Ionix Technology (IINX) 10-Q 22 May 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 16, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Registrant Name	IONIX TECHNOLOGY, INC.
Entity Central Index Key	1,528,308
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		99,003,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Current Asset:
Cash	$ 102,500	$ 59,758
Inventory	1,353,079
Accounts receivables	59,579
Advances to suppliers	467,787
Prepaid expenses and other current assets	4,169	103
Current assets of discontinued operation		2,129,360
Total current assets	1,987,114	2,189,221
Total Assets	1,987,114	2,189,221
Current Liabilities:
Accounts payable - non-related parties	133,459
Accounts payable - related parties	619,471
Advance from customers	116,245
Due to related parties	1,069,989	53,510
Accrued expenses and other current liabilities	29,409	9,080
Current liabilities of discontinued operation		2,113,533
Total Current Liabilities	1,968,573	2,176,123
COMMITMENT AND CONTINGENCIES
Stockholders' Equity:
Preferred share capital, 5,000,000 shares authorized, $.0001 par value; 5,000,000 shares issued and outstanding	500	500
Common stock, 195,000,000 shares authorized, $.0001 par value; 99,003,000 shares issued and outstanding	9,900	9,900
Additional paid in capital	261,610	237,246
Accumulated deficit	(250,763)	(234,903)
Accumulated other comprehensive income (loss)	(2,706)	355
Total Stockholders' Equity	18,541	13,098
Total Liabilities and Stockholders' Equity	$ 1,987,114	$ 2,189,221

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Jun. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock, authorized shares	5,000,000	5,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	5,000,000	5,000,000
Preferred stock, shares outstanding	5,000,000	5,000,000
Common stock, authorized shares	195,000,000	195,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	99,003,000	99,003,000
Common stock, shares outstanding	99,003,000	99,003,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenue	$ 2,009,957		$ 4,984,296
Cost of revenues
-Non-related parties	447,669		1,602,007
-Related parties	1,462,923		3,044,012
Total cost of revenues	1,910,592		4,646,019
Gross profit	99,365		338,277
Expenses:
Selling, general and administrative	80,997	15,712	292,146	15,712
Total operating expenses	80,997	15,712	292,146	15,712
Income (loss) from continuing operations before income tax	18,368	(15,712)	46,131	(15,712)
Income tax	2,314		26,892
Income (loss) from continuing operations	16,054	(15,712)	19,239	(15,712)
Income (loss) from discontinued operations		17,297	(35,099)	6,758
Net income (loss)	16,054	1,585	(15,860)	(8,954)
Other comprehensive income (loss)
Foreign currency translation adjustment	(5,079)	243	(3,061)	243
Comprehensive income (loss)	$ 10,975	$ 1,828	$ (18,921)	$ (8,711)
Income/loss Per Share -
Basic and Diluted - continuing operation
Basic and Diluted - discontinued operation
Weighted average number of common shares outstanding - Basic and Diluted	99,003,000	99,003,000	99,003,000	99,003,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATIONS:
Net loss	$ (15,860)	$ (8,954)
Net income (loss) from discontinued operation	(35,099)	6,758
Net income (loss) from continuing operation	19,239	(15,712)
Changes in assets and liabilities:
Increases in advance to suppliers	(477,872)
Increases in accounts receivable	(60,863)
Increases in inventory	(1,382,249)
Increases in prepaid expense	(4,066)
Increases in accounts payable	769,163
Increase in advance from customers	118,749
Increase in accrued expense	20,873	3,939
Net cash used in continuing operation	(997,026)	(11,773)
Net cash used in discontinued operation		(18,282)
Net cash used in operating activities	(997,026)	(30,055)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans from related parties	1,037,060	46,899
Issuance of preferred shares		50,000
Net cash provided by continuing operation	1,037,060	96,899
Net cash provided by discontinued operation		13,983
Net cash provided by financing activities	1,037,060	110,882
Effect of exchange rate changes on cash	2,708	243
Net increase in cash	42,742	81,070
Cash, beginning of period	59,758	691
Cash, end of period	102,500	81,761
Supplemental disclosure of cash flow information:
Cash paid for income tax	28,000
Cash paid for interest

