Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'FY | ' |
Entity Registrant Name | 'Sino-Global Shipping America, Ltd. | ' |
Entity Central Index Key | '0001422892 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Public Float | ' | $3,754,502.50 |
Trading Symbol | 'SINO | ' |
Entity Common Stock, Shares Outstanding | 6,200,841 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Current assets | ' | ' |
Cash and cash equivalents | $902,531 | $3,048,831 |
Advances to suppliers | 8,482 | 231,772 |
Accounts receivable, less allowance for doubtful accounts of $443,858 and $690,065 as of June 30, 2014 and 2013, respectively | 481,885 | 3,142,203 |
Other receivables, less allowance for doubtful accounts of $250,100 and $233,950 as of June 30, 2014 and June 30,2013, respectively | 174,406 | 142,206 |
Deferred expense and other current assets | 497,529 | 12,488 |
Prepaid taxes | 0 | 26,288 |
Due from related parties | 3,173,765 | 541,377 |
Total Current Assets | 5,238,598 | 7,145,165 |
Property and equipment, net | 294,722 | 267,662 |
Other long-term assets | 16,734 | 18,278 |
Deferred tax assets | 163,900 | 105,100 |
Total Assets | 5,713,954 | 7,536,205 |
Current liabilities | ' | ' |
Advances from customers | 88,477 | 710,172 |
Accounts payable | 398,756 | 3,219,240 |
Accrued expenses | 177,877 | 51,352 |
Other current liabilities | 565,685 | 424,141 |
Total Current Liabilities | 1,230,795 | 4,404,905 |
Total Liabilities | 1,230,795 | 4,404,905 |
Commitments and Contingency | ' | ' |
Equity | ' | ' |
Preferred stock, 2,000,000 shares authorized, no par value, none issued. | 0 | 0 |
Common stock, 50,000,000 shares authorized, no par value; 5,229,032 and 4,829,032 shares issued as of June 30, 2014 and 2013; 5,103,841 and 4,703,841 outstanding as of June 30, 2014 and 2013 | 11,662,157 | 10,750,157 |
Additional paid-in capital | 1,144,842 | 1,144,842 |
Treasury stock, at cost - 125,191 shares | -372,527 | -372,527 |
Accumulated deficit | -3,270,260 | -4,856,613 |
Accumulated other comprehensive income | 24,618 | 54,791 |
Unearned Stock-based Compensation | -11,640 | -15,520 |
Total Sino-Global Shipping America Ltd. Stockholders' equity | 9,177,190 | 6,705,130 |
Non-controlling Interest | -4,694,031 | -3,573,830 |
Total Equity | 4,483,159 | 3,131,300 |
Total Liabilities and Equity | $5,713,954 | $7,536,205 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Accounts receivable, allowance for doubtful accounts | $443,858 | $690,065 |
Other receivables, allowance for doubtful accounts | $250,100 | $233,950 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock par value | $0 | $0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock par value | $0 | $0 |
Common stock, shares issued | 5,229,032 | 4,829,032 |
Common stock, shares outstanding | 5,103,841 | 4,703,841 |
Treasury stock, shares | 125,191 | 125,191 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Net revenues | $11,644,392 | $17,331,759 |
Cost of revenues | -7,613,459 | -15,402,743 |
Gross profit | 4,030,933 | 1,929,016 |
General and administrative expenses | -3,470,669 | -3,878,569 |
Selling expenses | -260,134 | -253,987 |
Costs and expenses | -3,730,803 | -4,132,556 |
Operating income (loss) | 300,130 | -2,203,540 |
Financial expense, net | -50,170 | -15,520 |
Other income, net | 264,349 | 52,253 |
Nonoperating Income (Expense), Total | 214,179 | 36,733 |
Net income (loss) before provision for income taxes | 514,309 | -2,166,807 |
Income tax expense | -79,823 | -410,089 |
Net income (loss) | 434,486 | -2,576,896 |
Net loss attributable to non-controlling interest | -1,151,867 | -777,141 |
Net income (loss) attributable to Sino-Global Shipping America, Ltd. | 1,586,353 | -1,799,755 |
Comprehensive income (loss) | ' | ' |
Net income (loss) | 434,486 | -2,576,896 |
Foreign currency translation gain (loss) | 1,493 | -15,934 |
Comprehensive income (loss) | 435,979 | -2,592,830 |
Less: Comprehensive loss attributable to non-controlling interest | -1,120,201 | -831,157 |
Comprehensive income (loss) attributable to Sino-Global Shipping America Ltd. | $1,556,180 | ($1,761,673) |
Earnings (loss) per share | ' | ' |
-Basic and diluted | $0.34 | ($0.38) |
Weighted average number of common shares used in computation | ' | ' |
-Basic and diluted | 4,721,923 | 4,703,841 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Activities | ' | ' |
Net income (loss) | $434,486 | ($2,576,896) |
Adjustment to reconcile net income (loss) to net cash used in operating activities | ' | ' |
Amortization of stock option expense | 3,880 | 139,615 |
Depreciation and amortization | 155,657 | 198,825 |
(Recovery of) provision for doubtful accounts | -246,206 | 518,835 |
Deferred tax (benefit) expense | -50,445 | 413,900 |
Gain on disposition of property and equipment | -385 | -3,448 |
Changes in assets and liabilities | ' | ' |
Decrease in advances to suppliers | 223,290 | 128,505 |
Decrease in accounts receivable | 201,155 | 127,928 |
Decrease in other receivables | 16,154 | 235,629 |
(Increase) decrease in other current assets | -17,041 | 74,984 |
Decrease in prepaid taxes | 26,288 | 1,068 |
Decrease in other long-term assets | 1,544 | 6,964 |
Increase in due from related parties | -1,473,752 | 0 |
(Decrease) increase in advances from customers | -506,066 | 406,735 |
Decrease in accounts payable | -230,745 | -4,247,905 |
Increase (decrease) in accrued expenses | 126,525 | -40,865 |
Increase in other current liabilities | 93,190 | 254,513 |
Net cash used in operating activities | -1,242,471 | -4,361,613 |
Investing Activities | ' | ' |
Acquisitions of property and equipment | -203,252 | -67,116 |
Proceeds from sale of fixed assets | 854 | 16,185 |
Loan to related party | -1,158,636 | 0 |
Net cash used in investing activities | -1,361,034 | -50,931 |
Financing Activities | ' | ' |
Proceeds from issuance of common stock | 444,000 | 3,040,412 |
Decrease in non-controlling interest in majority-owned subsidiary | 0 | -13,876 |
Net cash provided by financing activities | 444,000 | 3,026,536 |
Effect of exchange rate fluctuations on cash and cash equivalents | 13,205 | 1,506 |
Net decrease in cash and cash equivalents | -2,146,300 | -1,384,502 |
Cash and cash equivalents at beginning of year | 3,048,831 | 4,433,333 |
Cash and cash equivalents at end of year | 902,531 | 3,048,831 |
Supplemental information: | ' | ' |
Income taxes paid | 24,841 | 26,400 |
Non-cash transactions of operating activities: | ' | ' |
Settlement of related accounts receivable and payable | 2,589,739 | 0 |
Common stock issued for unearned stock-based compensation | $468,000 | $0 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deferred Compensation, Share-based Payments [Member] | Stockholders' Equity, Total [Member] | Noncontrolling Interest [Member] |
Balance at Jun. 30, 2012 | $2,544,103 | $7,709,745 | $1,191,796 | ($372,527) | ($3,056,858) | $16,709 | ($202,089) | $5,286,776 | ($2,742,673) |
Balance (in shares) at Jun. 30, 2012 | ' | 3,029,032 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 3,040,412 | 3,040,412 | ' | ' | ' | ' | ' | 3,040,412 | ' |
Issuance of common stock (in shares) | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' |
Stock options forfeited | 0 | ' | -46,954 | ' | ' | ' | 46,954 | 0 | ' |
Amortization of stock options | 139,615 | ' | ' | ' | ' | ' | 139,615 | 139,615 | ' |
Foreign currency translation | -15,934 | ' | ' | ' | ' | 38,082 | ' | 38,082 | -54,016 |
Net income (loss) | -2,576,896 | ' | ' | ' | -1,799,755 | ' | ' | -1,799,755 | -777,141 |
Balance at Jun. 30, 2013 | 3,131,300 | 10,750,157 | 1,144,842 | -372,527 | -4,856,613 | 54,791 | -15,520 | 6,705,130 | -3,573,830 |
Balance (in shares) at Jun. 30, 2013 | ' | 4,829,032 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 912,000 | 912,000 | ' | ' | ' | ' | ' | 912,000 | ' |
Issuance of common stock (in shares) | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization of stock options | 3,880 | ' | ' | ' | ' | ' | 3,880 | 3,880 | ' |
Foreign currency translation | 1,493 | ' | ' | ' | ' | -30,173 | ' | -30,173 | 31,666 |
Net income (loss) | 434,486 | ' | ' | ' | 1,586,353 | ' | ' | 1,586,353 | -1,151,867 |
Balance at Jun. 30, 2014 | $4,483,159 | $11,662,157 | $1,144,842 | ($372,527) | ($3,270,260) | $24,618 | ($11,640) | $9,177,190 | ($4,694,031) |
Balance (in shares) at Jun. 30, 2014 | ' | 5,229,032 | ' | ' | ' | ' | ' | ' | ' |
ORGANIZATION_AND_NATURE_OF_BUS
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Organization Consolidation and Presentation Of Financial Statements Disclosure [Text Block] | ' |
1. ORGANIZATION AND NATURE OF BUSINESS | |
Founded in the United States of America (“US”) in 2001, Sino-Global Shipping America, Ltd. (“Sino-Global” or the “Company”) is a Virginia corporation with its primary US operations in New York. Historically, the Company has been in the business of providing shipping agency services, but during fiscal year 2014, it reorganized its shipping agency business and expanded its service platform to include shipping and chartering services (launched during the quarter ended September 30, 2013) and inland transportation management services (launched during the quarter ended December 31, 2013). These new services are part of the Company’s strategic initiatives to diversify its service offering, broaden its service platform, and improve its operating profit. | |
Sino-Global’s principal geographic market is in the People’s Republic of China (“PRC”). The Company conducts its business primarily through its wholly-owned subsidiaries in China, Hong Kong, Australia, Canada and New York. The Company’s subsidiary in China, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), a wholly owned foreign enterprise, invested in one 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”. Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”). | |
