Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 10, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Sino-Global Shipping America, Ltd. | |
Entity Central Index Key | 1,422,892 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | SINO | |
Entity Common Stock, Shares Outstanding | 8,355,535 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Current assets | ||
Cash and cash equivalents | $ 3,293,453 | $ 1,385,994 |
Accounts receivable, less allowance for doubtful accounts of $96,261 and $207,028 as of December 31, 2016 and June 30, 2016, respectively | 1,788,489 | 2,333,024 |
Other receivables, less allowance for doubtful accounts of $145,125 and $145,186 as of December 31 and June 30, 2016, respectively | 68,454 | 290,907 |
Advances to suppliers | 3,477,386 | 2,192,910 |
Prepaid expenses and other current assets | 334,535 | 826,631 |
Due from related party | 1,740,567 | 1,622,519 |
Total Current Assets | 10,702,884 | 8,651,985 |
Property and equipment, net | 146,386 | 176,367 |
Prepaid expenses | 92,514 | 178,982 |
Other long-term assets | 40,360 | 46,810 |
Total Assets | 10,982,144 | 9,054,144 |
Current Liabilities | ||
Advances from customers | 383,631 | 24,373 |
Accounts payable | 167,525 | 489,490 |
Taxes payable | 1,741,175 | 1,637,197 |
Accrued expenses and other current liabilities | 668,944 | 286,322 |
Total Current Liabilities | 2,961,275 | 2,437,382 |
Total Liabilities | 2,961,275 | 2,437,382 |
Commitments and Contingencies | ||
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; 8,456,032 shares issued as of December 31, 2016 and June 30, 2016; 8,280,535 shares outstanding as of December 31, 2016 and June 30, 2016, respectively | 15,500,391 | 15,500,391 |
Additional paid-in capital | 1,233,434 | 1,140,962 |
Treasury stock, at cost, 175,497 shares as of December 31, 2016 and June 30, 2016 | (417,538) | (417,538) |
Accumulated deficit | (2,980,178) | (4,518,799) |
Accumulated other comprehensive loss | (532,014) | (280,907) |
Total Sino-Global Shipping America Ltd. Stockholders' Equity | 12,804,095 | 11,424,109 |
Non-controlling Interest | (4,783,226) | (4,807,347) |
Total Equity | 8,020,869 | 6,616,762 |
Total Liabilities and Equity | $ 10,982,144 | $ 9,054,144 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 96,261 | $ 207,028 |
Other receivables, allowance for doubtful accounts | $ 145,125 | $ 145,186 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares issued | 8,456,032 | 8,456,032 |
Common stock, shares outstanding | 8,280,535 | 8,280,535 |
Treasury stock, shares | 175,497 | 175,497 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net revenues - third parties | $ 1,511,624 | $ 990,986 | $ 2,606,547 | $ 2,936,607 |
Net revenues - related party | 616,924 | 605,965 | 1,466,403 | 1,359,562 |
Total revenues | 2,128,548 | 1,596,951 | 4,072,950 | 4,296,169 |
Cost of revenues | (350,796) | (707,127) | (657,135) | (1,947,803) |
Gross profit | 1,777,752 | 889,824 | 3,415,815 | 2,348,366 |
General and administrative expenses | (776,284) | (1,963,402) | (1,636,198) | (2,894,244) |
Selling expenses | (46,875) | (29,502) | (112,184) | (44,125) |
Total operating expenses | (823,159) | (1,992,904) | (1,748,382) | (2,938,369) |
Operating income (loss) | 954,593 | (1,103,080) | 1,667,433 | (590,003) |
Financial expense, net | (88,470) | (195,776) | (91,904) | (312,983) |
Other expense, net | 0 | (4,621) | 0 | (4,621) |
Total other expense | (88,470) | (200,397) | (91,904) | (317,604) |
Net income (loss) before provision for income taxes | 866,123 | (1,303,477) | 1,575,529 | (907,607) |
Income tax expense | (73,391) | (332,533) | (145,012) | (573,355) |
Net income (loss) | 792,732 | (1,636,010) | 1,430,517 | (1,480,962) |
Net loss attributable to non-controlling interest | (100,169) | (136,911) | (108,104) | (166,021) |
Net income (loss) attributable to Sino-Global Shipping America, Ltd. | 892,901 | (1,499,099) | 1,538,621 | (1,314,941) |
Comprehensive income (loss) | ||||
Net income (loss) | 792,732 | (1,636,010) | 1,430,517 | (1,480,962) |
Other comprehensive income (loss) - foreign currency translation (loss) gain | (104,312) | 82,318 | (118,882) | (38,318) |
Comprehensive income (loss) | 688,420 | (1,553,692) | 1,311,635 | (1,519,280) |
Less: Comprehensive income (loss) attributable to non-controlling interest | 21,512 | 57,663 | 24,121 | (869) |
Comprehensive income (loss) attributable to Sino-Global Shipping America Ltd. | $ 666,908 | $ (1,611,355) | $ 1,287,514 | $ (1,518,411) |
Earnings (loss) per share | ||||
-Basic | $ 0.11 | $ (0.18) | $ 0.19 | $ (0.16) |
-Diluted | $ 0.11 | $ (0.18) | $ 0.18 | $ (0.16) |
Weighted average number of common shares used in computation | ||||
-Basic | 8,280,535 | 8,433,341 | 8,280,535 | 8,377,634 |
-Diluted | 8,342,870 | 8,433,341 | 8,318,541 | 8,377,634 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | ||
Net income (loss) | $ 1,430,517 | $ (1,480,962) |
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Stock-based compensation expense | 92,472 | 0 |
Amortization of stock-based compensation to consultants | 655,310 | 548,917 |
Depreciation and amortization | 25,407 | 29,076 |
Provision for (recovery of) doubtful accounts | (108,344) | 622,556 |
Provision for doubtful accounts on related party receivable | 0 | 174,759 |
Deferred tax provision | 0 | 280,600 |
Changes in assets and liabilities | ||
Decrease (increase) in accounts receivable | 615,324 | (269,756) |
Decrease (increase) in other receivables | 219,860 | (654,229) |
(Increase) decrease in advances to suppliers | (1,417,731) | 49,101 |
(Increase) decrease in prepaid expenses | (70,264) | 58,728 |
Increase in other current assets | (12,571) | (28,613) |
Decrease in other long-term assets | 5,693 | 3,240 |
(Increase) decrease in due from related parties | (133,713) | 64,345 |
Increase (decrease) in advances from customers | 369,626 | (100,370) |
Decrease in accounts payable | (309,941) | (396,698) |
Increase in taxes payable | 174,432 | 413,510 |
Increase (decrease) in accrued expenses and other current liabilities | 386,381 | (5,980) |
Net cash provided by (used in) operating activities | 1,922,458 | (691,776) |
Investing Activities | ||
Acquisitions of property and equipment | 0 | (3,302) |
Cash collected from the termination of vessel acquisition | 0 | 332,413 |
Net cash provided by investing activities | 0 | 329,111 |
Financing Activities | ||
Proceeds from issuance of common stock, net | 0 | 691,600 |
Repurchase of common stock | 0 | (41,270) |
Net cash provided by financing activities | 0 | 650,330 |
Effect of exchange rate fluctuations on cash and cash equivalents | (14,999) | 76,589 |
Net increase in cash and cash equivalents | 1,907,459 | 364,254 |
Cash and cash equivalents at beginning of period | 1,385,994 | 730,322 |
Cash and cash equivalents at end of period | 3,293,453 | 1,094,576 |
Supplemental information | ||
Income taxes paid | 6,446 | 0 |
Non-cash investing and financing activities: | ||
Common stock issued for vessel acquisition | 0 | 2,220,000 |
Issuance of common stock to pay for professional services | $ 0 | $ 255,000 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization Consolidation and Presentation Of Financial Statements Disclosure [Text Block] | Founded in the United States (the “U.S.”) in 2001, Sino-Global Shipping America, Ltd., a Virginia corporation (“Sino-Global” or the “Company”), is a non-asset based global shipping and freight logistic integrated solution provider. The Company provides tailored solutions and value-added services for its customers to drive effectiveness and control in related links throughout the entire shipping and freight logistics chain. The Company conducts its business primarily through its wholly-owned subsidiaries in the U.S., the People’s Republic of China (the “PRC”) (including Hong Kong), Australia and Canada. Currently, a significant portion of the Company’s business is generated from clients located in the PRC, and its operations are currently primarily conducted in the PRC. The Company’s Chinese subsidiary, Trans Pacific Shipping Limited, a wholly-owned foreign enterprise (“Trans Pacific Beijing”), is the 90% owner of Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”). Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”. Prior to fiscal year 2016, the Company’s shipping agency business was operated by its subsidiaries in the PRC (including Hong Kong). The Company’s ship management services were operated by its subsidiary in Hong Kong. The Company’s shipping and chartering services were operated by its subsidiaries in the U.S. and subsidiary in Hong Kong. Currently, the Company’s inland transportation management services are operated by its subsidiaries in the PRC and the U.S. The Company’s freight logistic services are operated by its subsidiaries in the PRC and the U.S. The Company’s container trucking services are currently operated by its subsidiaries in the PRC, and the Company expects to have more businesses involved in the U.S. from third quarter of fiscal year 2017 as the website version of our short haul container truck services platform launched in December 2016. In January 2016, the Company formed a subsidiary, Sino-Global Shipping LA Inc., a California corporation (“Sino LA”), for the purpose of expanding its business to provide freight logistic services to importers who ship goods into the U.S. The Company expects to generate increased revenue from this new service platform in the coming fiscal year. In fiscal year 2016, affected by worsening market conditions in the shipping industry, the Company’s shipping agency business segment suffered a significant decrease in revenue due to a reduced number of ships served. As a result, the Company has temporarily suspended its shipping agency services business. Also, as a result of these market condition changes, the Company has temporarily suspended its ship management services business. In addition, in December 2015, the Company temporarily suspended its shipping and chartering services business, primarily as a result of the termination of its previously contemplated vessel acquisition. As of December 31, 2016, the Company’s current service offerings consist of inland transportation management service, freight logistic services and container trucking services. In August 2016, the Company’s Board of Directors (the “Board”) authorized management to move forward with the development of a mobile application that will provide a full-service logistics platform between the U.S. and the PRC for short-haul trucking in the U.S. The Board’s decision followed an extensive review by the Company's management team and the Board in identifying Sino-Global's key competitive advantages as an expert in global logistics between the U.S. and the PRC, and then leveraging that experience to both address the needs of its customer base and to provide new solutions to contemporary issues affecting the logistics and supply chain. The Company completed a market analysis and feasibility study related to building a mobile based logistics application for short-haul trucking in U.S. ports to better manage the over 25 Sino-Global completed development of a full-service logistics platform as of December 2016. Upon the completion of the platform, the Company signed two significant agreements with COSCO Beijing International Freight Co., Ltd. (“COSFRE Beijing”) and Sinotrans Guangxi in December 2016. Pursuant to the agreement with COSFRE Beijing, the Company will receive a percentage of the total amount of each transportation fee for the arrangement of inland transportation services for COFRE Beijing’s container shipments into U.S. ports. For the strategic cooperation framework agreement with Sinotrans Guangxi, which is a subsidiary of Sinotrans Limited, the Company expects to utilize both parties’ existing resources and establish an integrated logistics plan to provides an end-to-end supply chain solution for customers shipping soybeans and sulfur products from the U.S. to the southern PRC via container. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“US GAAP”) for interim financial information pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All significant 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. Interim results are not necessarily indicative of full-year results. The information in this Form 10-Q should be read in conjunction with information included in the Company’s annual report on Form 10-K for the fiscal year ended June 30, 2016 filed with the SEC on September 19, 2016. The unaudited condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant intercompany transactions and balances are eliminated in consolidation. Sino-Global Shipping Agency Ltd., a PRC corporation (“Sino-China”), is considered a variable interest entity (“VIE”), with the Company as the primary beneficiary. The Company, through Trans Pacific Beijing, entered into certain 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 any loss from operations is consolidated with that of the Company. Because of contractual arrangements between the Company and Sino-China, the Company has a pecuniary interest in Sino-China that requires consolidation of the financial statements of the Company and Sino-China. 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 remains the primary beneficiary of Sino-China. As mentioned elsewhere in this report, due to the worsening market conditions in the shipping industry, Sino-China’s shipping agency business suffered a significant decrease in revenue due to a reduced number of ships served. As a result, the Company has temporarily suspended this business. The carrying amount and classification of Sino-China's assets and liabilities included in the Company’s unaudited condensed consolidated balance sheets were as follows: December 31, June 30, 2016 2016 Total current assets $ 51,571 $ 31,128 Total assets $ 139,305 $ 129,463 Total current liabilities $ 6,914 $ 7,222 Total liabilities $ 6,914 $ 7,222 The preparation of the Company’s unaudited condensed 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 unaudited condensed consolidated financial statements include revenue recognition, fair value of stock based compensation, 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. 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 contracts. Revenues from inland transportation management services are recognized when commodities are being released from the customers’ warehouse. Revenues from ship management services are recognized when the related contractual services are rendered. Revenues from freight logistic services are recognized when the related contractual services are rendered. Revenues from container trucking services are recognized when the related contractual services are rendered. 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 U.S. dollar (“USD”) while its subsidiaries in the PRC, including Sino-China, report their financial positions and results of operations in Renminbi (“RMB”). The accompanying unaudited condensed consolidated financial statements are presented in USD. Foreign currency transactions are translated into USD 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 unaudited condensed consolidated statements of operations. The Company translates the foreign currency financial statements of Sino-China, Sino-Global Shipping Australia, Sino-Global Shipping Hong Kong, Sino-Global Shipping Canada, Trans Pacific Beijing and Trans Pacific Shanghai 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. The resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated other comprehensive loss as a separate component of equity of the Company, and also included in non-controlling interests. Three months ended Six months ended December 31, June 30, December 31, December 31, 2016 2016 2016 2015 2016 2015 Balance Balance Foreign currency Sheet Sheet Profits/Loss Profits/Loss Profits/Loss Profits/Loss RMB:1USD 6.9447 6.6487 6.8328 6.3906 6.7498 6.3468 AUD:1USD 1.3886 1.3433 1.3357 1.3891 1.3275 1.3842 HKD:1USD 7.7548 7.7595 7.7576 7.7506 7.7571 7.7512 CAD:1USD 1.3443 1.2992 1.3351 1.3356 1.3198 1.3221 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 an original maturity 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 U.S. As of December 31, 2016 and June 30, 2016, cash balances of $ 3,263,637 1,333,713 Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts and for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual receivable 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 Receivable is written off against the allowances only after exhaustive collection efforts. Basic earnings (loss) per share is computed by dividing net income (loss) attributable to holders of common shares of the Company by the weighted average number of common shares of the Company outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares of the Company. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. For the three and six months ended December 31, 2016 and 2015, the basic average shares outstanding and diluted average shares of the Company outstanding were not the same because the effect of potential shares of common stock of the Company was dilutive since the exercise prices for options were lower than the average market price for the related periods. As a result, for the three and six months ended December 31, 2016, a total of 62,335 38,006 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 Company’s business, financial position 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 changes 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. Moreover, the Company’s ability to grow its business and maintain its profitability could be negatively affected by the nature and extent of services provided to its major customers, Tianjin Zhiyuan Investment Group Co., Ltd. (the “Zhiyuan Investment Group”) and Tengda Northwest Ferroalloy Co., Ltd. (“Tengda Northwest”). Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications have no effect on the results of operations and cash flows. In August 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU No. 2016-17, Consolidation (Topic 810): Interest Held through Related Parties That Are under Common Control In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows: Restricted Cash" |
