest rates approximate the market rate. Cash and cash equivalents The Company considers all highly liquid investments with the original maturity of three months or less at the date of purchase to be cash equivalents. The Company currently maintains substantially all of its day-to-day operating cash balances with major financial institutions within PRC and US. As of June 30, 2015 and 2014, the Company had deposits in excess of federally insured limits totaling approximately $2.7 million and $15.3 million, respectively. Restricted cash As of June 30, 2015 and 2014, restricted cash consisted of collateral representing cash deposits for short term loans, bank guarantees and notes payable. Accounts receivable During the normal course of business, the Company extends unsecured credit to its customers. Accounts are considered past due after 30 days. In establishing the required allowance for doubtful accounts, management considers the historical experience, the economy, trends in the construction industry, the expected collectability of the amount receivable that is past due and the expected collectability of the overdue receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. An estimate for doubtful accounts is recorded when collection of the full amount is no longer probable. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovering is considered remote. For the years ended June 30, 2015 and 2014, approximately $0.1 million and $10.9 million was written off against the allowance balance, respectively. Other receivables Other receivables primarily include advances to employees, due from unrelated entities, VAT tax refunds and other deposits. Management regularly reviews the aging of receivables and changes in payment trends and records allowance when management believes collection of amounts due are at risk. Accounts considered uncollectible are written off after exhaustive efforts at collection are made. Inventories Inventories consist of raw materials and are stated at the lower of cost or market, as determined using the weighted average cost method. Management compares the cost of inventories with the market value and an allowance is made for writing down the inventory to its market value, if lower than cost. As of June 30, 2015 and 2014, the Company determined that no reserves for obsolescence were necessary. Short term investments The Company entered into an investment agreement with a financial investment company in April 2015. The agreement allows the Company to invest up to RMB100 million ($16.4 million) for maximum periods of two years. The Company can redeem the investment at any time within the agreed period upon 30 -day notice. The financial investment company invests the Company’s funds in certain financial instruments including bonds, mortgage trust or mutual funds. The rates of return on these investments were guaranteed to be no less than 10% per annum. The Company’s investment is not subject to market fluctuation; therefore, the Company did not experience gain or loss on its investment. However, the Company’s funds deposited with the financial investment company are not insured. Prepayments and advances, and advances on equipment purchases, net The Company advances monies to certain suppliers for raw materials, plant and equipment, and factory rent. These advances are interest free and unsecured. For each of the years ended June 30, 2015 and 2014, the Company recorded a bad debt allowance for advances on equipment purchases for approximately $1.2 million. Stock-based compensation The Company records stock-based compensation expense at fair value on the grant date and recognizes the expense over the employee's requisite service period. Unrecognized expense is deferred and included in the consolidated balance sheets, and amortized over the remaining requisite service period. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock or the expected volatility of similar entities. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the Company’s current and expected dividend policy. Property, plant and equipment Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are charged to operations as incurred while additions, renewals and improvements are capitalized. Depreciation is provided over the estimated useful life of each class of depreciable assets and is computed using the straight-line method with 5% residual value. Leasehold improvements are amortized over the lesser of estimated useful lives or lease terms, as appropriate. The estimated useful lives of assets are as follows: Useful life Transportation equipment 7 - 10 years Plant and machinery 10 years Office equipment 5 years Buildings and improvements 3 - 20 years Accounting for long-lived assets The Company classifies its long-lived assets into: (i) machinery and equipment; (ii) transportation equipment, (iii) office and equipment; and (iv) buildings and improvements. Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be fully recoverable. It is possible that these assets could become impaired as a result of technology or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. The Company makes various assumptions and estimates regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The Company uses set criteria that are reviewed and approved by various levels of management, and estimates the fair value of the asset or asset group by using discounted cash flow analyses. If these estimates or their related assumptions change in the future, it is required to record impairment charges for the underlying assets at such time. Any such resulting impairment charges could be material to the Company’s results of operations. If the value of an asset is determined to be impaired, the impairment to be recognized is measured in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or the fair value, less disposition costs. There was no impairment charge for the year ended June 30, 2015. For the year ended June 30, 2014, the Company recognized approximately $0.3 million of impairment charges related to portable plants. Competitive pricing pressure and changes in interest rates could materially and adversely affect the Company’s estimates of future net cash flows to be generated by the long-lived assets, and thus could result in future impairment losses. Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires the Company to use the assets and liability method of accounting for income taxes. Under the assets and liability method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts and the tax bases of existing assets and liabilities and operating loss and tax credit carry forward. Under this accounting standard, the effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all of, a deferred tax asset will not be realized. ASC 740-10, Accounting for Uncertainty in Income Taxes, defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. United States federal, state and local income tax returns prior to 2012 are not subject to examination by any applicable tax authorities. Value Added Tax Enterprises or individuals, who sell commodities, engage in repair and maintenance, or import and export goods in the PRC are subject to a value added tax. The standard VAT rate was 6% of gross sales for the Company’s industry, which was decreased to 3% of gross sales on July 1, 2014. Due to the fact that the Company uses recycled raw materials to manufacture its products, the State Administration of Taxation granted the Company a VAT tax exemption, which expired June 2015. From July 2015 going forward, the Company is subject to VAT at the rate of 3% of the gross sales price. Research and development, advertising and repair and maintenance Research and development, advertising and repair and maintenance costs are expensed as incurred. The cost of materials and equipment that are acquired or constructed for research and development activities, and have alternative future uses, either in research and development, marketing, or sales, are classified as property and equipment, and depreciated over their estimated useful lives. Research and development costs for the years ended June 30, 2015 and 2014 were approximately $1.1 million and $1.5 million, respectively. Advertising costs for the years ended June 30, 2015 and 2014 were approximately $52,000 and $14,000, respectively. Repair and maintenance costs for each of the years ended June 30, 2015 and 2014 were approximately $0.2 million. Earnings (loss) per share The Company reports earnings (loss) per share in accordance with the US GAAP, which requires presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings (loss) per share excludes dilution and is computed by dividing income (loss) available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts, such as warrants, options, restricted stock based grants and convertible preferred stock, to issue common stock were exercised and converted into common stock. Common stock equivalents having an anti-dilutive effect on earnings per share are excluded from the calculation of diluted earnings per share. Diluted loss per share is the same as basic loss per share since the addition of any contingently issuable shares would be anti-dilutive. Stock dividends or stock splits be accounted for retroactively if the stock dividends or stock splits occur during the period, or retroactively if the stock dividends or stock splits occur after the end of the period but before the release of the financial statements, by considering it outstanding of the entirety of each period presented. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Comprehensive income Comprehensive income consists of net income and foreign currency translation adjustments. Recent Accounting Pronouncements In July 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) No. 2015-11, an amendment to Topic 330 for simplifying the measurement of inventory |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 12 Months Ended |
Jun. 30, 2015 | |
Supplemental disclosure of cash flow information [Text Block] | Note 3 – Supplemental disclosure of cash flow information For the years ended June 30, 2015 and 2014, the Company paid interest in the amounts of approximately $1.4 million and $2.5 million, respectively. Cash payments for income tax for the years ended June 30, 2015 and 2014 were $0.5 million and $0.7 million, respectively. Non-cash investing and financing activities The Company had receivables of approximately $0.8 million as a result of disposal of property, plant and equipment during the year ended June 30, 2015. Pursuant to a three-party settlement agreement, the Company offset accounts receivable with capital lease obligations for approximately $2.4 million during the year ended June 30, 2015. The Company issued stock to payoff shareholder debt of approximately $0.9 million (see Note 12). For the year ended June 30, 2014, the Company acquired property, plant and equipment under capital lease agreements for approximately $3.6 million (See Note 6). The Company had receivables of approximately $1.2 million as a result of disposal of property, plant and equipment during the year ended June 30, 2014. The Company offset other payables from acquisitions of property, plant and equipment of approximately $0.4 million with other receivables from termination of leases with during the year ended June 30, 2014 pursuant to a settlement agreement. The Company offset prepayments with addition of property, plant and equipment for approximately $1.2 million for the year ended June 30, 2014. |
