Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2015 | Jun. 26, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Natural Resources Corp | |
Entity Central Index Key | 1,586,513 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 51,100,000 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 | |
Current assets | |||
Cash | $ 360,886 | $ 126,648 | |
Trade receivable, net | 5,768,598 | 2,516,567 | |
Inventory | 750,384 | 628,746 | |
Total current assets | 6,879,868 | 3,271,961 | |
Other assets | |||
Deposits | 67,354 | 68,210 | |
Prepaid assets | 5,093 | 25,431 | |
Other receivables | 600,000 | 367,285 | |
Due from related parties | 4,223 | 0 | |
Total other assets | 676,670 | 460,926 | |
Property, plant and equipment, net | 1,624,560 | 1,750,386 | |
Intangible assets | 9,179,610 | 10,281,168 | |
Total assets | 18,360,708 | 15,764,441 | |
Current liabilities | |||
Bank overdraft | 0 | 28,749 | |
Current portion of debt | 4,576,199 | 4,912,397 | |
Trade payable | 1,796,506 | 807,017 | |
Accrued expenses | 38,017 | 40,296 | |
Due to related parties | 360,612 | 323,694 | |
Due to directors | 88,955 | 0 | |
Deposits payable | 75,292 | 184,705 | |
Current portion of capital leases obligations | 21,080 | 68,463 | |
Provision for income taxes | 84,562 | 360,298 | |
Total current liabilities | 7,041,223 | 6,725,619 | |
Non- current liabilities | |||
Debt, net of current portion | 2,268,384 | 1,715,556 | |
Capital leases obligations, net of current portion | 5,572 | 8,760 | |
Deferred income taxes liabilities | 114,861 | 114,861 | |
Total non- current liabilities | 2,388,817 | 1,839,177 | |
Total liabilities | 9,430,040 | 8,564,796 | |
Stockholders' equity | |||
Common stock, par value $.0001;100,000,000 shares authorized, 51,100,000, and 50,000,000 shares issued and outstanding as of March 31, 2015 and June 30, 2014 | [1] | 5,110 | 5,000 |
Additional paid-in capital | [1] | 2,584,566 | 1,585,837 |
Retained earnings | 6,392,889 | 5,661,975 | |
Accumulated other comprehensive loss | (51,897) | (53,167) | |
Total stockholders' equity | 8,930,668 | 7,199,645 | |
Total liabilities and stockholders' equity | $ 18,360,708 | $ 15,764,441 | |
[1] | The capital accounts of the Company have been retroactively restated to reflect the equivalent number of common shares based on the exchange ratio of the merger transaction in determining the basic and diluted weighted average shares. |
CONDENSED BALANCE SHEETS _Paren
CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2015 | Jun. 30, 2014 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 51,100,000 | 50,000,000 |
Common stock, shares, outstanding | 51,100,000 | 50,000,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue | ||||
Sales of goods | $ 703,039 | $ 6,560,111 | $ 3,513,819 | $ 17,637,225 |
Sales of services | 3,750,000 | 0 | 3,750,000 | 0 |
Sales returns | 0 | 0 | (720,570) | 0 |
Total revenues | 4,453,039 | 6,560,111 | 6,543,249 | 17,637,225 |
Cost of revenues | ||||
Cost of sales | 1,163,501 | 3,589,612 | 3,181,561 | 14,323,776 |
Cost of services | 323,774 | 0 | 323,774 | 0 |
Total cost of revenues | 1,487,275 | 3,589,612 | 3,505,335 | 14,323,776 |
Gross profit | 2,965,764 | 2,970,499 | 3,037,914 | 3,313,449 |
Operating expenses | ||||
General and administrative | 755,093 | 285,413 | 2,189,652 | 941,210 |
Total operating expenses | 755,093 | 285,413 | 2,189,652 | 941,210 |
Operating income | 2,210,671 | 2,685,086 | 848,262 | 2,372,239 |
Other income (expenses) | ||||
Finance costs | (102,619) | (104,084) | (249,497) | (332,708) |
Gain on foreign currency exchange | 124,397 | 58,042 | 105,514 | 44,966 |
Other income | 8,480 | (14,789) | 26,635 | 22,388 |
Total other income (expenses) | 30,258 | (60,831) | (117,348) | (265,354) |
Income before income taxes | 2,240,929 | 2,624,255 | 730,914 | 2,106,885 |
Provision for income taxes | 0 | 370,803 | 0 | 370,803 |
Net income | $ 2,240,929 | $ 2,253,452 | $ 730,914 | $ 1,736,082 |
Net loss per share of common stock: | ||||
Basic & diluted (in dollars per share) | $ 0.04 | $ 0.05 | $ 0.01 | $ 0.03 |
Weighted average number of shares outstanding - | ||||
Basic & diluted (in shares) | 51,100,000 | 50,000,000 | 50,930,769 | 50,000,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Activities: | ||
Net income | $ 730,914 | $ 1,736,082 |
Adjustments to reconcile net income to net cash used by operating activities: | ||
Depreciation and amortization | 1,227,384 | 142,070 |
Deferred income taxes | 0 | 13,392 |
Changes in operating assets and liabilities: | ||
Trade receivable | (3,252,031) | (1,753,597) |
Prepaid assets | 20,338 | 35,621 |
Inventory | (121,638) | (934,623) |
Due from related parties | (231,859) | 0 |
Due from directors | (4,223) | 0 |
Deposits and other current assets | 0 | (6,523) |
Trade payable and accrued expenses | 987,210 | 622,005 |
Due to related parties | 36,918 | (247,288) |
Due to directors | 88,955 | 0 |
Deposits payable | (109,413) | (286,712) |
Taxes payable | (275,736) | 0 |
Net cash used in operating activities | (903,181) | (679,573) |
Financing Activities: | ||
Purchase of property, plant and equipment | 0 | (17,328) |
Net cash used in investing activities | 0 | (17,328) |
Financing Activities: | ||
Proceeds from paid-in capital | 1,000,000 | 0 |
Common shares issued during merger | (1,161) | 0 |
Repayment for cash advance from bank | (28,749) | 0 |
Proceeds from debt | 4,548,135 | 13,329,884 |
Repayment on debt | (4,331,505) | (13,281,146) |
Payments on capital lease | (50,571) | (85,811) |
Net cash provided by (used in) financing activities | 1,136,149 | (37,073) |
Effects of exchange rate changes on cash | 1,270 | 120,666 |
NET INCREASE (DECREASE) IN CASH | 234,238 | (613,308) |