ADVANCES TO SUPPLIERS
ADVANCES TO SUPPLIERS | 6 Months Ended |
Dec. 31, 2016 | |
Advances To Suppliers [Abstract] | |
Advances To Suppliers [Text Block] | Note 3. ADVANCES TO SUPPLIERS December 31, June 30, 2016 2016 Freight fees (a) $ 3,468,746 $ 2,192,910 Others 8,640 - Total $ 3,477,386 $ 2,192,910 (a) On June 10, 2016, the Company entered into a Memorandum of Understanding (the “MOU”) with Singapore Metals & Minerals Pte Ltd. (the “Buyer”) and Galasi Jernsih Sdn BHD (the “Seller”), whereby the Buyer will purchase 3,000,000 3,468,746 |
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET | 6 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable and Payable [Abstract] | |
Accounts Receivable Net Disclosure [Text Block] | Note 4. ACCOUNTS RECEIVABLE, NET December 31, June 30, 2016 2016 Trade accounts receivable $ 1,884,750 $ 2,540,052 Less: allowances for doubtful accounts (96,261) (207,028) Accounts receivables, net $ 1,788,489 $ 2,333,024 For the three months ended December 31, 2016 and 2015, the Company provided provisions for doubtful accounts receivable of $ 1,349 797,315 For the six months ended December 31, 2016, recovery of doubtful accounts receivable was $ 108,344 797,315 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 6 Months Ended |
Dec. 31, 2016 | |
Other Assets And Other Liabilities Disclosure Current [Abstract] | |
Other Assets And Other Liabilities Disclosure Current [Text Block] | Note 5. OTHER RECEIVABLES The Company’s other receivables represent mainly prepaid employee insurance and welfare benefits, which will be subsequently deducted from the employee payroll, guarantee deposits on behalf of ship owners as well as office lease deposits. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 6 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses Disclosure [Text Block] | Note 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS December 31, June 30, 2016 2016 Consultant fees (1) $ 237,224 $ 845,420 Advance to employees 73,647 105,137 Other 116,178 55,056 Total 427,049 1,005,613 Less current portion 334,535 826,631 Total noncurrent portion $ 92,514 $ 178,982 (1) The Company entered into management consulting and advisory services agreements with two consultants on June 6, 2014, pursuant to which the consultants were to assist the Company in, among other things, financial and tax due diligence, business evaluation and integration, and development of pro forma financial statements. In return for their services, as approved by the Board, a total of 600,000 On May 5, 2015, the Company entered into management consulting and advisory services agreements with three consultants, pursuant to which the consultants were to 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 connection with the foregoing. In return for their services, as approved by the Board, a total of 500,000 1.50 2,100,000 On December 9, 2015, the Company entered into a consulting and advisory services agreement, pursuant to which a consultant was to assist the Company in corporate restructuring, business evaluation and capitalization during the period from November 20, 2015 to November 19, 2016. In return for such services, the Company issued 250,000 1.02 250,000 0.72 The above-mentioned consulting fees have been and will be ratably charged to expense over the terms of the above-mentioned agreements. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7. PROPERTY AND EQUIPMENT, NET December 31, June 30, 2016 2016 Land and buildings $ 193,821 $ 202,450 Motor vehicles 474,796 497,006 Computer equipment 152,847 156,890 Office equipment 57,917 59,899 Furniture and fixtures 161,454 164,701 System software 115,076 119,964 Leasehold improvements 61,373 64,105 Total 1,217,284 1,265,015 Less: Accumulated depreciation and amortization 1,070,898 1,088,648 Property and equipment, net $ 146,386 $ 176,367 Depreciation and amortization expenses for the three months ended December 31, 2016 and 2015 were $ 12,065 13,723 25,407 29,076 |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES The Company’s accrued expenses and other current liabilities represent mainly payroll and welfare payable, accrued expenses and other miscellaneous items. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 9. SHARE-BASED COMPENSATION The issuance of the Company’s options is exempted from registration under of the Securities Act of 1933, as amended (the “Act”). The Common Stock underlying the Company’s options granted may be sold in compliance with Rule 144 under the Act. Each option may be exercised to purchase one share of the common stock of the Company, no par value per share (the “Common Stock”). Payment for the options may be made in cash or by exchanging shares of Common Stock at their fair market value. The fair market value will be equal to the average of the highest and lowest registered sales prices of Company Stock on the date of exercise. Pursuant to the Company’s 2014 Stock Incentive Plan, effective on July 26, 2016, the Company granted 150,000 150,000 1.10 0.77 99.68 1.15 5 115,979 28,995 48,325 75,000 Pursuant to the Company’s 2014 Stock Incentive Plan, the Company granted 800,000 800,000 Common Stock to seven employees, with a vesting period from one to three years. 330,000 75,000 170,000 125,000 100,000 3.10 2.24 112.70 2.02 5 1,788,985 44,147 44,147 A summary of the options is presented in the table below: Weighted Average Shares Exercise Price Options outstanding, as of June 30, 2016 66,000 $ 6.88 Granted 950,000 2.78 Canceled, forfeited or expired - $ - Options outstanding, as of December 31, 2016 1,016,000 $ 3.05 Options exercisable, as of December 31, 2016 137,000 $ 3.86 Outstanding Options Exercisable Options Average Average Average Remaining Exercise Remaining Exercise Price Number Contractual Life Price Number Contractual Life $ 7.75 56,000 1.38 years $ 7.75 56,000 1.38 years $ 2.01 10,000 6.08 years $ 2.01 6,000 6.08 years $ 1.10 150,000 4.57 years $ 1.10 75,000 4.57 years $ 3.10 800,000 4.95 years $ - - - 1,016,000 137,000 Weighted Average Average Remaining Warrants Outstanding Warrants Exercisable Exercise Price Contractual Life 139,032 139,032 $ 9.30 1.38 years |
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST | 6 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Note 10. NON-CONTROLLING INTEREST December 31, June 30, 2016 2016 Sino-China Original paid-in capital $ 356,400 $ 356,400 Additional paid-in capital 1,044 1,044 Accumulated other comprehensive income 290,465 157,019 Accumulated deficit (5,459,213) (5,349,210) (4,811,304) (4,834,747) Trans Pacific Logistics Shanghai Ltd. 28,078 27,400 Total $ (4,783,226) $ (4,807,347) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 11. COMMITMENTS AND CONTINGENCIES Lease Obligations Amount Twelve months ending December 31, 2017 $ 194,517 2018 109,539 2019 95,226 2020 11,345 $ 410,627 Rent expense for the three months ended December 31, 2016 and 2015 was $ 65,555 57,673 127,890 108,191 Legal Proceedings During the quarter ended December 31, 2015, a former vice president of the Company, Mr. Alexander 350,000 185,000 Contingencies The Labor Contract Law of the PRC requires employers to insure the liability of the severance payments for terminated employees that have worked 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 December 31, 2016 and June 30, 2016, the Company has estimated its severance payments of approximately $ 49,600 62,500 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | For the three months ended For the six months ended December 31, December 31, 2016 2015 2016 2015 Current U.S. $ - $ - $ - $ - Hong Kong (27,576) - (34,101) - PRC (45,815) (32,933) (110,911) (292,755) (73,391) (32,933) (145,012) (292,755) Deferred U.S. - (299,600) - (280,600) - (299,600) - (280,600) Total income tax expense $ (73,391) $ (332,533) $ (145,012) $ (573,355) December 31, June 30, 2016 2016 Allowance for doubtful accounts $ 84,000 $ 112,000 Stock-based compensation 779,000 735,000 Net operating loss 3,332,000 3,752,000 Total deferred tax assets 4,195,000 4,599,000 Valuation allowance (4,195,000) (4,599,000) Deferred tax assets, net $ - $ - The Company’s operations in the U.S. have incurred a cumulative net operating loss of approximately $ 7,437,000 8,378,000 541,000 284,000 941,000 420,000 2036 The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. The Company considers many factors when assessing the likelihood of future realization of the deferred tax assets, including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes, and other relevant factors. Part of the Company’s traditional business, such as shipping agency services and shipping and chartering services, is temporarily suspended. Management has determined that the profitability of the Company’s U.S. entities is difficult to predict, and accordingly a 100 230,000 981,600 404,000 1,152,600 December 31, June 30, 2016 2016 VAT tax payable $ 481,204 $ 475,066 Corporate income tax payable 1,194,414 1,100,380 Others 65,557 61,751 Total $ 1,741,175 $ 1,637,197 |