Accounts and notes receivable
Accounts and notes receivable | 12 Months Ended |
Jun. 30, 2015 | |
Accounts and notes receivable [Text Block] | Note 4 – Accounts and notes receivable Accounts and notes receivable are generated from concrete products sold to the Company’s customers and other concrete companies with which the Company conducts business. The payment terms are defined in the respective contracts. Notes receivable represents trade accounts receivable due from various customers where the customers' banks have guaranteed the payment. The notes are non-interest bearing and normally paid within three to six months. The Company has the ability to submit requests for payment to the customer's bank earlier than the scheduled payment date, but will incur an interest charge and a processing fee. Based on the historical experience and its individual evaluation process, the Company’s estimates of its allowance for doubtful accounts as of June 30, 2015 were as follows: 15% for accounts receivable past due more than 180 days but less than one year, 60% for accounts receivable past due from one to two years, 75% for accounts receivable past due beyond two years, and 100% for accounts receivable past due beyond three years, plus any additional amounts as necessary. Accounts and notes receivable and allowance for doubtful accounts consisted of the following: June 30, June 30, 2015 2014 Accounts receivable $ 68,566,418 $ 80,662,464 Notes receivable - 372,791 68,566,418 81,035,255 Less: Allowance for doubtful accounts (28,209,249 ) (31,667,803 ) Total accounts and notes receivable, net $ 40,357,169 $ 49,367,4 |
Other receivables
Other receivables | 12 Months Ended |
Jun. 30, 2015 | |
Other receivables [Text Block] | Note 5 – Other receivables Other receivables and allowance for doubtful accounts consisted of the following: June 30, June 30, 2015 2014 Other receivables, current $ 3,483,549 $ 6,932,437 Less: Allowance for doubtful accounts, current (2,403,362 ) (2,810,887 ) Other receivables - current, net $ 1,080,187 $ 4,121,550 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jun. 30, 2015 | |
Property, plant and equipment [Text Block] | Note 6 – Property, plant and equipment Property, plant and equipment consist of the following: June 30, June 30, 2015 2014 Machinery and equipment $ 2,363,324 $ 4,158,656 Transportation equipment 1,030,710 1,095,548 Leased equipment 11,287,442 11,204,700 Office equipment 1,305,992 1,310,508 Buildings and improvements 393,205 299,074 Total 16,380,673 18,068,486 Less: Accumulated depreciation (6,224,825 ) (5,190,223 ) Plant and equipment, net $ 10,155,848 $ 12,878,263 Depreciation expense for the years ended June 30, 2015 and 2014 amounted to approximately $2.1 million and $2.4 million, respectively. Depreciation expense for the leased equipment was $1.5 million each of for the years ended June 30, 2015 and 2014. Accumulated depreciation for the leased equipment as of June 30, 2015 and 2014 was $3.3 million and $1.7 million, respectively. There was no impairment charge for the year ended June 30, 2015. The Company recognized approximately $0.3 million of impairment charges relating to the portable plants for the year ended June 30, 2014. |
Prepayments and advances
Prepayments and advances | 12 Months Ended |
Jun. 30, 2015 | |
Prepayments and advances [Text Block] | Note 7 – Prepayments and advances Prepayments and advances consisted of the following: June 30, June 30, 2015 2014 Advances on inventory purchases $ 51,979,493 $ 35,373,493 Deferred stock-based compensation 498,604 - Rent prepayments (see Note 15) - 325,572 Total prepayments and advances $ 52,478,097 $ 35,699,065 In September 2015, the Company entered into agreements with certain vendors to offset advances on inventory purchases with certain payables for approximately $1.0 million. |
Credit Facilities
Credit Facilities | 12 Months Ended |
Jun. 30, 2015 | |
Credit Facilities [Text Block] | Note 8 – Credit Facilities Short term loans - banks: The outstanding balances on these loans consisted of the following: June 30, June 30, 2015 2014 Loan from Shanghai Pudong Development Bank, repaid in full in January 2015 $ - $ 10,968,750 Loan from Construction Bank, interest rate at 6% per annum, due November 18, 2015; guaranteed by Jinshengding Mineral Products Co., LTD and Mr. Xianfu Han. 5,729,500 5,687,500 Loan from Beijing Bank, interest rate at 6.4% per annum, due March 12, 2016, guaranteed by Beijing Jinshengding Mineral Products Co., LTD and Mr. Xianfu Han. 4,911,000 4,875,000 Loan from Hana Bank, repaid in full in September 2014 - 6,500,000 Loan from Citic Bank, interest rate at 7.80% per annum, due August 25, 2015; guaranteed by Jinshengding Mineral Products Co., LTD, Mr. Xianfu Han and Mr. Weili He. This loan was repaid in August 2015. 3,274,000 3,250,000 $ 13,914,500 $ 31,281,250 The above guarantors are various suppliers to the Company. Mr. Xianfu Han and Mr. Weili He are the Company’s Chief Executive Officer and interim Chief Financial Officer, respectively. Also see Note 10 – Related party transactions. Bank guarantees: Bank guarantees represent amounts due to issuing banks after beneficiary vendors completed shipments. Bank guarantees are non-interest bearing and due within six months. The outstanding balances on these bank guarantees consisted of the following: June 30, June 30, 2015 2014 Bank guarantees due to Construction Bank, various due dates from July to November 2015, guaranteed by Beijing Jinshengding Mineral Products Co., LTD, and Mr. Xianfu Han, a related party.* $ 12,441,200 $ 23,115,463 * $7.5 million was repaid in July and August 2015. As of June 30, 2015 and 2014, the Company had restricted cash for short-term loans and bank guarantees of approximately $2.6 million and $10.5 million, respectively. Short term loans - other: The outstanding balance consisted of the following: June 30, June 30, 2015 2014 Short term loans due to unrelated third-party individual, repaid in full on August 28, 2014 $ - $ 3,250,000 $ - $ 3,250,000 Notes payable: Bank notes are issued to a third party for inventory purchases. The notes payable were guaranteed by Jinshengding Mineral Products Co., LTD and Mr. Xianfu Han and amounted to approximately $30.5 million (RMB187 million) and $9.8 million (RMB60 million) as of June 30, 2015 and 2014, respectively, and were non-interest bearing with expiration dates between July and December 2015. The restricted cash for the notes was approximately $8.5 million and $2.9 million as of June 30, 2015 and 2014, respectively. |
Capital lease obligations
Capital lease obligations | 12 Months Ended |
Jun. 30, 2015 | |
Capital lease obligations [Text Block] | Note 9 – Capital lease obligations Capital lease obligations consist of the following: June 30, June 30, 2015 2014 Lease obligations for concrete pump trucks maturing in January 2016, lease payment at $186,000 per month with interest at 7.68% per annum $ 1,152,950 $ 4,790,877 Lease obligations for concrete mixer trucks maturing September 2015, lease payment at $32,000 per month with interest at 7.98% per annum 95,420 473,600 Lease obligations for concrete mixer trucks maturing in May 2014, lease payment at $156,000 per month with interest at 7.28% per annum* 266,757 606,052 Lease obligations for concrete pump trucks paid off in April 2015 - 187,801 Total 1,515,127 6,058,330 Less: Deferred interest (25,743 ) (220,988 ) 1,489,384 5,837,342 Less: Capital lease obligations - current (1,489,384 ) (4,659,756 ) Capital lease obligations - non current $ - $ 1,177,586 * The lessor verbally agreed to extend the due date for the remaining balance to August 2015 without penalty. The obligation was substantially paid off in August 2015. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2015 | |
Related party transactions [Text Block] | Note 10 – Related party transactions Other payables – shareholders Two shareholders advanced funds to BVI-ACM, for working capital purposes. The advances are non-interest bearing, unsecured, and are payable in cash on demand. These two shareholders and officers of the Company also guaranteed certain of the Company’s short-term loans payable to banks (see Note 8). In December 2014, the Company issued an aggregate of 174,865 shares of restricted common stock to pay off certain other payables to two shareholders (see Note 12). Other payables - shareholders consisted of the following: June 30, June 30, 2015 2014 Xianfu Han $ 15,762 $ 450,540 Weili He 67,916 474,845 $ 83,678 $ 925,385 |
Income taxes