As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, the Company provides its shipping agency services in the PRC through Sino-Global Shipping Agency Ltd. (“Sino-China”), a Chinese legal entity, which holds the licenses and permits necessary to operate shipping services in the PRC. Sino-China is headquartered in Beijing with branches in Qingdao, Xiamen and Fangchenggang. Trans Pacific Beijing and Sino-China do not have a parent-subsidiary relationship. Trans Pacific Beijing has contractual arrangements with Sino-China and its shareholders that enable the Company to substantially control Sino-China. Through Sino-China, the Company has the ability to provide shipping agency services in all commercial ports in the PRC. | |
During fiscal year 2014, the Company completed a number of cost reduction initiatives and reorganized its shipping agency business in the PRC. As a result of the business reorganization to improve its operating margin, the Company does not provide shipping agency services through Sino-China as of June 30, 2014. The Company’s shipping agency business is operated by its subsidiaries in Hong Kong and Australia. As a general shipping agent, the Company serves ships coming to and departing from a number of countries, including China, Australia, South Africa, Brazil, New Zealand and Canada. The shipping and chartering services are operated by the Company’s HK subsidiary; the inland transportation management services are operated by Trans Pacific Beijing | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Significant Accounting Policies [Text Block] | ' | |||||||||||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||
(a) Basis of Presentation | ||||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Certain prior year balances were reclassified to conform to the current year presentation. These reclassifications have no material impact on the previously reported financial position, results of operations or cash flows. | ||||||||||||||
(b) Basis of Consolidation | ||||||||||||||
The consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All intercompany transactions and balances are eliminated in consolidation. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. Sino-China was designed to operate in China for the benefit of the Company. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. If Sino-China incurs a net loss during its fiscal year, the Company is not required to absorb such net loss. | ||||||||||||||
As a VIE, Sino-China’s revenues are included in the Company’s total revenues, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements. | ||||||||||||||
The Company has consolidated Sino-China’s operating results because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China. . | ||||||||||||||
The carrying amount and classification of Sino-China's assets and liabilities included in the Company’s Consolidated Balance Sheets are as follows: | ||||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
Total current assets | $ | 173,273 | $ | 145,307 | ||||||||||
Total assets | 419,048 | 326,480 | ||||||||||||
Total current liabilities | 312,521 | 324,334 | ||||||||||||
Total liabilities | 312,521 | 324,334 | ||||||||||||
(c) Fair Value of Financial Instruments | ||||||||||||||
We follow the provisions of ASC 820, Fair Value Measurements and Disclosures, which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: | ||||||||||||||
Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. | ||||||||||||||
Level 2 — Inputs other than quoted prices that are observable for the asset or liability in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. | ||||||||||||||
Level 3 — Unobservable inputs that reflect management’s assumptions based on the best available information. | ||||||||||||||
The carrying value of accounts receivable, other receivables, other current assets, and current liabilities approximate their fair values because of the short-term nature of these instruments. | ||||||||||||||
(d) Use of Estimates and Assumptions | ||||||||||||||
The preparation of the consolidated 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 dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company’s consolidated financial statements include revenue recognition, fair value of stock options, cost of revenues, allowance for doubtful accounts, deferred income taxes, and the useful lives of property and equipment. | ||||||||||||||
Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. | ||||||||||||||
(e) Translation of Foreign Currency | ||||||||||||||
The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global Shipping Australia, Sino-Global Shipping Hong Kong, Sino-Global Shipping Canada and Trans Pacific Beijing in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the year. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest. | ||||||||||||||
The exchange rates for the years ended June 30, 2014 and June 30, 2013 are as follows: | ||||||||||||||
June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Foreign currency | Balance Sheet | Profits/Loss | Balance Sheet | Profits/Loss | ||||||||||
RMB:1USD | 6.2043 | 6.1374 | 6.1787 | 6.2458 | ||||||||||
1AUD:USD | 1.0609 | 1.0898 | 0.9143 | 1.0266 | ||||||||||
1HKD:USD | 7.7503 | 7.7552 | 0.1289 | 0.1289 | ||||||||||
1CAD:USD | 1.0672 | 1.0704 | 0.9506 | 0.9956 | ||||||||||
(f) Cash and Cash Equivalents | ||||||||||||||
Cash and cash equivalents consist of cash on hand, and other highly liquid investments which are unrestricted as to withdrawal or use, and which have maturities of three months or less when purchased. The Company maintains cash and cash equivalents with various financial institutions mainly in the PRC, Australia, Hong Kong and the United States. Cash balances of $262,885 are not insured by the Federal Deposit Insurance Corporation or other programs. | ||||||||||||||
(g) Accounts Receivable | ||||||||||||||
Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection. As of June 30, 2014 and 2013, the allowance for doubtful accounts totaled $443,858 and $690,065, respectively. | ||||||||||||||
(h) Property and Equipment | ||||||||||||||
Property and equipment are stated at historical cost less accumulated depreciation. Historical cost comprises its purchase price and any directly attributable costs of bringing the assets to its working condition and location for its intended use. Depreciation is calculated on a straight-line basis over the following estimated useful lives: | ||||||||||||||
Buildings | 20 years | |||||||||||||
Motor vehicles | 5-10 years | |||||||||||||
Furniture and office equipment | 3-5 years | |||||||||||||
The carrying value of a long-lived asset is considered impaired by the Company when the anticipated undiscounted cash flows from such asset is less than its carrying value. If impairment is identified, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved or based on independent appraisals. Management has determined that there were no impairments at the balance sheet dates. | ||||||||||||||
(i) Revenue Recognition | ||||||||||||||
• | Revenues from shipping agency services are recognized upon completion of services, which coincides with the date of departure of the relevant vessel from port. Advance payments and deposits received from customers prior to the provision of services and recognition of the related revenues are presented as advances from customers. | |||||||||||||
• | Revenues from shipping and chartering services are recognized upon performance of services as stipulated in the underlying contract. | |||||||||||||
• | Revenues from inland transportation management services are recognized when commodities are being released from the customer’s warehouse. | |||||||||||||
(j) Taxation | ||||||||||||||
Because the Company and its subsidiaries and Sino-China are incorporated in different jurisdictions, they file separate income tax returns. The Company uses the liability method of accounting for income taxes in accordance with US GAAP. Deferred taxes, if any, are recognized for the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. A valuation allowance is provided against deferred tax assets if it is more likely than not that the asset will not be utilized in the future. | ||||||||||||||
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense. The Company had no uncertain tax positions as of June 30, 2014 and 2013, respectively. | ||||||||||||||
Income tax returns for the years prior to 2011 are no longer subject to examination by US tax authorities. | ||||||||||||||
PRC Enterprise Income Tax | ||||||||||||||
PRC enterprise income tax is calculated based on taxable income determined under PRC GAAP at 25%. Sino-China and Trans Pacific are registered in PRC and governed by the Enterprise Income Tax Laws of the PRC. | ||||||||||||||
PRC Business Tax and Surcharges | ||||||||||||||
Revenues from services provided by Sino-China and Trans Pacific are subject to the PRC business tax of 5%. Business tax and surcharges are paid on gross revenues generated from shipping agency services minus the costs of services which are paid on behalf of the customers. | ||||||||||||||
In addition, under the PRC regulations, Sino-China is required to pay the city construction tax (7%) and education surcharges (3%) based on the calculated business tax payments. | ||||||||||||||
Sino-China reports its revenues net of PRC’s business tax and surcharges for all the periods presented in the consolidated statements of operations. | ||||||||||||||
(k) Earnings (Loss) per Share (“EPS”) | ||||||||||||||
Basic earnings (loss) per share is computed by dividing net income (loss) attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings (loss) per share if their effects would be anti-dilutive as the exercise prices for such options and warrants were at least equal to the closing price of our common stock on June 30, 2014. | ||||||||||||||