CONCENTRATIONS
CONCENTRATIONS | 6 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | Note 13. CONCENTRATIONS Major Customers For the three months ended December 31, 2016, four customers accounted for 39 29 11 10 100 15 86 For the three months ended December 31, 2015, three customers accounted for 38 26 11 100 84 For the six months ended December 31, 2016, three customers accounted for 36 36 12 100 79 For the six months ended December 31, 2015, two customers accounted for 32 22 100 84 Major Suppliers For the three months ended December 31, 2016, one supplier accounted for 47 36 For the six months ended December 31, 2016, two suppliers accounted for 28 10 46 21 |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 14. 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 detailing the Company's business segments. The Company's chief operating decision maker is the Chief Executive Officer, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. The Company has determined that it has five operating segments: (1) shipping agency and ship management services; (2) shipping and chartering services; (3) inland transportation management services; (4) freight logistics services; and (5) container trucking services. However, due to the downturn in the shipping industry, the Company has decided to temporarily suspend to its shipping agency and ship management services and shipping and chartering services. For the three months Ended December 31, 2016 Shipping Inland Agency & Ship Shipping & Transportation Container Management Chartering Management Freight Logistic Trucking Services Services Services Services Services Total Revenues - Related party $ - $ - $ 616,924 $ - $ - $ 616,924 - Third parties $ - $ - $ 834,679 $ 517,066 $ 159,879 $ 1,511,624 Cost of revenues $ - $ - $ 87,800 $ 167,035 $ 95,961 $ 350,796 Gross profit $ - $ - $ 1,363,803 $ 350,031 $ 63,918 $ 1,777,752 Depreciation and amortization $ - $ - $ 6,695 $ 5,370 $ - $ 12,065 Total capital expenditures $ - $ - $ - $ - $ - $ - For the three months Ended December 31, 2015 Shipping Shipping & Inland Management Chartering Management Freight Logistic Services Services Services Services Total Revenues - Related party $ - $ - $ 605,965 $ - $ 605,965 - Third parties $ 489,871 $ 16,000 $ 485,115 $ - $ 990,986 Cost of revenues $ 395,988 $ 8,000 $ 303,139 $ - $ 707,127 Gross profit $ 93,883 $ 8,000 $ 787,941 $ - $ 889,824 Depreciation and amortization $ 7,030 $ 1,782 $ 4,911 $ - $ 13,723 Total capital expenditures $ 2,375 $ - $ - $ - $ 2,375 For the six months Ended December 31, 2016 Shipping Inland Agency & Ship Shipping & Transportation Freight Container Management Chartering Management Logistic Trucking Services Services Services Services Services Total Revenues - Related party $ - $ - $ 1,466,403 $ - $ - $ 1,466,403 - Third parties $ - $ - $ 1,470,935 $ 975,733 $ 159,879 $ 2,606,547 Cost of revenues $ - $ - $ 191,801 $ 369,373 $ 95,961 $ 657,135 Gross profit $ - $ - $ 2,745,537 $ 606,360 $ 63,918 $ 3,415,815 Depreciation and amortization $ - $ - $ 14,667 $ 10,740 $ - $ 25,407 Total capital expenditures $ - $ - $ - $ - $ - $ - For the six months Ended December 31, 2015 Shipping Shipping & Inland Management Chartering Management Freight Logistic Services Services Services Services Total Revenues - Related party $ - $ - $ 1,359,562 $ - $ 1,359,562 - Third parties $ 1,549,256 $ 462,218 $ 925,133 $ - $ 2,936,607 Cost of revenues $ 1,243,601 $ 212,510 $ 491,692 $ - $ 1,947,803 Gross profit $ 305,655 $ 249,708 $ 1,793,003 $ - $ 2,348,366 Depreciation and amortization $ 16,940 $ 1,958 $ 10,178 $ - $ 29,076 Total capital expenditures $ 3,302 $ - $ - $ - $ 3,302 December 31, June 30, 2016 2016 Shipping Agency and Ship Management Services $ - $ 1,271,948 Shipping & Chartering Services - 534,896 Inland Transportation Management Services 10,373,403 7,247,300 Freight Logistic Services 128,257 - Container Trucking Services 480,484 - Total Assets $ 10,982,144 $ 9,054,144 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 15. RELATED PARTY TRANSACTIONS In June 2013, the Company signed a five-year global logistic service agreement with Tianjin Zhiyuan Investment Group Co., Ltd. (the “Zhiyuan Investment Group”) and TEWOO Chemical & Light Industry Zhiyuan Trade Co., Ltd. (together with Zhiyuan Investment Group, “Zhiyuan”). Zhiyuan Investment Group is owned by Mr. Zhang, the largest shareholder of the Company. In September 2013, the Company executed an inland transportation management service contract with the Zhiyuan Investment Group whereby it would provide certain advisory services and help control potential commodities loss during the transportation process. As a result of the inland transportation management services provided to Zhiyuan, the Company generated revenue of $ 616,924 29 605,965 38 1,466,403 36 1,359,562 32 1,622,519 1.4 1,740,567 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 16. SUBSEQUENT EVENTS On January 5, 2017, the Company signed a Joint Venture Agreement with Jetta Global Logistics Inc. to provide short-haul trucking transportation and logistics services to customers located in the New York and New Jersey area. This joint venture will exclusively utilize the Company’s short-haul container truck service platform for the services in the New York and New Jersey area. On January 9, 2017, the Company enters into a strategic cooperation agreement with China Ocean Shipping Agency Qingdao Co. Ltd. (“COSCO Qingdao”). COSCO Qingdao will utilize the Company’s full-service logistics platform to arrange the transport of its container shipments into U.S. ports. Sino-Global will receive a percentage of the total amount of each transportation fee in exchange for the arrangement of inland transportation services for COSCO Qingdao’s container shipments into U.S. ports. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis Of Accounting, Policy [Policy Text Block] | (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“US GAAP”) for interim financial information pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All significant 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. Interim results are not necessarily indicative of full-year results. The information in this Form 10-Q should be read in conjunction with information included in the Company’s annual report on Form 10-K for the fiscal year ended June 30, 2016 filed with the SEC on September 19, 2016. |
Consolidation, Policy [Policy Text Block] | (b) Basis of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant intercompany transactions and balances are eliminated in consolidation. Sino-Global Shipping Agency Ltd., a PRC corporation (“Sino-China”), is considered a variable interest entity (“VIE”), with the Company as the primary beneficiary. The Company, through Trans Pacific Beijing, entered into certain 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 any loss from operations is consolidated with that of the Company. Because of contractual arrangements between the Company and Sino-China, the Company has a pecuniary interest in Sino-China that requires consolidation of the financial statements of the Company and Sino-China. 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 remains the primary beneficiary of Sino-China. As mentioned elsewhere in this report, due to the worsening market conditions in the shipping industry, Sino-China’s shipping agency business suffered a significant decrease in revenue due to a reduced number of ships served. As a result, the Company has temporarily suspended this business. The carrying amount and classification of Sino-China's assets and liabilities included in the Company’s unaudited condensed consolidated balance sheets were as follows: December 31, June 30, 2016 2016 Total current assets $ 51,571 $ 31,128 Total assets $ 139,305 $ 129,463 Total current liabilities $ 6,914 $ 7,222 Total liabilities $ 6,914 $ 7,222 |