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1- NATURE OF OPERATIONS Ionix Technology, Inc. (the “Company” or “Ionix”), formerly known as Cambridge Projects Inc., is a Nevada corporation that was formed on March 11, 2011. On May 19, 2016, the Company, as the sole member of Well Best International Investment Limited (“Well Best”), formed Xinyu Ionix Technology Company Limited (“Xinyu Ionix”), a company formed under the laws of China. As a result, Xinyu Ionix is a wholly-owned subsidiary of Well Best and an indirect wholly-owned subsidiary of the Company. Xinyu Ionix started operation in August 2016 and will focus on developing and designing lithium batteries as well as to act as an investment company that may acquire other businesses located in China. On November 7, 2016, the Company’s Board of Directors approved and ratified the incorporation of Lisite Science Technology (Shenzhen) Co., Ltd (“Lisite Science”), a limited liability company formed in China on June 20, 2016. Well Best is the sole shareholder of Lisite Science. As a result, Lisite Science is an indirect, wholly-owned subsidiary of the Company. Lisite Science will act as a manufacturing base for the Company and shall focus on developing and producing high-end intelligent electronic equipment. On November 7, 2016, the Company’s Board of Directors approved and ratified the incorporation of Shenzhen Baileqi Electronic Technology Co., Ltd. (“Baileqi Electronic”), a limited liability company formed in China on August 8, 2016. Well Best is the sole shareholder of Baileqi Electronic. As a result, Baileqi Electronic is an indirect, wholly-owned subsidiary of the Company. Baileqi Electronic will act as a manufacturing base for the Company and shall focus on development and production of the LCD and module for civil electronic products. On December 29, 2016, the Company’s Board of Directors approved and ratified to invest 99,999 HK dollars for 99.999% of the issued and outstanding stock of Welly Surplus International Limited (“Welly Surplus”), a limited company formed under the laws of Hong Kong on January 18, 2016. As a result of the investment, the Company became the majority shareholder of Welly Surplus, owning 99.999% of the outstanding stock of Welly Surplus, Mr Xin Sui, a director, owns 0.001% of the outstanding stock of Welly Surplus. Welly Surplus will act as the accounting and financial base for the Company and shall focus on assisting the Company with all of the Company’s financial affairs. Welly surplus had no activities since inception.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Mar. 31, 2017
Going Concern
GOING CONCERN	NOTE 2 –GOING CONCERN The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company had an accumulated deficit of $250,763 as of March 31, 2017 and has not generated cash flow from its operations for past two years. These circumstances, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of March 31, 2017 and the results of operations and cash flows for the periods ended March 31, 2017 and 2016. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and nine months ended March 31, 2017 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending June 30, 2017 or for any subsequent periods. The balance sheet at June 30, 2016 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended June 30, 2016 as included in our Annual Report on Form 10-K as filed with the SEC on October 11, 2016. Certain amounts have been reclassified to conform to current year presentation Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. Revenue recognition In accordance with the ASC Topic 605, “Revenue Recognition”, the Company recognizes revenue when persuasive evidence of an arrangement exists, transfer of title has occurred or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. The Company recognizes revenue from the sale of finished products upon delivery to the customer, whereas the title and risk of loss are fully transferred to the customers. The Company records its revenues, net of value added taxes (“VAT”). The Company is subject to VAT which is levied on the majority of the products at the rate of 17% on the invoiced value of sales. Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of comprehensive income (loss). The reporting currency of the Company is the United States Dollar ("US$"). The Company's subsidiaries in the People’s Republic of China (“PRC”) maintain their books and records in their local currency, the Renminbi Yuan ("RMB"), which is the functional currency as being the primary currency of the economic environment in which these entities operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Stockholders’ equity is translated at historical rates. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows: March 31, 2017 March 31, 2016 Balance sheet items, except for equity accounts 6.8993 6.4493 Items in statements of comprehensive income (loss) and 6.7537 6.5398 Fair Value of Financial Instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts and retention receivable, prepayments and other receivables, accounts payable, income tax payable, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of short-term bank borrowings and note payable approximate the carrying amount. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets; Level 2: Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and Level 3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The Company has no financial instruments measured at fair value on a recurring basis. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issues by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company’s accounting and reporting. The Company believes that any recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Mar. 31, 2017
Discontinued Operations
DISCONTINUED OPERATIONS	NOTE 4– DISCONTINUED OPERATIONS QI System On February 8, 2012, the Company obtained exclusive licensing rights of the QI System from Quadra International Inc. (“Quadra”), the manufacturer of the QI System, to sub-license, establish joint ventures to commercialize, use and process organic waste, and sell related by-products in the states of Johore and Selangor, Malaysia for a period of 25 years. The QI System processes organic waste to marketable by-products and is proprietary technology. This business was terminated on November 15, 2015.The Company has excluded results of QI system operations from its continuing operations to present this business in discontinued operations. The following table shows the results of operations for fiscal quarters ended March 31, 2017 and 2016 which are included in the loss from discontinued operations for the termination of QI System: For the nine months March 31, For the three months March 31, 2017 2016 2017 2016 Revenue $ - $ - $ - $ - Cost of revenue - - - - Gross profit - - - - Selling, general and administrative expenses - 10,539 - - Loss before income taxes - (10,539 ) - - Provision for income taxes - - - - Net loss $ - $ (10,539 ) $ - $ - Taizhou Ionix On August 19, 2016, Well Best entered into a share transfer agreement whereby Well Best sold 100% of its equity interest in Taizhou Ionix Technology Co. Ltd. (“Taizhou Ionix”) to Mr. GuoEn Li, the sole director and officer of Taizhou Ionix for approximately RMB 30,000 (approximately $5,000USD). Well Best was the sole shareholder of Taizhou Ionix. The Company believed that the manufacturing contract between Taizhou Ionix and Taizhou Jiunuojie Electronic Technology Limited regarding the production of lithium batteries was not beneficial to the Company. As a result, (i) Taizhou is no longer an indirect, wholly-owned subsidiary of the Company, and (ii) Mr. Li is no longer affiliated with the Company. Well Best recorded a gain of $24,364 on disposal of Taizhou Ionix which was recorded in the account of additional paid in capital. The following table shows the results of operations for the nine months ended March 31, 2017 and 2016 which are included in the loss from discontinued operations for the disposal of Taizhou Ionix: For the period from August 19, 2016 For the nine months March 31 , Revenue $ 502,003 $ 281,550 Cost of revenue (505,401 ) (253,121 ) Gross profit (Loss) (3,389 ) 28,429 Selling, general and administrative expenses 31,701 5,366 Income (Loss) before income taxes (35,099 ) 23,063 Provision for income taxes - 5,766 Net Income (Loss) $ ( 35,099 ) $ 17,297