The effect of 66,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive as the exercise prices for such options and warrants were at least equal to the closing price of our common stock on June 30, 2014. | ||||||||||||||
(l) Comprehensive Income (Loss) | ||||||||||||||
The Company reports comprehensive income (loss) in accordance with the FASB issued authoritative guidance which establishes standards for reporting comprehensive income (loss) and its component in financial statements. Comprehensive income (loss), as defined, includes all changes in equity during a period from non-owner sources. | ||||||||||||||
(m) Stock-based Compensation | ||||||||||||||
Valuations are based upon highly subjective assumptions about the future, including stock price volatility and exercise patterns. The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model. Expected volatilities are based on the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee terminations. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. | ||||||||||||||
(n) Risks and Uncertainties | ||||||||||||||
The operations of the Company are primarily located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations. | ||||||||||||||
(o) Recent Accounting Pronouncements | ||||||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (ASU) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a significant impact on the Company’s consolidated financial statements. | ||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606. This Update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The guidance in this Update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to illustrate the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements that will provide users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a reporting organization’s contracts with customers. This ASU is effective retrospectively for the Company for fiscal years, and interim periods within those years beginning after December 15, 2016. Management is evaluating the effect, if any, on the Company’s financial position and results of operations. | ||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation: Topic 718. This amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company does not expect the adoption of this guidance will have a significant impact on the Company’s consolidated financial statements. | ||||||||||||||
ACCOUNTS_RECEIVABLE_ACCOUNTS_P
ACCOUNTS RECEIVABLE / ACCOUNTS PAYABLE | 12 Months Ended |
Jun. 30, 2014 | |
Accounts Receivable and Payable [Abstract] | ' |
Accounts Receivable And Payable Disclosure [Text Block] | ' |
3. ACCOUNTS RECEIVABLE / ACCOUNTS PAYABLE | |
In July and December 2013, the Company executed a total of four agreements (the “settlement agreements”) with a major customer to settle the related accounts receivable and payable that were associated with the Company’s shipping agency business. In connection with the settlement agreements, the Company will reduce the amount of receivable from this major customer based on payments made by such customer directly to the respective local shipping agents. For the year ended June 30, 2014, such customer made a total payment of $2,589,739 to the respective local shipping agents; and the Company reduced its reported accounts receivable and payable accordingly. | |
PROPERTY_AND_EQUIPMENT_AT_COST
PROPERTY AND EQUIPMENT, AT COST | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
4. PROPERTY AND EQUIPMENT, AT COST. | ||||||||
Property and equipment are as follows: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Land and building | $ | 216,951 | $ | 80,461 | ||||
Motor vehicles | 710,148 | 731,372 | ||||||
Computer equipment | 133,145 | 122,002 | ||||||
Office equipment | 50,790 | 46,319 | ||||||
Furniture and fixtures | 100,021 | 52,687 | ||||||
System software | 128,178 | 123,391 | ||||||
Leasehold improvement | 68,697 | 68,981 | ||||||
Total | 1,407,930 | 1,225,213 | ||||||
Less: Accumulated depreciation and amortization | 1,113,208 | 957,551 | ||||||
Property and equipment, net | $ | 294,722 | $ | 267,662 | ||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | ' | |||||||||||||||||
5. STOCK-BASED COMPENSATION | ||||||||||||||||||
On January 31, 2013, the Company issued options to a member of the audit committee, to purchase 10,000 shares of the Company’s common stock. On January 1, 2013, options to purchase 46,000 shares of common stock were cancelled due to resignation of one employee and one member of the audit committee from the Company. Accordingly, the Company reversed the unvested amount of $46,954 from unearned stock-based compensation. On January 31, 2014, options to purchase 36,000 shares of common stock were cancelled due to resignation of one officer and director from the Company. As the options were fully vested, this did not result in any reversal of stock-based compensation. | ||||||||||||||||||
A summary of the options is presented in the table below: | ||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||
Options outstanding, beginning of year | 102,000 | $ | 6.9 | 138,000 | $ | 7.43 | ||||||||||||
Granted | - | - | 10,000 | 2.01 | ||||||||||||||
Canceled, forfeited or expired | -36,000 | $ | 7.75 | -46,000 | 7.43 | |||||||||||||
Options outstanding, end of year | 66,000 | $ | 6.88 | 102,000 | $ | 6.9 | ||||||||||||
Options exercisable, end of year | 58,000 | $ | 7.55 | 92,000 | $ | 7.75 | ||||||||||||
Following is a summary of the status of options outstanding and exercisable at June 30, 2014: | ||||||||||||||||||
Outstanding Options | Exercisable Options | |||||||||||||||||
Exercise Price | Number | Average Remaining Contractual Life | Average Exercise Price | Number | Average Remaining Contractual Life | |||||||||||||
$ | 7.75 | 56,000 | 4.0 years | $ | 7.75 | 56,000 | 4.0 years | |||||||||||
$ | 2.01 | 10,000 | 3.6 years | $ | 2.01 | 2,000 | 3.6 years | |||||||||||
66,000 | 58,000 | |||||||||||||||||
The issuance of the Options is exempted from registration under the Securities Act of 1933, as amended (the “Act”). The Options will vest at a rate of 20% per year, with 20% vesting initially when granted. The Common Stock underlying the Options granted may be sold in compliance with Rule 144 under the Act. The term of the Options is 10 years and the exercise price of the 2013 options is $2.01 (10,000 options). Each Option may be exercised to purchase one share of Common Stock. Payment for the Options may be made in cash or by exchanging shares of Common Stock at their Fair Market Value. The Fair Market Value will be equal to the average of the highest and lowest registered sales prices of Company Stock on the date of exercise. | ||||||||||||||||||
The fair value of share-based compensation was estimated using the Black-Scholes option pricing model. The aggregate fair value of $11,640 and $15,520 at June 30, 2014 and 2013, respectively, is presented as “Unearned Stock-based Compensation”. The Company amortized stock option expenses of $3,880 and $139,615 for the years ended June 30, 2014 and 2013 respectively. | ||||||||||||||||||
The fair value of 10,000 stock options granted in 2013 was calculated at the grant date using the Black–Scholes option–pricing model with the following assumptions: | ||||||||||||||||||
Black-Scholes Option Pricing Model for 2008 options | ||||||||||||||||||
Assumptions: | ||||||||||||||||||
Stock Price | $ | 7.75 | ||||||||||||||||
Strike Price | $ | 7.75 | ||||||||||||||||
Volatility | 173.84 | % | ||||||||||||||||
Risk-free Rate | 3.02 | % | ||||||||||||||||
Expected life | 5 yrs | |||||||||||||||||
Dividend Yield | 0 | % | ||||||||||||||||
Number of Options | 66,000 | |||||||||||||||||
Black-Scholes Option Pricing Model for 2013 options | ||||||||||||||||||
Assumptions: | ||||||||||||||||||
Stock Price | $ | 1.94 | ||||||||||||||||
Strike Price | $ | 2.01 | ||||||||||||||||
Volatility | 452.04 | % | ||||||||||||||||
Risk-free Rate | 0.88 | % | ||||||||||||||||
Expected life | 5 yrs | |||||||||||||||||
Dividend Yield | 0 | % | ||||||||||||||||
Number of Options | 10,000 | |||||||||||||||||
In connection with the initial public offering of the Company’s common stock on May 20, 2008, 139,032 warrants were issued to the underwriter as part of their compensation. Each warrant has the right to purchase one share of common stock for an exercise price of $9.30 per share with a term of 10 years. | ||||||||||||||||||
Following is a summary of the status of warrants outstanding and exercisable at June 30, 2014: | ||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | Weighted | Average | |||||||||||||||
Average | Remaining | |||||||||||||||||
Exercise Price | Contractual Life | |||||||||||||||||
139,032 | 139,032 | $ | 9.3 | 4.0 years | ||||||||||||||
EQUITY_TRANSACTIONS
EQUITY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
6. EQUITY TRANSACTIONS | |
On April 19, 2013, the Company’s shareholders at the 2013 Annual Meeting of Shareholders voted and approved the issuance of 1,800,000 shares at price $1.71 per share to Mr. Zhang, a 90% shareholder in Tianjin Zhiyuan Investment Group Ltd. | |
At the 2014 Annual Meeting of Shareholders held on January 21, 2014, the Company’s shareholders voted to increase the number of authorized shares of common stock from 10 million to 50 million shares and the number of authorized shares of Preferred Stock from 1 million to 2 million shares. The Company filed its First Amended and Restated Articles of Incorporation with the Commonwealth of Virginia State Corporation Commission on February 10, 2014. | |