Use of Estimates, Policy [Policy Text Block] | (c) Use of Estimates and Assumptions The preparation of the Company’s unaudited condensed 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 unaudited condensed consolidated financial statements include revenue recognition, fair value of stock based compensation, 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. |
Revenue Recognition, Policy [Policy Text Block] | (d) Revenue Recognition Policy 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 contracts. Revenues from inland transportation management services are recognized when commodities are being released from the customers’ warehouse. Revenues from ship management services are recognized when the related contractual services are rendered. Revenues from freight logistic services are recognized when the related contractual services are rendered. Revenues from container trucking services are recognized when the related contractual services are rendered. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (e) Translation of Foreign Currency The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the U.S. dollar (“USD”) while its subsidiaries in the PRC, including Sino-China, report their financial positions and results of operations in Renminbi (“RMB”). The accompanying unaudited condensed consolidated financial statements are presented in USD. Foreign currency transactions are translated into USD 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 unaudited condensed consolidated statements of operations. The Company translates the foreign currency financial statements of Sino-China, Sino-Global Shipping Australia, Sino-Global Shipping Hong Kong, Sino-Global Shipping Canada, Trans Pacific Beijing and Trans Pacific Shanghai 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. The resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated other comprehensive loss as a separate component of equity of the Company, and also included in non-controlling interests. Three months ended Six months ended December 31, June 30, December 31, December 31, 2016 2016 2016 2015 2016 2015 Balance Balance Foreign currency Sheet Sheet Profits/Loss Profits/Loss Profits/Loss Profits/Loss RMB:1USD 6.9447 6.6487 6.8328 6.3906 6.7498 6.3468 AUD:1USD 1.3886 1.3433 1.3357 1.3891 1.3275 1.3842 HKD:1USD 7.7548 7.7595 7.7576 7.7506 7.7571 7.7512 CAD:1USD 1.3443 1.2992 1.3351 1.3356 1.3198 1.3221 |
Cash and Cash Equivalents, Policy [Policy Text Block] | 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 an original maturity 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 U.S. As of December 31, 2016 and June 30, 2016, cash balances of $ 3,263,637 1,333,713 |
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 and for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual receivable 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 Receivable is written off against the allowances only after exhaustive collection efforts. |
Earnings Per Share, Policy [Policy Text Block] | (h) Earnings (loss) per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to holders of common shares of the Company by the weighted average number of common shares of the Company outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares of the Company were exercised or converted into common shares of the Company. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. For the three and six months ended December 31, 2016 and 2015, the basic average shares outstanding and diluted average shares of the Company outstanding were not the same because the effect of potential shares of common stock of the Company was dilutive since the exercise prices for options were lower than the average market price for the related periods. As a result, for the three and six months ended December 31, 2016, a total of 62,335 38,006 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | (i) 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] | (j) Risks and Uncertainties The Company’s business, financial position 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 changes 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. Moreover, the Company’s ability to grow its business and maintain its profitability could be negatively affected by the nature and extent of services provided to its major customers, Tianjin Zhiyuan Investment Group Co., Ltd. (the “Zhiyuan Investment Group”) and Tengda Northwest Ferroalloy Co., Ltd. (“Tengda Northwest”). |
Reclassification, Policy [Policy Text Block] | (k) Reclassifications Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications have no effect on the results of operations and cash flows. |
New Accounting Pronouncements, Policy [Policy Text Block] | In August 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU No. 2016-17, Consolidation (Topic 810): Interest Held through Related Parties That Are under Common Control In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows: Restricted Cash" |
SUMMARY OF SIGNIFICANT ACCOUN23
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
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 unaudited condensed consolidated balance sheets were as follows: December 31, June 30, 2016 2016 Total current assets $ 51,571 $ 31,128 Total assets $ 139,305 $ 129,463 Total current liabilities $ 6,914 $ 7,222 Total liabilities $ 6,914 $ 7,222 |
Schedule Of Differences Between Reported Amount and Reporting Currency Denominated Amount [Table Text Block] | The exchange rates as of December 31, 2016 and June 30, 2016 and for the three and six months ended December 31, 2016 and 2015 are as follows: Three months ended Six months ended December 31, June 30, December 31, December 31, 2016 2016 2016 2015 2016 2015 Balance Balance Foreign currency Sheet Sheet Profits/Loss Profits/Loss Profits/Loss Profits/Loss RMB:1USD 6.9447 6.6487 6.8328 6.3906 6.7498 6.3468 AUD:1USD 1.3886 1.3433 1.3357 1.3891 1.3275 1.3842 HKD:1USD 7.7548 7.7595 7.7576 7.7506 7.7571 7.7512 CAD:1USD 1.3443 1.2992 1.3351 1.3356 1.3198 1.3221 |
ADVANCES TO SUPPLIERS (Tables)
ADVANCES TO SUPPLIERS (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Advances To Suppliers [Abstract] | |
Schedule Of Advance To Suppliers [Table Text Block] | The Company’s advances to suppliers are as follows: December 31, June 30, 2016 2016 Freight fees (a) $ 3,468,746 $ 2,192,910 Others 8,640 - Total $ 3,477,386 $ 2,192,910 (a) On June 10, 2016, the Company entered into a Memorandum of Understanding (the “MOU”) with Singapore Metals & Minerals Pte Ltd. (the “Buyer”) and Galasi Jernsih Sdn BHD (the “Seller”), whereby the Buyer will purchase 3,000,000 3,468,746 |
ACCOUNTS RECEIVABLE, NET (Table
ACCOUNTS RECEIVABLE, NET (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The Company’s net accounts receivable are as follows: December 31, June 30, 2016 2016 Trade accounts receivable $ 1,884,750 $ 2,540,052 Less: allowances for doubtful accounts (96,261) (207,028) Accounts receivables, net $ 1,788,489 $ 2,333,024 |
PREPAID EXPENSES AND OTHER CU26
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | The Company’s prepaid expenses and other current assets are as follows: December 31, June 30, 2016 2016 Consultant fees (1) $ 237,224 $ 845,420 Advance to employees 73,647 105,137 Other 116,178 55,056 Total 427,049 1,005,613 Less current portion 334,535 826,631 Total noncurrent portion $ 92,514 $ 178,982 (1) The Company entered into management consulting and advisory services agreements with two consultants on June 6, 2014, pursuant to which the consultants were to assist the Company in, among other things, financial and tax due diligence, business evaluation and integration, and development of pro forma financial statements. In return for their services, as approved by the Board, a total of 600,000 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The Company’s net property and equipment are as follows: December 31, June 30, 2016 2016 Land and buildings $ 193,821 $ 202,450 Motor vehicles 474,796 497,006 Computer equipment 152,847 156,890 Office equipment 57,917 59,899 Furniture and fixtures 161,454 164,701 System software 115,076 119,964 Leasehold improvements 61,373 64,105 Total 1,217,284 1,265,015 Less: Accumulated depreciation and amortization 1,070,898 1,088,648 Property and equipment, net $ 146,386 $ 176,367 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
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: Weighted Average Shares Exercise Price Options outstanding, as of June 30, 2016 66,000 $ 6.88 Granted 950,000 2.78 Canceled, forfeited or expired - $ - Options outstanding, as of December 31, 2016 1,016,000 $ 3.05 Options exercisable, as of December 31, 2016 137,000 $ 3.86 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following is a summary of the status of options outstanding and exercisable at December 31, 2016: Outstanding Options Exercisable Options Average Average Average Remaining Exercise Remaining Exercise Price Number Contractual Life Price Number Contractual Life $ 7.75 56,000 1.38 years $ 7.75 56,000 1.38 years $ 2.01 10,000 6.08 years $ 2.01 6,000 6.08 years $ 1.10 150,000 4.57 years $ 1.10 75,000 4.57 years $ 3.10 800,000 4.95 years $ - - - 1,016,000 137,000 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The following is a summary of the status of warrants outstanding and exercisable at December 31, 2016: Weighted Average Average Remaining Warrants Outstanding Warrants Exercisable Exercise Price Contractual Life 139,032 139,032 $ 9.30 1.38 years |