Income taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income taxes [Text Block] | Note 11 – Income taxes (a) Corporate income tax China ACM was organized in the United States. China ACM had no taxable income for United States income tax purposes for the year ended June 30, 2015. As of June 30, 2015, China ACM’s net operating loss carry forward for United States income taxes was approximately $0.9 million. The net operating loss carry forward are available to reduce future years’ taxable income through year 2033. Management believes that the realization of the benefits from these losses appears uncertain due to the Company’s operating history and continued losses in the United States. Accordingly, the Company has provided a 100% valuation allowance on the deferred tax asset to reduce the asset to zero. For the years ended June 30, 2015 and 2014, valuation allowance for deferred tax assets decreased by approximately $0.2 million and $0.1 million, respectively. Management reviews this valuation allowance periodically and makes adjustments accordingly. BVI-ACM was incorporated in the British Virgin Islands (“BVI”) and where its income tax rate is $0 under the current laws of the BVI. China-ACMH and VIEs-Chinese operations All of the Company’s income is generated in the PRC, through VIEs. The Company’s VIEs had cumulative losses of approximately $1.0 million and $1.5 million as of June 30, 2015 and 2014, respectively. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of these earnings. China-ACMH and VIEs are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Chinese Enterprise Income Tax (“EIT”) law, the statutory corporate income tax rate applicable to most companies is 25%. In 2009, Xin Ao applied and received an Enterprise High-Tech Certificate. The certificate was awarded based on Xin Ao’s involvement in producing high-tech products, its research and development, as well as its technical services. As granted by the State Administration of Taxation of the PRC, Xin Ao is entitled to a reduction in its income tax rate from 25% to 15% until 2018. In accordance with the EIT Law, enterprises established under the laws of foreign countries or regions and whose “place of effective management” is located within the PRC territory are considered PRC resident enterprises and are subject to the PRC income tax at the rate of 25% on their worldwide income. The definition of “place of effective management” refers to an establishment that exercises, in substance, and among other items, overall management and control over the production and business, personnel, accounting, and properties of an enterprise. No detailed interpretation of guidance has been issued to define “place of effective management”. Furthermore, the administrative practice associated with interpreting and applying the concept of “place of effective management” is unclear. If the Company’s non-PRC incorporated entities are deemed PRC tax residents, such entities would be subject to PRC tax under the EIT Law. The Company has analyzed the applicability of this law, and for each of the applicable periods presented, the Company has not accrued for PRC tax on such basis. The Company continues to monitor changes in the interpretation and/or guidance of this law. The EIT Law also imposes a 10% withholding income tax, subject to reduction based on tax treaties where applicable, for dividends distributed by a foreign invested enterprise to its immediate holding company outside China. Such dividends were exempted from PRC tax under the previous income tax law and regulations. The Company intends to permanently reinvest undistributed earnings of its Chinese operations located in the PRC. As a result, there is no deferred tax expense related to withholding tax on the future repatriation of these earnings. Loss before provision for income taxes consisted of: Years ended June 30, 2015 2014 USA and BVI $ (1,603,513 ) $ (414,927 ) China (1,460,243 ) (13,786,875 ) $ (3,063,756 ) $ (14,201,802 ) Provision for income taxes consisted of: Years ended June 30, 2015 2014 Current provision: USA $ - $ - China (335,869 ) (796,998 ) Total current provision (335,869 ) (796,998 ) Deferred provision: USA - - China (764,487 ) (1,648,292 ) Total deferred provision (764,487 ) (1,648,292 ) Total provision for income taxes $ (1,100,356 ) $ (2,445,290 ) Significant components of deferred tax assets were as follows: June 30, June 30, 2015 2014 Deferred tax assets - current Allowance for doubtful accounts $ 4,591,891 $ 5,171,804 Valuation allowance (2,755,134 ) (2,585,902 ) Total deferred tax assets - current $ 1,836,757 $ 2,585,902 Deferred tax assets - non-current Net operating loss carryforward in the U.S. $ 309,393 $ 506,644 Impairment loss of long-lived assets - 244,931 309,393 751,575 Valuation allowance (309,393 ) (751,575 ) Total deferred tax assets - non-current $ - $ - As of June 30, 2015 and 2014, the Company believes it is more likely than not that its China operations will be unable to fully utilize its deferred tax assets related to provision for doubtful accounts. As such, as of June 30, 2015, the Company provided approximately $2.8 million of valuation allowance to the deferred tax assets related to its China operations, all of which was against deferred tax assets – current related to its allowance for doubtful accounts, as management estimates that certain bad debts may not be deductible against future pre-tax income by the Chinese tax authorities. As of June 30, 2014, the Company provided approximately $2.8 million of valuation allowance to the deferred tax assets related to its China operations, of which $2.6 million against deferred tax assets – current related to its allowance for doubtful accounts, and $0.2 million against deferred tax assets – noncurrent related to impairment loss of long-lived assets. The Company has incurred losses from its U.S. operations during all periods presented. Accordingly, management provided approximately $0.3 million and $0.5 million of valuation allowance against the deferred tax assets related to the Company’s U.S. operations as of June 30, 2015 and 2014, respectively, since the deferred tax benefits of the net operating loss carry forward in the U.S. might not be utilized. Changes to valuation allowance for deferred tax assets were as follows: Valuation Allowance For deferred tax assets - current As of June 30, 2014 $ 2,585,902 Allowance for doubtful accounts (309,052 ) Increased allowance rate 459,189 Effect of exchange rate difference 19,095 As of June 30, 2015 $ 2,755,134 Valuation Allowance For deferred tax assets - noncurrent As of June 30, 2014 $ 751,575 Net operating loss carryforward in the U.S. (197,251 ) Impairment loss of long-lived assets (244,931 ) As of June 30, 2015 $ 309,393 Taxes payable consisted of the following: June 30, June 30, 2015 2014 Income taxes payable $ - $ 163,753 Other taxes payable 12,859 28,452 Total taxes payable $ 12,859 $ 192,205 The following table reconciles the U.S. statutory rates to the Company’s effective tax rate for the years ended June 30, 2015 and 2014. June 30, June 30, 2015 2014 U.S. statutory rates 34% 34% Foreign income not recognized in the U.S. (34% ) (34% ) PRC statutory rates 25% 25% Preferential tax treatment (10% ) (10% ) Change in valuation allowance 2% (8% ) Non-deductible PRC expenses* (32% ) (18% ) Other** (22% ) (6% ) Effective income tax rates (36% ) (17% ) *This represents certain freight costs disallowed for deductions by PRC tax authorities according to certain VAT tax policy. (b) Uncertain tax positions There were no uncertain tax positions as of June 30, 2015 and 2014. Management does not anticipate any potential future adjustments which would result in a material change to its tax positions. For the years ended June 30, 2015 and 2014, the Company did not incur any tax related interest and penalties. |
Shareholders equity
Shareholders equity | 12 Months Ended |
Jun. 30, 2015 | |
Shareholders equity [Text Block] | Note 12 – Shareholders’ equity Restricted Stock Grants Restricted stock grants are measured based on the market price on the grant date. The Company has granted restricted shares of common stock to the members of the board of directors (the “Board”), senior management and consultants. Effective September 9, 2014, the Board granted an aggregate of 150,000 shares of common stock, which were issued with a market value of $625,500 to its 13 employees under the Company’s 2009 Equity Incentive Plan (the “2009 Plan”). These shares are vested in two equal installments every six months from the date of grant. As of June 30, 2015, 75,000 shares were vested. Effective September 22, 2014, the Board granted and issued 1,875 shares of common stock to an officer. The grant was under the 2009 Plan and the employment agreement by and between the Company and the grantee. In addition, such grant was to fulfill the Company’s contractual obligation in the employment agreement. As a result, the shares were vested immediately upon the issuance. Effective June 29, 2015, the Board granted an aggregate of 100,000 shares of common stock, which were issued with a market value of $380,000 to its two employees under the 2009 Plan. These shares are vested in two equal installments every three months from the date of grant. As of June 30, 2015, none of shares was vested. Effective June 29, 2015, at the annual meeting held on that date, the Stockholders of the Company approved to increase by 200,000 shares of common stock reserved under the 2009 Plan. For the years ended June 30, 2015 and 2014, the Company recognized $0.5 million and $0 of compensation expenses related to restricted stock grants, respectively. Following is a summary of the restricted stock grants: Restricted stock grants Shares Weighted Average Aggregate Nonvested as of June 30, 2014 - $ - $ - Granted 251,875 4.02 1,013,413 Vested (76,875 ) 4.17 320,663 Nonvested As of June 30, 2015 175,000 $ 3.96 $ 692,750 Stock Issuance Effective December 2, 2014, the Board authorized the issuance of 174,865 shares of restricted common stock to two shareholders for repayments of certain other payables. These other payables were originated from the professional expenses the shareholders paid on behalf of the Company. See Note 14 for stocks issued under 2013 Employee Stock Purchase Plan. |
Reserves and dividends
Reserves and dividends | 12 Months Ended |
Jun. 30, 2015 | |
Reserves and dividends [Text Block] | Note 13 – Reserves and dividends The laws and regulations of the PRC require that before a foreign invested enterprise can legally distribute profits, it must first satisfy all tax liabilities, provide for losses in previous years, and make allocations, in proportions determined at the discretion of the Board, after the statutory reserves. The statutory reserves include the surplus reserve fund and the common welfare fund. The Company is required to transfer 10% of its net income, as determined in accordance with the PRC accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the Company’s registered capital. The remaining reserve to fulfill the 50% registered capital requirement amounted to approximately $2.1 million as of June 30, 2015 and 2014. The transfer to this reserve must be made before distribution of any dividends to the Company’s shareholders. The surplus reserve fund is non-distributable other than during liquidation. The surplus reserve fund can however be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. The Chinese government restricts distributions of registered capital and the additional investment amounts required by foreign invested enterprises. Approval by the Chinese government must be obtained before distributions of these amounts can be returned to the shareholders. |
Employee post-retirement benefi
Employee post-retirement benefits | 12 Months Ended |
Jun. 30, 2015 | |