INVENTORIES

INVENTORIES	9 Months Ended
	Mar. 31, 2017
Inventories
INVENTORIES	NOTE 5-INVENTORIES Inventories are stated at the lower of cost (determined using the weighted average cost) or market value and are composed of the following: March 31 , 2017 2016 Raw materials $ 1,206,496 $ - Finished goods 146,583 - $ 1,353,079 $ -

DUE FROM_TO RELATED PARTIES

DUE FROM/TO RELATED PARTIES	9 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
DUE FROM/TO RELATED PARTIES	NOTE 6 -DUE FROM/TO RELATED PARTIES Manufacture – related party On September 1, 2016, Baileqi entered into a manufacturing agreement with Shenzhen Baileqi Science and Technology Co., Ltd. (“Shenzhen Baileqi S&T”) to manufacture products for Baileqi. The owner of Shenzhen Baileqi S&T is also a shareholder of the Company who owns approximately 1.5% of the Company’s outstanding common stock as of March 31, 2017. Baileqi made payments to Shenzhen Baileqi S&T for manufacturing cost. The manufacturing costs incurred with Shenzhen Baileqi S&T was $158,180 for the nine months ended March 31, 2017 and was included in cost of revenue. Purchase from related party During the nine months ended March 31, 2017, the Company purchased $2,668,927 and $265,517 from two related companies which were owned by the Company’s shareholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock as of March 31, 2017. The amount of $2,620,315 and $265,517 were included in the cost of revenue. The balance payable to these two related parties were $577,741 and $41,730 respectively as of March 31, 2017. Due to related parties Due to related parties represents certain advances to the company or its subsidiaries by related parties. The amounts are non-interest bearing, unsecured and due on demand. Due to related parties consists of the following: March 31, 2017 June 30, 2016 Ben Wong $ 108,384 $ 53,510 Changyong Yang 898,546 - Xin Sui 6,992 - Zhengfu Nan 56,067 - $ 1,069,989 $ 53,510 During the year ended June 30, 2016, Ben Wong, the controlling shareholder of Shinning Glory which holds majority shares in Ionix Technology, Inc., advanced $15,770 to the Company, $37,740 to Well best. During the nine months ended March 31, 2017, Ben Wong advanced $54,874 to Well Best. Changyong Yang, a shareholder of the Company, advanced $898,546 to Lisite Science. Xin Sui, a member of the board of directors of Welly Surplus, advanced $6,992 to Welly Surplus. During the three months ended September 30, 2016, Xinyu Ionix advanced approximately $913,000 to Mr. Zhengfu Nan, a director and a general manager of Xinyu Ionix, to make payments to suppliers of Xinyu Ionix on behalf of Xinyu Ionix. There was no formal agreement between the Company and Mr. Nan. The amounts are non-interest bearing, unsecured and due on demand. During the nine months ended March 31, 2017, Mr. Nan made payments to suppliers of Xinyu Ionix for approximately $913,000 for settlement of account payable on behalf of Xinyu Ionix and advanced $56,067 to Xinyu Ionix.