To strengthen the Company’s efforts in business reorganization, development and acquisitions as well as enterprise risk management and process flow enhancements, the Company entered into management consulting and advisory services agreements with two consultants on June 6, 2014. In return for their services, a total of 600,000 shares of the Company’s common stock have been issued to these two consultants. During June 2014, a total of 200,000 shares of the Company’s common stock were issued to the consultants as prepayment for their services. The value of their consulting services is determined using the fair value of the Company’s common stock of $2.34 per share when the shares were issued to the consultants. The remaining 400,000 shares of the Company's common stock were issued to the consultants on August 29, 2014. The service agreements are for the period July 1, 2014 to December 31, 2016. | |
On June 23, 2014, the Company sold 200,000 shares of its common stock at a price per share at $2.22 to Crystal Spring Holdings Limited, a company owned by Mr. Deming Wang, a major shareholder of Zhenghe Shipping Group Limited. Subsequent to June 30, 2014, the Company entered into another agreement with Mr. Wang. Please see Note 13, Subsequent Events. | |
NONCONTROLLING_INTEREST
NON-CONTROLLING INTEREST | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Noncontrolling Interest Disclosure [Text Block] | ' | |||||||
7. NON-CONTROLLING INTEREST | ||||||||
Non-controlling interest consists of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Sino-China: | ||||||||
Original paid-in capital | $ | 356,400 | $ | 356,400 | ||||
Additional paid-in capital | 1,044 | 1,044 | ||||||
Accumulated other comprehensive loss | -64,872 | -85,653 | ||||||
Accumulated deficit | -5,006,843 | -3,849,640 | ||||||
-4,714,271 | -3,577,849 | |||||||
Trans Pacific Logistics Shanghai Ltd. | 20,240 | 4,019 | ||||||
Total | $ | -4,694,031 | $ | -3,573,830 | ||||
COMMITMENTS_AND_CONTINGENCY
COMMITMENTS AND CONTINGENCY | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
8. COMMITMENTS AND CONTINGENCY | |||||
(a) Office leases | |||||
The Company leases certain office premises and apartments for employees under operating leases through August 31, 2019. Future minimum lease payments under operating leases agreements are as follows: | |||||
Amount | |||||
Twelve months ending June 30, | |||||
2015 | $ | 162,229 | |||
2016 | 92,569 | ||||
2017 | 63,981 | ||||
2018 | 65,711 | ||||
2019 | 67,492 | ||||
Thereafter | 11,298 | ||||
$ | 463,280 | ||||
Rent expense for the years ended June 30, 2014 and 2013 was $205,753 and $214,066, respectively. | |||||
(b) Contingency | |||||
The Labor Contract Law of the People’s Republic of China requires employers to insure the liability of the severance payments if employees are terminated and have been working for the employers for at least two years prior to January 1, 2008. The employers will be liable for one month for severance pay for each year of the service provided by the employees. As of June 30, 2014, the Company has estimated its severance payments of approximately $84,600, which has not been reflected in its consolidated financial statements, because management cannot predict what the actual payment, if any, will be in the future. | |||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
9. INCOME TAXES | ||||||||
Income tax expense for the years ended June 30, 2014 and 2013 varied from the amount computed by applying the statutory income tax rate to income before taxes. A reconciliation between the expected federal income tax rate using the federal statutory tax rate of 35% to the Company’s effective tax rate is as follows: | ||||||||
For the years ended June 30, | ||||||||
2014 | 2013 | |||||||
% | % | |||||||
U.S. expected federal income tax benefit | -35 | -35 | ||||||
U.S. state, local tax net of federal benefit | -10.9 | -10.9 | ||||||
U.S. permanent difference | 0.3 | 1.2 | ||||||
U.S. temporary difference | 45.5 | 44.7 | ||||||
Permanent differences related to other countries | -0.9 | 19.3 | ||||||
Other | 0 | -0.4 | ||||||
Hong Kong statutory income tax rate | 16.5 | 0 | ||||||
Total tax expense | 15.5 | 18.9 | ||||||
The U.S. temporary difference was mainly comprised of unearned compensation amortization and provision for allowance for doubtful accounts. | ||||||||
The income tax expense (benefit) for the years ended June 30, 2014 and 2013 are as follows: | ||||||||
For the years ended June 30, | ||||||||
2014 | 2013 | |||||||
Current | ||||||||
USA | $ | - | $ | -3,811 | ||||
Hong Kong | 130,268 | - | ||||||
Other countries | - | - | ||||||
China | - | - | ||||||
130,268 | -3,811 | |||||||
Deferred | ||||||||
USA | -50,330 | 413,900 | ||||||
Hong Kong | - | - | ||||||
Other countries | -115 | - | ||||||
China | - | - | ||||||
-50,445 | 413,900 | |||||||
Total | $ | 79,823 | $ | 410,089 | ||||
Deferred tax assets are comprised of the following: | ||||||||
For the years ended June 30, | ||||||||
2014 | 2013 | |||||||
Allowance for doubtful accounts | $ | 224,000 | $ | 301,000 | ||||
Stock-based compensation | 411,000 | 307,000 | ||||||
Net operating loss | 1,004,000 | 443,000 | ||||||
Total deferred tax assets | 1,639,000 | 1,051,000 | ||||||
Valuation allowance | -1,475,100 | -945,900 | ||||||
Deferred tax assets, net - long-term | $ | 163,900 | $ | 105,100 | ||||
Operations in the USA have incurred a cumulative net operating loss of approximately $3,465,850 as of June 30, 2014, which may be available to reduce future taxable income. This carry-forward will expire if not utilized by 2034. Other deferred tax assets relating to the allowance for doubtful accounts, stock compensation expenses and net operating loss amounting to $224,000, $411,000 and $1,004,000 have been recorded respectively. 90% of the deferred tax assets balance has been provided as valuation allowance as of June 30, 2014 based on management’s estimate. | ||||||||
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Jun. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
10. CONCENTRATIONS | |
Major Customer | |
For the year ended June 30, 2014, two customers accounted for approximately 35% and 18% of the Company’s revenues. For the year ended June 30, 2013, approximately 63% of the Company’s revenues were from one customer. | |
Major Suppliers | |
For the year ended June 30, 2014, two suppliers accounted for 21% and 12% of the total cost of revenues, respectively. For the year ended June 30, 2013, two suppliers accounted for 22% and 10% of the cost of revenues, respectively. | |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
11. SEGMENT REPORTING | ||||||||||||||
ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company's business segments. | ||||||||||||||
The Company's chief operating decision maker has been identified as the Chief Executive Officer who reviews the financial information of separate operating segments when making decisions about allocating resources and assessing performance of the group. Based on management's assessment, the Company has determined that it has three operating segments: shipping agency service, shipping and chartering services, and inland transportation management services. | ||||||||||||||
Historically, the Company engages primarily in the delivery of shipping agency services but during fiscal 2014, it has expanded its service delivery platform to include shipping and chartering services (launched during the quarter ended September 30, 2013) and inland transportation management services (launched during the quarter ended December 31, 2013). These new services are part of the Company’s strategic initiatives to diversify its service offering, broaden its service platform, and improve its operating profit. | ||||||||||||||
The following tables present summary information by segment for the years ended June 30, 2014 and 2013, respectively: | ||||||||||||||
For the Year Ended June 30, 2014 | ||||||||||||||
Shipping Agency | Shipping & Chartering | Inland Transportation | Total | |||||||||||
Service | Services | Management Services | ||||||||||||
Revenues | $ | 7,523,983 | $ | 1,937,196 | $ | 2,183,213 | $ | 11,644,392 | ||||||
Cost of revenues | $ | 6,010,058 | $ | 1,291,048 | $ | 312,353 | $ | 7,613,459 | ||||||
Gross profit | $ | 1,513,925 | $ | 646,148 | $ | 1,870,860 | $ | 4,030,933 | ||||||
Depreciation and amortization | $ | 120,095 | $ | 875 | $ | 34,687 | $ | 155,657 | ||||||
Total capital expenditures | $ | 192,434 | $ | - | $ | 10,818 | $ | 203,252 | ||||||
Total assets | $ | 3,094,804 | $ | 425,410 | $ | 2,193,740 | $ | 5,713,954 | ||||||
For the Year Ended June 30, 2013 | ||||||||||||||
Shipping Agency | Shipping & Chartering | Inland Transportation | Total | |||||||||||
Service | Services | Management Services | ||||||||||||
Revenues | $ | 17,331,759 | $ | - | $ | - | $ | 17,331,759 | ||||||
Cost of revenues | $ | 15,402,743 | $ | - | $ | - | $ | 15,402,743 | ||||||
Gross profit | $ | 1,929,016 | $ | - | $ | - | $ | 1,929,016 | ||||||
Depreciation and amortization | $ | 198,825 | $ | - | $ | - | $ | 198,825 | ||||||
Total capital expenditures | $ | 67,116 | $ | - | $ | - | $ | 67,116 | ||||||
Total assets | $ | 7,536,205 | $ | - | $ | - | $ | 7,536,205 | ||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
12. RELATED PARTY TRANSACTIONS | |
In June 2013, the Company signed a 5-year global logistic service agreement with TEWOO Chemical & Light Industry Zhiyuan Trade Co., Ltd. and TianJin Zhi Yuan Investment Group Co., Ltd. (together “Zhiyuan”). TianJin Zhi Yuan Investment Group Co., Ltd. is owned by Mr. Zhong Zhang, the largest shareholder of the Company. For the year ended June 30, 2013, the Company had no business transaction with Zhiyuan. During the quarter ended September 30, 2013, the Company executed a shipping and chartering services agreement with Zhiyuan whereby it assisted in the transportation of approximately 51,000 tons of chromite ore from South Africa to China. In September 2013, the Company executed an inland transportation management service contract with Zhiyuan whereby it would provide certain advisory services and help control its potential commodities loss during the transportation process. In addition, the Company executed a one-year short-term loan agreement with Zhiyuan, effective January 1, 2014, to facilitate the working capital needs of Zhiyuan on an as-needed basis. As of June 30, 2014, the net amount due from Zhiyuan was $2,920,950, inclusive of a non-interest bearing short-term loan of $1,801,709. | |