Employee post-retirement benefits [Text Block] | Note 14 – Employee post-retirement benefits The Company offers a defined contribution plan to eligible employees which consists of two parts: (i) the first part, paid by the Company, and is 20% of the employee’s compensation from the prior year and (ii) the second part, paid by the employee, and is 8% of the employee’s compensation. The Company’s contributions of employment benefits were approximately $1.0 million and $0.7 million for the years ended June 30, 2015 and 2014, respectively. On November 21, 2013, the Company adopted the 2013 Employee Stock Purchase Plan (the “ESPP”), which became effective as of such date. Under the ESPP, the Board may grant or provide for the grant of rights to eligible employees to purchase shares of the Company’s common stock by payroll deduction or cash contribution. The aggregate number of shares of common stock, that may be issued under the ESPP is 280,000 shares initially plus an annual increase in the number of shares on July 1 of each year, commencing on July 1, 2014 and ending on July 1, 2023, equal to one percent of the number of shares of Common Stock outstanding on each such date, subject to proportionate adjustment in the event of a merger, consolidation, reorganization, recapitalization, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving the receipt of consideration by the Company, under which circumstances, the class(es) and number of shares and price per share of stock subject to outstanding rights, may also be adjusted by the Board or the Committee, as defined below. The ESPP will be administered by the Board unless and until Board delegates administration to a committee composed of two or more non-employee directors. Any employee of the Company or any parent (if any) and subsidiary corporation of the Company (the “Affiliate”), who is not a natural person resident in the United States, who has been in the employ of the Company or any Affiliate for such continuous period as required by the Board preceding the grant of rights under the ESPP is eligible to participate in the ESPP during the applicable offering period, subject to administrative rules established by the Board. The ESPP is implemented by sequential offerings, the commencement and duration of which will be determined by the Board. The purchase price at which each share of common stock may be acquired in an offering period upon the exercise of all or any portion of a purchase right will be established by the Board. However, the purchase price on each purchase date will not be less than the greater of the book value or the fair market value of a share of the Common Stock on the purchase date. Effective July 10, 2014, two employees received an aggregate of 65,102 shares of the Company's common stock, at $4.99 per share, the closing stock price on July 9, 2014, and paid in full a total of $324,860 (RMB2 million) under the ESPP. Effective September 9, 2014, four employees received an aggregate of 202,086 shares of the Company’s common stock, at $4.17 per share, the closing stock price on September 8, 2014, and paid in full a total of $842,692 (RMB5.2 million) under the ESPP. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and contingencies [Text Block] | Note 15 – Commitments and contingencies Lease Commitments The Company has a lease agreement for a concrete service plant with an unrelated party which expires on September 30, 2015, with annual payments of approximately $219,000. The Company is in the process of renewing such agreement. The Company has a lease agreement to lease office space from a third party through October 31, 2015, with annual payments of approximately $27,000. The Company also has an eight-year operating lease agreement for a concrete service plant with an unrelated party through August 17, 2021, with a monthly payment of approximately $54,000. Operating lease expenses are allocated between the cost of revenue and selling, general, and administrative expenses. Total operating lease expenses for the years ended June 30, 2015 and 2014 were approximately $1.6 million $2.0 million, respectively. Future annual lease payments, net of rent prepayment non-cancelable operating leases with a term of one year or more consist of the following: Twelve months ending June 30, Amount 2016 $ 715,000 2017 652,000 2018 652,000 2019 652,000 2020 652,000 Thereafter 652,000 Total $ 3,975,000 Executive cash bonuses Effective December 25, 2014, the compensation committee of the Board approved a new cash compensation plan for the Company’s executive officers. Subject to achieving certain operational targets for the Company, the compensation plan provided cash bonuses for up to 160% of base salary, payable at the end of each quarter of the year ending June 30, 2015, starting from the end of the second quarter ended December 31, 2014 and at the end of the fiscal year. For the year ended June 30, 2015, these targets were not made and no expense related to the cash bonuses had been accrued. Legal Contingencies From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows. |
Concentrations
Concentrations | 12 Months Ended |
Jun. 30, 2015 | |
Concentrations [Text Block] | Note 16 - Concentrations For the year ended June 30, 2015, the Company had one customer that represented approximately 14.1% of total revenue. For the year ended June 30, 2014, the same customer represented approximately 10.6% of total revenue. As of June 30, 2015 and 2014, no customer accounted for more than 10% of the total balance of accounts receivable. For the year ended June 30, 2015, the Company had one vendor that represented approximately 16.4% of total purchases. For the year ended June 30, 2014, the same vendor represented approximately 11.9% of total purchases. As of June 30, 2015 and 2014, no vendor accounted for more than 10% of the total balance of accounts payable. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Basis of presentation [Policy Text Block] | Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and have been consistently applied. |
Principles of consolidation [Policy Text Block] | Principles of consolidation The consolidated financial statements reflect the activities of the following subsidiaries and VIEs. All material intercompany transactions have been eliminated. Ownership Subsidiaries and VIEs Place incorporated percentage BVI-ACM British Virgin Island 100% China-ACMH Beijing, China 100% Xin Ao Beijing, China VIE Heng Yuan Zheng Ke Beijing, China VIE Hong Sheng An Beijing, China VIE Heng Tai Beijing, China VIE Da Tong Datong, China VIE Heng Xin Luanxian, China VIE VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. All VIEs with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIEs. The primary beneficiary is required to consolidate the VIEs for financial reporting purposes. Management makes ongoing assessments of whether China ACM is the primary beneficiary of Xin Ao and its subsidiaries. Based upon a series of contractual arrangements, the Company determined that Xin Ao and its subsidiaries are VIEs subject to consolidation and that China ACM is the primary beneficiary. Accordingly, the accounts of Xin Ao and its subsidiaries are consolidated with those of China ACM. The carrying amount of the VIEs’ assets and liabilities are as follows: June 30, June 30, 2015 2014 Current assets $ 115,628,360 $ 136,681,518 Property, plant and equipment 10,154,170 12,874,414 Other noncurrent assets 491,100 487,500 Total assets 126,273,630 150,043,432 Liabilities (87,520,412 ) (111,066,630 ) Intercompany payables* (8,650,651 ) (7,397,342 ) Total liabilities (96,171,063 ) (118,463,972 ) Net assets $ 30,102,567 $ 31,579,460 * Payables to China - ACMH and BVI-ACM are eliminated upon consolidation. |
Use of estimates and assumptions [Policy Text Block] | Use of estimates and assumptions The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The significant estimates and assumptions made in the preparation of the Company’s consolidated financial statements include deferred income taxes, allowance for doubtful accounts, allowance for inventory valuation, deferred stock-based compensation, the fair value and useful lives of property, plant and equipment. Actual results could be materially different from those estimates, upon which the carrying values were based. |
Foreign currency translation [Policy Text Block] | Foreign currency translation The reporting currency of the Company is the U.S. dollar. The functional currency of China ACM and BVI-ACM is the U.S. dollar. China-ACMH and its VIEs use their local currency Chinese Renminbi (“RMB”) as their functional currency. In accordance with the US GAAP guidance on Foreign Currency Translation, the Company’s results of operations and cash flows are translated at the average exchange rates during the period, assets and liabilities are translated at the exchange rates at the balance sheet dates, and equity is translated at historical exchange rates. As a result, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Asset and liability accounts at June 30, 2015 and 2014, were translated at RMB6.11 to $1.00 and RMB6.15 to $1.00, respectively. The average translation rates applied to the consolidated statements of operations and comprehensive income (loss) and cash flows for each of the years ended June 30, 2015 and 2014 were RMB6.14 to $1.00. Translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations. The effects of foreign currency translation adjustments are included in stockholders’ equity as a component of accumulated other comprehensive income. |
Revenue recognition [Policy Text Block] | Revenue recognition Revenue is realized or realizable and earned when four criteria are met: • Persuasive evidence of an arrangement exists (the Company considers its sales contracts and technical service agreements to be pervasive evidence of an arrangement); • Delivery has occurred or services have been rendered; • The seller’s price to the buyer is fixed or determinable; and • Collectability of payment is reasonably assured. The Company sells its concrete products and provides concrete technical services primarily to major local construction companies. Sales agreements are signed with each customer. The agreements list all terms and conditions with the exception of delivery date and quantity, which are evidenced separately in purchase orders. The purchase price of products is fixed in the agreement and customers are not permitted to renegotiate after the contracts have been signed. The agreements include a cancellation clause if the Company or customers breach the contract terms specified in the agreement. The Company recognizes revenue when title and ownership of the goods are transferred upon shipment to the customer or services are provided by the Company. Revenue represents the invoiced value of goods, net of a value added tax (“VAT”). The industry standard VAT rate for all of the Company’s concrete products that are sold in the PRC was 6% of the gross sales price prior to July 1, 2014. On July 1, 2014, the standard VAT rate for concrete products decreased to 3% of the gross sales price. Due to the fact that the Company uses recycled raw materials to manufacture its products, the State Administration of Taxation granted the Company a VAT tax exemption, which expired June 2015. From July 2015 going forward, the Company is subject to VAT at the rate of 3% of the gross sales price. The Company includes the shipping and handling fee in both revenue and cost of revenue. |