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS	9 Months Ended
	Mar. 31, 2017
Concentration Of Risks
CONCENTRATION OF RISKS	NOTE 7– CONCENTRATION OF RISKS Major customers For the nine months ended March 31, 2017 , Revenue Percentage of Accounts Percentage of Customer A $ 2,653,960 53% $ 59,571 100% Customer B 683,472 14% - -% Total $ 3,337,432 67% $ 59,571 100% All customers are located in the PRC. Major suppliers For the nine months ended March 31, 2017, the supplier who accounted for 10% or more of the Company’s total purchases (materials and services) and its outstanding balance as of March 31, 2017 is presented as follows: Total Purchase Percentage of Accounts payable Percentage of Supplier A $ 2,668,927 41% $ 577,741 77% Total $ 2,668,927 41% $ 577,741 77% All suppliers of the Company are located in the PRC.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8- INCOME TAXES The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company operates in various countries: United States of America Hong Kong and the PRC that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Nevada and is subject to the tax laws of United States of America. The Company has shown losses since inception. As a result it has incurred no income tax. Under normal circumstances, the Internal Revenue Service is authorized to audit income tax returns during a three year period after the returns are filed. In unusual circumstances, the period may be longer. Tax returns for the years ended June 30, 2011 to 2014 were still exposed to audit as of March 31, 2017 . The Company received a penalty assessment from the IRS in the amount of $10,000 for failure to provide information with respect to certain foreign owned US Corporations on Form 5472 - Information Return of a 25% Foreign Owned US Corporation for the tax period ended June 30, 2013. The Company disputed this claim and is working to reverse the penalty. The Company believes that the payment of this penalty is remote and did not accrue this liability as of March 31, 2017. Hong Kong The Well Best is registered in Hong Kong and for the nine months ended March 31, 2017, there is no assessable income chargeable to profit tax in Hong Kong. The PRC Taizhou Ionix is operating in the PRC and is subject to the Corporate Income Tax Law of the People’s Republic of China at a unified income tax rate of 25%. The reconciliation of income tax expense at the U.S. statutory rate of 35% to the Company's effective tax rate is as follows: For the nine months ended March 31 2017 2016 U.S. Statutory rate $ (3,137 ) $ (9,188 ) Tax rate difference between 10,209 - Change in Valuation Allowance 19,82 0 9,188 Effective tax rate $ 26,892 $ - The provisions for income taxes are summarized as follows: For the nine months ended March 31 , 2017 2016 Current $ 26,892 $ - Deferred - - Total $ 26,892 $ - The Company has not provided deferred taxes on unremitted earnings attributable to international companies that have been considered to be reinvested indefinitely. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the income tax liability that would be payable if such earnings were not indefinitely reinvested. In accordance with ASC Topic 740, interest associated with unrecognized tax benefits is classified as income tax and penalties are classified in selling, general and administrative expenses in the statements of operations. The extent of the Company’s operations involves dealing with uncertainties and judgments in the application of complex tax regulations in a multitude of jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	9 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
STOCKHOLDER'S EQUITY	NOTE 9– STOCKHOLDERS’ EQUITY On August 19, 2016, Well Best sold 100% of its ownership in Taizhou Ionix to Mr. GuoEn Li, the sole director and officer of Taizhou Ionix for RMB30,000 (approximately $5,000) and recorded a gain of $24,364 which was recorded in the account of additional paid in capital. See Note 4 for more details.

