AMAYA Global (GELT) 10-Q 12 Aug 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2015	Aug. 09, 2015
Document Information [Line Items]
Entity Registrant Name	General Agriculture Corp
Entity Central Index Key	1,519,894
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	GELT
Entity Common Stock, Shares Outstanding		15,918,940
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Current Assets:
Cash and cash equivalents	$ 9,584,318	$ 3,352,045
Accounts receivable	4,713,380	0
Inventory	3,781,529	4,951,273
Advance payments	554,518	2,189,956
Prepaid lease	4,541,216	3,773,379
Other current assets	19,132	11,572
Total Current Assets	23,194,093	14,278,225
Property and equipment, net	13,247,820	13,985,305
Other Assets
Intangibles, net	152,125	153,712
Prepaid leases, net of current portion	29,401,503	23,367,927
Total Other Assets	29,553,628	23,521,639
TOTAL ASSETS	65,995,541	51,785,169
Current Liabilities:
Short-term bank loans	4,583,600	4,547,200
Accounts payable and accrued expenses	240,814	276,443
Due to related parties	2,120,536	1,508,566
Customer deposits	1,784,330	0
Other current liabilities	104,990	61,849
Total Current Liabilities	$ 8,834,270	$ 6,394,058
Commitments and Contingencies
Stockholders' Equity
Common stock $0.0001 par value, 200,000,000 shares authorized 15,918,940 shares issued and outstanding at June 30, 2015 and September 30, 2014, respectively	$ 1,592	$ 1,592
Additional paid-in capital	4,909,572	4,909,572
Statutory reserves	2,583,925	2,539,170
Retained earnings	46,851,255	35,545,085
Accumulated other comprehensive income	2,814,927	2,395,692
Total stockholders' equity	57,161,271	45,391,111
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 65,995,541	$ 51,785,169

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Jun. 30, 2015	Sep. 30, 2014
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	15,918,940	15,918,940
Common stock, shares outstanding	15,918,940	15,918,940

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Sales	$ 2,123,558	$ 1,187	$ 22,588,007	$ 19,490,078
Cost of sales	887,888	4,877	10,063,740	8,252,270
Gross profit/loss	1,235,670	(3,690)	12,524,267	11,237,808
Operating expenses
Selling expenses	40,582	10,025	119,972	101,817
General and administrative expenses	172,213	468,135	904,662	1,095,461
Total operating expenses	212,795	478,160	1,024,634	1,197,278
Income (loss) from operations	1,022,875	(481,850)	11,499,633	10,040,530
Other income (expenses):
Government subsidy	0	0	0	491,016
Interest income	7,102	2,681	12,734	7,662
Interest expense	(70,029)	(84,641)	(214,119)	(229,741)
Other income (expense), net	20,970	(47,623)	52,677	(18,330)
Total other income (expenses)	(41,957)	(129,583)	(148,708)	250,607
Income (loss) before provision for income taxes	980,918	(611,433)	11,350,925	10,291,137
Provision for income taxes	0	0	0	0
Net income (loss)	980,918	(611,433)	11,350,925	10,291,137
Other comprehensive income (loss)
Foreign currency translation adjustment	90,504	85,751	419,235	(148,038)
Total comprehensive income (loss)	$ 1,071,422	$ (525,682)	$ 11,770,160	$ 10,143,099
Earnings per share:
Basic and diluted (in dollars per share)	$ 0.06	$ (0.04)	$ 0.71	$ 0.65
Weighted average number of common stock outstanding
Basic and diluted (in shares)	15,918,940	15,918,940	15,918,940	15,918,940

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net Income	$ 11,350,925	$ 10,291,137
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of prepaid leases	3,112,856	2,337,718
Depreciation and amortization	906,143	832,836
Changes in current assets and current liabilities:
Accounts receivable	(4,696,104)	(4,879,858)
Inventory	1,204,947	814,946
Advance payments	1,646,910	(6,647)
Prepaid leases	(9,672,872)	(8,505,396)
Other current assets	(11,746)	(387,666)
Accounts payable and accrued expenses	(35,232)	145,742
Customer deposits	1,777,790	1,522,508
Other current liabilities	40,858	27,854
Net cash provided by operating activities	5,624,475	2,193,174
Cash flows from investing activities:
Acquisition of property and equipment	(57,013)	(43,038)
Net cash used in investing activities	(57,013)	(43,038)
Cash flows from financing activities:
Proceeds from short-term bank loans	0	5,542,680
Repayment of short-term bank loans	0	(5,542,680)
Proceeds from related parties, net	610,983	577,762
Net cash provided by financing activities	610,983	577,762
Effect of exchange rate changes on cash and cash equivalents	53,828	14,129
Net increase in cash and cash equivalents	6,232,273	2,742,027
Cash and cash equivalents - beginning of period	3,352,045	2,408,520
Cash and cash equivalents - ending of period	9,584,318	5,150,547
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 214,119	$ 229,741