Financial instruments [Policy Text Block] | Financial instruments The US GAAP accounting standards regarding fair value of financial instruments and related fair value measurements define fair value, establish a three-level valuation hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs are defined as follows: Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3 inputs to the valuation methodology are unobservable. Current assets, and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. The carrying value of long-term capital lease obligations approximate their fair value as interest rates approximate the market rate. |
Cash and cash equivalents [Policy Text Block] | Cash and cash equivalents The Company considers all highly liquid investments with the original maturity of three months or less at the date of purchase to be cash equivalents. The Company currently maintains substantially all of its day-to-day operating cash balances with major financial institutions within PRC and US. As of June 30, 2015 and 2014, the Company had deposits in excess of federally insured limits totaling approximately $2.7 million and $15.3 million, respectively. |
Restricted cash [Policy Text Block] | Restricted cash As of June 30, 2015 and 2014, restricted cash consisted of collateral representing cash deposits for short term loans, bank guarantees and notes payable. |
Accounts receivable [Policy Text Block] | Accounts receivable During the normal course of business, the Company extends unsecured credit to its customers. Accounts are considered past due after 30 days. In establishing the required allowance for doubtful accounts, management considers the historical experience, the economy, trends in the construction industry, the expected collectability of the amount receivable that is past due and the expected collectability of the overdue receivable. Management reviews its accounts receivable each reporting period to determine if the allowance for doubtful accounts is adequate. An estimate for doubtful accounts is recorded when collection of the full amount is no longer probable. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovering is considered remote. For the years ended June 30, 2015 and 2014, approximately $0.1 million and $10.9 million was written off against the allowance balance, respectively. |
Other receivables [Policy Text Block] | Other receivables Other receivables primarily include advances to employees, due from unrelated entities, VAT tax refunds and other deposits. Management regularly reviews the aging of receivables and changes in payment trends and records allowance when management believes collection of amounts due are at risk. Accounts considered uncollectible are written off after exhaustive efforts at collection are made. |
Inventories [Policy Text Block] | Inventories Inventories consist of raw materials and are stated at the lower of cost or market, as determined using the weighted average cost method. Management compares the cost of inventories with the market value and an allowance is made for writing down the inventory to its market value, if lower than cost. As of June 30, 2015 and 2014, the Company determined that no reserves for obsolescence were necessary. |
Short term investments [Policy Text Block] | Short term investments The Company entered into an investment agreement with a financial investment company in April 2015. The agreement allows the Company to invest up to RMB100 million ($16.4 million) for maximum periods of two years. The Company can redeem the investment at any time within the agreed period upon 30 -day notice. The financial investment company invests the Company’s funds in certain financial instruments including bonds, mortgage trust or mutual funds. The rates of return on these investments were guaranteed to be no less than 10% per annum. The Company’s investment is not subject to market fluctuation; therefore, the Company did not experience gain or loss on its investment. However, the Company’s funds deposited with the financial investment company are not insured. |
Prepayments and advances, and advances on equipment purchases, net [Policy Text Block] | Prepayments and advances, and advances on equipment purchases, net The Company advances monies to certain suppliers for raw materials, plant and equipment, and factory rent. These advances are interest free and unsecured. For each of the years ended June 30, 2015 and 2014, the Company recorded a bad debt allowance for advances on equipment purchases for approximately $1.2 million. |
Stock-based compensation [Policy Text Block] | Stock-based compensation The Company records stock-based compensation expense at fair value on the grant date and recognizes the expense over the employee's requisite service period. Unrecognized expense is deferred and included in the consolidated balance sheets, and amortized over the remaining requisite service period. The Company’s expected volatility assumption is based on the historical volatility of Company’s stock or the expected volatility of similar entities. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the Company’s current and expected dividend policy. |
Property, plant and equipment [Policy Text Block] | Property, plant and equipment Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are charged to operations as incurred while additions, renewals and improvements are capitalized. Depreciation is provided over the estimated useful life of each class of depreciable assets and is computed using the straight-line method with 5% residual value. Leasehold improvements are amortized over the lesser of estimated useful lives or lease terms, as appropriate. The estimated useful lives of assets are as follows: Useful life Transportation equipment 7 - 10 years Plant and machinery 10 years Office equipment 5 years Buildings and improvements 3 - 20 years |
Accounting for long-lived assets [Policy Text Block] | Accounting for long-lived assets The Company classifies its long-lived assets into: (i) machinery and equipment; (ii) transportation equipment, (iii) office and equipment; and (iv) buildings and improvements. Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be fully recoverable. It is possible that these assets could become impaired as a result of technology or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. The Company makes various assumptions and estimates regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The Company uses set criteria that are reviewed and approved by various levels of management, and estimates the fair value of the asset or asset group by using discounted cash flow analyses. If these estimates or their related assumptions change in the future, it is required to record impairment charges for the underlying assets at such time. Any such resulting impairment charges could be material to the Company’s results of operations. If the value of an asset is determined to be impaired, the impairment to be recognized is measured in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or the fair value, less disposition costs. There was no impairment charge for the year ended June 30, 2015. For the year ended June 30, 2014, the Company recognized approximately $0.3 million of impairment charges related to portable plants. Competitive pricing pressure and changes in interest rates could materially and adversely affect the Company’s estimates of future net cash flows to be generated by the long-lived assets, and thus could result in future impairment losses. |
Income taxes [Policy Text Block] | Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires the Company to use the assets and liability method of accounting for income taxes. Under the assets and liability method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts and the tax bases of existing assets and liabilities and operating loss and tax credit carry forward. Under this accounting standard, the effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion, or all of, a deferred tax asset will not be realized. ASC 740-10, Accounting for Uncertainty in Income Taxes, defines uncertainty in income taxes and the evaluation of a tax position as a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. United States federal, state and local income tax returns prior to 2012 are not subject to examination by any applicable tax authorities. |
Value Added Tax [Policy Text Block] | Value Added Tax Enterprises or individuals, who sell commodities, engage in repair and maintenance, or import and export goods in the PRC are subject to a value added tax. The standard VAT rate was 6% of gross sales for the Company’s industry, which was decreased to 3% of gross sales on July 1, 2014. Due to the fact that the Company uses recycled raw materials to manufacture its products, the State Administration of Taxation granted the Company a VAT tax exemption, which expired June 2015. From July 2015 going forward, the Company is subject to VAT at the rate of 3% of the gross sales price. |
Research and development, advertising and repair and maintenance [Policy Text Block] | Research and development, advertising and repair and maintenance Research and development, advertising and repair and maintenance costs are expensed as incurred. The cost of materials and equipment that are acquired or constructed for research and development activities, and have alternative future uses, either in research and development, marketing, or sales, are classified as property and equipment, and depreciated over their estimated useful lives. Research and development costs for the years ended June 30, 2015 and 2014 were approximately $1.1 million and $1.5 million, respectively. Advertising costs for the years ended June 30, 2015 and 2014 were approximately $52,000 and $14,000, respectively. Repair and maintenance costs for each of the years ended June 30, 2015 and 2014 were approximately $0.2 million. |
Earnings (loss) per share [Policy Text Block] | Earnings (loss) per share The Company reports earnings (loss) per share in accordance with the US GAAP, which requires presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings (loss) per share excludes dilution and is computed by dividing income (loss) available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts, such as warrants, options, restricted stock based grants and convertible preferred stock, to issue common stock were exercised and converted into common stock. Common stock equivalents having an anti-dilutive effect on earnings per share are excluded from the calculation of diluted earnings per share. Diluted loss per share is the same as basic loss per share since the addition of any contingently issuable shares would be anti-dilutive. Stock dividends or stock splits be accounted for retroactively if the stock dividends or stock splits occur during the period, or retroactively if the stock dividends or stock splits occur after the end of the period but before the release of the financial statements, by considering it outstanding of the entirety of each period presented. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. |