Cash at beginning of period | 126,648 | 886,808 |
Cash at end of period | 360,886 | 273,500 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 278,833 | 482,414 |
Cash paid for taxes | $ 275,736 | $ 103,293 |
CONDENSED STATEMENTS OF COMPREH
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net income | $ 2,240,929 | $ 2,253,452 | $ 730,914 | $ 1,736,082 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustment | (2,504) | 120,666 | 1,270 | 120,666 |
Comprehensive income | $ 2,238,425 | $ 2,374,118 | $ 732,184 | $ 1,856,748 |
Description of business and sum
Description of business and summary of significant accounting policies | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Description of business Natural Resources Corporation, a Delaware corporation (the “Company”), was incorporated in the State of Delaware in July 2013, and was formerly known as Plum Run Acquisition Corporation (“Plum Run” or “Plum Run Acquisition”). In March 2014, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares from existing shareholders, electing new offices and directors and accepting the resignations of its then existing officers and directors. In connection with the change of control, the Company changed its name from Plum Run Acquisition Corporation to Natural Resources Corporation. On August 12, 2014, the Company acquired, M-Power Food Industries Private Limited, a company incorporated in Singapore (“M-Power Industries”), in a stock-for-stock transaction (the “Acquisition”). The purpose of the Acquisition was to facilitate and prepare the Company for a registration statement and/or public offering of securities. M-Power Industries is a rapidly growing producer and wholesale distributer of dairy based ingredients and milk powder products to global food and beverage manufacturers. Hereafter, Natural Resources Corporation and its wholly owned operating subsidiary, M-Power Food Industries Private Limited, will be referred to as “the Company”. On March 23, 2015, the “Company”, entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Romulus Corp., a Nevada corporation (“Romulus Parent”), Romulus Merger Corp., a Delaware corporation (“Romulus Sub”), and Eastwin Capital Pte Ltd, a Singapore private limited company (“Eastwin”). Romulus Parent is currently a “shell company” as defined in Rule 12b-2 of the Securities Exchange Act of 1934. Under the Merger Agreement, upon consummation of the transaction Romulus Sub, a wholly-owned subsidiary of Romulus Parent, would merge with and into the Company (the “Merger”) after which Romulus Sub would cease to exist and the Company would be the surviving corporation in the Merger, and each outstanding share of the Company’s common stock would be converted into the right to receive shares of Romulus Parent (the “Merger Shares”) as described below, subject to the right of each holder of the Company’s common stock to exercise appraisal rights for such shares in accordance with the Delaware General Corporation Law. Prior to the execution of the Merger Agreement, Eastwin acquired 8,000,000 375,000 In the aggregate, holders of the shares of the Company’s common stock would receive approximately 124,000,000 Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of our condensed financial statements requires us to make estimates and assumptions that affect, among other areas, the reported amounts of trade receivables reserves and inventory reserves, impairment of long-lived assets, and recoverability of deferred tax assets. These estimates and assumptions also impact revenues, expenses and the disclosures in our condensed financial statements and the accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. All amounts are presented in U.S. dollars, unless otherwise noted. The Company’s unaudited condensed financial statements are expressed in U.S. Dollars and are presented in accordance with U.S. GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed interim financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results of operations for the interim periods presented. However, the results of operations for these interim periods are not necessarily indicative of the results that may be expected for the year ended June 30, 2015. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and footnotes thereto included in the Company’s draft registration statement on Form S-1/A. The Company’s fiscal year end is June 30. Summary of significant accounting policies 0 0 For the three months period ended March 31, 2015 and 2014 approximately 98 85 4,365,500 5,544,550 3,750,000 During the nine months periods ended March 31, 2015 and 2014 approximately 90 67 5,677,085 11,871,418 3,750,000 3,750,000 485,537 For the three months period ended March 31, 2015 and 2014 approximately 100 85 469,707 4,470,483 During the nine months period ended March 31, 2015 and 2014 approximately 80 81 2,900,378 11,114,429 2,226,048 44,600 The carrying amounts of our financial instruments, including cash, trade receivables, trade payable, and accrued expenses approximate fair value due to the short-term nature of these instruments or their stated rates approximating market rates. Our debt carries variable interest rates, which are reset monthly, or is relatively short term. Consequently, the carrying amounts of these financial instruments approximate fair value. We do not have any assets or liabilities that are measured at fair value on a recurring basis. In accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement and Disclosure When observable market prices and data are not readily available, significant management judgment often is necessary to estimate fair value. In those cases, different assumptions could result in significant changes in valuation and