As of June 30, 2014 and 2013, the Company is owed $252,815 and $541,400, respectively, from Sino-G Trading Inc. (“Sino-G”), an entity that is owned by the brother-in-law of the Company’s CEO. Sino-G previously served as a funds transfer agent for the Company’s services in Tianjin, PRC. The Company expects the entire amount to be repaid without interest during fiscal year 2015. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
13. SUBSEQUENT EVENTS | |
On June 27, 2014, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with National Securities Corporation (the “Underwriter”) relating to the registered offering of 572,000 shares of common stock, without par value per share. The price to the public in the offering was $1.76 per share. Under the terms of the Underwriting Agreement, the Company also granted the Underwriter an option, exercisable for 30 days, to purchase up to an additional 85,800 shares of common stock from the Company at the same price to cover over-allotments, if any. The Company closed the public offering on July 2, 2014 and the Underwriter subsequently purchased an additional 75,000 shares. The offering was made pursuant to our effective shelf registration statement on Form S-3 (Registration Statement No. 333-194211) declared effective by the Securities and Exchange Commission on April 15, 2014, as supplemented by an applicable prospectus supplement. The total number of shares sold in the offering was 647,000 shares of common stock. | |
On August 8, 2014, the Company entered into an agreement to acquire all of the equity of Longhe Ship Management (Hong Kong) Co., Limited (“LSM”) from Mr. Deming Wang to further broaden its service platform and ship management business. Mr. Deming Wang is a shareholder of the Company who held approximately 3.6% of the shares of common stock of the Company at the time of the acquisition agreement. Under the terms of the acquisition agreement, the purchase price for the equity of LSM will be between 20,000 and 200,000 shares of common stock of the Company, depending on the net income of LSM from July 4, 2014 through December 31, 2014. The first payment due under the agreement is an escrow payment of 50,000 shares of common stock of the Company. On August 22, 2014, the Company issued such 50,000 shares to be held in escrow to Mr. Deming Wang, in connection with the acquisition of LSM. | |
On August 29, 2014, the Company issued in the aggregate 400,000 shares under the Company’s incentive plan to two consultants, as more fully described above under Note 6, Equity Transactions. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Basis Of Accounting, Policy [Policy Text Block] | ' | |||||||||||||
(a) Basis of Presentation | ||||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Certain prior year balances were reclassified to conform to the current year presentation. These reclassifications have no material impact on the previously reported financial position, results of operations or cash flows. | ||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||||
(b) Basis of Consolidation | ||||||||||||||
The consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All intercompany transactions and balances are eliminated in consolidation. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. Sino-China was designed to operate in China for the benefit of the Company. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. If Sino-China incurs a net loss during its fiscal year, the Company is not required to absorb such net loss. | ||||||||||||||
As a VIE, Sino-China’s revenues are included in the Company’s total revenues, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements. | ||||||||||||||
The Company has consolidated Sino-China’s operating results because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China. . | ||||||||||||||
The carrying amount and classification of Sino-China's assets and liabilities included in the Company’s Consolidated Balance Sheets are as follows: | ||||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
Total current assets | $ | 173,273 | $ | 145,307 | ||||||||||
Total assets | 419,048 | 326,480 | ||||||||||||
Total current liabilities | 312,521 | 324,334 | ||||||||||||
Total liabilities | 312,521 | 324,334 | ||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||||||||
(c) Fair Value of Financial Instruments | ||||||||||||||
We follow the provisions of ASC 820, Fair Value Measurements and Disclosures, which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: | ||||||||||||||
Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. | ||||||||||||||
Level 2 — Inputs other than quoted prices that are observable for the asset or liability in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. | ||||||||||||||
Level 3 — Unobservable inputs that reflect management’s assumptions based on the best available information. | ||||||||||||||
The carrying value of accounts receivable, other receivables, other current assets, and current liabilities approximate their fair values because of the short-term nature of these instruments. | ||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||||
(d) Use of Estimates and Assumptions | ||||||||||||||
The preparation of the consolidated 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 dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company’s consolidated financial statements include revenue recognition, fair value of stock options, cost of revenues, allowance for doubtful accounts, deferred income taxes, and the useful lives of property and equipment. | ||||||||||||||
Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. | ||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||||||||||||
(e) Translation of Foreign Currency | ||||||||||||||
The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global Shipping Australia, Sino-Global Shipping Hong Kong, Sino-Global Shipping Canada and Trans Pacific Beijing in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the year. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest. | ||||||||||||||
The exchange rates for the years ended June 30, 2014 and June 30, 2013 are as follows: | ||||||||||||||
June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Foreign currency | Balance Sheet | Profits/Loss | Balance Sheet | Profits/Loss | ||||||||||
RMB:1USD | 6.2043 | 6.1374 | 6.1787 | 6.2458 | ||||||||||
1AUD:USD | 1.0609 | 1.0898 | 0.9143 | 1.0266 | ||||||||||
1HKD:USD | 7.7503 | 7.7552 | 0.1289 | 0.1289 | ||||||||||
1CAD:USD | 1.0672 | 1.0704 | 0.9506 | 0.9956 | ||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||
(f) Cash and Cash Equivalents | ||||||||||||||
Cash and cash equivalents consist of cash on hand, and other highly liquid investments which are unrestricted as to withdrawal or use, and which have maturities of three months or less when purchased. The Company maintains cash and cash equivalents with various financial institutions mainly in the PRC, Australia, Hong Kong and the United States. Cash balances of $262,885 are not insured by the Federal Deposit Insurance Corporation or other programs. | ||||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | |||||||||||||
(g) Accounts Receivable | ||||||||||||||
Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection. As of June 30, 2014 and 2013, the allowance for doubtful accounts totaled $443,858 and $690,065, respectively. | ||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||||||||
(h) Property and Equipment | ||||||||||||||
Property and equipment are stated at historical cost less accumulated depreciation. Historical cost comprises its purchase price and any directly attributable costs of bringing the assets to its working condition and location for its intended use. Depreciation is calculated on a straight-line basis over the following estimated useful lives: | ||||||||||||||
Buildings | 20 years | |||||||||||||
Motor vehicles | 5-10 years | |||||||||||||
Furniture and office equipment | 3-5 years | |||||||||||||
The carrying value of a long-lived asset is considered impaired by the Company when the anticipated undiscounted cash flows from such asset is less than its carrying value. If impairment is identified, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved or based on independent appraisals. Management has determined that there were no impairments at the balance sheet dates. | ||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||||||||
(i) Revenue Recognition | ||||||||||||||
• | Revenues from shipping agency services are recognized upon completion of services, which coincides with the date of departure of the relevant vessel from port. Advance payments and deposits received from customers prior to the provision of services and recognition of the related revenues are presented as advances from customers. | |||||||||||||
• | Revenues from shipping and chartering services are recognized upon performance of services as stipulated in the underlying contract. | |||||||||||||
• | Revenues from inland transportation management services are recognized when commodities are being released from the customer’s warehouse. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||||
(j) Taxation | ||||||||||||||