Comprehensive income [Policy Text Block] | Comprehensive income Comprehensive income consists of net income and foreign currency translation adjustments. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements In July 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) No. 2015-11, an amendment to Topic 330 for simplifying the measurement of inventory |
Summary of significant accoun24
Summary of significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Ownership of Subsidiaries and VIE's [Table Text Block] | Ownership Subsidiaries and VIEs Place incorporated percentage BVI-ACM British Virgin Island 100% China-ACMH Beijing, China 100% Xin Ao Beijing, China VIE Heng Yuan Zheng Ke Beijing, China VIE Hong Sheng An Beijing, China VIE Heng Tai Beijing, China VIE Da Tong Datong, China VIE Heng Xin Luanxian, China VIE |
Schedule of carrying amount of the VIE's assets and liabilities [Table Text Block] | June 30, June 30, 2015 2014 Current assets $ 115,628,360 $ 136,681,518 Property, plant and equipment 10,154,170 12,874,414 Other noncurrent assets 491,100 487,500 Total assets 126,273,630 150,043,432 Liabilities (87,520,412 ) (111,066,630 ) Intercompany payables* (8,650,651 ) (7,397,342 ) Total liabilities (96,171,063 ) (118,463,972 ) Net assets $ 30,102,567 $ 31,579,460 |
Schedule of Estimated Useful Lives of Assets [Table Text Block] | Useful life Transportation equipment 7 - 10 years Plant and machinery 10 years Office equipment 5 years Buildings and improvements 3 - 20 years |
Accounts and notes receivable (
Accounts and notes receivable (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, June 30, 2015 2014 Accounts receivable $ 68,566,418 $ 80,662,464 Notes receivable - 372,791 68,566,418 81,035,255 Less: Allowance for doubtful accounts (28,209,249 ) (31,667,803 ) Total accounts and notes receivable, net $ 40,357,169 $ 49,367,4 |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Other Receivables and Allowance for Doubtful Accounts [Table Text Block] | June 30, June 30, 2015 2014 Other receivables, current $ 3,483,549 $ 6,932,437 Less: Allowance for doubtful accounts, current (2,403,362 ) (2,810,887 ) Other receivables - current, net $ 1,080,187 $ 4,121,550 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Property, Plant and Equipment [Table Text Block] | June 30, June 30, 2015 2014 Machinery and equipment $ 2,363,324 $ 4,158,656 Transportation equipment 1,030,710 1,095,548 Leased equipment 11,287,442 11,204,700 Office equipment 1,305,992 1,310,508 Buildings and improvements 393,205 299,074 Total 16,380,673 18,068,486 Less: Accumulated depreciation (6,224,825 ) (5,190,223 ) Plant and equipment, net $ 10,155,848 $ 12,878,263 |
Prepayments and advances (Table
Prepayments and advances (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, June 30, 2015 2014 Advances on inventory purchases $ 51,979,493 $ 35,373,493 Deferred stock-based compensation 498,604 - Rent prepayments (see Note 15) - 325,572 Total prepayments and advances $ 52,478,097 $ 35,699,065 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Short-term Debt [Table Text Block] | June 30, June 30, 2015 2014 Loan from Shanghai Pudong Development Bank, repaid in full in January 2015 $ - $ 10,968,750 Loan from Construction Bank, interest rate at 6% per annum, due November 18, 2015; guaranteed by Jinshengding Mineral Products Co., LTD and Mr. Xianfu Han. 5,729,500 5,687,500 Loan from Beijing Bank, interest rate at 6.4% per annum, due March 12, 2016, guaranteed by Beijing Jinshengding Mineral Products Co., LTD and Mr. Xianfu Han. 4,911,000 4,875,000 Loan from Hana Bank, repaid in full in September 2014 - 6,500,000 Loan from Citic Bank, interest rate at 7.80% per annum, due August 25, 2015; guaranteed by Jinshengding Mineral Products Co., LTD, Mr. Xianfu Han and Mr. Weili He. This loan was repaid in August 2015. 3,274,000 3,250,000 $ 13,914,500 $ 31,281,250 |
Schedule of Bank guarantees [Table Text Block] | June 30, June 30, 2015 2014 Bank guarantees due to Construction Bank, various due dates from July to November 2015, guaranteed by Beijing Jinshengding Mineral Products Co., LTD, and Mr. Xianfu Han, a related party.* $ 12,441,200 $ 23,115,463 |
Schedule of Short Term Loans Other [Table Text Block] | June 30, June 30, 2015 2014 Short term loans due to unrelated third-party individual, repaid in full on August 28, 2014 $ - $ 3,250,000 $ - $ 3,250,000 |
Capital lease obligations (Tabl
Capital lease obligations (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Capital lease obligations [Table Text Block] | June 30, June 30, 2015 2014 Lease obligations for concrete pump trucks maturing in January 2016, lease payment at $186,000 per month with interest at 7.68% per annum $ 1,152,950 $ 4,790,877 Lease obligations for concrete mixer trucks maturing September 2015, lease payment at $32,000 per month with interest at 7.98% per annum 95,420 473,600 Lease obligations for concrete mixer trucks maturing in May 2014, lease payment at $156,000 per month with interest at 7.28% per annum* 266,757 606,052 Lease obligations for concrete pump trucks paid off in April 2015 - 187,801 Total 1,515,127 6,058,330 Less: Deferred interest (25,743 ) (220,988 ) 1,489,384 5,837,342 Less: Capital lease obligations - current (1,489,384 ) (4,659,756 ) Capital lease obligations - non current $ - $ 1,177,586 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Related Party Transactions [Table Text Block] | June 30, June 30, 2015 2014 Xianfu Han $ 15,762 $ 450,540 Weili He 67,916 474,845 $ 83,678 $ 925,385 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years ended June 30, 2015 2014 USA and BVI $ (1,603,513 ) $ (414,927 ) China (1,460,243 ) (13,786,875 ) $ (3,063,756 ) $ (14,201,802 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended June 30, 2015 2014 Current provision: USA $ - $ - China (335,869 ) (796,998 ) Total current provision (335,869 ) (796,998 ) Deferred provision: USA - - China (764,487 ) (1,648,292 ) Total deferred provision (764,487 ) (1,648,292 ) Total provision for income taxes $ (1,100,356 ) $ (2,445,290 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 30, June 30, 2015 2014 Deferred tax assets - current Allowance for doubtful accounts $ 4,591,891 $ 5,171,804 Valuation allowance (2,755,134 ) (2,585,902 ) Total deferred tax assets - current $ 1,836,757 $ 2,585,902 Deferred tax assets - non-current Net operating loss carryforward in the U.S. $ 309,393 $ 506,644 Impairment loss of long-lived assets - 244,931 309,393 751,575 Valuation allowance (309,393 ) (751,575 ) Total deferred tax assets - non-current $ - $ - |
Schedule of Changes to Valuation Allowance for Deferred Tax Assets [Table Text Block] | Valuation Allowance For deferred tax assets - current As of June 30, 2014 $ 2,585,902 Allowance for doubtful accounts (309,052 ) Increased allowance rate 459,189 Effect of exchange rate difference 19,095 As of June 30, 2015 $ 2,755,134 Valuation Allowance For deferred tax assets - noncurrent As of June 30, 2014 $ 751,575 Net operating loss carryforward in the U.S. (197,251 ) Impairment loss of long-lived assets (244,931 ) As of June 30, 2015 $ 309,393 |
Schedule of Taxes Payable [Table Text Block] | June 30, June 30, 2015 2014 Income taxes payable $ - $ 163,753 Other taxes payable 12,859 28,452 Total taxes payable $ 12,859 $ 192,205 |
Schedule of reconciles the U.S. statutory rates to the Companys effective tax rate [Table Text Block] | June 30, June 30, 2015 2014 U.S. statutory rates 34% 34% Foreign income not recognized in the U.S. (34% ) (34% ) PRC statutory rates 25% 25% Preferential tax treatment (10% ) (10% ) Change in valuation allowance 2% (8% ) Non-deductible PRC expenses* (32% ) (18% ) Other** (22% ) (6% ) Effective income tax rates (36% ) (17% ) |
Shareholders equity (Tables)
Shareholders equity (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of the summary of Restricted stock grants [Table Text Block] | Restricted stock grants Shares Weighted Average Aggregate Nonvested as of June 30, 2014 - $ - $ - Granted 251,875 4.02 1,013,413 Vested (76,875 ) 4.17 320,663 Nonvested As of June 30, 2015 175,000 $ 3.96 $ 692,750 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Future annual lease payments [Table Text Block] | Twelve months ending June 30, Amount 2016 $ 715,000 2017 652,000 2018 652,000 2019 652,000 2020 652,000 Thereafter 652,000 Total $ 3,975,000 |
Organization and description 35
Organization and description of business (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2015 | |
Organization And Description Of Business 1 | 100.00% |
Summary of significant accoun36
Summary of significant accounting policies (Narrative) (Details) - 12 months ended Jun. 30, 2015 | USD ($)d | CNY (¥)d |
Summary Of Significant Accounting Policies 1 | ¥ | ¥ 6.11 | |
Summary Of Significant Accounting Policies 2 | $ 1 | |
Summary Of Significant Accounting Policies 3 | ¥ | 6.15 | |
Summary Of Significant Accounting Policies 4 | 1 | |
Summary Of Significant Accounting Policies 5 | ¥ | ¥ 6.14 | |
Summary Of Significant Accounting Policies 6 | $ 1 | |
Summary Of Significant Accounting Policies 7 | 6.00% | 6.00% |
Summary Of Significant Accounting Policies 8 | 3.00% | 3.00% |
Summary Of Significant Accounting Policies 9 | 3.00% | 3.00% |
Summary Of Significant Accounting Policies 10 | $ 2,700,000 | |
Summary Of Significant Accounting Policies 11 | $ 15,300,000 | |
Summary Of Significant Accounting Policies 12 | d | 30 | 30 |
Summary Of Significant Accounting Policies 13 | $ 100,000 | |
Summary Of Significant Accounting Policies 14 | 10,900,000 | |
Summary Of Significant Accounting Policies 15 | ¥ | ¥ 100,000,000 | |
Summary Of Significant Accounting Policies 16 | $ 16,400,000 | |
Summary Of Significant Accounting Policies 17 | 30 | 30 |
Summary Of Significant Accounting Policies 18 | 10.00% | 10.00% |
Summary Of Significant Accounting Policies 19 | $ 1,200,000 | |
Summary Of Significant Accounting Policies 20 | 5.00% | 5.00% |
Summary Of Significant Accounting Policies 21 | $ 300,000 | |
Summary Of Significant Accounting Policies 22 | 50.00% | 50.00% |
Supplemental disclosure of ca37
Supplemental disclosure of cash flow information (Narrative) (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Supplemental Disclosure Of Cash Flow Information 1 | $ 1.4 |
Supplemental Disclosure Of Cash Flow Information 2 | 2.5 |
Supplemental Disclosure Of Cash Flow Information 3 | 0.5 |
