Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Sino-Global Shipping America, Ltd. | |
Entity Central Index Key | 1,422,892 | |
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 | $ 4,851,865.58 | |
Trading Symbol | SINO | |
Entity Common Stock, Shares Outstanding | 8,370,841 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - Entity [Domain] - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets | ||
Cash and cash equivalents | $ 730,322 | $ 902,531 |
Advances to suppliers | 50,975 | 8,482 |
Accounts receivable, less allowance for doubtful accounts of $477,240 and $443,858 as of June 30, 2015 and 2014, respectively | 3,082,219 | 481,885 |
Other receivables, less allowance for doubtful accounts of $241,604 and $250,100 as of June 30, 2015 and June 30,2014, respectively | 191,972 | 174,406 |
Prepaid expense and other current assets | 1,265,609 | 216,729 |
Due from related parties | 2,784,591 | 3,173,765 |
Total Current Assets | 8,105,688 | 4,957,798 |
Property and equipment, net | 214,003 | 294,722 |
Prepaid expenses - noncurrent | 436,351 | 280,800 |
Other long-term assets | 2,773,908 | 16,734 |
Deferred tax assets | 280,600 | 163,900 |
Total Assets | 11,810,550 | 5,713,954 |
Current liabilities | ||
Advances from customers | 126,201 | 88,477 |
Accounts payable | 691,588 | 398,756 |
Accrued expenses | 23,411 | 177,877 |
Taxes payable | 996,648 | 207,457 |
Other current liabilities | 76,196 | 358,228 |
Total Current Liabilities | 1,914,044 | 1,230,795 |
Total Liabilities | $ 1,914,044 | $ 1,230,795 |
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; 7,996,032 and 5,229,032 shares issued as of June 30, 2015 and 2014; 7,870,841 and 5,103,841 outstanding as of June 30, 2015 and 2014 | 16,303,327 | 11,662,157 |
Additional paid-in capital | 1,144,842 | 1,144,842 |
Treasury stock, at cost - 125,191 shares | (372,527) | (372,527) |
Accumulated deficit | (2,552,870) | (3,270,260) |
Accumulated other comprehensive income | 91,432 | 24,618 |
Unearned stock-based compensation | (7,760) | (11,640) |
Total Sino-Global Shipping America Ltd. Stockholders' equity | 14,606,444 | 9,177,190 |
Non-controlling Interest | (4,709,938) | (4,694,031) |
Total Equity | 9,896,506 | 4,483,159 |
Total Liabilities and Equity | $ 11,810,550 | $ 5,713,954 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Accounts receivable, allowance for doubtful accounts | $ 477,240 | $ 443,858 |
Other receivables, allowance for doubtful accounts | $ 241,604 | $ 250,100 |
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 | 7,996,032 | 5,229,032 |
Common stock, shares outstanding | 7,870,841 | 5,103,841 |
Treasury stock, shares | 125,191 | 125,191 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - Entity [Domain] - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net revenues | $ 11,320,628 | $ 11,644,392 |
Cost of revenues | (5,936,283) | (7,613,459) |
Gross profit | 5,384,345 | 4,030,933 |
General and administrative expenses | (4,304,329) | (3,470,669) |
Selling expenses | (63,219) | (260,134) |
Costs and expenses | (4,367,548) | (3,730,803) |
Operating income | 1,016,797 | 300,130 |
Financial income (expense), net | 14,200 | (50,170) |
Other income, net | 40,146 | 264,349 |
Nonoperating Income (Expense) | 54,346 | 214,179 |
Net income before provision for income taxes | 1,071,143 | 514,309 |
Income tax expense | (427,221) | (79,823) |
Net income | 643,922 | 434,486 |
Net loss attributable to non-controlling interest | (73,468) | (1,151,867) |
Net income attributable to Sino-Global Shipping America, Ltd. | 717,390 | 1,586,353 |
Comprehensive income | ||
Net income | 643,922 | 434,486 |
Foreign currency translation gain | 124,375 | 1,493 |
Comprehensive income | 768,297 | 435,979 |
Less: Comprehensive loss attributable to non-controlling interest | (15,907) | (1,120,201) |
Comprehensive income attributable to Sino-Global Shipping America, Ltd. | $ 784,204 | $ 1,556,180 |
Earnings per share | ||
-Basic and diluted | $ 0.11 | $ 0.34 |
Weighted average number of common shares used in computation | ||
-Basic and diluted | 6,443,096 | 4,721,923 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net income | $ 643,922 | $ 434,486 |
Adjustment to reconcile net income to net cash used in operating activities | ||
Amortization of stock-based compensation to consultants | 512,269 | 0 |
Amortization of stock option expense | 3,880 | 3,880 |
Depreciation and amortization | 165,088 | 155,657 |
Provision for (recovery of) doubtful accounts | 33,382 | (246,206) |
Deferred tax benefit | (116,700) | (50,445) |
Gain on disposition of property and equipment | (20,693) | (385) |
Changes in assets and liabilities | ||
(Increase) decrease in advances to suppliers | (42,493) | 223,290 |
(Increase) decrease in accounts receivable | (2,633,716) | 201,155 |
(Increase) decrease in other receivables | (17,566) | 16,154 |
Increase in other current assets | 0 | (17,041) |
(Increase) decrease in prepaid expense | (296,750) | 26,288 |
(Increase) decrease in other long-term assets | (20,943) | 1,544 |
Increase in due from related parties | (724,425) | (1,473,752) |
Increase (decrease) in advances from customers | 37,724 | (506,066) |
Increase (decrease) in accounts payable | 292,832 | (230,745) |
Decrease (increase) in accrued expenses | (154,466) | 126,525 |
Increase in taxes payable | 789,188 | 201,375 |
Decrease in other current liabilities | (248,631) | (108,185) |
Net cash used in operating activities | (1,798,098) | (1,242,471) |
Investing Activities | ||
Acquisitions of property and equipment | (84,102) | (203,252) |
Proceeds from sale of fixed assets | 80,661 | 854 |
Received from (Payment to) related party | 1,113,599 | (1,158,636) |
Installment payment related to vessel acquisition | (516,229) | 0 |
Net cash provided by (used in) investing activities | 593,929 | (1,361,034) |
Financing Activities | ||
Proceeds from issuance of common stock | 967,820 | 444,000 |
Net cash provided by financing activities | 967,820 | 444,000 |
Effect of exchange rate fluctuations on cash and cash equivalents | 64,140 | 13,205 |
Net decrease in cash and cash equivalents | (172,209) | (2,146,300) |
Cash and cash equivalents at beginning of year | 902,531 | 3,048,831 |
Cash and cash equivalents at end of year | 730,322 | 902,531 |
Supplemental information: | ||
Income taxes paid | 8,104 | 24,841 |
Non-cash transactions of operating activities: | ||
Settlement of related accounts receivable and payable | 0 | 2,589,739 |
Consultants [Member] | ||
Non-cash transactions of operating activities: | ||
Shares issued | 1,419,950 | 468,000 |
LSM Acquisition [Member] | ||
Non-cash transactions of operating activities: | ||
Shares issued | 33,400 | 0 |
Vessel Acquisition [Member] | ||
Non-cash transactions of operating activities: | ||
Shares issued | $ 2,220,000 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) | Total | Stockholders' Equity, Total [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Distributions in Excess of Net Income [Member] | Deferred Compensation, Share-based Payments [Member] | Noncontrolling Interest [Member] |
Balance at Jun. 30, 2013 | $ 3,131,300 | $ 6,705,130 | $ 10,750,157 | $ 1,144,842 | $ (372,527) | $ (4,856,613) | $ 54,791 | $ (15,520) | $ (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 | 434,486 | 1,586,353 | 1,586,353 | (1,151,867) | |||||
Balance at Jun. 30, 2014 | 4,483,159 | 9,177,190 | $ 11,662,157 | 1,144,842 | (372,527) | (3,270,260) | 24,618 | (11,640) | (4,694,031) |
Balance (in shares) at Jun. 30, 2014 | 5,229,032 | ||||||||
Issuance of common stock | 4,641,170 | 4,641,170 | $ 4,641,170 | ||||||
Issuance of common stock (in shares) | 2,767,000 | ||||||||
Amortization of stock options | 3,880 | 3,880 | 3,880 | ||||||
Foreign currency translation | 124,375 | 66,814 | 66,814 | 57,561 | |||||
Net income | 643,922 | 717,390 | 717,390 | (73,468) | |||||
Balance at Jun. 30, 2015 | $ 9,896,506 | $ 14,606,444 | $ 16,303,327 | $ 1,144,842 | $ (372,527) | $ (2,552,870) | $ 91,432 | $ (7,760) | $ (4,709,938) |
Balance (in shares) at Jun. 30, 2015 | 7,996,032 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Jun. 30, 2015 | |