may not be realized in an actual sale. Additionally, there may be inherent weaknesses in any calculation technique and changes in the underlying assumptions used, including discount rates, and expected cash flows could significantly affect the results of current or future values. For certain financial instruments, including accounts receivable, accounts payable, accrued expenses and capital lease, the carrying amounts approximate fair value due to their relatively short maturities. In the case of the notes payable, the interest rate on the notes approximates the market rate of interest for similar borrowings. Consequently the carrying value of the notes payable also approximates the fair value. It is not practicable to estimate the fair value of the related party notes payable due to the relationship of the counter party. All assets except for intangible assets of the Company are considered Level 1 due to short term maturity. The Company adopted ASC 820-10 (formerly SFAS 157, “Fair Value Measurements”) on January 1, 2008. ASC 820-10 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: · Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments; and · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. Carrying Fair Value Measurement at As of March 31, 2015 March 31, Using Fair Value Hierarchy 2015 Level 1 Level 2 Level 3 Intangible Assets - Milk Brands 9,179,610 - 9,179,610 - Total 9,179,610 - 9,179,610 - For intangible assets acquired in a non-monetary exchange (see Note 6), the estimated fair values of the assets transferred (or the estimated fair values of the assets received, if more clearly evident) are used to establish their recorded values, unless the values of neither the assets received nor the assets transferred are determinable within reasonable limits, in which case the assets received are measured (by a third party) based on the carrying values of the assets transferred. Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. An estimate of fair value can be affected by many assumptions that require significant judgment. For example, the income approach generally requires assumptions related to the appropriate business model to be used to estimate cash flows, total addressable market, pricing and share forecasts, competition, technology obsolescence, future tax rates and discount rates. Our estimate of the fair value of certain assets may differ materially from that determined by others who use different assumptions or utilize different business models. New information may arise in the future that affects our fair value estimates and could result in adjustments to our estimates in the future, which could have an adverse impact on our results of operations. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortized over their estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method are reviewed at least at each financial yearend. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite useful lives is recognized in the statement of comprehensive income in the expense category consistent with the function of the intangible asset. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of comprehensive income when the asset is derecognized. 7 7 The Company considers a buyer’s confirmation to purchase as a persuasive evidence of a binding arrangement. A buyer’s confirmation includes instructions of ingredient formula and the fixed price agreed upon by both buyer and the Company. Finished goods are produced based on buyer’s instruction. For overseas buyers (i.e., buyers outside of Singapore), the Company’s general practice is to check a buyer’s credit risk through export credit insurance and insure the product through export credit insurance. The risk of the ownership is considered transferred when the finished goods leave the Company’s warehouse or factory. A buyer’s confirmation to purchase goods from the Company is irrevocable. For domestic customers (i.e., customers in Singapore), if the customer rejects the purchase order after the manufacturing process has begun, the Company invoices the customer for any manufacturing costs incurred and revenue is recognized. The Company will fully invoice and recognize as revenue for orders rejected after the time of shipment if all other revenue recognition criteria are met. If the overseas customer rejects the order during the manufacturing process, the Company will make a claim under its export credit insurance . For the sales of services, the Company and buyer will enter into a service agreement to describe the service to be provided and the fee for services and the payment terms. Payment terms are agreed by both the Company and buyer. The Company assesses the credit risk and the reasonableness of collectability through the Company’s industry relationships and the Company’s knowledge of the industry. The revenue is recognized when services are rendered through the service term. For the sales of services for the three and nine month periods ended March 31, 2015, the Company rendered the services within the three month period and recognized the revenue accordingly. 720,570 0 51,897 53,167 (2,504) 120,666 1,270 120,666 0.04 0.05 0.01 0.03 200,000,000 50,000,000 In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company adopted ASU 2014-15 on the Company’s financial statement presentation and disclosures. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its financial statements and has not yet determined the method by which it will adopt the standard beginning January 1, 2017. In August 2014, the FASB issued the FASB Accounting Standards Update No. 2014-15 “Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued financial statements are available to be issued financial statements are issued financial statements are available to be issued probable Other recent pronouncements issued by FASB (including its Emerging Issue Task Force), and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Accounts receivable