RESTATEMENT

RESTATEMENT	9 Months Ended
	Mar. 31, 2017
Restatement
RESTATEMENT	NOTE 1 0 The management of the Company has concluded that we should restate our financial statements for the nine months ended March 31, 2016 due to the restatement of the year ended on June 30, 2015. The effect of the restatement on specific line items in the financial statements for the nine months ended March 31, 2016 is set forth in the table below: Consolidated Statement of Comprehensive Loss for the nine months ended March 31, 2016 Previously Reported Adjustments As Adjusted Operating expenses $ (119,071 ) $ 129,610 $ 10,539 Income (loss) before income tax $ 119,071 $ (129,610 ) $ (10,539 ) Net income (loss) $ 119,071 $ (129,610 ) $ (10,539 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2017
Subsequent Events
SUBSEQUENT EVENTS	NOTE 11- SUBSEQUENT EVENTS On April 7, 2017, Ben William Wong (“Wong”) and Yubao Liu, an individual (“Liu”) entered into a Stock Purchase Agreement (the “Agreement”) whereby Wong agreed to sell and Liu agreed to purchase 5,000,000 shares of the Company’s restricted preferred stock, representing 100% of the total issued and outstanding preferred stock (“Company Preferred Stock”). In consideration for the Company Preferred Stock, Liu agreed to pay to Wong a total of 5,000,000 Chinese Yuan on or before April 30, 2017. The Agreement closed on April 20, 2017 (the “Closing”) Additionally, on April 5, 2017, Liu and Shining Glory Investments Limited, a British Virgin Islands company (“Shining Glory”), of which Wong is the sole officer and director, entered into a purchase agreement whereby Liu acquired 1 ordinary common stock share (the “Shining Glory Share”) representing approximately 100% of Shining Glory’s outstanding shares of common stock. In consideration for the Shining Glory Share, Liu paid to Wong a total of $1 USD and Wong resigned as a Director of Shining Glory. Concurrently, Liu was appointed as the sole director of Shining Glory. The agreement between Shining Glory and Liu closed on April 20, 2017. Shining Glory is the beneficial owner of 29,846,000 shares of restricted common stock (“Company Common Stock”) of Ionix Technology, Inc. (the “Company”), representing 30.147% of the Company’s total issued and outstanding common stock, and at Closing Liu became the beneficial owner of 5,000,000 shares of the Company’s Preferred Stock, representing 100% of the total issued and outstanding preferred stock. As the holder of the Company Preferred Stock, Liu has the right to 100 votes for each share of Company Preferred Stock. Combining the votes associated with the Company Common Stock with those associated with the Company Preferred Stock means that Liu has over 50% voting control of the Company. The foregoing description is qualified by reference to the complete terms of the agreements, a copy of which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on April 10, 2017, and incorporated herein by reference. On April 30, 2017, Well Best International Investment Limited (“Well Best”), a wholly-owned subsidiary of the Company, transferred all of its rights, title and interest to all 100% of the issued and outstanding common stock of Xinyu Ionix Technology Company Limited (“Xinyu Ionix”) to Zhengfu Nan for Chinese Yuan ¥ 100($14.49 USD) pursuant to a Share Transfer Agreement dated April 30, 2017 (the “Agreement”). Pursuant to the Agreement the consideration shall be paid to Well Best within 15 working days after execution of the Agreement. Following the execution of the Agreement, Mr. Nan owns 100% of Xinyu Ionix and assumes all liabilities of Xinyu Ionix.

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	9 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of March 31, 2017 and the results of operations and cash flows for the periods ended March 31, 2017 and 2016. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and nine months ended March 31, 2017 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending June 30, 2017 or for any subsequent periods. The balance sheet at June 30, 2016 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended June 30, 2016 as included in our Annual Report on Form 10-K as filed with the SEC on October 11, 2016. Certain amounts have been reclassified to conform to current year presentation
Impairment of long-lived assets	Impairment of long-lived assets In accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.
Revenue recognition	Revenue recognition In accordance with the ASC Topic 605, “Revenue Recognition”, the Company recognizes revenue when persuasive evidence of an arrangement exists, transfer of title has occurred or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. The Company recognizes revenue from the sale of finished products upon delivery to the customer, whereas the title and risk of loss are fully transferred to the customers. The Company records its revenues, net of value added taxes (“VAT”). The Company is subject to VAT which is levied on the majority of the products at the rate of 17% on the invoiced value of sales.
Foreign currencies translation	Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of comprehensive income (loss). The reporting currency of the Company is the United States Dollar ("US$"). The Company's subsidiaries in the People’s Republic of China (“PRC”) maintain their books and records in their local currency, the Renminbi Yuan ("RMB"), which is the functional currency as being the primary currency of the economic environment in which these entities operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Stockholders’ equity is translated at historical rates. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows: March 31, 2017 March 31, 2016 Balance sheet items, except for equity accounts 6.8993 6.4493 Items in statements of comprehensive income (loss) and 6.7537 6.5398
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts and retention receivable, prepayments and other receivables, accounts payable, income tax payable, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of short-term bank borrowings and note payable approximate the carrying amount. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets; Level 2: Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and Level 3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The Company has no financial instruments measured at fair value on a recurring basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issues by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company’s accounting and reporting. The Company believes that any recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Mar. 31, 2017
Summary Of Significant Accounting Policies Tables
Schedule of Exchange Rates	March 31, 2017 March 31, 2016 Balance sheet items, except for equity accounts 6.8993 6.4493 Items in statements of comprehensive income (loss) and 6.7537 6.5398