NON-CONTROLLING INTEREST (Table
NON-CONTROLLING INTEREST (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Minority Interest [Table Text Block] | The Company’s non-controlling interest consists of the following: December 31, June 30, 2016 2016 Sino-China Original paid-in capital $ 356,400 $ 356,400 Additional paid-in capital 1,044 1,044 Accumulated other comprehensive income 290,465 157,019 Accumulated deficit (5,459,213) (5,349,210) (4,811,304) (4,834,747) Trans Pacific Logistics Shanghai Ltd. 28,078 27,400 Total $ (4,783,226) $ (4,807,347) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
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 lease agreements with terms through April 16, 2020. Future minimum lease payments under the operating lease agreements are as follows: Amount Twelve months ending December 31, 2017 $ 194,517 2018 109,539 2019 95,226 2020 11,345 $ 410,627 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Components Of Income Tax Expense (Benefit) [Table Text Block] | The Company’s income tax expense for the three months and six months ended December 31, 2016 and 2015 are as follows: For the three months ended For the six months ended December 31, December 31, 2016 2015 2016 2015 Current U.S. $ - $ - $ - $ - Hong Kong (27,576) - (34,101) - PRC (45,815) (32,933) (110,911) (292,755) (73,391) (32,933) (145,012) (292,755) Deferred U.S. - (299,600) - (280,600) - (299,600) - (280,600) Total income tax expense $ (73,391) $ (332,533) $ (145,012) $ (573,355) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The Company’s deferred tax assets are comprised of the following: December 31, June 30, 2016 2016 Allowance for doubtful accounts $ 84,000 $ 112,000 Stock-based compensation 779,000 735,000 Net operating loss 3,332,000 3,752,000 Total deferred tax assets 4,195,000 4,599,000 Valuation allowance (4,195,000) (4,599,000) Deferred tax assets, net $ - $ - |
Schedule Of Income Taxes Payable [Table Text Block] | The Company’s taxes payable consist of the following: December 31, June 30, 2016 2016 VAT tax payable $ 481,204 $ 475,066 Corporate income tax payable 1,194,414 1,100,380 Others 65,557 61,751 Total $ 1,741,175 $ 1,637,197 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present summary information by segment for the three and six months ended December 31, 2016 and 2015, respectively: For the three months Ended December 31, 2016 Shipping Inland Agency & Ship Shipping & Transportation Container Management Chartering Management Freight Logistic Trucking Services Services Services Services Services Total Revenues - Related party $ - $ - $ 616,924 $ - $ - $ 616,924 - Third parties $ - $ - $ 834,679 $ 517,066 $ 159,879 $ 1,511,624 Cost of revenues $ - $ - $ 87,800 $ 167,035 $ 95,961 $ 350,796 Gross profit $ - $ - $ 1,363,803 $ 350,031 $ 63,918 $ 1,777,752 Depreciation and amortization $ - $ - $ 6,695 $ 5,370 $ - $ 12,065 Total capital expenditures $ - $ - $ - $ - $ - $ - For the three months Ended December 31, 2015 Shipping Shipping & Inland Management Chartering Management Freight Logistic Services Services Services Services Total Revenues - Related party $ - $ - $ 605,965 $ - $ 605,965 - Third parties $ 489,871 $ 16,000 $ 485,115 $ - $ 990,986 Cost of revenues $ 395,988 $ 8,000 $ 303,139 $ - $ 707,127 Gross profit $ 93,883 $ 8,000 $ 787,941 $ - $ 889,824 Depreciation and amortization $ 7,030 $ 1,782 $ 4,911 $ - $ 13,723 Total capital expenditures $ 2,375 $ - $ - $ - $ 2,375 For the six months Ended December 31, 2016 Shipping Inland Agency & Ship Shipping & Transportation Freight Container Management Chartering Management Logistic Trucking Services Services Services Services Services Total Revenues - Related party $ - $ - $ 1,466,403 $ - $ - $ 1,466,403 - Third parties $ - $ - $ 1,470,935 $ 975,733 $ 159,879 $ 2,606,547 Cost of revenues $ - $ - $ 191,801 $ 369,373 $ 95,961 $ 657,135 Gross profit $ - $ - $ 2,745,537 $ 606,360 $ 63,918 $ 3,415,815 Depreciation and amortization $ - $ - $ 14,667 $ 10,740 $ - $ 25,407 Total capital expenditures $ - $ - $ - $ - $ - $ - For the six months Ended December 31, 2015 Shipping Shipping & Inland Management Chartering Management Freight Logistic Services Services Services Services Total Revenues - Related party $ - $ - $ 1,359,562 $ - $ 1,359,562 - Third parties $ 1,549,256 $ 462,218 $ 925,133 $ - $ 2,936,607 Cost of revenues $ 1,243,601 $ 212,510 $ 491,692 $ - $ 1,947,803 Gross profit $ 305,655 $ 249,708 $ 1,793,003 $ - $ 2,348,366 Depreciation and amortization $ 16,940 $ 1,958 $ 10,178 $ - $ 29,076 Total capital expenditures $ 3,302 $ - $ - $ - $ 3,302 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets as of: December 31, June 30, 2016 2016 Shipping Agency and Ship Management Services $ - $ 1,271,948 Shipping & Chartering Services - 534,896 Inland Transportation Management Services 10,373,403 7,247,300 Freight Logistic Services 128,257 - Container Trucking Services 480,484 - Total Assets $ 10,982,144 $ 9,054,144 |
ORGANIZATION AND NATURE OF BU33
ORGANIZATION AND NATURE OF BUSINESS (Details Textual) pure in Millions | 6 Months Ended |
Dec. 31, 2016 | |
Foreign Owned Enterprise Investment Percentage Description | The Company’s Chinese subsidiary, Trans Pacific Shipping Limited, a wholly-owned foreign enterprise (“Trans Pacific Beijing”), is the 90% owner of Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”). Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”. |
Number Of Containers | 25 |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Total current assets | $ 10,702,884 | $ 8,651,985 |
Total assets | 10,982,144 | 9,054,144 |
Total current liabilities | 2,961,275 | 2,437,382 |
Total liabilities | 2,961,275 | 2,437,382 |
Sino - China [Member] | ||
Total current assets | 51,571 | 31,128 |
Total assets | 139,305 | 129,463 |
Total current liabilities | 6,914 | 7,222 |
Total liabilities | $ 6,914 | $ 7,222 |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
RMB [Member] | Balance Sheet [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 6.9447 | 6.6487 | |
RMB [Member] | Income Statement [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 6.8328 | 6.3906 | |
RMB [Member] | Income Statement [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 6.7498 | 6.3468 | |
AUD [Member] | Balance Sheet [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 1.3886 | 1.3433 | |
AUD [Member] | Income Statement [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 1.3357 | 1.3891 | |
AUD [Member] | Income Statement [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 1.3275 | 1.3842 | |
HKD [Member] | Balance Sheet [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 7.7548 | 7.7595 | |
HKD [Member] | Income Statement [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 7.7576 | 7.7506 | |
HKD [Member] | Income Statement [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 7.7571 | 7.7512 | |
CAD [Member] | Balance Sheet [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 1.3443 | 1.2992 | |
CAD [Member] | Income Statement [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 1.3351 | 1.3356 | |
CAD [Member] | Income Statement [Member] | |||
Foreign Currency Exchange Rate, Translation1 | 1.3198 | 1.3221 |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Jun. 30, 2016 | |
Cash, Uninsured Amount | $ 3,263,637 | $ 3,263,637 | $ 1,333,713 |
Employee Stock Option [Member] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 62,335 | 38,006 | |
Sino - China [Member] | |||
Net Income Percentage | 90.00% |
ADVANCES TO SUPPLIERS (Details)
ADVANCES TO SUPPLIERS (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 | |
Advance To Suppliers [Line Items] | |||
Freight fees | [1] | $ 3,468,746 | $ 2,192,910 |
Others | 8,640 | 0 | |
Total | $ 3,477,386 | $ 2,192,910 | |