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 (“US”) in 2001, Sino-Global Shipping America, Ltd. (“Sino-Global” or the “Company”) is a shipping agency, logistics and ship management services company. The Company’s current service offerings consist of shipping agency services, shipping and chartering services, inland transportation management services and ship management services. The Company conducts its business primarily through its wholly-owned subsidiaries in China, Hong Kong, Australia, Canada and New York. Substantially all of the Company’s business is generated from clients located in the People’s Republic of China (the “PRC”), and its operations are primarily conducted in the PRC and Hong Kong. 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”) The Company’s shipping agency business is operated by its subsidiaries in Hong Kong and Australia. The Company’s shipping and chartering services as well as its ship management services are operated by its HK subsidiary. The Company’s inland transportation management services are operated by its subsidiary in China. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The financial statements include the accounts of all directly, indirectly owned subsidiaries and variable interest entity. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary to give a fair presentation have been included. 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. 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 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. June 30, June 30, 2015 2014 Total current assets $ 59,069 $ 173,273 Total assets 189,499 419,048 Total current liabilities 19,732 312,521 Total liabilities 19,732 312,521 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. 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. 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. June 30, 2015 2014 Foreign currency Balance Profits/Loss Balance Profits/Loss RMB:1USD 6.1988 6.1877 6.2043 6.1374 1AUD:USD 1.2986 1.2027 1.0609 1.0898 1HKD:USD 7.7520 7.7537 7.7503 7.7552 1CAD:USD 1.2475 1.1740 1.0672 1.0704 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. As of June 30, 2015 and 2014, cash balances of $ 65,191 262,885 Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews its 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, 2015 and 2014, the allowance for doubtful accounts totaled $ 477,240 443,858 Net 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. Buildings 20 Motor vehicles 5 10 Furniture and office equipment 3 5 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. ⋅ 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. ⋅ Revenues from ship management services are recognized when the related contractual services are rendered. 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, 2015 and 2014, respectively. Income tax returns for the years prior to 2012 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 PRC Business Tax and Surcharges Revenues from services provided by Sino-China and Trans Pacific are subject to the PRC business tax of 5 In addition, under the PRC regulations, Sino-China is required to pay the city construction tax ( 7 3 Sino-China reports its revenues net of PRC’s business tax and surcharges for all the periods presented in the consolidated statements of operations. Basic earnings per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings 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 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, 2015. The effect of 66,000 139,032 The Company reports comprehensive income in accordance with the FASB issued authoritative guidance which establishes standards for reporting comprehensive income and its component in financial statements. Comprehensive income, as defined, includes all changes in equity during a period from non-owner sources . 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. 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. Business combinations are accounted for under the purchase method of accounting. Under the purchase method, assets and liabilities of the business acquired are recorded at their estimated fair values as of the date of acquisition with any excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired recorded as goodwill. Results of operations of the acquired business are included in the income statement from the date of acquisition. Other current liabilities in the prior period have been reclassified to taxes payable and other current liabilities. Prepaid expense in the prior period has been reclassified to indicate the noncurrent portion. The reclassification has no effect on the previously reported total assets, liabilities, equity, results of operations and cash flows. On January 9, 2015, FASB published ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The ASU applies to all entities and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have material impact on the Company's consolidated financial statement. In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. This ASU will be effective for periods beginning after December 15, 2015, for public companies. Management is evaluating the potential impact, if any, on the Company’s financial position and results of operations. In April 2015, the FASB issued ASU No. 2015-03, InterestImputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update 2015-11: Simplifying the Measurement of Inventory. This update requires inventory to be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. This update will be effective for the Company for all annual and interim periods beginning after December 15, 2016. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect this update will have a material impact on the presentation of the Company's condensed consolidated financial statements. In August 2015, the FASB has issued Accounting Standards Update (ASU) No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting |
ACQUISITION OF LONGHE SHIP MANA
ACQUISITION OF LONGHE SHIP MANAGEMENT COMPANY | 12 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 3. ACQUISITION OF LONGHE SHIP MANAGEMENT COMPANY 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. Mr. Deming Wang is a shareholder of the Company who held approximately 3.6 20,000 200,000 50,000 50,000 On September 8, 2014, the closing date, LSM’s total assets were $ 199,482 2.6 26,655 2.6 23,289 47,409 128,784 24,054 2,022 579 As of and for the Year Ended June 30, 2015 SINO Group LSM Elimination Combined Revenues $ 11,130,540 $ 285,042 $ - $ 11,415,582 Cost of revenues $ 5,839,839 $ 144,621 $ - $ 5,984,460 Gross profit $ 5,290,701 $ 140,421 $ - $ 5,431,122 Net income $ 551,691 $ 136,308 $ - $ 687,999 Total assets $ 11,843,612 $ 394 $ (33,456) $ 11,810,550 Total Liabilities $ 1,911,890 $ 2,154 $ - $ 1,914,044 As of and for the Year Ended June 30, 2014 SINO Group LSM Elimination Combined Revenues $ 11,644,392 $ - $ - $ 11,644,392 Cost of revenues $ 7,613,459 $ - $ - $ 7,613,459 Gross profit $ 4,030,933 $ - $ - $ 4,030,933 Net income $ 434,486 $ - $ - $ 434,486 Total assets $ 5,713,954 $ - $ - $ 5,713,954 Total Liabilities $ 1,230,795 $ - $ - $ 1,230,795 Due to concerns of the financial viability of the vessel owners and their ability to pay ship management fees to the Company, Sino-Global stopped providing ship management services to these owners since early January 2015. While the Company does not currently serve any other customers in this business segment, it is in discussions with a number of potential customers to provide such services. In April 2015, the Company and Mr. Wang executed a satisfaction agreement whereby Sino-Global shall release from escrow 20,000 30,000 |
ADVANCES TO SUPPLIERS
ADVANCES TO SUPPLIERS | 12 Months Ended |
Jun. 30, 2015 | |
Advances To Suppliers [Abstract] | |
Advances To Suppliers [Text Block] | 4. ADVANCES TO SUPPLIERS June 30, June 30, 2015 2014 Sainuo Investment Management Ltd $ 48,396 $ - Others 2,579 8,482 Total $ 50,975 $ 8,482 On November 3, 2014, the Company entered into an advisory service agreement with Sainuo Investment Management Ltd. ( “Sainuo”) whereby Sainuo, a professional services firm based in the PRC specializing in mergers and acquisitions, business restructuring and appraisal, had been engaged to assist the Company in the identification of suitable acquisition candidates, performance of required due diligence and other business advisory services. Pursuant to the service agreement, Sainuo will be paid a service fee (which amount is calculated based on 8 3.5 300,000 3.2 300,000 48,396 |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 12 Months Ended |
Jun. 30, 2015 | |
Accounts Receivable and Payable [Abstract] | |
Accounts Receivable Net Disclosure [Text Block] | 5. ACCOUNTS RECEIVABLE, NET June 30, June 30, 2015 2014 Trade accounts receivable $ 3,559,459 $ 925,743 Less: allowances for doubtful accounts (477,240) (443,858) Accounts receivables, net $ 3,082,219 $ 481,885 In September 2015, the Company collected RMB 2 million from a major customer to reduce the outstanding trade receivables. |
OTHER RECEIVABLES _ OTHER CURRE
OTHER RECEIVABLES / OTHER CURRENT LIABILITIES | 12 Months Ended |
Jun. 30, 2015 | |
Other Assets And Other Liabilities Disclosure Current [Abstract] | |
Other Assets And Other Liabilities Disclosure Current [Text Block] | 6. OTHER RECEIVABLES / OTHER CURRENT LIABILITIES Other receivables represent mainly travel and business advances to employees, as well as deposit. Other current liabilities represent mainly payroll and welfare payable and other miscellaneous items. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses Disclosure [Text Block] | 7. PREPAID EXPENSES AND OTHER CURRENT ASSETS June 30, June 30, 2015 2014 Consultant fees (See note 11) $ 1,375,681 $ 468,000 Advance to employees 166,772 - Insurance 77,584 - Legal - 24,802 Other 81,923 4,727 Total 1,701,960 497,529 Less current portion 1,265,609 216,729 Total noncurrent portion $ 436,351 $ 280,800 |
PROPERTY AND EQUIPMENT, NET.