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS General Agriculture Corporation (“Gelt” or the “Company”), formerly Geltology Inc., was established under the laws of the State of Delaware on March 24, 2010. On July 12, 2013, Gelt filed with the Secretary of State of Delaware a Certificate of Amendment to change its name to General Agriculture Corporation. The Company, through its wholly owned operating subsidiary, Xingguo General Fruit Industry Development Co., Ltd. (“General Fruit”) and General Fruit’s wholly-owned subsidiary, Xingguo General Red Navel Orange Preservation Company, Ltd. (“General Preservation”), is primarily engaged in planting, preserving, packaging and marketing premium navel oranges for distribution and sale throughout the People’s Republic of China (“PRC”).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited financial statements have been prepared in accordance with US GAAP applicable to interim financial information and the requirements of Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by US GAAP for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included. These interim unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended September 30, 2014, included in the Company’s annual report on Form 10-K filed with the U.S. Securities Exchange Commission on December 11, 2014, as not all disclosures required by US GAAP for annual financial statements are presented. The interim consolidated financial statements follow the same accounting policies and methods of computations as the audited consolidated financial statements for the year ended September 30, 2014. Operating results for the three and nine months ended June 30, 2015 may not be necessarily indicative of the results that may be expected for the full year. The consolidated financial statements include the accounts of General Agriculture Corporation and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s operations are seasonal based on the maturity stage of its products. Sales are concentrated during the months from October through March, corresponding to the Company’s product maturity cycle which begins in the month of October when the products mature and are ready for sale. The accompanying unaudited consolidated financial statements are presented in U.S. dollars (“USD”). Great China International’s functional currency is Hong Kong Dollar (“HKD”) and Nanchang Hanxin Agriculture Technology Co., Ltd, General Fruit and General Preservation’s functional currency is Chinese Yuan Renminbi (“RMB”). All assets and liabilities were translated at the current exchange rate, at respective balance sheets dates, stockholders’ equity is translated at the historical rates and income statement items are translated at the average exchange rate for the reporting periods. The resulting translation adjustments are reported as other comprehensive income and accumulated other comprehensive income in stockholders’ equity in accordance with the Codification ASC 220, Comprehensive Income. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. There were no material transaction gains or losses in the periods presented. June 30, September 30, 2015 2014 Period end RMB:USD exchange rate 0.1637 0.1624 Average RMB:USD exchange rate 0.1631 0.1627 Period end HKD:USD exchange rate 0.1290 0.1288 Average HKD:USD exchange rate 0.1290 0.1290 The preparation of unaudited 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 date of the financial statements and the reported amounts of revenues and expenses during the reporting periods presented. Actual results could differ from these estimates. Significant items subject to such estimates and assumptions include the recoverability of the carrying amounts of recorded assets and liabilities, estimated useful life of property and equipment, inventory obsolesce and the allowance for doubtful accounts. Accounts receivable are recorded net of allowance for doubtful accounts. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. Periodically, management assesses customer credit history and relationships as well as performs accounts receivable aging analysis. Based on the results, management determines whether certain balances are deemed uncollectible at the end of each period. As of June 30, 2015 and September 30, 2014, no allowance was deemed necessary. Inventory is stated at the lower of cost or market. Cost is determined using the weighted-average cost method. Provisions are made for excess, slow moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable values, if any. Management continually evaluates the recoverability based on assumptions about customer demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact our gross margin and operating results. As of June 30, 2015 and September 30, 2014, no provisions were deemed necessary. The Company derives its revenue primarily from sale of navel oranges. Revenue is recognized in accordance with the provisions of ASC Topic 605, which provides that revenue is recognized when products are shipped, title and risk of loss is passed to the customers and collection is reasonably assured. Payments received before the above criteria are satisfied are recorded as advances from customers. The Company expenses all advertising expenses as incurred. Advertising expenses included in selling expenses were $ 29,377 5,021 66,511 12,161 All shipping and handling costs are expensed as incurred and included in selling expenses. Total shipping and handling expenses were $ 2,857 0 21,773 25,112 The Company is subject to a value added tax (“VAT”) of 13 17 Financial instruments that potentially subject the Company to concentrations of credit risk are cash and accounts receivable arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. As of June 30, 2015 and September 30, 2014, the Company’s cash was with banks in the PRC and Hong Kong, where there is currently no rule or regulation mandated on obligatory insurance of bank accounts. For the three months ended June 30, 2015, two customers accounted for 37 26 13 For the three months ended June 30, 2015 and 2014, the Company did not outsource any navel oranges. For the nine months ended June 30, 2015 and 2014, the outsourced navel oranges accounted for 23 25 100 The Company reports earnings per share in accordance with the provisions of ASC 260.10, "Earnings Per Share”. ASC 260.10 requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock using the treasury method. As of June 30, 2015 and September 30, 2014, there are no potentially dilutive securities outstanding. In April 2015, the FASB issued ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. The amendments in this ASU provide guidance that will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement, including whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license consistent with the acquisition of other software licenses; otherwise, the customer should account for the arrangement as a service contract. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Entities can elect to adopt the amendments either prospectively to all arrangements entered into after the effective date or retrospectively to all prior periods. The Company does not expect the adoption of the amendment in this ASU to have a significant impact on the Company's consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-011, Inventory (Topic 330): Simplifying the Measurement of Inventory. The amendments in this ASU do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method, but rather does apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments in this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect the adoption of the amendment in this ASU to have a significant impact on the Company's consolidated financial statements.