Accounts receivable | 9 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 2 Accounts receivable March 31, June 30, (Unaudited) (Audited) Accounts receivable $ 5,768,598 $ 2,516,567 Total accounts receivable $ 5,768,598 $ 2,516,567 |
Inventories
Inventories | 9 Months Ended |
Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 3 Inventories March 31, June 30, (Unaudited) (Audited) Finished goods $ - $ 40,240 Raw materials 750,384 588,506 Total inventories $ 750,384 $ 628,746 The Company from time to time will make advance payments to certain vendor to purchase raw materials. The advance payments will be reflected under other receivables. The Company has other receivables of $ 600,000 267,285 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Property, Plant and Equipment March 31, June 30, Useful Life (Unaudited) (Audited) Motor vehicles $ 78,881 $ 78,881 5 7 Plant and equipment 436,407 436,408 10 15 Furniture and equipment 245,980 245,980 3 10 Leasehold improvements 1,674,834 1,674,834 19 Less: accumulated depreciation (811,542) (685,717) $ 1,624,560 $ 1,750,386 Depreciation expense for the nine months ended March 31, 2015 was $ 125,826 142,070 41,942 57,989 |
Intangible asset
Intangible asset | 9 Months Ended |
Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 5 Intangible asset March 31, June 30, 2015 2014 (Unaudited) (Audited) Intangible asset Milk Brands $ 10,281,168 $ 10,281,168 Accumulated amortization (1,101,558) - Total intangible asset $ 9,179,610 $ 10,281,168 Intangible assets are comprised of cost of purchase of milk brands from a third party. The Company assigned the account receivable of $10,281,168 in June 2014 as a form of consideration to acquire milk brands. The Company had entered a Deed of Assignment among the Customer and the Seller on June 25, 2014. See the fair value valuation disclosure in note 1. The intangible asset will be amortized for 7 years commencing in July 2014 by straight line method. The amortization expense for the nine months ended March 31, 2015 was $1,101,558. The amortization expense for the three months ended March 31, 2015 was $367,185. There was no amortization for the three and nine months period ended March 31, 2014. |
Debt
Debt | 9 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 6 Debt March 31, June 30, (Unaudited) (Audited) Term loan 1 $ - $ 293,460 Term loan 2 - 293,495 Term loan 3 - 234,551 Term loan 4 - 825,267 Term loan 5 - 280,516 Term loan 6 - 68,884 Term loan 7 1,210,310 1,256,744 Term loan 10 3,385,648 - Short term loan 226,170 - Trust receipts 2,022,455 3,375,036 Total debt 6,844,583 6,627,953 Less: current portion (4,576,199) (4,912,397) Long-term portion of debt $ 2,268,384 $ 1,715,556 Term Loans All term loans were originally denominated in SGD currency. Term loan 1 is repayable by 96 4,207 1.88 1.98 3.25 interest rate is at 0.75% above Term loan 2 is repayable by 96 4,207 1.88 1.98 3.25 interest rate is at 0.25% above Term loan 3 is repayable by 96 3,362 1.88 1.98 3.25 interest rate is at 0.25% above Term loan 4 is repayable by 168 6,222 1.68 1.98 3.25 interest rate is at 0.2% above Term loan 5 is repayable by 96 3,790 1.98 3.25 interest rate is at 0.25% above Term loan 6 is repayable by 24 10,741 7.50 Term loan 7 is repayable by 15 2 Term loan 10 is repayable by 35 70,674 2,250,390 2.0 2.0 Short term loan is a straight due on demand loan from an unrelated individual. This loan bears simple interest at the rate of 4 Trust Receipts Trust receipts are originally denominated in USD currency. The Company renewed its trust receipt agreement with Standard Chartered Bank (the “Bank”) in February of 2013. The interest rate of trust receipts per annum is chargeable at 0.50% above the interest at Singapore Base Finance Rates (local transactions) and 2.75% above the interest of Singapore Base Finance Rates(foreign transactions). 90 The term loan and trust receipts are collateralized by way of: a) Properties of the Company; b) Properties of Directors; c) Fixed deposits of the Directors; and d) Joint and several guarantees by the Directors Year ending March 31, 2016 $ 4,576,199 2017 1,117,264 2018 1,151,120 2019 - 2020 - Thereafter - $ 6,844,583 Interest expense of $ 54,640 112,752 79,671 139,912 During the three months period ended March 31, 2015, the Company had a net total gain of $ 124,397 58,042 During the nine months period ended March 31, 2015, the Company had a net total of $105,514 gain on foreign currency exchange none of which resulted from trust receipts or resulted from the term loan. During the nine months period ended March 31, 2014, the Company had a net total of $ 44,966 |
Capital Leases
Capital Leases | 9 Months Ended |
Mar. 31, 2015 | |
Leases, Capital [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | Note 7 Capital Leases The Company has acquired assets under the provisions of long-term leases expiring through June 2016. For financial reporting purposes, minimum lease payments relating to these assets have been capitalized. March 31, 2015 June 30, 2014 (Unaudited) (Audited) Motor vehicles $ 78,881 $ 78,881 Plant and equipment 90,127 90,127 Furniture and equipment 235,349 235,349 Less: accumulated depreciation (121,787) (88,910) Total: $ 282,570 $ 315,447 2015 $ 75,722 2016 9,935 Total minimum lease payments 85,657 Amount representing interest (8,434) Present value of minimum lease payments 77,223 Less: current portion (68,463) Total: $ 8,760 Interest expense related to capital lease was $ 1,936 2,603 5,356 8,187 |