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Mar. 31, 2017
QI System [Member]
Schedule of Discontinued Operations	For the nine months March 31, For the three months March 31, 2017 2016 2017 2016 Revenue $ - $ - $ - $ - Cost of revenue - - - - Gross profit - - - - Selling, general and administrative expenses - 10,539 - - Loss before income taxes - (10,539 ) - - Provision for income taxes - - - - Net loss $ - $ (10,539 ) $ - $ -
Taizhou Ionix [Member]
Schedule of Discontinued Operations	For the period from August 19, 2016 For the nine months March 31 , Revenue $ 502,003 $ 281,550 Cost of revenue (505,401 ) (253,121 ) Gross profit (Loss) (3,389 ) 28,429 Selling, general and administrative expenses 31,701 5,366 Income (Loss) before income taxes (35,099 ) 23,063 Provision for income taxes - 5,766 Net Income (Loss) $ ( 35,099 ) $ 17,297

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Mar. 31, 2017
Inventories Tables
Schedule of Inventories	March 31 , 2017 2016 Raw materials $ 1,206,496 $ - Finished goods 146,583 - $ 1,353,079 $ -

DUE FROM_TO RELATED PARTIES (Ta

DUE FROM/TO RELATED PARTIES (Tables)	9 Months Ended
	Mar. 31, 2017
Due Fromto Related Parties Tables
Schedule of Due to Related Parties	March 31, 2017 June 30, 2016 Ben Wong $ 108,384 $ 53,510 Changyong Yang 898,546 - Xin Sui 6,992 - Zhengfu Nan 56,067 - $ 1,069,989 $ 53,510

CONCENTRATION OF RISKS (Tables)

CONCENTRATION OF RISKS (Tables)	9 Months Ended
	Mar. 31, 2017
Concentration Of Risks Tables
Schedule of Concentration Risk	Major customers For the nine months ended March 31, 2017 , Revenue Percentage of Accounts Percentage of Customer A $ 2,653,960 53% $ 59,571 100% Customer B 683,472 14% - -% Total $ 3,337,432 67% $ 59,571 100% All customers are located in the PRC. Major suppliers For the nine months ended March 31, 2017, the supplier who accounted for 10% or more of the Company’s total purchases (materials and services) and its outstanding balance as of March 31, 2017 is presented as follows: Total Purchase Percentage of Accounts payable Percentage of Supplier A $ 2,668,927 41% $ 577,741 77% Total $ 2,668,927 41% $ 577,741 77% All suppliers of the Company are located in the PRC.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Mar. 31, 2017
Income Taxes Tables
Schedule of Reconciliation of Income Tax Expense	For the nine months ended March 31 2017 2016 U.S. Statutory rate $ (3,137 ) $ (9,188 ) Tax rate difference between 10,209 - Change in Valuation Allowance 19,82 0 9,188 Effective tax rate $ 26,892 $ -
Schedule of Provisions for Income Taxes	The provisions for income taxes are summarized as follows: For the nine months ended March 31 , 2017 2016 Current $ 26,892 $ - Deferred - - Total $ 26,892 $ -

RESTATEMENT (Tables)

RESTATEMENT (Tables)	9 Months Ended
	Mar. 31, 2017
Restatement Tables
Schedule of Effect of Restatement	Consolidated Statement of Comprehensive Loss for the nine months ended March 31, 2016 Previously Reported Adjustments As Adjusted Operating expenses $ (119,071 ) $ 129,610 $ 10,539 Income (loss) before income tax $ 119,071 $ (129,610 ) $ (10,539 ) Net income (loss) $ 119,071 $ (129,610 ) $ (10,539 )

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details) - Welly Surplus [Member]	1 Months Ended
	Dec. 29, 2016CNY (¥)
Purchase price	¥ 99,999
Issued and outstanding stock acquired	99.999%
Director [Member]
Ownership percentage	0.001%