INVENTORY

INVENTORY	9 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 3 – Inventory June 30, 2015 September 30, 2014 Raw material $ 56,359 $ 68,780 Work in process 3,725,170 4,882,493 $ 3,781,529 $ 4,951,273 Work in process consists of depreciation, amortization of prepaid leases of navel orange orchards, rental, salary, fertilizer, utility, and labor spent in cultivating and producing navel oranges. Work in process is reclassified to finished goods after the navel oranges are harvested. The harvest season of navel oranges usually starts in October.

ADVANCE PAYMENTS

ADVANCE PAYMENTS	9 Months Ended
	Jun. 30, 2015
Advance Payments [Abstract]
Advance Payments Disclosure [Text Block]	Note 4 – ADVANCE PAYMENTS Advance payments represent payments made to suppliers for goods and materials that have not been received. Advance payments are also reviewed periodically by the Company to determine whether their carrying value has become impaired. Historically, the Company has not experienced any losses as a result of these advances. As of June 30, 2015 and September 30, 2014, the Company had $554,518 and $2,189,956 of advance payments that related to payments for purchasing navel oranges from other parties as well as packaging materials and utilities.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Note 5 – Property and Equipment Property and equipment consist of the following: June 30, 2015 September 30, 2014 Electronic equipment $ 147,012 $ 142,956 Vehicles 296,608 303,345 Machinery and equipment 2,151,393 2,134,306 Buildings and improvements 7,849,533 7,787,198 Navel orange orchards 10,886,886 10,800,430 Subtotal 21,331,432 21,168,235 Less: Accumulated depreciation 8,083,612 7,182,930 Total $ 13,247,820 $ 13,985,305 Depreciation expense was $288,675 and $232,765 for the three months ended June 30, 2015 and 2014, respectively, $903,336 and $830,029 for the nine months ended June 30, 2015 and 2014, respectively

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	NOTE 6 – INTANGIBLE ASSETS Intangible assets consist of the following: June 30, 2015 September 30, 2014 Land use rights $ 187,808 $ 186,317 Less: Accumulated amortization 35,683 32,605 Total $ 152,125 $ 153,712 Amortization expense was $940 and $932 for the three months ended June 30, 2015 and 2014, respectively, $2,807 and $2,807 for the nine months ended June 30, 2015 and 2014, respectively.