Because the Company and its subsidiaries and Sino-China are incorporated in different jurisdictions, they file separate income tax returns. The Company uses the liability method of accounting for income taxes in accordance with US GAAP. Deferred taxes, if any, are recognized for the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. A valuation allowance is provided against deferred tax assets if it is more likely than not that the asset will not be utilized in the future. | ||||||||||||||
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense. The Company had no uncertain tax positions as of June 30, 2014 and 2013, respectively. | ||||||||||||||
Income tax returns for the years prior to 2011 are no longer subject to examination by US tax authorities. | ||||||||||||||
PRC Enterprise Income Tax | ||||||||||||||
PRC enterprise income tax is calculated based on taxable income determined under PRC GAAP at 25%. Sino-China and Trans Pacific are registered in PRC and governed by the Enterprise Income Tax Laws of the PRC. | ||||||||||||||
PRC Business Tax and Surcharges | ||||||||||||||
Revenues from services provided by Sino-China and Trans Pacific are subject to the PRC business tax of 5%. Business tax and surcharges are paid on gross revenues generated from shipping agency services minus the costs of services which are paid on behalf of the customers. | ||||||||||||||
In addition, under the PRC regulations, Sino-China is required to pay the city construction tax (7%) and education surcharges (3%) based on the calculated business tax payments. | ||||||||||||||
Sino-China reports its revenues net of PRC’s business tax and surcharges for all the periods presented in the consolidated statements of operations. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||||
(k) Earnings (Loss) per Share (“EPS”) | ||||||||||||||
Basic earnings (loss) per share is computed by dividing net income (loss) attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings (loss) per share if their effects would be anti-dilutive as the exercise prices for such options and warrants were at least equal to the closing price of our common stock on June 30, 2014. | ||||||||||||||
The effect of 66,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive as the exercise prices for such options and warrants were at least equal to the closing price of our common stock on June 30, 2014. | ||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | |||||||||||||
(l) Comprehensive Income (Loss) | ||||||||||||||
The Company reports comprehensive income (loss) in accordance with the FASB issued authoritative guidance which establishes standards for reporting comprehensive income (loss) and its component in financial statements. Comprehensive income (loss), as defined, includes all changes in equity during a period from non-owner sources. | ||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||||||||
(m) Stock-based Compensation | ||||||||||||||
Valuations are based upon highly subjective assumptions about the future, including stock price volatility and exercise patterns. The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model. Expected volatilities are based on the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee terminations. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. | ||||||||||||||
Risks and Uncertainties [Policy Text Block] | ' | |||||||||||||
(n) Risks and Uncertainties | ||||||||||||||
The operations of the Company are primarily located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations. | ||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||
(o) Recent Accounting Pronouncements | ||||||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (ASU) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The Company does not expect the adoption of this guidance will have a significant impact on the Company’s consolidated financial statements. | ||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606. This Update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The guidance in this Update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to illustrate the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements that will provide users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a reporting organization’s contracts with customers. This ASU is effective retrospectively for the Company for fiscal years, and interim periods within those years beginning after December 15, 2016. Management is evaluating the effect, if any, on the Company’s financial position and results of operations. | ||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Compensation-Stock Compensation: Topic 718. This amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company does not expect the adoption of this guidance will have a significant impact on the Company’s consolidated financial statements. | ||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Schedule Of Condensed Balance Sheet [Table Text Block] | ' | |||||||||||||
The carrying amount and classification of Sino-China's assets and liabilities included in the Company’s Consolidated Balance Sheets are as follows: | ||||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
Total current assets | $ | 173,273 | $ | 145,307 | ||||||||||
Total assets | 419,048 | 326,480 | ||||||||||||
Total current liabilities | 312,521 | 324,334 | ||||||||||||
Total liabilities | 312,521 | 324,334 | ||||||||||||
Schedule Of Differences Between Reported Amount and Reporting Currency Denominated Amount [Table Text Block] | ' | |||||||||||||
The exchange rates for the years ended June 30, 2014 and June 30, 2013 are as follows: | ||||||||||||||
June 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Foreign currency | Balance Sheet | Profits/Loss | Balance Sheet | Profits/Loss | ||||||||||
RMB:1USD | 6.2043 | 6.1374 | 6.1787 | 6.2458 | ||||||||||
1AUD:USD | 1.0609 | 1.0898 | 0.9143 | 1.0266 | ||||||||||
1HKD:USD | 7.7503 | 7.7552 | 0.1289 | 0.1289 | ||||||||||
1CAD:USD | 1.0672 | 1.0704 | 0.9506 | 0.9956 | ||||||||||
Schedule Of Estimated Useful Lives Of Property And Equipment [Table Text Block] | ' | |||||||||||||
Depreciation is calculated on a straight-line basis over the following estimated useful lives: | ||||||||||||||
Buildings | 20 years | |||||||||||||
Motor vehicles | 5-10 years | |||||||||||||
Furniture and office equipment | 3-5 years | |||||||||||||
PROPERTY_AND_EQUIPMENT_AT_COST1
PROPERTY AND EQUIPMENT, AT COST (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property and equipment are as follows: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Land and building | $ | 216,951 | $ | 80,461 | ||||
Motor vehicles | 710,148 | 731,372 | ||||||
Computer equipment | 133,145 | 122,002 | ||||||
Office equipment | 50,790 | 46,319 | ||||||
Furniture and fixtures | 100,021 | 52,687 | ||||||
System software | 128,178 | 123,391 | ||||||
Leasehold improvement | 68,697 | 68,981 | ||||||
Total | 1,407,930 | 1,225,213 | ||||||
Less: Accumulated depreciation and amortization | 1,113,208 | 957,551 | ||||||
Property and equipment, net | $ | 294,722 | $ | 267,662 | ||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||
A summary of the options is presented in the table below: | ||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||
Options outstanding, beginning of year | 102,000 | $ | 6.9 | 138,000 | $ | 7.43 | ||||||||||||
Granted | - | - | 10,000 | 2.01 | ||||||||||||||
Canceled, forfeited or expired | -36,000 | $ | 7.75 | -46,000 | 7.43 | |||||||||||||
Options outstanding, end of year | 66,000 | $ | 6.88 | 102,000 | $ | 6.9 | ||||||||||||
Options exercisable, end of year | 58,000 | $ | 7.55 | 92,000 | $ | 7.75 | ||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||||
Following is a summary of the status of options outstanding and exercisable at June 30, 2014: | ||||||||||||||||||
Outstanding Options | Exercisable Options | |||||||||||||||||
Exercise Price | Number | Average Remaining Contractual Life | Average Exercise Price | Number | Average Remaining Contractual Life | |||||||||||||
$ | 7.75 | 56,000 | 4.0 years | $ | 7.75 | 56,000 | 4.0 years | |||||||||||
$ | 2.01 | 10,000 | 3.6 years | $ | 2.01 | 2,000 | 3.6 years | |||||||||||
66,000 | 58,000 | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||
The fair value of 10,000 stock options granted in 2013 was calculated at the grant date using the Black–Scholes option–pricing model with the following assumptions: | ||||||||||||||||||
Black-Scholes Option Pricing Model for 2008 options | ||||||||||||||||||
Assumptions: | ||||||||||||||||||
Stock Price | $ | 7.75 | ||||||||||||||||
Strike Price | $ | 7.75 | ||||||||||||||||
Volatility | 173.84 | % | ||||||||||||||||
Risk-free Rate | 3.02 | % | ||||||||||||||||
Expected life | 5 yrs | |||||||||||||||||
Dividend Yield | 0 | % | ||||||||||||||||
Number of Options | 66,000 | |||||||||||||||||
Black-Scholes Option Pricing Model for 2013 options | ||||||||||||||||||
Assumptions: | ||||||||||||||||||
Stock Price | $ | 1.94 | ||||||||||||||||
Strike Price | $ | 2.01 | ||||||||||||||||
Volatility | 452.04 | % | ||||||||||||||||
Risk-free Rate | 0.88 | % | ||||||||||||||||
Expected life | 5 yrs | |||||||||||||||||
Dividend Yield | 0 | % | ||||||||||||||||
Number of Options | 10,000 | |||||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | |||||||||||||||||
Following is a summary of the status of warrants outstanding and exercisable at June 30, 2014: | ||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | Weighted | Average | |||||||||||||||
Average | Remaining | |||||||||||||||||
Exercise Price | Contractual Life | |||||||||||||||||
139,032 | 139,032 | $ | 9.3 | 4.0 years | ||||||||||||||
NONCONTROLLING_INTEREST_Tables
NON-CONTROLLING INTEREST (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Noncontrolling Interest [Abstract] | ' | |||||||
Minority Interest [Table Text Block] | ' | |||||||
Non-controlling interest consists of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Sino-China: | ||||||||