Supplemental Disclosure Of Cash Flow Information 4 | 0.7 |
Supplemental Disclosure Of Cash Flow Information 5 | 0.8 |
Supplemental Disclosure Of Cash Flow Information 6 | 2.4 |
Supplemental Disclosure Of Cash Flow Information 7 | 0.9 |
Supplemental Disclosure Of Cash Flow Information 8 | 3.6 |
Supplemental Disclosure Of Cash Flow Information 9 | 1.2 |
Supplemental Disclosure Of Cash Flow Information 10 | 0.4 |
Supplemental Disclosure Of Cash Flow Information 11 | $ 1.2 |
Accounts and notes receivable38
Accounts and notes receivable (Narrative) (Details) - 12 months ended Jun. 30, 2015 - d | Total |
Accounts And Notes Receivable 1 | 15.00% |
Accounts And Notes Receivable 2 | 180 |
Accounts And Notes Receivable 3 | 60.00% |
Accounts And Notes Receivable 4 | 75.00% |
Accounts And Notes Receivable 5 | 100.00% |
Property, plant and equipment39
Property, plant and equipment (Narrative) (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Property, Plant And Equipment 1 | $ 2.1 |
Property, Plant And Equipment 2 | 2.4 |
Property, Plant And Equipment 3 | 1.5 |
Property, Plant And Equipment 4 | 3.3 |
Property, Plant And Equipment 5 | 1.7 |
Property, Plant And Equipment 6 | $ 0.3 |
Prepayments and advances (Narra
Prepayments and advances (Narrative) (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Prepayments And Advances 1 | $ 1 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) - 12 months ended Jun. 30, 2015 ¥ in Millions, $ in Millions | USD ($) | CNY (¥) |
Credit Facilities 1 | $ 7.5 | |
Credit Facilities 2 | 2.6 | |
Credit Facilities 3 | 10.5 | |
Credit Facilities 4 | 30.5 | |
Credit Facilities 5 | ¥ | ¥ 187 | |
Credit Facilities 6 | 9.8 | |
Credit Facilities 7 | ¥ | ¥ 60 | |
Credit Facilities 8 | 8.5 | |
Credit Facilities 9 | $ 2.9 |
Related party transactions (Nar
Related party transactions (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2015shares | |
Related Party Transactions 1 | 174,865 |
Income taxes (Narrative) (Detai
Income taxes (Narrative) (Details) - 12 months ended Jun. 30, 2015 | USD ($) |
Income Taxes 1 | 2,015 |
Income Taxes 2 | $ 900,000 |
Income Taxes 3 | 100.00% |
Income Taxes 4 | $ 200,000 |
Income Taxes 5 | 100,000 |
Income Taxes 6 | 0 |
Income Taxes 7 | 1,000,000 |
Income Taxes 8 | $ 1,500,000 |
Income Taxes 9 | 25.00% |
Income Taxes 10 | 25.00% |
Income Taxes 11 | 15.00% |
Income Taxes 12 | 25.00% |
Income Taxes 13 | 10.00% |
Income Taxes 14 | $ 2,800,000 |
Income Taxes 15 | 2,800,000 |
Income Taxes 16 | 2,600,000 |
Income Taxes 17 | 200,000 |
Income Taxes 18 | 300,000 |
Income Taxes 19 | $ 500,000 |
Shareholders equity (Narrative)
Shareholders equity (Narrative) (Details) - 12 months ended Jun. 30, 2015 | USD ($)shares |
Shareholders Equity 1 | 150,000 |
Shareholders Equity 2 | $ | $ 625,500 |
Shareholders Equity 3 | 13 |
Shareholders Equity 4 | 75,000 |
Shareholders Equity 5 | 1,875 |
Shareholders Equity 6 | 100,000 |
Shareholders Equity 7 | $ | $ 380,000 |
Shareholders Equity 8 | 200,000 |
Shareholders Equity 9 | $ | $ 500,000 |
Shareholders Equity 10 | $ | $ 0 |
Shareholders Equity 11 | 174,865 |
Reserves and dividends (Narrati
Reserves and dividends (Narrative) (Details) - 12 months ended Jun. 30, 2015 - USD ($) $ in Millions | Total |
Reserves And Dividends 1 | 10.00% |
Reserves And Dividends 2 | 50.00% |
Reserves And Dividends 3 | 50.00% |
Reserves And Dividends 4 | $ 2.1 |
Reserves And Dividends 5 | 25.00% |
Employee post-retirement bene46
Employee post-retirement benefits (Narrative) (Details) - 12 months ended Jun. 30, 2015 $ / shares in Units, ¥ in Millions | USD ($)$ / sharesshares | CNY (¥)shares |
Employee Post-retirement Benefits 1 | 20.00% | 20.00% |
Employee Post-retirement Benefits 2 | 8.00% | 8.00% |
Employee Post-retirement Benefits 3 | $ 1,000,000 | |
Employee Post-retirement Benefits 4 | $ 700,000 | |
Employee Post-retirement Benefits 5 | shares | 280,000 | 280,000 |
Employee Post-retirement Benefits 6 | shares | 65,102 | 65,102 |
Employee Post-retirement Benefits 7 | $ / shares | $ 4.99 | |
Employee Post-retirement Benefits 8 | $ 324,860 | |
Employee Post-retirement Benefits 9 | ¥ | ¥ 2 | |
Employee Post-retirement Benefits 10 | shares | 202,086 | 202,086 |
Employee Post-retirement Benefits 11 | $ / shares | $ 4.17 | |
Employee Post-retirement Benefits 12 | $ 842,692 | |
Employee Post-retirement Benefits 13 | ¥ | ¥ 5.2 |
Commitments and contingencies47
Commitments and contingencies (Narrative) (Details) - 12 months ended Jun. 30, 2015 - USD ($) | Total |
Commitments And Contingencies 1 | $ 219,000 |
Commitments And Contingencies 2 | 27,000 |
Commitments And Contingencies 3 | 54,000 |
Commitments And Contingencies 4 | 1,600,000 |
Commitments And Contingencies 5 | $ 2,000,000 |
Commitments And Contingencies 6 | 160.00% |
Concentrations (Narrative) (Det
Concentrations (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2015 | |
Concentrations 1 | 14.10% |
Concentrations 2 | 10.60% |
Concentrations 3 | 10.00% |
Concentrations 4 | 16.40% |
Concentrations 5 | 11.90% |
Concentrations 6 | 10.00% |
Schedule of Ownership of Subsid
Schedule of Ownership of Subsidiaries and VIE's (Details) | 12 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies Schedule Of Ownership Of Subsidiaries And Vie's 1 | 100.00% |
Summary Of Significant Accounting Policies Schedule Of Ownership Of Subsidiaries And Vie's 2 | 100.00% |
Schedule of carrying amount of
Schedule of carrying amount of the VIE's assets and liabilities (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 1 | $ 115,628,360 |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 2 | 136,681,518 |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 3 | 10,154,170 |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 4 | 12,874,414 |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 5 | 491,100 |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 6 | 487,500 |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 7 | 126,273,630 |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 8 | 150,043,432 |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 9 | (87,520,412) |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 10 | (111,066,630) |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 11 | (8,650,651) |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 12 | (7,397,342) |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 13 | (96,171,063) |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 14 | (118,463,972) |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 15 | 30,102,567 |
Summary Of Significant Accounting Policies Schedule Of Carrying Amount Of The Vie's Assets And Liabilities 16 | $ 31,579,460 |
Schedule of Estimated Useful Li
Schedule of Estimated Useful Lives of Assets (Details) - 12 months ended Jun. 30, 2015 | USD ($)yr |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 1 | $ | $ 7 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 2 | 10 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 3 | 10 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 4 | 5 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 5 | $ | $ 3 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 6 | 20 |
Schedule of Accounts, Notes, Lo
Schedule of Accounts, Notes, Loans and Financing Receivable (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 1 | $ 68,566,418 |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 2 | 80,662,464 |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 3 | 0 |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 4 | 372,791 |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 5 | 68,566,418 |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 6 | 81,035,255 |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 7 | (28,209,249) |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 8 | (31,667,803) |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 9 | 40,357,169 |
Accounts And Notes Receivable Schedule Of Accounts, Notes, Loans And Financing Receivable 10 | $ 49,367 |
Schedule of Other Receivables a
Schedule of Other Receivables and Allowance for Doubtful Accounts (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Other Receivables Schedule Of Other Receivables And Allowance For Doubtful Accounts 1 | $ 3,483,549 |
Other Receivables Schedule Of Other Receivables And Allowance For Doubtful Accounts 2 | 6,932,437 |
Other Receivables Schedule Of Other Receivables And Allowance For Doubtful Accounts 3 | (2,403,362) |
Other Receivables Schedule Of Other Receivables And Allowance For Doubtful Accounts 4 | (2,810,887) |
Other Receivables Schedule Of Other Receivables And Allowance For Doubtful Accounts 5 | 1,080,187 |
Other Receivables Schedule Of Other Receivables And Allowance For Doubtful Accounts 6 | $ 4,121,550 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 1 | $ 2,363,324 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 2 | 4,158,656 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 3 | 1,030,710 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 4 | 1,095,548 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 5 | 11,287,442 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 6 | 11,204,700 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 7 | 1,305,992 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 8 | 1,310,508 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 9 | 393,205 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 10 | 299,074 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 11 | 16,380,673 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 12 | 18,068,486 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 13 | (6,224,825) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 14 | (5,190,223) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 15 | 10,155,848 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 16 | $ 12,878,263 |
Schedule of Deferred Costs, Cap
Schedule of Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Prepayments And Advances Schedule Of Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure 1 | $ 51,979,493 |
Prepayments And Advances Schedule Of Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure 2 | 35,373,493 |
Prepayments And Advances Schedule Of Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure 3 | 498,604 |
Prepayments And Advances Schedule Of Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure 4 | 0 |
Prepayments And Advances Schedule Of Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure 5 | 0 |
Prepayments And Advances Schedule Of Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure 6 | 325,572 |
Prepayments And Advances Schedule Of Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure 7 | 52,478,097 |
Prepayments And Advances Schedule Of Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure 8 | $ 35,699,065 |
Schedule of Short-term Debt (De