PREPAID LEASES

PREPAID LEASES	9 Months Ended
	Jun. 30, 2015
Leases, Operating [Abstract]
Prepaid Leases [Text Block]	Note 7 – Prepaid Leases On April 1, 2011, General Fruit entered into lease contracts with a group of individual orchard owners, pursuant to which General Fruit was authorized to operate the orchards for 10 December 31, 2020 98,553,600 16,123,369 On December 30, 2012, January 1, 2013 and June 1, 2013, General Fruit entered into lease contracts with another group of individual orchard owners, pursuant to which General Fruit was authorized to operate the orchards for 10 December 31, 2022 57,847,300 9,463,818 On December 31, 2013, General Fruit entered into a lease contract with an orchard company, pursuant to which General Fruit was authorized to operate the orchard for 10 December 31, 2023 24,840,000 4,063,824 On March 26, 2014, General Fruit entered into a lease contract with Jinglin Agriculture Development Ltd. in Xingguo County. Pursuant to the contract, General Fruit was authorized to operate the orchard for 10 December 31, 2023 27,360,000 4,440,528 On September 3, 2014, General Fruit entered into another lease contract with Jinglin Agriculture Development Ltd. in Xingguo County. Pursuant to the contract, General Fruit was authorized to operate the orchard for 10 December 31, 2024 23,750,000 3,857,000 On December 18, 2014, General Fruit entered into a lease contract with an individual orchard owner, pursuant to which General Fruit was authorized to operate the orchards for 10 December 31, 2024 24,200,000 3,942,180 In February 2015, General Fruit entered into lease contracts with three individual orchard owners. Pursuant to the contract, General Fruit was authorized to operate the orchard for 10 December 31, 2024 20,860,000 3,408,524 These leases are accounted for as operating leases in accordance with ASC 840-20 and the aggregate lease amounts will be expensed each year on a straight-line basis over the lease terms. Lease expenses were approximately $ 1,134,788 846,594 3,112,856 2,337,718 Twelve months ending June 30: 2016 $ 4,524,572 2017 4,524,572 2018 4,524,572 2019 4,524,572 2020 4,524,572 Thereafter 11,319,859 $ 33,942,719

SHORT-TERM BANK LOANS

SHORT-TERM BANK LOANS	9 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Short-term Debt [Text Block]	Note 8 – Short-Term Bank Loans On November 28 and December 4, 2013, the Company entered into two short-term bank loan agreements with Agricultural Development Bank of China for $ 2,617,600 16,000,000 2,944,800 18,000,000 6.00 1,963,200 12,000,000 49,080 300,000 392,640 2,400,000 On September 29, 2014, the Company entered into another short-term bank loan agreement with Agricultural Development Bank of China, which allows the Company to borrow up to $ 5,521,600 34,000,000 6.6 4,547,200 28,000,000 90,945 560,000 4,583,600 28,000,000

CUSTOMER DEPOSITS

CUSTOMER DEPOSITS	9 Months Ended
	Jun. 30, 2015
Customer Advances and Deposits, Current [Abstract]
Customer Advances And Deposits Current [Text Block]	Note 9 – CUSTOMER DEPOSITS Based on the sales contract, certain sales distributors of the Company are required to make security deposits. As of June 30, 2015 and September 30, 2014, the Company had customer deposits of $1,784,330 and $0, respectively.

DUE TO RELATED PARTY

DUE TO RELATED PARTY	9 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 10 – Due to Related Party As of June 30, 2015 and September 30, 2014, the Company owed Hua Mei Investments Limited (“Hua Mei”), a related party (controlled by Mr. Hou Xingping, CEO of the Company), $2,120,536 and $1,508,566, respectively. These debts are non-interest bearing and payable on demand. The proceeds of these debts were utilized as working capital.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 11 – Income Taxes General Agriculture Corporation and its U.S. subsidiary, General Red Holding Inc., (collectively referred to as the “US entities”) are each subject to US tax and file US federal income tax returns. The US entities are Delaware corporations and conduct all of their businesses through their Chinese subsidiaries. No provision for US federal income taxes were made for the three and nine months ended June 30, 2015 and 2014 as the US entities incurred losses. General Agriculture Corporation’s offshore subsidiary, Han Glory International, is not subject to tax on income or capital gains under the laws of the British Virgin Islands. Another offshore subsidiary, Greater China International, did not earn any income that was derived in Hong Kong for the three and nine months ended June 30, 2015 and 2014, and therefore was not subject to Hong Kong Profit tax. Under the Corporate Income Tax Law of the PRC, the corporate income tax rate is 25%. However, as an agricultural company engaged in cultivation, General Fruit has been approved for a tax exemption since its formation. General Preservation was also approved for such exemption from income tax for the years 2015 and 2014. As a result, for the three and nine months ended June 30, 2015 and 2014, there was no income tax provision for the Company. The US shell company has net operating losses amounting to approximately $2,073,033 and $1,497,945 as of June 30, 2015 and September 30, 2014. These carryforwards will expire, if not utilized by June 2035 and September 2034, respectively. Management believes that it is more likely than not that the benefit from the NOL carryforwards will not be realized. In recognition of this uncertainty, we have provided a valuation allowance against the deferred tax asset relating to these NOL carryforwards. Management will review this valuation allowance periodically and make adjustments as needed. The following table reconciles the U.S. statutory rates to the Company’s effective tax rate as of the: Nine Months Ended June 30, 2015 2014 U.S. Statutory rate 34 % 34 % Foreign income not recognized in the U.S. -34 % -34 % PRC statutory income tax rate 25 % 25 % Tax exemption -25 % -25 % Effective income tax rate - -