PROPERTY AND EQUIPMENT, NET. | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 8. PROPERTY AND EQUIPMENT, NET. June 30, June 30, 2015 2014 Land and building $ 217,144 $ 216,951 Motor vehicles 534,825 710,148 Computer equipment 146,739 133,145 Office equipment 62,745 50,790 Furniture and fixtures 156,085 100,021 System software 128,286 128,178 Leasehold improvement 68,758 68,697 Total 1,314,582 1,407,930 Less: Accumulated depreciation and amortization 1,100,579 1,113,208 Property and equipment, net $ 214,003 $ 294,722 Depreciation and amortization expense for the years ended June 30, 2015 and 2014 was $ 165,088 155,657 |
OTHER LONG-TERM ASSETS
OTHER LONG-TERM ASSETS | 12 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | 9. OTHER LONG-TERM ASSETS June 30, June 30, 2015 2014 Installment payment related to Vessel acquisition $ 2,736,229 $ - Rent deposit 37,679 16,734 Total $ 2,773,908 $ 16,734 On April 10, 2015, the Company entered into an Asset Purchase Agreement with Rong Yao International Shipping Limited, a Hong Kong company (the “Vessel Seller”), pursuant to which the Company agreed to acquire, subject to a number of closing conditions, the “Rong Zhou,” an 8,818 gross tonnage oil/chemical transportation tanker (the “Vessel”) from the Vessel Seller; and in connection therewith, the Company issued to the Vessel Seller 1.2 2,220,000 10.5 1.85 2,736,229 3.2 516,229 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 10. STOCK-BASED COMPENSATION On January 31, 2013, the Company issued options to a member of the audit committee to purchase 10,000 46,000 46,954 36,000 June 30, 2015 June 30, 2014 Shares Weighted Shares Weighted Options outstanding, beginning of year 66,000 $ 6.88 102,000 $ 6.90 Granted - - - - Canceled, forfeited or expired - $ - (36,000) $ 7.75 Options outstanding, end of year 66,000 $ 6.88 66,000 $ 6.88 Options exercisable, end of year 60,000 $ 7.37 58,000 $ 7.55 Outstanding Options Exercisable Options Exercise Price Number Average Average Exercise Number Average $ 7.75 56,000 3.0 years $ 7.75 56,000 3.0 years $ 2.01 10,000 2.6 years $ 2.01 4,000 2.6 years 66,000 60,000 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. 10 year 2.01 10,000 The fair value of share-based compensation was estimated using the Black-Scholes option pricing model. The aggregate fair value of $ 7,760 11,640 3,880 3,880 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 0.00 % 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 0.00 % Number of Options 10,000 In connection with the initial public offering of the Company’s common stock on May 20, 2008, 139,032 9.30 10 Warrants Outstanding Warrants Exercisable Weighted Average 139,032 139,032 $ 9.30 3.0 years |
EQUITY TRANSACTIONS
EQUITY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 11. EQUITY TRANSACTIONS 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 1.76 30 85,800 75,000 647,000 1 The Company entered into management consulting and advisory services agreements with two consultants on June 6, 2014, pursuant to which the consultants should assist the Company in, among other things, financial and tax due diligence, business evaluation and integration, development of proforma financial statements. In return for their services, as approved by the Company’s Board of Directors, a total of 600,000 200,000 2.34 400,000 1.68 On August 22, 2014, the Company issued 50,000 20,000 30,000 On April 10, 2015, the Company entered into an Asset Purchase Agreement with Rong Yao International Shipping Limited, a Hong Kong company (the “Vessel Seller”), pursuant to which the Company agreed to acquire, subject to a number of closing conditions, the “Rong Zhou,” an 8,818 gross tonnage oil/chemical transportation tanker (the “Vessel”) from the Vessel Seller; a nd in connection therewith 1.2 2,220,000 10.5 1.85 7,500 3,500 On May 5, 2015, the Company entered into management consulting and advisory services agreements with three consultants, pursuant to which the consultants should assist the Company in, among other things, review of time charter agreements; crew management advisory; development of permanent and preventive maintenance standards related to dry dockings and ship repairs; development of regular technical and marine vessel inspections and quality control procedures; and development and implementation of alternative remedial actions to address any technical problems that may arise. In return for their services, as approved by the Company’s Board of Directors, a total of 500,000 1.50 |
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST | 12 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | 12. NON-CONTROLLING INTEREST June 30, June 30, 2015 2014 Sino-China: Original paid-in capital $ 356,400 $ 356,400 Additional paid-in capital 1,044 1,044 Accumulated other comprehensive loss (67,640) (64,872) Accumulated deficit (5,018,688) (5,006,843) (4,728,884) (4,714,271) Trans Pacific Logistics Shanghai Ltd. 18,946 20,240 Total $ (4,709,938) $ (4,694,031) |
COMMITMENTS AND CONTINGENCY
COMMITMENTS AND CONTINGENCY | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS AND CONTINGENCY (a) Office leases Amount Twelve months ending June 30, 2016 $ 168,345 2017 99,885 2018 65,711 2019 67,492 Thereafter 11,298 $ 412,731 Rent expense for the years ended June 30, 2015 and 2014 was $ 205,838 205,753 (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, 2015, the Company has estimated its severance payments of approximately $ 38,100 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 14. INCOME TAXES Income tax expense for the years ended June 30, 2015 and 2014 varied from the amount computed by applying the statutory income tax rate to income before taxes. 35 For the years ended June 30, 2015 2014 % % U.S. expected federal income tax benefit 35.0 35.0 U.S. state, local tax net of federal benefit 10.9 10.9 U.S. permanent difference (0.2) (0.3) U.S. temporary difference (45.7) (45.5) Permanent differences related to other countries (28.3) 0.9 Hong Kong statutory income tax rate (16.5) (16.5) Hong Kong income tax benefit 4.9 - Total tax expense (39.9) (15.5) The U.S. temporary difference was mainly comprised of unearned compensation amortization and provision for allowance for doubtful accounts. For the years ended June 30, 2015 2014 Current USA $ - $ - Hong Kong (23,963) (130,268) China (519,958) - (543,921) (130,268) Deferred USA 116,700 50,330 Other countries - 115 116,700 50,445 Total $ (427,221) $ (79,823) For the years ended June 30, 2015 2014 Allowance for doubtful accounts $ 248,000 $ 224,000 Stock-based compensation 382,000 411,000 Net operating loss 2,176,000 1,004,000 Total deferred tax assets 2,806,000 1,639,000 Valuation allowance (2,525,400) (1,475,100) Deferred tax assets, net - long-term $ 280,600 $ 163,900 Operations in the USA have incurred a cumulative net operating loss of approximately $ 5,590,560 2035 248,000 382,000 2,176,000 90 June 30, June 30, 2015 2014 VAT tax payable $ 296,935 $ 67,315 Corporate income tax payable 664,132 130,770 Others 35,581 9,372 Total $ 996,648 $ 207,457 |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Jun. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 15. CONCENTRATIONS Major Customer For the year ended June 30, 2015, two customers accounted for approximately 23 20 35 18 Major Suppliers For the year ended June 30, 2015, two suppliers accounted for 51 14 21 12 |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16. 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. For the Year Ended June 30, 2015 Shipping Agency Shipping & Chartering Inland Transportation Total Revenues $ 6,185,653 $ 349,125 $ 4,785,850 $ 11,320,628 Cost of revenues $ 4,998,030 $ 182,650 $ 755,603 $ 5,936,283 Gross profit $ 1,187,623 $ 166,475 $ 4,030,247 $ 5,384,345 Depreciation and amortization $ 154,000 $ 176 $ 10,912 $ 165,088 Total capital expenditures $ 84,102 $ - $ - $ 84,102 Total assets $ 4,961,011 $ 130,915 $ 6,718,624 $ 11,810,550 For the Year Ended June 30, 2014 Shipping Agency Shipping & Chartering Inland Transportation Total 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 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 17. RELATED PARTY TRANSACTIONS In June 2013, the Company signed a 5 2,920,950 2.7 1.6 384,000 2,609,831 1 As of June 30, 2015 and 2014, the Company is owed $ 174,759 252,815 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 18. SUBSEQUENT EVENT On July 10, 2015, the Company sold 500,000 691,600 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
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”). The financial statements include the accounts of all directly, indirectly owned subsidiaries and variable interest entity. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary to give a fair presentation have been included. 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 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. June 30, June 30, 2015 2014 Total current assets $ 59,069 $ 173,273 Total assets 189,499 419,048 Total current liabilities 19,732 312,521 Total liabilities 19,732 312,521 |
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] | 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. June 30, 2015 2014 Foreign currency Balance Profits/Loss Balance Profits/Loss RMB:1USD 6.1988 6.1877 6.2043 6.1374 1AUD:USD 1.2986 1.2027 1.0609 1.0898 1HKD:USD 7.7520 7.7537 7.7503 7.7552 1CAD:USD 1.2475 1.1740 1.0672 1.0704 |
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. As of June 30, 2015 and 2014, cash balances of $ 65,191 262,885 |
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 its 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, 2015 and 2014, the allowance for doubtful accounts totaled $ 477,240 443,858 |
Property, Plant and Equipment, Policy [Policy Text Block] | Net 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. Buildings 20 Motor vehicles 5 10 Furniture and office equipment 3 5 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. ⋅ Revenues from ship management services are recognized when the related contractual services are rendered. |
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, 2015 and 2014, respectively. Income tax returns for the years prior to 2012 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 PRC Business Tax and Surcharges Revenues from services provided by Sino-China and Trans Pacific are subject to the PRC business tax of 5 In addition, under the PRC regulations, Sino-China is required to pay the city construction tax ( 7 3 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 per Share (“EPS”) Basic earnings per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings 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 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, 2015. The effect of 66,000 139,032 |
Comprehensive Income, Policy [Policy Text Block] | (l) Comprehensive Income The Company reports comprehensive income in accordance with the FASB issued authoritative guidance which establishes standards for reporting comprehensive income and its component in financial statements. Comprehensive income, 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. |
Business Combinations Policy [Policy Text Block] | (o) Business Combinations Business combinations are accounted for under the purchase method of accounting. Under the purchase method, assets and liabilities of the business acquired are recorded at their estimated fair values as of the date of acquisition with any excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired recorded as goodwill. Results of operations of the acquired business are included in the income statement from the date of acquisition. |
Reclassification, Policy [Policy Text Block] | (p) Reclassifications Other current liabilities in the prior period have been reclassified to taxes payable and other current liabilities. Prepaid expense in the prior period has been reclassified to indicate the noncurrent portion. The reclassification has no effect on the previously reported total assets, liabilities, equity, results of operations and cash flows. |
New Accounting Pronouncements, Policy [Policy Text Block] | (q) Recent Accounting Pronouncements On January 9, 2015, FASB published ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The ASU applies to all entities and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have material impact on the Company's consolidated financial statement. In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. This ASU will be effective for periods beginning after December 15, 2015, for public companies. Management is evaluating the potential impact, if any, on the Company’s financial position and results of operations. In April 2015, the FASB issued ASU No. 2015-03, InterestImputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update 2015-11: Simplifying the Measurement of Inventory. This update requires inventory to be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. This update will be effective for the Company for all annual and interim periods beginning after December 15, 2016. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect this update will have a material impact on the presentation of the Company's condensed consolidated financial statements. In August 2015, the FASB has issued Accounting Standards Update (ASU) No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 2014 Total current assets $ 59,069 $ 173,273 Total assets 189,499 419,048 Total current liabilities 19,732 312,521 Total liabilities 19,732 312,521 |
Schedule Of Differences Between Reported Amount and Reporting Currency Denominated Amount [Table Text Block] | The exchange rates for the years ended June 30, 2015 and June 30, 2014 are as follows: June 30, 2015 2014 Foreign currency Balance Profits/Loss Balance Profits/Loss RMB:1USD 6.1988 6.1877 6.2043 6.1374 1AUD:USD 1.2986 1.2027 1.0609 1.0898 1HKD:USD 7.7520 7.7537 7.7503 7.7552 1CAD:USD 1.2475 1.1740 1.0672 1.0704 |
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 Motor vehicles 5 10 Furniture and office equipment 3 5 |
ACQUISITION OF LONGHE SHIP MA27