Stockholders' equity
Stockholders' equity | 9 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8 Stockholders’ equity Common stock We have authorized 100,000,000 .0001 51,100,000 As a result of a reverse acquisition on August 12, 2014 M-Power Food Industries Pte. Ltd received 50,000,000 1,100,000 On October 31, 2014, M-Power Investment Pte. Ltd., the holding company of M-Power Food Industries Pte. Ltd. ("MPI") invested $ 1,000,000 |
Operating leases
Operating leases | 9 Months Ended |
Mar. 31, 2015 | |
Leases, Operating [Abstract] | |
Operating Leases of Lessor Disclosure [Text Block] | Note 9 - Operating leases We lease certain office space under non-cancellable operating lease agreements. The leases typically run for a period of three years, with an option to renew the lease after that date. Year Ending March 31, 2016 $ 306,164 2017 278,777 2018 18,000 2019 18,000 2020 18,000 $ 638,841 Rent expense was $ 73,341 7,818 222,979 192,995 |
Income taxes
Income taxes | 9 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 10 Income taxes The Company is incorporated under the laws of the State of Delaware in the United States of America and has a legal subsidiary in Singapore. The Company does not have any employees or assets nor or is it engaged in any income producing activities in the Unites States. The Company is currently filing Federal income tax returns in the United States and applicable franchise tax returns in the state of Delaware. The Company’s only income producing activities are in Singapore. The statutory corporation income tax rate in Singapore is 17 March 31, June 30, (Unaudited) (Audited) Deferred tax liabilities $ 114,861 $ 114,861 Under current accounting standards, we must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We measure the tax benefits recognized in the financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax law and regulations change over time and may result in changes to our subjective assumptions and judgments which can materially affect amounts recognized in our balance sheets and statements of income. Our assessment of tax positions as of March 31, 2015 and June 30, 2014, determined that there were no material uncertain tax positions. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 Commitments and contingencies Credit Risk For the management of credit risk, the Company has purchased credit risk insurance in order to ensure the recoverability of its receivables. This policy covers milk products and related products. Services provided by the Company are not covered by insurance. As of March 31, 2015 and June 30, 2014, approximately 25% and 90% of the trade receivables were insured, respectively. The coverage of 25 90 At the balance sheet date, the Company’s maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognized in the balance sheet. Liquidity Risk Interest Rate Risk The Company does not have a hedging policy on its foreign currency exposure. From time to time, we are involved in legal proceedings arising in the ordinary course of our business. We are currently not a party to any pending legal proceedings and no such actions by, or to the best of our knowledge, against us have been threatened. |
Related-party transactions
Related-party transactions | 9 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 12 Related-party transactions a) Related parties: Related Parties Relationship with the Company M-Power Development Ptd Ltd (MPD) Asset holding management company M-Power Investment Pte Ltd (MPI) Holding company Perry Holzgraf Esculier Stockholder and Director b) March 31, June 30, (Unaudited) (Audited) Due to MPD $ 43,247 $ - Due to MPI 317,365 323,694 Due to Director 88,955 - Total due to related parties and directors $ 449,567 $ 323,694 Due from related parties $ 4,223 $ The related party transactions were comprised primarily of the expenses paid by MPD and MPI on the Company’s behalf. The office was leased from MPD by the Company on an annual rent denoted in Singapore Dollars and is equivalent to US Dollar $ 71,426 |
Description of business and s19
Description of business and summary of significant accounting policies (Policies) | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of our condensed financial statements requires us to make estimates and assumptions that affect, among other areas, the reported amounts of trade receivables reserves and inventory reserves, impairment of long-lived assets, and recoverability of deferred tax assets. These estimates and assumptions also impact revenues, expenses and the disclosures in our condensed financial statements and the accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. All amounts are presented in U.S. dollars, unless otherwise noted. The Company’s unaudited condensed financial statements are expressed in U.S. Dollars and are presented in accordance with U.S. GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed interim financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results of operations for the interim periods presented. However, the results of operations for these interim periods are not necessarily indicative of the results that may be expected for the year ended June 30, 2015. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and footnotes thereto included in the Company’s draft registration statement on Form S-1/A. The Company’s fiscal year end is June 30. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Trade Receivables 0 0 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk For the three months period ended March 31, 2015 and 2014 approximately 98 85 4,365,500 5,544,550 3,750,000 During the nine months periods ended March 31, 2015 and 2014 approximately 90 67 5,677,085 11,871,418 3,750,000 3,750,000 485,537 For the three months period ended March 31, 2015 and 2014 approximately 100 85 469,707 4,470,483 During the nine months period ended March 31, 2015 and 2014 approximately 80 81 2,900,378 11,114,429 2,226,048 44,600 |