[1] | On June 10, 2016, the Company entered into a Memorandum of Understanding (the “MOU”) with Singapore Metals & Minerals Pte Ltd. (the “Buyer”) and Galasi Jernsih Sdn BHD (the “Seller”), whereby the Buyer will purchase 3,000,000 metric tons of bauxite per year from Seller, subject to the results of certain tests in order to satisfy the Buyer’s requirements. Both the Buyer and the Seller agree that the Company shall be appointed as general agent to handle logistics and transportation including ocean shipping and inland transportation for both sides, and all door-to-door transportation services for the shipping of the bauxite to be sold by the Seller and to be purchased by the Buyer as referenced in the MOU. On the same day, the Company signed a supplementary agreement with the Buyer, stating that the Company shall assist the Buyer in handling transportation services from the source mine to dock to help the Buyer to fulfill the delivery favorably and close the deal smoothly; in connection with this supplementary agreement, the Company agreed to make advance payments for freight charges on behalf of the Buyer. As of December 31, 2016, the ending balance of this prepayment was $3,468,746. The Company expects the related advance payments will be recovered during the fiscal year of 2017. |
ADVANCES TO SUPPLIERS (Details
ADVANCES TO SUPPLIERS (Details Textual) - Singapore Metals Minerals Pte Ltd. [Member] | Jun. 10, 2016 | Dec. 31, 2016USD ($) |
Advance To Suppliers [Line Items] | ||
Prepaid Freight | $ 3,468,746 | |
Long-term Purchase Commitment, Minimum Quantity Required | 3,000,000 |
ACCOUNTS RECEIVABLE, NET (Detai
ACCOUNTS RECEIVABLE, NET (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 1,884,750 | $ 2,540,052 |
Less: allowances for doubtful accounts | (96,261) | (207,028) |
Accounts receivables, net | $ 1,788,489 | $ 2,333,024 |
ACCOUNTS RECEIVABLE, NET (Det40
ACCOUNTS RECEIVABLE, NET (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Doubtful Accounts | $ 1,349 | $ 797,315 | $ 797,315 | |
Allowance for Doubtful Accounts Receivable, Recoveries | $ 108,344 |
PREPAID EXPENSES AND OTHER CU41
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 | |
Consultant fees | [1] | $ 237,224 | $ 845,420 |
Advance to employees | 73,647 | 105,137 | |
Other | 116,178 | 55,056 | |
Total | 427,049 | 1,005,613 | |
Less current portion | 334,535 | 826,631 | |
Total noncurrent portion | $ 92,514 | $ 178,982 | |
[1] | The Company entered into management consulting and advisory services agreements with two consultants on June 6, 2014, pursuant to which the consultants were to assist the Company in, among other things, financial and tax due diligence, business evaluation and integration, and development of pro forma financial statements. In return for their services, as approved by the Board, a total of 600,000 shares of the Company’s common stock were issued to the two consultants. Both management consulting and advisory services agreements were for the period from July 1, 2014 to December 31, 2016. |
PREPAID EXPENSES AND OTHER CU42
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Textual) | Dec. 09, 2015$ / sharesshares | Nov. 12, 2015USD ($) | Nov. 12, 2015CNY (¥) | May 05, 2015$ / sharesshares | Jun. 06, 2014shares | May 23, 2016$ / sharesshares |
Sino Consulting And Advisory Services Agreement [Member] | ||||||
Prepaid Expenses And Other Current Assets [Line Items] | ||||||
Payment For Consultant Services | $ 316,298 | ¥ 2,100,000 | ||||
Consulting and Advisory Services Agreement [Member] | ||||||
Prepaid Expenses And Other Current Assets [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 250,000 | |||||
Shares Issued, Price Per Share | $ / shares | $ 1.02 | $ 0.72 | ||||
Additional Shares Issued for Services | 250,000 | |||||
Two Consultants [Member] | ||||||
Prepaid Expenses And Other Current Assets [Line Items] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 600,000 | |||||
Three Consultants [Member] | ||||||
Prepaid Expenses And Other Current Assets [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 500,000 | |||||
Shares Issued, Price Per Share | $ / shares | $ 1.50 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Property, Plant and Equipment, Gross, Total | $ 1,217,284 | $ 1,265,015 |
Less: Accumulated depreciation and amortization | 1,070,898 | 1,088,648 |
Property and equipment, net | 146,386 | 176,367 |
Land and building [Member] | ||
Property, Plant and Equipment, Gross, Total | 193,821 | 202,450 |
Motor vehicles [Member] | ||
Property, Plant and Equipment, Gross, Total | 474,796 | 497,006 |
Computer equipment [Member] | ||
Property, Plant and Equipment, Gross, Total | 152,847 | 156,890 |
Office equipment [Member] | ||
Property, Plant and Equipment, Gross, Total | 57,917 | 59,899 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment, Gross, Total | 161,454 | 164,701 |
System software [Member] | ||
Property, Plant and Equipment, Gross, Total | 115,076 | 119,964 |
Leasehold improvement [Member] | ||
Property, Plant and Equipment, Gross, Total | $ 61,373 | $ 64,105 |
PROPERTY AND EQUIPMENT, NET (44
PROPERTY AND EQUIPMENT, NET (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 12,065 | $ 13,723 | $ 25,407 | $ 29,076 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) | 6 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Shares, Options outstanding, beginning of year | shares | 66,000 |
Shares, Granted | shares | 950,000 |
Shares, Canceled, forfeited or expired | shares | 0 |
Shares, Options outstanding, end of year | shares | 1,016,000 |
Shares, Options exercisable, end of year | shares | 137,000 |
Weighted Average Exercise Price, Options outstanding, beginning of year | $ / shares | $ 6.88 |
Weighted Average Exercise Price, Granted | $ / shares | 2.78 |
Weighted Average Exercise Price, Canceled, forfeited or expired | $ / shares | 0 |
Weighted Average Exercise Price, Options outstanding, end of year | $ / shares | 3.05 |
Weighted Average Exercise Price, Options exercisable, end of year | $ / shares | $ 3.86 |
SHARE-BASED COMPENSATION (Det46
SHARE-BASED COMPENSATION (Details 1) - $ / shares | 6 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Outstanding Options, Exercise Price | $ 3.05 | $ 6.88 |
Outstanding Options, Number | 1,016,000 | 66,000 |
Exercisable Options, Average Exercise Price | $ 3.86 | |
Exercisable Options, Number | 137,000 | |
Exercise Price Range One [Member] | ||
Outstanding Options, Exercise Price | $ 7.75 | |
Outstanding Options, Number | 56,000 | |
Outstanding Options, Average Remaining Contractual Life | 1 year 4 months 17 days | |
Exercisable Options, Average Exercise Price | $ 7.75 | |
Exercisable Options, Number | 56,000 | |
Exercisable Options, Average Remaining Contractual Life | 1 year 4 months 17 days | |
Exercise Price Range Two [Member] | ||
Outstanding Options, Exercise Price | $ 2.01 | |
Outstanding Options, Number | 10,000 | |
Outstanding Options, Average Remaining Contractual Life | 6 years 29 days | |
Exercisable Options, Average Exercise Price | $ 2.01 | |
Exercisable Options, Number | 6,000 | |
Exercisable Options, Average Remaining Contractual Life | 6 years 29 days | |
Exercise Price Range Three [Member] | ||
Outstanding Options, Exercise Price | $ 1.10 | |
Outstanding Options, Number | 150,000 | |
Outstanding Options, Average Remaining Contractual Life | 4 years 6 months 25 days | |
Exercisable Options, Average Exercise Price | $ 1.10 | |
Exercisable Options, Number | 75,000 | |
Exercisable Options, Average Remaining Contractual Life | 4 years 6 months 25 days | |
Exercise PriceRange Four [Member] | ||
Outstanding Options, Exercise Price | $ 3.10 | |
Outstanding Options, Number | 800,000 | |
Outstanding Options, Average Remaining Contractual Life | 4 years 11 months 12 days | |
Exercisable Options, Average Exercise Price | $ 0 | |
Exercisable Options, Number | 0 | |
Exercisable Options, Average Remaining Contractual Life | 0 years |
SHARE-BASED COMPENSATION (Det47
SHARE-BASED COMPENSATION (Details 2) | 6 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Warrants Outstanding | 139,032 |
Warrants Exercisable | 139,032 |
Weighted Average Exercise Price | $ / shares | $ 9.30 |
Average Remaining Contractual Life | 1 year 4 months 17 days |
SHARE-BASED COMPENSATION (Det48
SHARE-BASED COMPENSATION (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 950,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.78 | ||||
Share-based Compensation | $ 92,472 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 137,000 | 137,000 | |||
Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 75,000 | ||||
Excercisable On 14-Jan-17 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 330,000 | 330,000 | |||
2014 Options [Member] | Excercisable On 14-Jul-17 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 75,000 | 75,000 | |||
2014 Options [Member] | Excercisable On 14-Jan-18 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 170,000 | 170,000 | |||
2014 Options [Member] | Excercisable On 14-Jan-19 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 125,000 | 125,000 | |||
2014 Options [Member] | Excercisable On 14-Dec-19 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 100,000 | 100,000 | |||
2014 Stock Incentive Plan One | |||||