ACQUISITION OF LONGHE SHIP MANAGEMENT COMPANY (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma condensed financial information presents the combined results of operations of the Company and LSM as if the acquisition had occurred as of the beginning of each period presented. The pro forma information assumes the acquisition of LSM occurred on July 1, 2013. As of and for the Year Ended June 30, 2015 SINO Group LSM Elimination Combined Revenues $ 11,130,540 $ 285,042 $ - $ 11,415,582 Cost of revenues $ 5,839,839 $ 144,621 $ - $ 5,984,460 Gross profit $ 5,290,701 $ 140,421 $ - $ 5,431,122 Net income $ 551,691 $ 136,308 $ - $ 687,999 Total assets $ 11,843,612 $ 394 $ (33,456) $ 11,810,550 Total Liabilities $ 1,911,890 $ 2,154 $ - $ 1,914,044 As of and for the Year Ended June 30, 2014 SINO Group LSM Elimination Combined Revenues $ 11,644,392 $ - $ - $ 11,644,392 Cost of revenues $ 7,613,459 $ - $ - $ 7,613,459 Gross profit $ 4,030,933 $ - $ - $ 4,030,933 Net income $ 434,486 $ - $ - $ 434,486 Total assets $ 5,713,954 $ - $ - $ 5,713,954 Total Liabilities $ 1,230,795 $ - $ - $ 1,230,795 |
ADVANCES TO SUPPLIERS (Tables)
ADVANCES TO SUPPLIERS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Advances To Suppliers [Abstract] | |
Schedule Of Advance To Suppliers [Table Text Block] | The Company’s advances to suppliers is as follows: June 30, June 30, 2015 2014 Sainuo Investment Management Ltd $ 48,396 $ - Others 2,579 8,482 Total $ 50,975 $ 8,482 |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The Company’s net accounts receivable is as follows: June 30, June 30, 2015 2014 Trade accounts receivable $ 3,559,459 $ 925,743 Less: allowances for doubtful accounts (477,240) (443,858) Accounts receivables, net $ 3,082,219 $ 481,885 |
PREPAID EXPENSES AND OTHER CU30
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets [Text Block] | The Company’s prepaid expenses and other current assets are as follows: June 30, June 30, 2015 2014 Consultant fees (See note 11) $ 1,375,681 $ 468,000 Advance to employees 166,772 - Insurance 77,584 - Legal - 24,802 Other 81,923 4,727 Total 1,701,960 497,529 Less current portion 1,265,609 216,729 Total noncurrent portion $ 436,351 $ 280,800 |
PROPERTY AND EQUIPMENT, NET. (T
PROPERTY AND EQUIPMENT, NET. (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Net property and equipment are as follows: June 30, June 30, 2015 2014 Land and building $ 217,144 $ 216,951 Motor vehicles 534,825 710,148 Computer equipment 146,739 133,145 Office equipment 62,745 50,790 Furniture and fixtures 156,085 100,021 System software 128,286 128,178 Leasehold improvement 68,758 68,697 Total 1,314,582 1,407,930 Less: Accumulated depreciation and amortization 1,100,579 1,113,208 Property and equipment, net $ 214,003 $ 294,722 |
OTHER LONG-TERM ASSETS (Tables)
OTHER LONG-TERM ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | The Company’s other long-term assets is as follows: June 30, June 30, 2015 2014 Installment payment related to Vessel acquisition $ 2,736,229 $ - Rent deposit 37,679 16,734 Total $ 2,773,908 $ 16,734 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 June 30, 2014 Shares Weighted Shares Weighted Options outstanding, beginning of year 66,000 $ 6.88 102,000 $ 6.90 Granted - - - - Canceled, forfeited or expired - $ - (36,000) $ 7.75 Options outstanding, end of year 66,000 $ 6.88 66,000 $ 6.88 Options exercisable, end of year 60,000 $ 7.37 58,000 $ 7.55 |
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, 2015: Outstanding Options Exercisable Options Exercise Price Number Average Average Exercise Number Average $ 7.75 56,000 3.0 years $ 7.75 56,000 3.0 years $ 2.01 10,000 2.6 years $ 2.01 4,000 2.6 years 66,000 60,000 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of stock options granted 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 0.00 % 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 0.00 % 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, 2015: Warrants Outstanding Warrants Exercisable Weighted Average 139,032 139,032 $ 9.30 3.0 years |
NON-CONTROLLING INTEREST (Table
NON-CONTROLLING INTEREST (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Minority Interest [Table Text Block] | Non-controlling interest consists of the following: June 30, June 30, 2015 2014 Sino-China: Original paid-in capital $ 356,400 $ 356,400 Additional paid-in capital 1,044 1,044 Accumulated other comprehensive loss (67,640) (64,872) Accumulated deficit (5,018,688) (5,006,843) (4,728,884) (4,714,271) Trans Pacific Logistics Shanghai Ltd. 18,946 20,240 Total $ (4,709,938) $ (4,694,031) |
COMMITMENTS AND CONTINGENCY (Ta
COMMITMENTS AND CONTINGENCY (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2016 $ 168,345 2017 99,885 2018 65,711 2019 67,492 Thereafter 11,298 $ 412,731 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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 For the years ended June 30, 2015 2014 % % U.S. expected federal income tax benefit 35.0 35.0 U.S. state, local tax net of federal benefit 10.9 10.9 U.S. permanent difference (0.2) (0.3) U.S. temporary difference (45.7) (45.5) Permanent differences related to other countries (28.3) 0.9 Hong Kong statutory income tax rate (16.5) (16.5) Hong Kong income tax benefit 4.9 - Total tax expense (39.9) (15.5) |
Schedule Of Components Of Income Tax Expense (Benefit) [Table Text Block] | The income tax expense for the years ended June 30, 2015 and 2014 are as follows: For the years ended June 30, 2015 2014 Current USA $ - $ - Hong Kong (23,963) (130,268) China (519,958) - (543,921) (130,268) Deferred USA 116,700 50,330 Other countries - 115 116,700 50,445 Total $ (427,221) $ (79,823) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets are comprised of the following: For the years ended June 30, 2015 2014 Allowance for doubtful accounts $ 248,000 $ 224,000 Stock-based compensation 382,000 411,000 Net operating loss 2,176,000 1,004,000 Total deferred tax assets 2,806,000 1,639,000 Valuation allowance (2,525,400) (1,475,100) Deferred tax assets, net - long-term $ 280,600 $ 163,900 |
Schedule Of Income Taxes Payable [Table Text Block] | Taxes payable consist of the following: June 30, June 30, 2015 2014 VAT tax payable $ 296,935 $ 67,315 Corporate income tax payable 664,132 130,770 Others 35,581 9,372 Total $ 996,648 $ 207,457 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and 2014, respectively: For the Year Ended June 30, 2015 Shipping Agency Shipping & Chartering Inland Transportation Total Revenues $ 6,185,653 $ 349,125 $ 4,785,850 $ 11,320,628 Cost of revenues $ 4,998,030 $ 182,650 $ 755,603 $ 5,936,283 Gross profit $ 1,187,623 $ 166,475 $ 4,030,247 $ 5,384,345 Depreciation and amortization $ 154,000 $ 176 $ 10,912 $ 165,088 Total capital expenditures $ 84,102 $ - $ - $ 84,102 Total assets $ 4,961,011 $ 130,915 $ 6,718,624 $ 11,810,550 For the Year Ended June 30, 2014 Shipping Agency Shipping & Chartering Inland Transportation Total 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 |
ORGANIZATION AND NATURE OF BU38
ORGANIZATION AND NATURE OF BUSINESS (Details Textual) | 12 Months Ended |
Jun. 30, 2015 | |
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 ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Total current assets | $ 8,105,688 | $ 4,957,798 |