Inventory, Policy [Policy Text Block] | Inventory |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment |
Financial instruments [Policy Text Block] | Financial instruments The carrying amounts of our financial instruments, including cash, trade receivables, trade payable, and accrued expenses approximate fair value due to the short-term nature of these instruments or their stated rates approximating market rates. Our debt carries variable interest rates, which are reset monthly, or is relatively short term. Consequently, the carrying amounts of these financial instruments approximate fair value. We do not have any assets or liabilities that are measured at fair value on a recurring basis. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments In accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement and Disclosure When observable market prices and data are not readily available, significant management judgment often is necessary to estimate fair value. In those cases, different assumptions could result in significant changes in valuation and may not be realized in an actual sale. Additionally, there may be inherent weaknesses in any calculation technique and changes in the underlying assumptions used, including discount rates, and expected cash flows could significantly affect the results of current or future values. For certain financial instruments, including accounts receivable, accounts payable, accrued expenses and capital lease, the carrying amounts approximate fair value due to their relatively short maturities. In the case of the notes payable, the interest rate on the notes approximates the market rate of interest for similar borrowings. Consequently the carrying value of the notes payable also approximates the fair value. It is not practicable to estimate the fair value of the related party notes payable due to the relationship of the counter party. All assets except for intangible assets of the Company are considered Level 1 due to short term maturity. The Company adopted ASC 820-10 (formerly SFAS 157, “Fair Value Measurements”) on January 1, 2008. ASC 820-10 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: · Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments; and · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. Carrying Fair Value Measurement at As of March 31, 2015 March 31, Using Fair Value Hierarchy 2015 Level 1 Level 2 Level 3 Intangible Assets - Milk Brands 9,179,610 - 9,179,610 - Total 9,179,610 - 9,179,610 - |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets For intangible assets acquired in a non-monetary exchange (see Note 6), the estimated fair values of the assets transferred (or the estimated fair values of the assets received, if more clearly evident) are used to establish their recorded values, unless the values of neither the assets received nor the assets transferred are determinable within reasonable limits, in which case the assets received are measured (by a third party) based on the carrying values of the assets transferred. Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. An estimate of fair value can be affected by many assumptions that require significant judgment. For example, the income approach generally requires assumptions related to the appropriate business model to be used to estimate cash flows, total addressable market, pricing and share forecasts, competition, technology obsolescence, future tax rates and discount rates. Our estimate of the fair value of certain assets may differ materially from that determined by others who use different assumptions or utilize different business models. New information may arise in the future that affects our fair value estimates and could result in adjustments to our estimates in the future, which could have an adverse impact on our results of operations. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortized over their estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method are reviewed at least at each financial yearend. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite useful lives is recognized in the statement of comprehensive income in the expense category consistent with the function of the intangible asset. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of comprehensive income when the asset is derecognized. |
Brands [Policy Text Block] | Brands 7 7 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long lived assets impairment |
Income Tax, Policy [Policy Text Block] | Income taxes |
Reclassification, Policy [Policy Text Block] | Reclassifications- |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition The Company considers a buyer’s confirmation to purchase as a persuasive evidence of a binding arrangement. A buyer’s confirmation includes instructions of ingredient formula and the fixed price agreed upon by both buyer and the Company. Finished goods are produced based on buyer’s instruction. For overseas buyers (i.e., buyers outside of Singapore), the Company’s general practice is to check a buyer’s credit risk through export credit insurance and insure the product through export credit insurance. The risk of the ownership is considered transferred when the finished goods leave the Company’s warehouse or factory. A buyer’s confirmation to purchase goods from the Company is irrevocable. For domestic customers (i.e., customers in Singapore), if the customer rejects the purchase order after the manufacturing