STATUTORY RESERVE

STATUTORY RESERVE	9 Months Ended
	Jun. 30, 2015
Statutory Reserves [Abstract]
Statutory Reserve Disclosure [Text Block]	Note 12 – Statutory Reserve Balance – September 30, 2014 $ 2,539,170 Addition to statutory reserve 44,755 Balance – June 30, 2015 $ 2,583,925

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Consolidation The accompanying unaudited financial statements have been prepared in accordance with US GAAP applicable to interim financial information and the requirements of Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by US GAAP for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included. These interim unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended September 30, 2014, included in the Company’s annual report on Form 10-K filed with the U.S. Securities Exchange Commission on December 11, 2014, as not all disclosures required by US GAAP for annual financial statements are presented. The interim consolidated financial statements follow the same accounting policies and methods of computations as the audited consolidated financial statements for the year ended September 30, 2014. Operating results for the three and nine months ended June 30, 2015 may not be necessarily indicative of the results that may be expected for the full year. The consolidated financial statements include the accounts of General Agriculture Corporation and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Seasonal Nature Of Operations [Policy Text Block]	Seasonal Nature of Operations The Company’s operations are seasonal based on the maturity stage of its products. Sales are concentrated during the months from October through March, corresponding to the Company’s product maturity cycle which begins in the month of October when the products mature and are ready for sale.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation and Transactions The accompanying unaudited consolidated financial statements are presented in U.S. dollars (“USD”). Great China International’s functional currency is Hong Kong Dollar (“HKD”) and Nanchang Hanxin Agriculture Technology Co., Ltd, General Fruit and General Preservation’s functional currency is Chinese Yuan Renminbi (“RMB”). All assets and liabilities were translated at the current exchange rate, at respective balance sheets dates, stockholders’ equity is translated at the historical rates and income statement items are translated at the average exchange rate for the reporting periods. The resulting translation adjustments are reported as other comprehensive income and accumulated other comprehensive income in stockholders’ equity in accordance with the Codification ASC 220, Comprehensive Income. Transaction gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. There were no material transaction gains or losses in the periods presented. June 30, September 30, 2015 2014 Period end RMB:USD exchange rate 0.1637 0.1624 Average RMB:USD exchange rate 0.1631 0.1627 Period end HKD:USD exchange rate 0.1290 0.1288 Average HKD:USD exchange rate 0.1290 0.1290
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of unaudited 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 date of the financial statements and the reported amounts of revenues and expenses during the reporting periods presented. Actual results could differ from these estimates. Significant items subject to such estimates and assumptions include the recoverability of the carrying amounts of recorded assets and liabilities, estimated useful life of property and equipment, inventory obsolesce and the allowance for doubtful accounts.
Trade and Other Accounts Receivable, Policy [Policy Text Block]	Accounts Receivable Accounts receivable are recorded net of allowance for doubtful accounts. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts. Periodically, management assesses customer credit history and relationships as well as performs accounts receivable aging analysis. Based on the results, management determines whether certain balances are deemed uncollectible at the end of each period. As of June 30, 2015 and September 30, 2014, no allowance was deemed necessary.
Inventory, Policy [Policy Text Block]	Inventory Inventory is stated at the lower of cost or market. Cost is determined using the weighted-average cost method. Provisions are made for excess, slow moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable values, if any. Management continually evaluates the recoverability based on assumptions about customer demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact our gross margin and operating results. As of June 30, 2015 and September 30, 2014, no provisions were deemed necessary.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company derives its revenue primarily from sale of navel oranges. Revenue is recognized in accordance with the provisions of ASC Topic 605, which provides that revenue is recognized when products are shipped, title and risk of loss is passed to the customers and collection is reasonably assured. Payments received before the above criteria are satisfied are recorded as advances from customers.
Advertising Costs, Policy [Policy Text Block]	Advertising Expense The Company expenses all advertising expenses as incurred. Advertising expenses included in selling expenses were $ 29,377 5,021 66,511 12,161
Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and Handling All shipping and handling costs are expensed as incurred and included in selling expenses. Total shipping and handling expenses were $ 2,857 0 21,773 25,112
Value Added Taxes [Policy Text Block]	Value-added-tax The Company is subject to a value added tax (“VAT”) of 13 17
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are cash and accounts receivable arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. As of June 30, 2015 and September 30, 2014, the Company’s cash was with banks in the PRC and Hong Kong, where there is currently no rule or regulation mandated on obligatory insurance of bank accounts. For the three months ended June 30, 2015, two customers accounted for 37 26 13 For the three months ended June 30, 2015 and 2014, the Company did not outsource any navel oranges. For the nine months ended June 30, 2015 and 2014, the outsourced navel oranges accounted for 23 25 100
Earnings Per Share, Policy [Policy Text Block]	Earnings Per share The Company reports earnings per share in accordance with the provisions of ASC 260.10, "Earnings Per Share”. ASC 260.10 requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock using the treasury method. As of June 30, 2015 and September 30, 2014, there are no potentially dilutive securities outstanding.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. The amendments in this ASU provide guidance that will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement, including whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license consistent with the acquisition of other software licenses; otherwise, the customer should account for the arrangement as a service contract. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Entities can elect to adopt the amendments either prospectively to all arrangements entered into after the effective date or retrospectively to all prior periods. The Company does not expect the adoption of the amendment in this ASU to have a significant impact on the Company's consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-011, Inventory (Topic 330): Simplifying the Measurement of Inventory. The amendments in this ASU do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method, but rather does apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments in this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company does not expect the adoption of the amendment in this ASU to have a significant impact on the Company's consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of Differences between Reported Amount and Reporting Currency Denominated Amount [Table Text Block]	The exchange rates used to translate amounts in RMB into USD for the purposes of preparing the consolidated financial statements were as follows: June 30, September 30, 2015 2014 Period end RMB:USD exchange rate 0.1637 0.1624 Average RMB:USD exchange rate 0.1631 0.1627 Period end HKD:USD exchange rate 0.1290 0.1288 Average HKD:USD exchange rate 0.1290 0.1290