GOING CONCERN (Details)

GOING CONCERN (Details) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Going Concern Details
Accumulated deficit	$ (250,763)	$ (234,903)

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Value added tax rate	17.00%
Income and Cash Flow [Member]
Exchange rate	6.7537	6.5398
Balance Sheet [Member]
Exchange rate	6.8993	6.4493

DISCONTINUED OPERATIONS (Narrat

DISCONTINUED OPERATIONS (Narrative) (Details) - Taizhou Ionix [Member]	2 Months Ended
	Aug. 19, 2016USD ($)	Aug. 19, 2016CNY (¥)
Percentage of equity interests sold	100.00%	100.00%
Proceeds from sale of business	$ 5,000
Gain on sale of business	$ 24,364
China, Yuan Renminbi
Proceeds from sale of business | ¥		¥ 30,000

DISCONTINUED OPERATIONS (Schedu

DISCONTINUED OPERATIONS (Schedule of Discontinued Operations) (Details) - USD ($)	2 Months Ended	3 Months Ended		9 Months Ended
	Aug. 19, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net Income (Loss)			$ 17,297	$ (35,099)	$ 6,758
QI System [Member]
Revenue
Cost of revenue
Gross profit (Loss)
Selling, general and administrative expenses					10,539
Income (Loss) before income taxes					(10,539)
Provision for income taxes
Net Income (Loss)					(10,539)
Taizhou Ionix [Member]
Revenue	$ 502,003				281,550
Cost of revenue	(505,401)				(253,121)
Gross profit (Loss)	(3,389)				28,429
Selling, general and administrative expenses	31,701				5,366
Income (Loss) before income taxes	(35,099)				23,063
Provision for income taxes					5,766
Net Income (Loss)	$ (35,099)				$ 17,297

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016
Inventories Details
Raw materials	$ 1,206,496
Finished goods	146,583
Total inventory	$ 1,353,079

DUE FROM_TO RELATED PARTIES (Na

DUE FROM/TO RELATED PARTIES (Narrative) (Details) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Mar. 31, 2017	Sep. 30, 2016	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Related Party Transaction [Line Items]
Cost of revenue - related party	$ (1,462,923)			$ (3,044,012)
Advances from related parties				1,037,060	$ 46,899
Ben Wong [Member]
Related Party Transaction [Line Items]
Advances from related parties						$ 15,770
Ben Wong [Member] | Well Best [Member]
Related Party Transaction [Line Items]
Advances from related parties				54,874		$ 37,740
Changyong Yang [Member] | Lisite Science [Member]
Related Party Transaction [Line Items]
Advances from related parties				898,546
Xin Sui [Member] | Welly Surplus [Member]
Related Party Transaction [Line Items]
Advances from related parties				$ 6,992
Zhengfu Nan [Member] | Xinyu Ionix [Member]
Related Party Transaction [Line Items]
Advances from related parties	56,067
Payments to suppliers on behalf of related parties	$ 913,000	$ 913,000
Baileqi [Member]
Related Party Transaction [Line Items]
Ownership percentage	1.50%			1.50%
Manufacturing costs				$ 158,180
Related Party One [Member]
Related Party Transaction [Line Items]
Ownership percentage	2.00%			2.00%
Due to related parties	$ 577,741			$ 577,741
Purchases from related party				2,668,927
Cost of revenue - related party				$ 2,620,315
Related Party Two [Member]
Related Party Transaction [Line Items]
Ownership percentage	1.50%			1.50%
Due to related parties	$ 41,730			$ 41,730
Purchases from related party				265,517
Cost of revenue - related party				$ 265,517

DUE FROM_TO RELATED PARTIES (Sc

DUE FROM/TO RELATED PARTIES (Schedule of Due to Related Parties) (Details) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Due to related parties	$ 1,069,989	$ 53,510
Ben Wong [Member]
Due to related parties	108,384	53,510
Changyong Yang [Member]
Due to related parties	898,546
Xin Sui [Member]
Due to related parties	6,992
Zhengfu Nan [Member]
Due to related parties	$ 56,067