process has begun, the Company invoices the customer for any manufacturing costs incurred and revenue is recognized. The Company will fully invoice and recognize as revenue for orders rejected after the time of shipment if all other revenue recognition criteria are met. If the overseas customer rejects the order during the manufacturing process, the Company will make a claim under its export credit insurance . For the sales of services, the Company and buyer will enter into a service agreement to describe the service to be provided and the fee for services and the payment terms. Payment terms are agreed by both the Company and buyer. The Company assesses the credit risk and the reasonableness of collectability through the Company’s industry relationships and the Company’s knowledge of the industry. The revenue is recognized when services are rendered through the service term. For the sales of services for the three and nine month periods ended March 31, 2015, the Company rendered the services within the three month period and recognized the revenue accordingly. |
Revenue Recognition, Sales Returns [Policy Text Block] | Sales returns 720,570 0 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation 51,897 53,167 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) (2,504) 120,666 1,270 120,666 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share 0.04 0.05 0.01 0.03 |
Reverse Merger Accounting [Policy Text Block] | Reverse Merger Accounting 200,000,000 50,000,000 |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year End |
Adopted Accounting Pronouncements [Policy Text Block] | Adopted Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company adopted ASU 2014-15 on the Company’s financial statement presentation and disclosures. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its financial statements and has not yet determined the method by which it will adopt the standard beginning January 1, 2017. In August 2014, the FASB issued the FASB Accounting Standards Update No. 2014-15 “Presentation of Financial StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued financial statements are available to be issued financial statements are issued financial statements are available to be issued probable Other recent pronouncements issued by FASB (including its Emerging Issue Task Force), and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Description of business and s20
Description of business and summary of significant accounting policies (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The Company used Level 2 inputs for its valuation methodology for the milk brands. Carrying Fair Value Measurement at As of March 31, 2015 March 31, Using Fair Value Hierarchy 2015 Level 1 Level 2 Level 3 Intangible Assets - Milk Brands 9,179,610 - 9,179,610 - Total 9,179,610 - 9,179,610 - |
Accounts receivable (Tables)
Accounts receivable (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following as of March 31, 2015 and June 30, 2014: March 31, June 30, (Unaudited) (Audited) Accounts receivable $ 5,768,598 $ 2,516,567 Total accounts receivable $ 5,768,598 $ 2,516,567 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following as of March 31, 2015 and June 30, 2014: March 31, June 30, (Unaudited) (Audited) Finished goods $ - $ 40,240 Raw materials 750,384 588,506 Total inventories $ 750,384 $ 628,746 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of the following: March 31, June 30, Useful Life (Unaudited) (Audited) Motor vehicles $ 78,881 $ 78,881 5 7 Plant and equipment 436,407 436,408 10 15 Furniture and equipment 245,980 245,980 3 10 Leasehold improvements 1,674,834 1,674,834 19 Less: accumulated depreciation (811,542) (685,717) $ 1,624,560 $ 1,750,386 |
Intangible asset (Tables)
Intangible asset (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, June 30, 2015 2014 (Unaudited) (Audited) Intangible asset Milk Brands $ 10,281,168 $ 10,281,168 Accumulated amortization (1,101,558) - Total intangible asset $ 9,179,610 $ 10,281,168 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt consists of the following: March 31, June 30, (Unaudited) (Audited) Term loan 1 $ - $ 293,460 Term loan 2 - 293,495 Term loan 3 - 234,551 Term loan 4 - 825,267 Term loan 5 - 280,516 Term loan 6 - 68,884 Term loan 7 1,210,310 1,256,744 Term loan 10 3,385,648 - Short term loan 226,170 - Trust receipts 2,022,455 3,375,036 Total debt 6,844,583 6,627,953 Less: current portion (4,576,199) (4,912,397) Long-term portion of debt $ 2,268,384 $ 1,715,556 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Future contractual maturities of debt are as follows, as of March 31, 2015: Year ending March 31, 2016 $ 4,576,199 2017 1,117,264 2018 1,151,120 2019 - 2020 - Thereafter - $ 6,844,583 |
Capital Leases (Tables)
Capital Leases (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Leases, Capital [Abstract] | |
Schedule of Capital Leased Assets [Table Text Block] | The assets under capital leases have cost and accumulated amortization as follows: March 31, 2015 June 30, 2014 (Unaudited) (Audited) Motor vehicles $ 78,881 $ 78,881 Plant and equipment 90,127 90,127 Furniture and equipment 235,349 235,349 Less: accumulated depreciation (121,787) (88,910) Total: $ 282,570 $ 315,447 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Maturities of capital lease obligations as of June 30, 2014 are as follows: 2015 $ 75,722 2016 9,935 Total minimum lease payments 85,657 Amount representing interest (8,434) Present value of minimum lease payments 77,223 Less: current portion (68,463) Total: $ 8,760 |
Operating leases (Tables)