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 | 150,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.10 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 99.68% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.15% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 115,979 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.77 | ||||
Share-based Compensation | $ 28,995 | $ 0 | $ 48,325 | 0 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 150,000 | ||||
2014 Stock Incentive Plan Two | |||||
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 | 800,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 3.10 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 112.70% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.02% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,788,985 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.24 | ||||
Share-based Compensation | $ 44,147 | $ 0 | $ 44,147 | $ 0 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 800,000 | ||||
2014 Stock Incentive Plan Two | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
2014 Stock Incentive Plan Two | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
NON-CONTROLLING INTEREST (Detai
NON-CONTROLLING INTEREST (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Original paid-in capital | $ 15,500,391 | $ 15,500,391 |
Additional paid-in capital | 1,233,434 | 1,140,962 |
Accumulated other comprehensive income | (532,014) | (280,907) |
Accumulated deficit | (2,980,178) | (4,518,799) |
Non-Controlling interest | (4,783,226) | (4,807,347) |
Sino-China [Member] | ||
Original paid-in capital | 356,400 | 356,400 |
Additional paid-in capital | 1,044 | 1,044 |
Accumulated other comprehensive income | 290,465 | 157,019 |
Accumulated deficit | (5,459,213) | (5,349,210) |
Non-Controlling interest | (4,811,304) | (4,834,747) |
Trans Pacific Logistics Shanghai Ltd [Member] | ||
Non-Controlling interest | $ 28,078 | $ 27,400 |
COMMITMENTS AND CONTINGENCIES50
COMMITMENTS AND CONTINGENCIES (Details) | Dec. 31, 2016USD ($) |
Twelve months ending December 31, | |
2,017 | $ 194,517 |
2,018 | 109,539 |
2,019 | 95,226 |
2,020 | 11,345 |
Future minimum lease payments under operating leases agreements | $ 410,627 |
COMMITMENTS AND CONTINGENCIES51
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | Feb. 06, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 |
Operating Leases, Rent Expense, Net | $ 65,555 | $ 57,673 | $ 127,890 | $ 108,191 | ||
Loss Contingency, Damages Sought, Value | 350,000 | |||||
Severance Costs | 49,600 | $ 62,500 | ||||
Litigation Settlement, Amount | $ 185,000 | |||||
Subsequent Event [Member] | ||||||
Payments for Legal Settlements | $ 60,000 | |||||
Mr Chen [Member] | ||||||
Litigation Settlement, Amount | $ 185,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current | ||||
Current Income Tax Expense (Benefit) | $ (73,391) | $ (32,933) | $ (145,012) | $ (292,755) |
Deferred | ||||
Deferred Income Tax Expense (Benefit) | 0 | (299,600) | 0 | (280,600) |
Total income tax expense | (73,391) | (332,533) | (145,012) | (573,355) |
U.S. | ||||
Current | ||||
Current Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Deferred | ||||
Deferred Income Tax Expense (Benefit) | 0 | (299,600) | 0 | (280,600) |
Hong Kong | ||||
Current | ||||
Current Income Tax Expense (Benefit) | (27,576) | 0 | (34,101) | 0 |
PRC | ||||
Current | ||||
Current Income Tax Expense (Benefit) | $ (45,815) | $ (32,933) | $ (110,911) | $ (292,755) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Allowance for doubtful accounts | $ 84,000 | $ 112,000 |
Stock-based compensation | 779,000 | 735,000 |
Net operating loss | 3,332,000 | 3,752,000 |
Total deferred tax assets | 4,195,000 | 4,599,000 |
Valuation allowance | (4,195,000) | (4,599,000) |
Deferred tax assets, net | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
VAT tax payable | $ 481,204 | $ 475,066 |
Corporate income tax payable | 1,194,414 | 1,100,380 |
Others | 65,557 | 61,751 |
Total | $ 1,741,175 | $ 1,637,197 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Operating Loss Carryforwards | $ 7,437,000 | $ 7,437,000 | $ 8,378,000 | ||
Operating Loss Carryforward Expiration Date | 2,036 | ||||
Percentage Of Deferred Tax Asset Valuation Allowance To Approximate | 100.00% | 100.00% | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 230,000 | $ 981,600 | $ 404,000 | $ 1,152,600 | |
Net Operating Loss Carryforwards Utilized Amount | 541,000 | 0 | 941,000 | 0 | |
Net Operating Loss Carryforwards Tax Benefits | $ 284,000 | $ 0 | $ 420,000 | $ 0 |
CONCENTRATIONS (Details Textual
CONCENTRATIONS (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Major Customer One [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 39.00% | 38.00% | 36.00% | 32.00% |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Major Customer Two [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 29.00% | 26.00% | 36.00% | 22.00% |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Major Customer Three [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 11.00% | 11.00% | 12.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Major Customer Four [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer One [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer Two [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 84.00% | 79.00% | 84.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Major Customer Three [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 86.00% | |||
Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier One [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 47.00% | 36.00% | 28.00% | 46.00% |
Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier Two [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 21.00% |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||
Revenue from Related party | $ 616,924 | $ 605,965 | $ 1,466,403 | $ 1,359,562 | |
Revenue from Third parties | 1,511,624 | 990,986 | 2,606,547 | 2,936,607 | |
Cost of revenues | 350,796 | 707,127 | 657,135 | 1,947,803 | |
Gross profit | 1,777,752 | 889,824 | 3,415,815 | 2,348,366 | |
Depreciation and amortization | 12,065 | 13,723 | 25,407 | 29,076 | |
Total capital expenditures | 0 | 2,375 | 0 | 3,302 | |
Total assets | 10,982,144 | 10,982,144 | $ 9,054,144 | ||
Shipping Agency and Ship Management Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Related party | 0 | 0 | 0 | 0 | |
Revenue from Third parties | 0 | 489,871 | 0 | 1,549,256 | |
Cost of revenues | 0 | 395,988 | 0 | 1,243,601 | |
Gross profit | 0 | 93,883 | 0 | 305,655 | |
Depreciation and amortization | 0 | 7,030 | 0 | 16,940 | |
Total capital expenditures | 0 | 2,375 | 0 | 3,302 | |
Total assets | 0 | 0 | 1,271,948 | ||
Shipping & Chartering Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Related party | 0 | 0 | 0 | 0 | |
Revenue from Third parties | 0 | 16,000 | 0 | 462,218 | |
Cost of revenues | 0 | 8,000 | 0 | 212,510 | |
Gross profit | 0 | 8,000 | 0 | 249,708 | |
Depreciation and amortization | 0 | 1,782 | 0 | 1,958 | |
Total capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 534,896 | ||
Inland Transportation Management Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Related party | 616,924 | 605,965 | 1,466,403 | 1,359,562 | |
Revenue from Third parties | 834,679 | 485,115 | 1,470,935 | 925,133 | |
Cost of revenues | 87,800 | 303,139 | 191,801 | 491,692 | |
Gross profit | 1,363,803 | 787,941 | 2,745,537 | 1,793,003 | |
Depreciation and amortization | 6,695 | 4,911 | 14,667 | 10,178 | |
Total capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | 10,373,403 | 10,373,403 | 7,247,300 | ||
Freight Logistic Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Related party | 0 | 0 | 0 | 0 | |
Revenue from Third parties | 517,066 | 0 | 975,733 | 0 | |
Cost of revenues | 167,035 | 0 | 369,373 | 0 | |
Gross profit | 350,031 | 0 | 606,360 | 0 | |
Depreciation and amortization | 5,370 | 0 | 10,740 | 0 | |
Total capital expenditures | 0 | $ 0 | 0 | $ 0 | |
Total assets | 128,257 | 128,257 | 0 | ||
Container Trucking Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Related party | 0 | 0 | |||
Revenue from Third parties | 159,879 | 159,879 | |||
Cost of revenues | 95,961 | 95,961 | |||
Gross profit | 63,918 | 63,918 | |||
Depreciation and amortization | 0 | 0 | |||
Total capital expenditures | 0 | 0 | |||
Total assets | $ 480,484 | $ 480,484 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | $ 616,924 | $ 605,965 | $ 1,466,403 | $ 1,359,562 | |
Zhiyuan Investment Group [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | 1,740,567 | 1,740,567 | $ 1,622,519 | ||
Proceeds from Sale and Collection of Receivables, Total | 1,400,000 | ||||
Revenue from Related Parties | $ 616,924 | $ 605,965 | $ 1,466,403 | $ 1,359,562 | |
Zhiyuan Investment Group [Member] | Sales Revenue, Net [Member] | |||||
Related Party Transaction [Line Items] | |||||
Concentration Risk, Percentage | 29.00% | 38.00% | 36.00% | 32.00% |