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventory by major categories are summarized as follows: June 30, 2015 September 30, 2014 Raw material $ 56,359 $ 68,780 Work in process 3,725,170 4,882,493 $ 3,781,529 $ 4,951,273

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment consist of the following: June 30, 2015 September 30, 2014 Electronic equipment $ 147,012 $ 142,956 Vehicles 296,608 303,345 Machinery and equipment 2,151,393 2,134,306 Buildings and improvements 7,849,533 7,787,198 Navel orange orchards 10,886,886 10,800,430 Subtotal 21,331,432 21,168,235 Less: Accumulated depreciation 8,083,612 7,182,930 Total $ 13,247,820 $ 13,985,305

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Intangible assets consist of the following: June 30, 2015 September 30, 2014 Land use rights $ 187,808 $ 186,317 Less: Accumulated amortization 35,683 32,605 Total $ 152,125 $ 153,712

PREPAID LEASES (Tables)

PREPAID LEASES (Tables)	9 Months Ended
	Jun. 30, 2015
Leases, Operating [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Lease expense attributable to future periods is as follows: Twelve months ending June 30: 2016 $ 4,524,572 2017 4,524,572 2018 4,524,572 2019 4,524,572 2020 4,524,572 Thereafter 11,319,859 $ 33,942,719

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The following table reconciles the U.S. statutory rates to the Company’s effective tax rate as of the: Nine Months Ended June 30, 2015 2014 U.S. Statutory rate 34 % 34 % Foreign income not recognized in the U.S. -34 % -34 % PRC statutory income tax rate 25 % 25 % Tax exemption -25 % -25 % Effective income tax rate - -