Total assets | 11,810,550 | 5,713,954 |
Total current liabilities | 1,914,044 | 1,230,795 |
Total liabilities | 1,914,044 | 1,230,795 |
Sino - China [Member] | ||
Total current assets | 59,069 | 173,273 |
Total assets | 189,499 | 419,048 |
Total current liabilities | 19,732 | 312,521 |
Total liabilities | $ 19,732 | $ 312,521 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Jun. 30, 2015 | Jun. 30, 2014 |
RMB [Member] | Balance Sheet [Member] | ||
Foreign Currency Exchange Rate, Translation1 | 6.1988 | 6.2043 |
RMB [Member] | Income Statement [Member] | ||
Foreign Currency Exchange Rate, Translation1 | 6.1877 | 6.1374 |
AUD [Member] | Balance Sheet [Member] | ||
Foreign Currency Exchange Rate, Translation1 | 1.2986 | 1.0609 |
AUD [Member] | Income Statement [Member] | ||
Foreign Currency Exchange Rate, Translation1 | 1.2027 | 1.0898 |
HKD [Member] | Balance Sheet [Member] | ||
Foreign Currency Exchange Rate, Translation1 | 7.7520 | 7.7503 |
HKD [Member] | Income Statement [Member] | ||
Foreign Currency Exchange Rate, Translation1 | 7.7537 | 7.7552 |
CAD [Member] | Balance Sheet [Member] | ||
Foreign Currency Exchange Rate, Translation1 | 1.2475 | 1.0672 |
CAD [Member] | Income Statement [Member] | ||
Foreign Currency Exchange Rate, Translation1 | 1.1740 | 1.0704 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 12 Months Ended |
Jun. 30, 2015 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Furniture and office equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and office equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN42
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash, Uninsured Amount | $ 65,191 | $ 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% | |
Allowance for Doubtful Accounts Receivable, Current | $ 477,240 | $ 443,858 |
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% |
ACQUISITION OF LONGHE SHIP MA43
ACQUISITION OF LONGHE SHIP MANAGEMENT COMPANY (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||
Revenue | $ 11,320,628 | $ 11,644,392 |
Cost of revenues | 5,936,283 | 7,613,459 |
Gross profit | 5,384,345 | 4,030,933 |
Net income | 643,922 | 434,486 |
Total assets | 11,810,550 | 5,713,954 |
Total liabilities | 1,914,044 | 1,230,795 |
Parent Company [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 11,130,540 | 11,644,392 |
Cost of revenues | 5,839,839 | 7,613,459 |
Gross profit | 5,290,701 | 4,030,933 |
Net income | 551,691 | 434,486 |
Total assets | 11,843,612 | 5,713,954 |
Total liabilities | 1,911,890 | 1,230,795 |
Longhe Ship Management Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 285,042 | 0 |
Cost of revenues | 144,621 | 0 |
Gross profit | 140,421 | 0 |
Net income | 136,308 | 0 |
Total assets | 394 | 0 |
Total liabilities | 2,154 | 0 |
Elimination [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 0 | 0 |
Cost of revenues | 0 | 0 |
Gross profit | 0 | 0 |
Net income | 0 | 0 |
Total assets | (33,456) | 0 |
Total liabilities | 0 | 0 |
Combined [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 11,415,582 | 11,644,392 |
Cost of revenues | 5,984,460 | 7,613,459 |
Gross profit | 5,431,122 | 4,030,933 |
Net income | 687,999 | 434,486 |
Total assets | 11,810,550 | 5,713,954 |
Total liabilities | $ 1,914,044 | $ 1,230,795 |
ACQUISITION OF LONGHE SHIP MA44
ACQUISITION OF LONGHE SHIP MANAGEMENT COMPANY (Details Textual) - USD ($) | Sep. 08, 2014 | Aug. 08, 2014 | Apr. 30, 2015 | Aug. 22, 2014 | Jun. 30, 2015 |
Business Acquisition [Line Items] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 50,000 | ||||
Restricted Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Number Of Shares Issued From Escrow | 30,000 | ||||
Restricted Stock [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Number Of Shares Cancelled In Escrow | 30,000 | ||||
Mr. Deming Wang [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 3.60% | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 50,000 | ||||
Mr. Deming Wang [Member] | Restricted Stock [Member] | |||||
Business Acquisition [Line Items] | |||||
Number Of Shares Issued From Escrow | 20,000 | ||||
Mr. Deming Wang [Member] | Restricted Stock [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Number Of Shares Issued From Escrow | 20,000 | ||||
Maximum [Member] | Mr. Deming Wang [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 200,000 | ||||
Minimum [Member] | Mr. Deming Wang [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 20,000 | ||||
Longhe Ship Management Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 199,482 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 26,655 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 23,289 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 47,409 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 128,784 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 24,054 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 2,022 | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accrued Expenses | $ 579 | ||||
Percentage Of Assets Accounted | 2.60% | ||||
Percentage Of Liabilities Accounted | 2.60% |
ADVANCES TO SUPPLIERS (Details)
ADVANCES TO SUPPLIERS (Details) | Jun. 30, 2015USD ($) | Jun. 30, 2015CNY (¥) | Jun. 30, 2014USD ($) |
Advance To Suppliers [Line Items] | |||
Others | $ 2,579 | $ 8,482 | |
Total | 50,975 | 8,482 | |
Sainuo Investment Management Ltd [Member] | |||
Advance To Suppliers [Line Items] | |||
Advances To Investment Advisory Services | $ 48,396 | ¥ 300,000 | $ 0 |
ADVANCES TO SUPPLIERS (Details
ADVANCES TO SUPPLIERS (Details Textual) | Apr. 10, 2015CNY (¥) | Apr. 22, 2015CNY (¥) | Jun. 30, 2015USD ($) | Jun. 30, 2015CNY (¥) | Nov. 24, 2014CNY (¥) | Nov. 03, 2014 | Jun. 30, 2014USD ($) |
Advance To Suppliers [Line Items] | |||||||
Advance Payment To Investment Advisory Services Success Fee | ¥ 3,500,000 | ¥ 3,500,000 | |||||
Cash Acquired from Acquisition | ¥ 300,000 | ||||||
Payments to Acquire Businesses, Gross | ¥ 3,200,000 | ¥ 3,200,000 | |||||
Sainuo Investment Management Ltd [Member] | |||||||
Advance To Suppliers [Line Items] | |||||||
Investment Advisory Services Success Fee Percentage | 8.00% | ||||||
Advances To Investment Advisory Services | $ 48,396 | ¥ 300,000 | $ 0 |
ACCOUNTS RECEIVABLE, NET (Detai
ACCOUNTS RECEIVABLE, NET (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 3,559,459 | $ 925,743 |
Less: allowances for doubtful accounts | (477,240) | (443,858) |
Accounts receivables, net | $ 3,082,219 | $ 481,885 |
ACCOUNTS RECEIVABLE, NET (Det48
ACCOUNTS RECEIVABLE, NET (Details Textual) ¥ in Millions | Sep. 30, 2015CNY (¥) |
Subsequent Event [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Trade Receivables Held-for-sale, Amount | ¥ 2 |
PREPAID EXPENSES AND OTHER CU49
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Consultant fees (See note 11) | $ 1,375,681 | $ 468,000 |
Prepaid Advance to employees | 166,772 | 0 |
Insurance | 77,584 | 0 |
Legal fees | 0 | 24,802 |
Other | 81,923 | 4,727 |
Total | 1,701,960 | 497,529 |
Less current portion | 1,265,609 | 216,729 |
Total noncurrent portion | $ 436,351 | $ 280,800 |