Schedule of Short-term Debt (Details) - 12 months ended Jun. 30, 2015 - USD ($) | Total |
Credit Facilities Schedule Of Short-term Debt 1 | $ 0 |
Credit Facilities Schedule Of Short-term Debt 2 | $ 10,968,750 |
Credit Facilities Schedule Of Short-term Debt 3 | 6.00% |
Credit Facilities Schedule Of Short-term Debt 4 | $ 5,729,500 |
Credit Facilities Schedule Of Short-term Debt 5 | $ 5,687,500 |
Credit Facilities Schedule Of Short-term Debt 6 | 6.40% |
Credit Facilities Schedule Of Short-term Debt 7 | $ 4,911,000 |
Credit Facilities Schedule Of Short-term Debt 8 | 4,875,000 |
Credit Facilities Schedule Of Short-term Debt 9 | 0 |
Credit Facilities Schedule Of Short-term Debt 10 | $ 6,500,000 |
Credit Facilities Schedule Of Short-term Debt 11 | 7.80% |
Credit Facilities Schedule Of Short-term Debt 12 | $ 3,274,000 |
Credit Facilities Schedule Of Short-term Debt 13 | 3,250,000 |
Credit Facilities Schedule Of Short-term Debt 14 | 13,914,500 |
Credit Facilities Schedule Of Short-term Debt 15 | $ 31,281,250 |
Schedule of Bank guarantees (De
Schedule of Bank guarantees (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Credit Facilities Schedule Of Bank Guarantees 1 | $ 12,441,200 |
Credit Facilities Schedule Of Bank Guarantees 2 | $ 23,115,463 |
Schedule of Short Term Loans Ot
Schedule of Short Term Loans Other (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Credit Facilities Schedule Of Short Term Loans Other 1 | $ 0 |
Credit Facilities Schedule Of Short Term Loans Other 2 | 3,250,000 |
Credit Facilities Schedule Of Short Term Loans Other 3 | 0 |
Credit Facilities Schedule Of Short Term Loans Other 4 | $ 3,250,000 |
Schedule of Capital lease oblig
Schedule of Capital lease obligations (Details) - 12 months ended Jun. 30, 2015 | USD ($)$ / mo |
Capital Lease Obligations Schedule Of Capital Lease Obligations 1 | $ / mo | 186,000 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 2 | 7.68% |
Capital Lease Obligations Schedule Of Capital Lease Obligations 3 | $ 1,152,950 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 4 | $ 4,790,877 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 5 | $ / mo | 32,000 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 6 | 7.98% |
Capital Lease Obligations Schedule Of Capital Lease Obligations 7 | $ 95,420 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 8 | $ 473,600 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 9 | $ / mo | 156,000 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 10 | 7.28% |
Capital Lease Obligations Schedule Of Capital Lease Obligations 11 | $ 266,757 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 12 | 606,052 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 13 | 0 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 14 | 187,801 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 15 | 1,515,127 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 16 | 6,058,330 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 17 | (25,743) |
Capital Lease Obligations Schedule Of Capital Lease Obligations 18 | (220,988) |
Capital Lease Obligations Schedule Of Capital Lease Obligations 19 | 1,489,384 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 20 | 5,837,342 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 21 | (1,489,384) |
Capital Lease Obligations Schedule Of Capital Lease Obligations 22 | (4,659,756) |
Capital Lease Obligations Schedule Of Capital Lease Obligations 23 | 0 |
Capital Lease Obligations Schedule Of Capital Lease Obligations 24 | $ 1,177,586 |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Related Party Transactions Schedule Of Related Party Transactions 1 | $ 15,762 |
Related Party Transactions Schedule Of Related Party Transactions 2 | 450,540 |
Related Party Transactions Schedule Of Related Party Transactions 3 | 67,916 |
Related Party Transactions Schedule Of Related Party Transactions 4 | 474,845 |
Related Party Transactions Schedule Of Related Party Transactions 5 | 83,678 |
Related Party Transactions Schedule Of Related Party Transactions 6 | $ 925,385 |
Schedule of Income before Incom
Schedule of Income before Income Tax, Domestic and Foreign (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 1 | $ (1,603,513) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 2 | (414,927) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 3 | (1,460,243) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 4 | (13,786,875) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 5 | (3,063,756) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 6 | $ (14,201,802) |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 1 | $ 0 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 2 | 0 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 3 | (335,869) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 4 | (796,998) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 5 | (335,869) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 6 | (796,998) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 7 | 0 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 8 | 0 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 9 | (764,487) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 10 | (1,648,292) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 11 | (764,487) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 12 | (1,648,292) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 13 | (1,100,356) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 14 | $ (2,445,290) |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $ 4,591,891 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | 5,171,804 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | (2,755,134) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | (2,585,902) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | 1,836,757 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | 2,585,902 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 7 | 309,393 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 8 | 506,644 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 9 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 10 | 244,931 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 11 | 309,393 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 12 | 751,575 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 13 | (309,393) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 14 | (751,575) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 15 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 16 | $ 0 |
Schedule of Changes to Valuatio
Schedule of Changes to Valuation Allowance for Deferred Tax Assets (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Income Taxes Schedule Of Changes To Valuation Allowance For Deferred Tax Assets 1 | $ 2,585,902 |
Income Taxes Schedule Of Changes To Valuation Allowance For Deferred Tax Assets 2 | (309,052) |
Income Taxes Schedule Of Changes To Valuation Allowance For Deferred Tax Assets 3 | 459,189 |
Income Taxes Schedule Of Changes To Valuation Allowance For Deferred Tax Assets 4 | 19,095 |
Income Taxes Schedule Of Changes To Valuation Allowance For Deferred Tax Assets 5 | 2,755,134 |
Income Taxes Schedule Of Changes To Valuation Allowance For Deferred Tax Assets 6 | 751,575 |
Income Taxes Schedule Of Changes To Valuation Allowance For Deferred Tax Assets 7 | (197,251) |
Income Taxes Schedule Of Changes To Valuation Allowance For Deferred Tax Assets 8 | (244,931) |
Income Taxes Schedule Of Changes To Valuation Allowance For Deferred Tax Assets 9 | $ 309,393 |
Schedule of Taxes Payable (Deta
Schedule of Taxes Payable (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Income Taxes Schedule Of Taxes Payable 1 | $ 0 |
Income Taxes Schedule Of Taxes Payable 2 | 163,753 |
Income Taxes Schedule Of Taxes Payable 3 | 12,859 |
Income Taxes Schedule Of Taxes Payable 4 | 28,452 |
Income Taxes Schedule Of Taxes Payable 5 | 12,859 |
Income Taxes Schedule Of Taxes Payable 6 | $ 192,205 |
Schedule of reconciles the U.S.
Schedule of reconciles the U.S. statutory rates to the Companys effective tax rate (Details) | 12 Months Ended |
Jun. 30, 2015 | |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 1 | 34.00% |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 2 | 34.00% |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 3 | (34.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 4 | (34.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 5 | 25.00% |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 6 | 25.00% |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 7 | (10.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 8 | (10.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 9 | 2.00% |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 10 | (8.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 11 | (32.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 12 | (18.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 13 | (22.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 14 | (6.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 15 | (36.00%) |
Income Taxes Schedule Of Reconciles The U.s. Statutory Rates To The Companys Effective Tax Rate 16 | (17.00%) |
Schedule of the summary of Rest
Schedule of the summary of Restricted stock grants (Details) - 12 months ended Jun. 30, 2015 | USD ($) |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 1 | $ 0 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 2 | 0 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 3 | 0 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 4 | $ 251,875 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 5 | 4.02 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 6 | $ 1,013,413 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 7 | $ (76,875) |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 8 | 4.17 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 9 | $ 320,663 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 10 | $ 175,000 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 11 | 3.96 |
Shareholders Equity Schedule Of The Summary Of Restricted Stock Grants 12 | $ 692,750 |
Schedule of Future annual lease
Schedule of Future annual lease payments (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Commitments And Contingencies Schedule Of Future Annual Lease Payments 1 | $ 715,000 |
Commitments And Contingencies Schedule Of Future Annual Lease Payments 2 | 652,000 |
Commitments And Contingencies Schedule Of Future Annual Lease Payments 3 | 652,000 |
Commitments And Contingencies Schedule Of Future Annual Lease Payments 4 | 652,000 |
Commitments And Contingencies Schedule Of Future Annual Lease Payments 5 | 652,000 |
Commitments And Contingencies Schedule Of Future Annual Lease Payments 6 | 652,000 |
Commitments And Contingencies Schedule Of Future Annual Lease Payments 7 | $ 3,975,000 |