STATUTORY RESERVE (Tables)

STATUTORY RESERVE (Tables)	9 Months Ended
	Jun. 30, 2015
Statutory Reserves [Abstract]
Schedule Of Statutory Reserve [Table Text Block]	For the nine months ended June 30, 2015, statutory reserve activity was as follows: Balance – September 30, 2014 $ 2,539,170 Addition to statutory reserve 44,755 Balance – June 30, 2015 $ 2,583,925

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 30, 2015	Sep. 30, 2014
Period end exchange rate [Member] | CNY [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign Currency Exchange Rate, Translation	0.1637	0.1624
Period end exchange rate [Member] | HKD [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign Currency Exchange Rate, Translation	0.1290	0.1288
Average exchange rate [Member] | CNY [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign Currency Exchange Rate, Translation	0.1631	0.1627
Average exchange rate [Member] | HKD [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign Currency Exchange Rate, Translation	0.1290	0.1290

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Product Information [Line Items]
Advertising Expense	$ 29,377	$ 5,021	$ 66,511	$ 12,161
Shipping, Handling and Transportation Costs	$ 2,857	$ 0	$ 21,773	$ 25,112
Concentration Risk, Percentage			13.00%
Effective Vat Rate On Product			17.00%
Vendors One [Member]
Product Information [Line Items]
Entity Wide Purchase Major Vendor Percentage			100.00%
Supplier Concentration Risk [Member]
Product Information [Line Items]
Entity Wide Purchase Major Vendor Percentage		10.00%
Supplier Concentration Risk [Member] | Navel Oranges [Member]
Product Information [Line Items]
Entity Wide Purchase Major Vendor Percentage			23.00%	25.00%
Supplier Concentration Risk [Member] | One Customer [Member]
Product Information [Line Items]
Entity Wide Purchase Major Vendor Percentage				13.00%
Supplier Concentration Risk [Member] | Two Customer [Member]
Product Information [Line Items]
Entity Wide Purchase Major Vendor Percentage	37.00%		26.00%

INVENTORY (Details)

INVENTORY (Details) - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Inventory [Line Items]
Raw material	$ 56,359	$ 68,780
Work in process	3,725,170	4,882,493
Total	$ 3,781,529	$ 4,951,273

ADVANCE PAYMENTS (Details Textu

ADVANCE PAYMENTS (Details Textual) - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Advance Payments [Line Items]
Advances on Inventory Purchases	$ 554,518	$ 2,189,956

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Property, Plant and Equipment [Line Items]
Subtotal	$ 21,331,432	$ 21,168,235
Less: Accumulated depreciation	8,083,612	7,182,930
Total	13,247,820	13,985,305
Electronic equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	147,012	142,956
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Subtotal	296,608	303,345
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	2,151,393	2,134,306
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Subtotal	7,849,533	7,787,198
Navel orange orchards [Member]
Property, Plant and Equipment [Line Items]
Subtotal	$ 10,886,886	$ 10,800,430

PROPERTY AND EQUIPMENT (Detai31

PROPERTY AND EQUIPMENT (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Depreciation	$ 288,675	$ 232,765	$ 903,336	$ 830,029

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - Rights [Member] - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Land use rights	$ 187,808	$ 186,317
Less: Accumulated amortization	35,683	32,605
Total	$ 152,125	$ 153,712

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Indefinite-lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 940	$ 932	$ 2,807	$ 2,807

PREPAID LEASES (Details)

PREPAID LEASES (Details)	Jun. 30, 2015USD ($)
Operating Leased Assets [Line Items]
2,016	$ 4,524,572
2,017	4,524,572
2,018	4,524,572
2,019	4,524,572
2,020	4,524,572
Thereafter	11,319,859
Operating Leases, Future Minimum Payments Due	$ 33,942,719

PREPAID LEASES (Details Textual

PREPAID LEASES (Details Textual)

1 Months Ended

3 Months Ended

9 Months Ended

Feb. 28, 2015USD ($)

Dec. 18, 2014USD ($)

Sep. 03, 2014USD ($)

Mar. 26, 2014USD ($)

Dec. 31, 2013USD ($)

Dec. 30, 2012

Apr. 01, 2011

Jun. 30, 2015USD ($)

Jun. 30, 2014USD ($)

Jun. 30, 2015USD ($)

Jun. 30, 2014USD ($)