PROPERTY AND EQUIPMENT, NET. (D
PROPERTY AND EQUIPMENT, NET. (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment, Gross, Total | $ 1,314,582 | $ 1,407,930 |
Less: Accumulated depreciation and amortization | 1,100,579 | 1,113,208 |
Property and equipment, net | 214,003 | 294,722 |
Land and building [Member] | ||
Property, Plant and Equipment, Gross, Total | 217,144 | 216,951 |
Motor vehicles [Member] | ||
Property, Plant and Equipment, Gross, Total | 534,825 | 710,148 |
Computer equipment [Member] | ||
Property, Plant and Equipment, Gross, Total | 146,739 | 133,145 |
Office equipment [Member] | ||
Property, Plant and Equipment, Gross, Total | 62,745 | 50,790 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment, Gross, Total | 156,085 | 100,021 |
System software [Member] | ||
Property, Plant and Equipment, Gross, Total | 128,286 | 128,178 |
Leasehold improvement [Member] | ||
Property, Plant and Equipment, Gross, Total | $ 68,758 | $ 68,697 |
PROPERTY AND EQUIPMENT, NET. 51
PROPERTY AND EQUIPMENT, NET. (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | $ 165,088 | $ 155,657 |
OTHER LONG-TERM ASSETS (Details
OTHER LONG-TERM ASSETS (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Installment payment related to Vessel acquisition | $ 2,736,229 | $ 0 |
Rent deposit | 37,679 | 16,734 |
Total | $ 2,773,908 | $ 16,734 |
OTHER LONG-TERM ASSETS (Detai53
OTHER LONG-TERM ASSETS (Details Textual) $ / shares in Units, ¥ in Millions, shares in Millions | Apr. 10, 2015USD ($)$ / sharesshares | Apr. 10, 2015CNY (¥)shares | Apr. 22, 2015CNY (¥) | Jun. 30, 2015USD ($) | Jun. 30, 2015CNY (¥) | Apr. 10, 2015CNY (¥) | Nov. 24, 2014CNY (¥) | Jun. 30, 2014USD ($) |
Business Acquisition Purchase Price Of Other Property Plant And Equipment | $ 10,500,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | $ 2,736,229 | $ 0 | ||||||
Payments to Acquire Furniture and Fixtures | $ 516,229 | ¥ 3.2 | ||||||
Advance Payment To Investment Advisory Services Success Fee | ¥ | ¥ 3.5 | ¥ 3.5 | ||||||
Payments to Acquire Businesses, Gross | ¥ | ¥ 3.2 | ¥ 3.2 | ||||||
Restricted Stock [Member] | ||||||||
Stock Issued During Period, Shares, Purchase of Assets | shares | 1.2 | 1.2 | ||||||
Stock Issued During Period, Value, Purchase of Assets | $ 2,220,000 | |||||||
Shares Issued, Price Per Share | $ / shares | $ 1.85 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - $ / shares | 1 Months Ended | 12 Months Ended | 13 Months Ended | |
Jan. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jan. 31, 2014 | |
Shares, Options outstanding, beginning of year | 66,000 | 102,000 | ||
Shares, Granted | 10,000 | 0 | 0 | |
Shares, Canceled, forfeited or expired | (46,000) | 0 | (36,000) | (36,000) |
Shares, Options outstanding, end of year | 66,000 | 66,000 | ||
Shares, Options exercisable, end of year | 60,000 | 58,000 | ||
Weighted Average Exercise Price, Options outstanding, beginning of year | $ 6.88 | $ 6.90 | ||
Weighted Average Exercise Price, Granted | 0 | 0 | ||
Weighted Average Exercise Price, Canceled, forfeited or expired | 0 | 7.75 | ||
Weighted Average Exercise Price, Options outstanding, end of year | 6.88 | 6.88 | ||
Weighted Average Exercise Price, Options exercisable, end of year | $ 7.37 | $ 7.55 |
STOCK-BASED COMPENSATION (Det55
STOCK-BASED COMPENSATION (Details 1) - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Outstanding Options, Exercise Price | $ 6.88 | $ 6.88 | $ 6.90 |
Outstanding Options, Number | 66,000 | 66,000 | 102,000 |
Exercisable Options, Average Exercise Price | $ 7.37 | $ 7.55 | |
Exercisable Options, Number | 60,000 | 58,000 | |
Exercise Price Range One [Member] | |||
Outstanding Options, Exercise Price | $ 7.75 | ||
Outstanding Options, Number | 56,000 | ||
Outstanding Options, Average Remaining Contractual Life | 3 years | ||
Exercisable Options, Average Exercise Price | $ 7.75 | ||
Exercisable Options, Number | 56,000 | ||
Exercisable Options, Average Remaining Contractual Life | 3 years | ||
Exercise Price Range Two [Member] | |||
Outstanding Options, Exercise Price | $ 2.01 | ||
Outstanding Options, Number | 10,000 | ||
Outstanding Options, Average Remaining Contractual Life | 2 years 7 months 6 days | ||
Exercisable Options, Average Exercise Price | $ 2.01 | ||
Exercisable Options, Number | 4,000 | ||
Exercisable Options, Average Remaining Contractual Life | 2 years 7 months 6 days |
STOCK-BASED COMPENSATION (Det56
STOCK-BASED COMPENSATION (Details 2) - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Number of Options | 66,000 | 66,000 | 102,000 |
Black-Scholes Option Pricing Model for 2008 options | |||
Stock Price | $ 7.75 | ||
Strike Price | $ 7.75 | ||
Strike Price | 173.84% | ||
Risk-free Rate | 3.02% | ||
Expected life | 5 years | ||
Dividend Yield | 0.00% | ||
Number of Options | 66,000 | ||
Black-Scholes Option Pricing Model for 2013 options | |||
Stock Price | $ 1.94 | ||
Strike Price | $ 2.01 | ||
Strike Price | 452.04% | ||
Risk-free Rate | 0.88% | ||
Expected life | 5 years | ||
Dividend Yield | 0.00% | ||
Number of Options | 10,000 |
STOCK-BASED COMPENSATION (Det57
STOCK-BASED COMPENSATION (Details 3) - Jun. 30, 2015 - $ / shares | Total |
Warrants Outstanding | 139,032 |
Warrants Exercisable | 139,032 |
Weighted Average Exercise Price | $ 9.30 |
Average Remaining Contractual Term | 3 years |
STOCK-BASED COMPENSATION (Det58
STOCK-BASED COMPENSATION (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | 13 Months Ended | |||
Jan. 31, 2013 | May. 20, 2008 | Jun. 30, 2015 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,000 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Total | 46,000 | 0 | 36,000 | 36,000 | ||
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, Beginning Balance | $ 6.88 | $ 6.88 | $ 6.90 | |||
Deferred Compensation Equity | $ 7,760 | $ 11,640 | ||||
Allocated Share-based Compensation Expense | $ 3,880 | $ 3,880 | ||||
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. | |||||
Warrant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
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 | |||||
2013 Options [Member] | Audit Committee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 2.01 |
EQUITY TRANSACTIONS (Details Te
EQUITY TRANSACTIONS (Details Textual) - Equity Component [Domain] - Range [Domain] - Subsequent Event Type [Domain] - USD ($) | May. 05, 2015 | Apr. 10, 2015 | Aug. 08, 2014 | Aug. 29, 2014 | Aug. 22, 2014 | Jun. 30, 2014 | Jun. 27, 2014 | Jun. 06, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 200,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 2.34 | $ 2.34 | ||||||||
Stock Issued During Period, Shares, New Issues | 572,000 | |||||||||
Share Price | $ 1.76 | |||||||||
Purchase Period Of Common Stock | 30 days | |||||||||
Additional Shares Of Common Stock Purchase Allotments | 85,800 | |||||||||
Additional Shares Of Common Stock Purchased | 75,000 | |||||||||
Issuance Of Common Stock Sold Shares | 647,000 | |||||||||
Proceeds from Issuance of Common Stock | $ 1,000,000 | $ 967,820 | $ 444,000 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 50,000 | |||||||||