Original paid-in capital | $ | 356,400 | $ | 356,400 | ||||
Additional paid-in capital | 1,044 | 1,044 | ||||||
Accumulated other comprehensive loss | -64,872 | -85,653 | ||||||
Accumulated deficit | -5,006,843 | -3,849,640 | ||||||
-4,714,271 | -3,577,849 | |||||||
Trans Pacific Logistics Shanghai Ltd. | 20,240 | 4,019 | ||||||
Total | $ | -4,694,031 | $ | -3,573,830 | ||||
COMMITMENTS_AND_CONTINGENCY_Ta
COMMITMENTS AND CONTINGENCY (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | ' | ||||
The Company leases certain office premises and apartments for employees under operating leases through August 31, 2019. Future minimum lease payments under operating leases agreements are as follows: | |||||
Amount | |||||
Twelve months ending June 30, | |||||
2015 | $ | 162,229 | |||
2016 | 92,569 | ||||
2017 | 63,981 | ||||
2018 | 65,711 | ||||
2019 | 67,492 | ||||
Thereafter | 11,298 | ||||
$ | 463,280 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||
A reconciliation between the expected federal income tax rate using the federal statutory tax rate of 35% to the Company’s effective tax rate is as follows: | ||||||||
For the years ended June 30, | ||||||||
2014 | 2013 | |||||||
% | % | |||||||
U.S. expected federal income tax benefit | -35 | -35 | ||||||
U.S. state, local tax net of federal benefit | -10.9 | -10.9 | ||||||
U.S. permanent difference | 0.3 | 1.2 | ||||||
U.S. temporary difference | 45.5 | 44.7 | ||||||
Permanent differences related to other countries | -0.9 | 19.3 | ||||||
Other | 0 | -0.4 | ||||||
Hong Kong statutory income tax rate | 16.5 | 0 | ||||||
Total tax expense | 15.5 | 18.9 | ||||||
Schedule Of Components Of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||
The income tax expense (benefit) for the years ended June 30, 2014 and 2013 are as follows: | ||||||||
For the years ended June 30, | ||||||||
2014 | 2013 | |||||||
Current | ||||||||
USA | $ | - | $ | -3,811 | ||||
Hong Kong | 130,268 | - | ||||||
Other countries | - | - | ||||||
China | - | - | ||||||
130,268 | -3,811 | |||||||
Deferred | ||||||||
USA | -50,330 | 413,900 | ||||||
Hong Kong | - | - | ||||||
Other countries | -115 | - | ||||||
China | - | - | ||||||
-50,445 | 413,900 | |||||||
Total | $ | 79,823 | $ | 410,089 | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
Deferred tax assets are comprised of the following: | ||||||||
For the years ended June 30, | ||||||||
2014 | 2013 | |||||||
Allowance for doubtful accounts | $ | 224,000 | $ | 301,000 | ||||
Stock-based compensation | 411,000 | 307,000 | ||||||
Net operating loss | 1,004,000 | 443,000 | ||||||
Total deferred tax assets | 1,639,000 | 1,051,000 | ||||||
Valuation allowance | -1,475,100 | -945,900 | ||||||
Deferred tax assets, net - long-term | $ | 163,900 | $ | 105,100 | ||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
The following tables present summary information by segment for the years ended June 30, 2014 and 2013, respectively: | ||||||||||||||
For the Year Ended June 30, 2014 | ||||||||||||||
Shipping Agency | Shipping & Chartering | Inland Transportation | Total | |||||||||||
Service | Services | Management Services | ||||||||||||
Revenues | $ | 7,523,983 | $ | 1,937,196 | $ | 2,183,213 | $ | 11,644,392 | ||||||
Cost of revenues | $ | 6,010,058 | $ | 1,291,048 | $ | 312,353 | $ | 7,613,459 | ||||||
Gross profit | $ | 1,513,925 | $ | 646,148 | $ | 1,870,860 | $ | 4,030,933 | ||||||
Depreciation and amortization | $ | 120,095 | $ | 875 | $ | 34,687 | $ | 155,657 | ||||||
Total capital expenditures | $ | 192,434 | $ | - | $ | 10,818 | $ | 203,252 | ||||||
Total assets | $ | 3,094,804 | $ | 425,410 | $ | 2,193,740 | $ | 5,713,954 | ||||||
For the Year Ended June 30, 2013 | ||||||||||||||
Shipping Agency | Shipping & Chartering | Inland Transportation | Total | |||||||||||
Service | Services | Management Services | ||||||||||||
Revenues | $ | 17,331,759 | $ | - | $ | - | $ | 17,331,759 | ||||||
Cost of revenues | $ | 15,402,743 | $ | - | $ | - | $ | 15,402,743 | ||||||
Gross profit | $ | 1,929,016 | $ | - | $ | - | $ | 1,929,016 | ||||||
Depreciation and amortization | $ | 198,825 | $ | - | $ | - | $ | 198,825 | ||||||
Total capital expenditures | $ | 67,116 | $ | - | $ | - | $ | 67,116 | ||||||
Total assets | $ | 7,536,205 | $ | - | $ | - | $ | 7,536,205 | ||||||
ORGANIZATION_AND_NATURE_OF_BUS1
ORGANIZATION AND NATURE OF BUSINESS (Details Textual) | 12 Months Ended |
Jun. 30, 2014 | |
Entity Incorporation, State Country Name | 'New York |
Foreign Owned Enterprise Investment Percentage Description | 'The Companys subsidiary in China, Trans Pacific Shipping Limited (Trans Pacific Beijing), a wholly owned foreign enterprise, invested in one 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (Trans Pacific Shanghai. Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as Trans Pacific). |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Total current assets | $5,238,598 | $7,145,165 |
Total assets | 5,713,954 | 7,536,205 |
Total current liabilities | 1,230,795 | 4,404,905 |
Total liabilities | 1,230,795 | 4,404,905 |
Sino - China [Member] | ' | ' |
Total current assets | 173,273 | 145,307 |
Total assets | 419,048 | 326,480 |
Total current liabilities | 312,521 | 324,334 |
Total liabilities | $312,521 | $324,334 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Jun. 30, 2014 | Jun. 30, 2013 |
RMB [Member] | Balance Sheet [Member] | ' | ' |
Foreign Currency Exchange Rate, Translation1 | 6.2043 | 6.1787 |
RMB [Member] | Income Statement [Member] | ' | ' |
Foreign Currency Exchange Rate, Translation1 | 6.1374 | 6.2458 |
AUD [Member] | Balance Sheet [Member] | ' | ' |
Foreign Currency Exchange Rate, Translation1 | 1.0609 | 0.9143 |
AUD [Member] | Income Statement [Member] | ' | ' |
Foreign Currency Exchange Rate, Translation1 | 1.0898 | 1.0266 |
HKD [Member] | Balance Sheet [Member] | ' | ' |
Foreign Currency Exchange Rate, Translation1 | 7.7503 | 0.1289 |
HKD [Member] | Income Statement [Member] | ' | ' |
Foreign Currency Exchange Rate, Translation1 | 7.7552 | 0.1289 |
CAD [Member] | Balance Sheet [Member] | ' | ' |
Foreign Currency Exchange Rate, Translation1 | 1.0672 | 0.9506 |
CAD [Member] | Income Statement [Member] | ' | ' |
Foreign Currency Exchange Rate, Translation1 | 1.0704 | 0.9956 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 12 Months Ended |
Jun. 30, 2014 | |
Building [Member] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Vehicles [Member] | Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Vehicles [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Office Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Office Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Allowances for doubtful accounts | $443,858 | $690,065 |
Cash, Uninsured Amount | $262,885 | ' |
PRC Income Tax Rate | 25.00% | ' |
PRC Business Tax Rate | 5.00% | ' |
PRC Business Tax, City Construction Tax Rate | 7.00% | ' |
PRC Business Tax, Education Surcharges Rate | 3.00% | ' |
Employee Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 66,000 | ' |
Warrant [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 139,032 | ' |
Sino - China [Member] | ' | ' |
Net Income Percentage | 90.00% | ' |
ACCOUNTS_RECEIVABLE_ACCOUNTS_P1
ACCOUNTS RECEIVABLE / ACCOUNTS PAYABLE (Details Textual) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Settlement Related To Accounts Receivable And Payable | $2,589,739 | $0 |
PROPERTY_AND_EQUIPMENT_AT_COST2
PROPERTY AND EQUIPMENT, AT COST (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment, Gross, Total | $1,407,930 | $1,225,213 |
Less : Accumulated depreciation and amortization | 1,113,208 | 957,551 |
Property and equipment, net | 294,722 | 267,662 |
Land and building [Member] | ' | ' |
Property, Plant and Equipment, Gross, Total | 216,951 | 80,461 |
Motor vehicles [Member] | ' | ' |
Property, Plant and Equipment, Gross, Total | 710,148 | 731,372 |
Computer equipment [Member] | ' | ' |
Property, Plant and Equipment, Gross, Total | 133,145 | 122,002 |
Office equipment [Member] | ' | ' |
Property, Plant and Equipment, Gross, Total | 50,790 | 46,319 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment, Gross, Total | 100,021 | 52,687 |
System software [Member] | ' | ' |
Property, Plant and Equipment, Gross, Total | 128,178 | 123,391 |
Leasehold improvement [Member] | ' | ' |
Property, Plant and Equipment, Gross, Total | $68,697 | $68,981 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Shares, Options outstanding, beginning of year | 102,000 | 138,000 |
Shares, Granted | 0 | 10,000 |
Shares, Canceled, forfeited or expired | -36,000 | -46,000 |
Shares, Options outstanding, end of year | 66,000 | 102,000 |
Shares, Options exercisable, end of year | 58,000 | 92,000 |
Weighted Average Exercise Price, Options outstanding, beginning of year | $6.90 | $7.43 |
Weighted Average Exercise Price, Granted | $0 | $2.01 |
Weighted Average Exercise Price, Canceled, forfeited or expired | $7.75 | $7.43 |
Weighted Average Exercise Price, Options outstanding, end of year | $6.88 | $6.90 |
Weighted Average Exercise Price, Options exercisable, end of year | $7.55 | $7.75 |
STOCKBASED_COMPENSATION_Detail1
STOCK-BASED COMPENSATION (Details 1) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 |
Exercise Price Range One [Member] | Exercise Price Range Two [Member] | ||||
Outstanding Options, Exercise Price | $6.88 | $6.90 | $7.43 | $7.75 | $2.01 |
Outstanding Options, Number | 66,000 | 102,000 | 138,000 | 56,000 | 10,000 |
Outstanding Options, Average Remaining Contractual Life | ' | ' | ' | '4 years | '3 years 7 months 6 days |
Exercisable Options, Average Exercise Price | $7.55 | $7.75 | ' | $7.75 | $2.01 |
Exercisable Options, Number | 58,000 | 92,000 | ' | 56,000 | 2,000 |
Exercisable Options, Average Remaining Contractual Life | ' | ' | ' | '4 years | '3 years 7 months 6 days |