Feb. 28, 2015CNY (¥)

Dec. 18, 2014CNY (¥)

Sep. 03, 2014CNY (¥)

Mar. 26, 2014CNY (¥)

Dec. 31, 2013CNY (¥)

Jun. 30, 2013USD ($)

Jun. 30, 2013CNY (¥)

Sep. 30, 2012USD ($)

Sep. 30, 2012CNY (¥)

Operating Leased Assets [Line Items]

Lease Term

10 years

10 years

10 years

10 years

10 years

10 years

10 years

Lease Expiration Date

Dec. 31, 2024

Dec. 31, 2024

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2020

Lease Contract Aggregate Lease Amount

$ 3,408,524

$ 3,942,180

$ 3,857,000

$ 4,440,528

$ 4,063,824

¥ 20,860,000

¥ 24,200,000

¥ 23,750,000

¥ 27,360,000

¥ 24,840,000

$ 9,463,818

¥ 57,847,300

$ 16,123,369

¥ 98,553,600

Operating Leases, Rent Expense

$ 1,134,788

$ 846,594

$ 3,112,856

$ 2,337,718

SHORT-TERM BANK LOANS (Details

SHORT-TERM BANK LOANS (Details Textual)	1 Months Ended		9 Months Ended
	Sep. 30, 2014USD ($)	Sep. 30, 2014CNY (¥)	Jun. 30, 2015USD ($)	Jun. 30, 2015CNY (¥)	Jun. 30, 2015CNY (¥)	Sep. 29, 2014USD ($)	Sep. 29, 2014CNY (¥)	Dec. 04, 2013USD ($)	Dec. 04, 2013CNY (¥)	Dec. 03, 2013USD ($)	Dec. 03, 2013CNY (¥)	Nov. 28, 2013USD ($)	Nov. 28, 2013CNY (¥)
Short-term Debt [Line Items]
Short-Term Bank Loans and Notes Payable	$ 4,547,200		$ 4,583,600
Agricultural Development Bank of China [Member]
Short-term Debt [Line Items]
Short-term Debt, Percentage Bearing Fixed Interest Rate						6.60%	6.60%	6.00%	6.00%			6.00%	6.00%
Short-Term Bank Loans and Notes Payable						$ 5,521,600	¥ 34,000,000	$ 2,944,800	¥ 18,000,000			$ 2,617,600	¥ 16,000,000
Ganzhou Guoruitai Guarantee Co., Ltd [Member]
Short-term Debt [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted			4,583,600		¥ 28,000,000	$ 4,547,200	¥ 28,000,000	$ 1,963,200	¥ 12,000,000
Security Deposit										$ 392,640	¥ 2,400,000
Guarantee Fee	$ 90,945	¥ 560,000
November 28, 2013 And December 4, 2013 [Member] | Ganzhou Guoruitai Guarantee Co., Ltd [Member]
Short-term Debt [Line Items]
Guarantee Fee			$ 49,080	¥ 300,000

CUSTOMER DEPOSITS (Details Text

CUSTOMER DEPOSITS (Details Textual) - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Short-term Debt [Line Items]
Customer Advances and Deposits	$ 1,784,330	$ 0

DUE TO RELATED PARTY (Details T

DUE TO RELATED PARTY (Details Textual) - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Due to related parties	$ 2,120,536	$ 1,508,566
Hua Mei Investments Limited [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 2,120,536	$ 1,508,566

INCOME TAXES (Details)

INCOME TAXES (Details)	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Tax Contingency [Line Items]
U.S. Statutory rate	34.00%	34.00%
Foreign income not recognized in the U.S.	(34.00%)	(34.00%)
PRC statutory income tax rate	25.00%	25.00%
Tax exemption	(25.00%)	(25.00%)
Effective income tax rate	0.00%	0.00%

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($)	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	25.00%	25.00%
Operating Loss Carryforwards	$ 2,073,033		$ 1,497,945

STATUTORY RESERVE (Details)

STATUTORY RESERVE (Details)	9 Months Ended
	Jun. 30, 2015USD ($)
Statutory Accounting Practices [Line Items]
Balance, Beginning	$ 2,539,170
Balance, Ending	2,583,925
Statutory Reserves [Member]
Statutory Accounting Practices [Line Items]
Balance, Beginning	2,539,170
Addition to statutory reserve	44,755
Balance, Ending	$ 2,583,925