Business Acquisition Purchase Price Of Other Property Plant And Equipment | $ 10,500,000 | |||||||||
Property, Plant and Equipment, Other Types [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Operating Leases, Rent Expense, Sublease Rentals | 7,500 | |||||||||
Operating Leases, Rent Expense, Minimum Rentals | $ 3,500 | |||||||||
Restricted Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number Of Shares Issued From Escrow | 30,000 | |||||||||
Stock Issued During Period, Shares, Purchase of Assets | 1,200,000 | |||||||||
Stock Issued During Period, Value, Purchase of Assets | $ 2,220,000 | |||||||||
Shares Issued, Price Per Share | $ 1.85 | |||||||||
Director [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 600,000 | |||||||||
Consultants [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 500,000 | 400,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 1.68 | |||||||||
Shares Issued, Price Per Share | $ 1.50 | |||||||||
Mr. Deming Wang [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 50,000 | |||||||||
Mr. Deming Wang [Member] | Restricted Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number Of Shares Issued From Escrow | 20,000 |
NON-CONTROLLING INTEREST (Detai
NON-CONTROLLING INTEREST (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Original paid-in capital | $ 16,303,327 | $ 11,662,157 |
Additional paid-in capital | 1,144,842 | 1,144,842 |
Accumulated other comprehensive loss | 91,432 | 24,618 |
Accumulated deficit | (2,552,870) | (3,270,260) |
Non-Controlling interest | (4,709,938) | (4,694,031) |
Sino-China: | ||
Original paid-in capital | 356,400 | 356,400 |
Additional paid-in capital | 1,044 | 1,044 |
Accumulated other comprehensive loss | (67,640) | (64,872) |
Accumulated deficit | (5,018,688) | (5,006,843) |
Non-Controlling interest | (4,728,884) | (4,714,271) |
Trans Pacific Logistics Shanghai Ltd. | ||
Non-Controlling interest | $ 18,946 | $ 20,240 |
COMMITMENTS AND CONTINGENCY (De
COMMITMENTS AND CONTINGENCY (Details) | Jun. 30, 2015USD ($) |
Twelve months ending June 30, | |
2,016 | $ 168,345 |
2,017 | 99,885 |
2,018 | 65,711 |
2,019 | 67,492 |
Thereafter | 11,298 |
Future minimum lease payments under operating leases agreements | $ 412,731 |
COMMITMENTS AND CONTINGENCY (62
COMMITMENTS AND CONTINGENCY (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Leases, Rent Expense, Net | $ 205,838 | $ 205,753 |
Severance Costs | $ 38,100 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
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 | (0.20%) | (0.30%) |
U.S. temporary difference | (45.70%) | (45.50%) |
Permanent difference related to other countries | (28.30%) | 0.90% |
Hong Kong statutory income tax rate | (16.50%) | (16.50%) |
Hong Kong income tax benefit | 4.90% | 0.00% |
Total tax expense | (39.90%) | (15.50%) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Current | ||
USA | $ 0 | $ 0 |
Hong Kong | (23,963) | (130,268) |
China | (519,958) | 0 |
Current Income Tax Expense (Benefit) | (543,921) | (130,268) |
Deferred | ||
USA | 116,700 | 50,330 |
Other countries | 0 | 115 |
Net deferred | 116,700 | 50,445 |
Total | $ (427,221) | $ (79,823) |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Allowance for doubtful accounts | $ 248,000 | $ 224,000 |
Stock-based compensation | 382,000 | 411,000 |
Net operating loss | 2,176,000 | 1,004,000 |
Total deferred tax assets | 2,806,000 | 1,639,000 |
Valuation allowance | (2,525,400) | (1,475,100) |
Deferred tax assets, net - long-term | $ 280,600 | $ 163,900 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
VAT tax payable | $ 296,935 | $ 67,315 |
Corporate Income Tax Payable | 664,132 | 130,770 |
Others | 35,581 | 9,372 |
Total | $ 996,648 | $ 207,457 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Loss Carryforwards | $ 5,590,560 | |
Operating Loss Carryforward Expiration Date | 2,035 | |
Deferred tax assets, net | $ 248,000 | $ 224,000 |
Deferred Tax Assets, Other | $ 382,000 | 411,000 |
Percentage Of Deferred Tax Asset Valuation Allowance To Approximate | 90.00% | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 2,176,000 | $ 1,004,000 |
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, 2015 | Jun. 30, 2014 | |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Major Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 23.00% | 35.00% |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Major Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 20.00% | 18.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 94.00% | 57.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 71.00% | 15.00% |
Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 51.00% | 21.00% |
Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 14.00% | 12.00% |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 11,320,628 | $ 11,644,392 |
Cost of revenues | 5,936,283 | 7,613,459 |
Gross profit | 5,384,345 | 4,030,933 |
Depreciation and amortization | 165,088 | 155,657 |
Total capital expenditures | 84,102 | 203,252 |
Total assets | 11,810,550 | 5,713,954 |
Shipping Agency and Ship Management Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 6,185,653 | 7,523,983 |
Cost of revenues | 4,998,030 | 6,010,058 |
Gross profit | 1,187,623 | 1,513,925 |
Depreciation and amortization | 154,000 | 120,095 |
Total capital expenditures | 84,102 | 192,434 |
Total assets | 4,961,011 | 3,094,804 |
Shipping & Chartering Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 349,125 | 1,937,196 |
Cost of revenues | 182,650 | 1,291,048 |
Gross profit | 166,475 | 646,148 |
Depreciation and amortization | 176 | 875 |
Total capital expenditures | 0 | 0 |
Total assets | 130,915 | 425,410 |
Inland Transportation Management Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,785,850 | 2,183,213 |
Cost of revenues | 755,603 | 312,353 |
Gross profit | 4,030,247 | 1,870,860 |
Depreciation and amortization | 10,912 | 34,687 |
Total capital expenditures | 0 | 10,818 |
Total assets | $ 6,718,624 | $ 2,193,740 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) ¥ in Millions | 1 Months Ended | |||||
Sep. 30, 2015CNY (¥) | Sep. 30, 2014USD ($) | Jun. 30, 2013 | Jun. 30, 2015USD ($) | Oct. 30, 2014USD ($) | Jun. 30, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 2,784,591 | $ 3,173,765 | ||||
Agreement Term | 5 years | |||||
Repayments of Debt | $ 2,700,000 | |||||
Payment Of Outstanding Trade Receivables | $ 1,600,000 | |||||
Sino-G Trading Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | 174,759 | 252,815 | ||||
Tianjin Zhiyuan Investment Group Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 2,920,950 | |||||
Payment Of Outstanding Trade Receivables | $ 2,609,831 | $ 384,000 | ||||
Zhiyuan Investment Group [Member] | Subsequent Event [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proceeds from Sale and Collection of Receivables, Total | ¥ | ¥ 1 |
SUBSEQUENT EVENT (Details Textu
SUBSEQUENT EVENT (Details Textual) - Jul. 10, 2015 - Subsequent Event [Member] - USD ($) | Total |
Subsequent Event [Line Items] | |
Stock Issued During Period, Shares, Purchase of Assets | 500,000 |
Stock Issued During Period, Value, Purchase of Assets | $ 691,600 |