STOCKBASED_COMPENSATION_Detail2
STOCK-BASED COMPENSATION (Details 2) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 |
Stock Incentive Plan Two Thousand Thirteen [Member] | Stock Incentive Plan Two Thousand Eight [Member] | ||||
Stock Price | ' | ' | ' | $1.94 | $7.75 |
Strike Price | ' | ' | ' | $2.01 | $7.75 |
Strike Price | ' | ' | ' | 452.04% | 173.84% |
Risk-free Rate | ' | ' | ' | 0.88% | 3.02% |
Expected life | ' | ' | ' | '5 years | '5 years |
Dividend Yield | ' | ' | ' | 0.00% | 0.00% |
Number of Options | 66,000 | 102,000 | 138,000 | 10,000 | 66,000 |
STOCKBASED_COMPENSATION_Detail3
STOCK-BASED COMPENSATION (Details 3) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Warrants Outstanding | 139,032 |
Warrants Exercisable | 139,032 |
Weighted Average Exercise Price | $9.30 |
Average Remaining Contractual Term | '4 years |
STOCKBASED_COMPENSATION_Detail4
STOCK-BASED COMPENSATION (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jan. 31, 2014 | 20-May-08 | Jan. 31, 2013 | Jun. 30, 2014 | |
Director [Member] | Warrant [Member] | Audit Committee [Member] | Stock Incentive Plan Two Thousand Thirteen [Member] | |||||
Audit Committee [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 0 | 10,000 | ' | ' | ' | 10,000 | 10,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | ' | 36,000 | 46,000 | ' | 36,000 | ' | 46,000 | ' |
Reversed Unvested Amount From Unearned Stock based Compensation | $46,954 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '10 years | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | $6.88 | $6.90 | $7.43 | ' | ' | ' | $2.01 |
Deferred Compensation Equity | ' | 11,640 | 15,520 | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | $3,880 | $139,615 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | 'The Options will vest at a rate of 20% per year, with 20% vesting initially when granted. | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | 139,032 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | $9.30 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | ' | ' | ' | ' | ' | '10 years | ' | ' |
EQUITY_TRANSACTIONS_Details_Te
EQUITY TRANSACTIONS (Details Texual) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Jun. 06, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 23, 2014 | Jun. 30, 2013 | Jan. 21, 2014 | Jan. 21, 2014 | Apr. 19, 2013 | |
Minimum [Member] | Maximum [Member] | Tianjin Zhiyuan Investment Group Ltd [Member] | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | 1,800,000 |
Percentage Of Shareholder In Common Stock Transaction | ' | ' | ' | ' | ' | ' | ' | 90.00% |
Common Stock Shares Authorized | ' | 50,000,000 | 50,000,000 | ' | 50,000,000 | 10,000,000 | 50,000,000 | ' |
Preferred Stock Shares Authorized | ' | 2,000,000 | 2,000,000 | ' | 2,000,000 | 1,000,000 | 2,000,000 | ' |
Stock Issued During Period, Shares, Issued for Services | 600,000 | 200,000 | 400,000 | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | $2.34 | $2.34 | $2.22 | ' | ' | ' | $1.71 |
Common Stock Shares Issued | ' | 5,229,032 | 5,229,032 | 200,000 | 4,829,032 | ' | ' | ' |
NONCONTROLLING_INTEREST_Detail
NON-CONTROLLING INTEREST (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Original paid-in capital | $11,662,157 | $10,750,157 |
Additional paid-in capital | 1,144,842 | 1,144,842 |
Accumulated other comprehensive loss | 24,618 | 54,791 |
Accumulated deficit | -3,270,260 | -4,856,613 |
Non-Controlling interest | -4,694,031 | -3,573,830 |
Sino Global Shipping Agency Ltd [Member] | ' | ' |
Original paid-in capital | 356,400 | 356,400 |
Additional paid-in capital | 1,044 | 1,044 |
Accumulated other comprehensive loss | -64,872 | -85,653 |
Accumulated deficit | -5,006,843 | -3,849,640 |
Non-Controlling interest | -4,714,271 | -3,577,849 |
Trans Pacific Logistics Shanghai Ltd [Member] | ' | ' |
Non-Controlling interest | $20,240 | $4,019 |
COMMITMENTS_AND_CONTINGENCY_De
COMMITMENTS AND CONTINGENCY (Details) (USD $) | Jun. 30, 2014 |
Twelve months ending June 30, | ' |
2015 | $162,229 |
2016 | 92,569 |
2017 | 63,981 |
2018 | 65,711 |
2019 | 67,492 |
Thereafter | 11,298 |
Future minimum lease payments under operating leases agreements | $463,280 |
COMMITMENTS_AND_CONTINGENCY_De1
COMMITMENTS AND CONTINGENCY (Details Textual) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Leases, Rent Expense, Net | $205,753 | $214,066 |
Restructuring Reserve | $84,600 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
U.S. expected federal income tax benefit | -35.00% | -35.00% |
U.S. state, local tax net of federal benefit | -10.90% | -10.90% |
U.S. permanent difference | 0.30% | 1.20% |
U.S. temporary difference | 45.50% | 44.70% |
Permanent differences related to other countries | -0.90% | 19.30% |
Other | 0.00% | -0.40% |
Hong Kong statutory income tax rate | 16.50% | 0.00% |
Total tax expense | 15.50% | 18.90% |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Current | ' | ' |
USA | $0 | ($3,811) |
Hong Kong | 130,268 | 0 |
Other countries | 0 | 0 |
China | 0 | 0 |
Current Income Tax Expense (Benefit) | 130,268 | -3,811 |
Deferred | ' | ' |
USA | -50,330 | 413,900 |
Hong Kong | 0 | 0 |
Other countries | -115 | 0 |
China | 0 | 0 |
Net deferred | -50,445 | 413,900 |
Total | $79,823 | $410,089 |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Allowance for doubtful accounts | $224,000 | $301,000 |
Stock-based compensation | 411,000 | 307,000 |
Net operating loss | 1,004,000 | 443,000 |
Total deferred tax assets | 1,639,000 | 1,051,000 |
Valuation allowance | -1,475,100 | -945,900 |
Deferred tax assets, net - long-term | $163,900 | $105,100 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Loss Carryforwards | $3,465,850 | ' |
Operating Loss Carryforward Expiration Date | '2034 | ' |
Deferred tax assets, net | 224,000 | 301,000 |
Deferred Tax Assets, Other | 411,000 | 307,000 |
Percentage Of Deferred Tax Asset Valuation Allowance To Approximate | 90.00% | ' |
Deferred Tax Assets, Operating Loss Carryforwards | $1,004,000 | $443,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | -35.00% | -35.00% |
CONCENTRATIONS_Details_Textual
CONCENTRATIONS (Details Textual) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Customer One | ' | ' |
Concentration Risk, Percentage | 35.00% | 63.00% |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Customer Two | ' | ' |
Concentration Risk, Percentage | 18.00% | ' |
Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier One [Member] | ' | ' |
Concentration Risk, Percentage | 21.00% | 22.00% |
Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier Two [Member] | ' | ' |
Concentration Risk, Percentage | 12.00% | 10.00% |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | $11,644,392 | $17,331,759 |
Cost of revenues | 7,613,459 | 15,402,743 |
Gross profit | 4,030,933 | 1,929,016 |
Depreciation and amortization | 155,657 | 198,825 |
Total capital expenditures | 203,252 | 67,116 |
Total assets | 5,713,954 | 7,536,205 |
Shipping Agency Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 7,523,983 | 17,331,759 |
Cost of revenues | 6,010,058 | 15,402,743 |
Gross profit | 1,513,925 | 1,929,016 |
Depreciation and amortization | 120,095 | 198,825 |
Total capital expenditures | 192,434 | 67,116 |
Total assets | 3,094,804 | 7,536,205 |
Shipping & Chartering Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 1,937,196 | 0 |
Cost of revenues | 1,291,048 | 0 |
Gross profit | 646,148 | 0 |
Depreciation and amortization | 875 | 0 |
Total capital expenditures | 0 | 0 |
Total assets | 425,410 | 0 |
Inland Transportation Management Services [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 2,183,213 | 0 |
Cost of revenues | 312,353 | 0 |
Gross profit | 1,870,860 | 0 |
Depreciation and amortization | 34,687 | 0 |
Total capital expenditures | 10,818 | 0 |
Total assets | $2,193,740 | $0 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Due from related parties | $3,173,765 | $541,377 |
Sino-G Trading Inc [Member] | ' | ' |
Due from related parties | 252,815 | 541,400 |
Tianjin Zhiyuan Investment Group Ltd [Member] | ' | ' |
Due from related parties | 2,920,950 | ' |
Short-term Debt | $1,801,709 | ' |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Jun. 06, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 23, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Aug. 08, 2014 | Aug. 08, 2014 | Aug. 08, 2014 | Aug. 22, 2014 | Aug. 08, 2014 | Jun. 30, 2014 | Jun. 27, 2014 | Jul. 02, 2014 | |
Stock Compensation Plan [Member] | LSM Acquisition Agreement [Member] | LSM Acquisition Agreement [Member] | LSM Acquisition Agreement [Member] | Mr. Deming Wang [Member] | Mr. Deming Wang [Member] | Underwriting Agreement [Member] | Underwriting Agreement [Member] | Subsequent Event [Member] | ||||||
Minimum [Member] | Maximum [Member] | LSM Acquisition Agreement [Member] | LSM Acquisition Agreement [Member] | Underwriting Agreement [Member] | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Issued | ' | 5,229,032 | 5,229,032 | 200,000 | 4,829,032 | ' | ' | ' | ' | ' | ' | 647,000 | 572,000 | ' |
Common Stock, Par or Stated Value Per Share | ' | $2.34 | $2.34 | $2.22 | ' | ' | ' | ' | ' | ' | ' | ' | $1.76 | ' |
Number Of Additional Shares Issued Under Underwritters Option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,800 | 75,000 |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.60% | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | 20,000 | 200,000 | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Description | ' | ' | ' | ' | ' | ' | 'the purchase price for the equity of LSM will be between 20,000 and 200,000 shares of common stock of the Company, depending on the net income of LSM from July 4, 2014 through December 31, 2014. | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | 600,000 | 200,000 | 400,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' |