CONCENTRATION OF RISKS (Details

CONCENTRATION OF RISKS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Revenues	$ 2,009,957		$ 4,984,296
Accounts receivable	59,579		59,579
Accounts payable	133,459		133,459
Revenue [Member]
Revenues			$ 3,337,432
Concentration risk percentage			67.00%
Revenue [Member] | Customer A [Member]
Revenues			$ 2,653,960
Concentration risk percentage			53.00%
Revenue [Member] | Customer B [Member]
Revenues			$ 683,472
Concentration risk percentage			14.00%
Accounts Receivable [Member]
Accounts receivable	59,571		$ 59,571
Concentration risk percentage			100.00%
Accounts Receivable [Member] | Customer A [Member]
Accounts receivable	59,571		$ 59,571
Concentration risk percentage			100.00%
Accounts Receivable [Member] | Customer B [Member]
Accounts receivable
Concentration risk percentage
Accounts Payable [Member]
Accounts payable	577,741		$ 577,741
Concentration risk percentage			77.00%
Accounts Payable [Member] | Supplier A [Member]
Accounts payable	$ 577,741		$ 577,741
Concentration risk percentage			77.00%
Purchases [Member]
Purchases			$ 2,668,927
Concentration risk percentage			41.00%
Purchases [Member] | Supplier A [Member]
Purchases			$ 2,668,927
Concentration risk percentage			41.00%

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details)	9 Months Ended
	Mar. 31, 2017USD ($)
Penalty assessment	$ 10,000
CHINA
Statutory rate	25.00%
UNITED STATES
Statutory rate	35.00%
Minimum [Member]
Years exposed to audit	2,011
Maximum [Member]
Years exposed to audit	2,014

INCOME TAXES (Schedule of Recon

INCOME TAXES (Schedule of Reconciliation of Income Tax Expense) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Income Taxes Schedule Of Reconciliation Of Income Tax Expense Details
U.S. Statutory rate			$ (3,137)	$ (9,188)
Tax rate difference between China and U.S.			10,209
Change in Valuation Allowance			19,820	9,188
Total	$ 2,314		$ 26,892

INCOME TAXES (Schedule of Provi

INCOME TAXES (Schedule of Provisions for Income Taxes) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Income Taxes Schedule Of Provisions For Income Taxes Details
Current			$ 26,892
Deferred
Total	$ 2,314		$ 26,892

STOCKHOLDER'S EQUITY (Details)

STOCKHOLDER'S EQUITY (Details) - Taizhou Ionix [Member]	2 Months Ended
	Aug. 19, 2016USD ($)	Aug. 19, 2016CNY (¥)
Related Party Transaction [Line Items]
Percentage of equity interests sold	100.00%	100.00%
Proceeds from sale of business	$ 5,000
Gain on sale of business	$ 24,364
China, Yuan Renminbi
Related Party Transaction [Line Items]
Proceeds from sale of business | ¥		¥ 30,000

RESTATEMENT (Details)

RESTATEMENT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Operating expenses	$ 80,997	$ 15,712	$ 292,146	$ 15,712
Net Income (loss)	$ 16,054	$ 1,585	$ (15,860)	(8,954)
Previously Reported [Member]
Operating expenses				(119,071)
Income (loss) before income tax				119,071
Net Income (loss)				119,071
Adjustments [Member]
Operating expenses				129,610
Income (loss) before income tax				(129,610)
Net Income (loss)				(129,610)
As Adjusted [Member]
Operating expenses				10,539
Income (loss) before income tax				(10,539)
Net Income (loss)				$ (10,539)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended		9 Months Ended
	Apr. 30, 2017USD ($)shares	Apr. 30, 2017CNY (¥)shares	Mar. 31, 2017USD ($)shares	Mar. 31, 2016USD ($)	Jun. 30, 2016shares
Issuance of preferred shares | $				$ 50,000
Common stock, shares outstanding			99,003,000		99,003,000
Subsequent Event [Member] | Shinning Glory [Member]
Shares issued	1	1
Issuance of common shares | $	$ 1
Percentage of issued and outstanding stock	30.147%	30.147%
Percentage of stock acquired	100.00%	100.00%
Common stock, shares outstanding	29,846,000	29,846,000
Votes per share	100	100
Subsequent Event [Member] | Shinning Glory [Member] | Minimum [Member]
Percentage of voting control	50.00%	50.00%
Subsequent Event [Member] | Well Best [Member]
Issuance of common shares | $	$ 14.49
Percentage of stock acquired	100.00%	100.00%
Subsequent Event [Member] | Well Best [Member] | China, Yuan Renminbi
Issuance of common shares | ¥		¥ 100
Subsequent Event [Member] | Preferred Stock [Member]
Shares issued	5,000,000	5,000,000
Percentage of issued and outstanding stock	100.00%	100.00%
Issuance of preferred shares | ¥		¥ 5,000,000