Operating leases (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Leases, Operating [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental payments required under all leases that have remaining non-cancellable lease terms in excess of one year as of March 31, 2015 are as follows: Year Ending March 31, 2016 $ 306,164 2017 278,777 2018 18,000 2019 18,000 2020 18,000 $ 638,841 |
Income taxes (Tables)
Income taxes (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of net deferred tax liabilities are as follows: March 31, June 30, (Unaudited) (Audited) Deferred tax liabilities $ 114,861 $ 114,861 |
Related-party transactions (Tab
Related-party transactions (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The Company had the following related party balances at March 31, 2015 and June 30, 2014: March 31, June 30, (Unaudited) (Audited) Due to MPD $ 43,247 $ - Due to MPI 317,365 323,694 Due to Director 88,955 - Total due to related parties and directors $ 449,567 $ 323,694 Due from related parties $ 4,223 $ |
Description of business and s30
Description of business and summary of significant accounting policies (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 9,179,610 | $ 10,281,168 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | 9,179,610 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | |
Milk Brands [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Finite-Lived Intangible Assets, Net | 9,179,610 | |
Milk Brands [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | |
Milk Brands [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | 9,179,610 | |
Milk Brands [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 0 |
Description of business and s31
Description of business and summary of significant accounting policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Accounting Polices [Line Items] | |||||
Provision for Doubtful Accounts | $ 0 | $ 0 | |||
Revenues | $ 4,453,039 | $ 6,560,111 | 6,543,249 | $ 17,637,225 | |
Accounts Receivable, Net, Current | 5,768,598 | 5,768,598 | 2,516,567 | ||
Accounts Payable, Current | 1,796,506 | $ 1,796,506 | 807,017 | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 51,897 | $ 51,897 | 53,167 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | $ (2,504) | $ 120,666 | $ 1,270 | $ 120,666 | |
Earnings Per Share, Basic | $ 0.04 | $ 0.05 | $ 0.01 | $ 0.03 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | ||||
Sales Returns, Goods | $ 0 | $ 0 | $ 720,570 | $ 0 | |
Merger [Member] | |||||
Accounting Polices [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 124,000,000 | ||||
Eastwin [Member] | |||||
Accounting Polices [Line Items] | |||||
Stock Issued During Period, Shares, Issued for Services | 8,000,000 | ||||
Stock Issued During Period, Value, Issued for Services | $ 375,000 | ||||
M-Power Food Industries [Member] | |||||
Accounting Polices [Line Items] | |||||
Conversion of Stock, Shares Converted | 200,000,000 | ||||
M-Power Food Industries [Member] | Common Stock [Member] | |||||
Accounting Polices [Line Items] | |||||
Conversion of Stock, Shares Issued | 50,000,000 | ||||
Roka Grouping Holdings Limited [Member] | |||||
Accounting Polices [Line Items] | |||||
Revenues | 3,750,000 | $ 3,750,000 | |||
Accounts Receivable, Net, Current | 3,750,000 | 3,750,000 | |||
Three Customers [Member] | |||||
Accounting Polices [Line Items] | |||||
Revenues | 4,365,500 | 5,544,550 | $ 5,677,085 | $ 11,871,418 | |
Accounts Receivable, Net, Current | 485,537 | ||||
Cost of Goods Sold, Direct Materials | $ 469,707 | $ 4,470,483 | |||
Three Customers [Member] | Sales Revenue, Net [Member] | |||||
Accounting Polices [Line Items] | |||||
Concentration Risk, Percentage | 98.00% | 85.00% | 90.00% | 67.00% | |
Two Vendors [Member] | |||||
Accounting Polices [Line Items] | |||||
Cost of Goods Sold, Direct Materials | $ 11,114,429 | ||||
Two Vendors [Member] | Purchases [Member] | |||||
Accounting Polices [Line Items] | |||||
Concentration Risk, Percentage | 81.00% | ||||
Three Vendors [Member] | |||||
Accounting Polices [Line Items] | |||||
Accounts Receivable, Net, Current | $ 44,600 | ||||
Cost of Goods Sold, Direct Materials | $ 2,900,378 | ||||
Accounts Payable, Current | $ 2,226,048 | $ 2,226,048 | |||
Three Vendors [Member] | Purchases [Member] | |||||
Accounting Polices [Line Items] | |||||
Concentration Risk, Percentage | 80.00% | ||||
Three Major Suppliers [Member] | Sales Revenue, Net [Member] | |||||
Accounting Polices [Line Items] | |||||
Concentration Risk, Percentage | 100.00% | 85.00% |
Accounts receivable (Details)
Accounts receivable (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 5,768,598 | $ 2,516,567 |
Total accounts receivable | $ 5,768,598 | $ 2,516,567 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Inventory [Line Items] | ||
Finished goods | $ 0 | $ 40,240 |
Raw materials | 750,384 | 588,506 |
Total inventories | $ 750,384 | $ 628,746 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Other Receivables Non current | $ 600,000 | $ 367,285 |
Property, Plant and Equipment35
Property, Plant and Equipment (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (811,542) | $ (685,717) |
Property, Plant and Equipment, Net | 1,624,560 | 1,750,386 |
Motor vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 78,881 | 78,881 |
Motor vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Motor vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Plant and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 436,407 | 436,408 |
Plant and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Plant and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 245,980 | 245,980 |
Furniture and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Furniture and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,674,834 | $ 1,674,834 |
Property, Plant and Equipment, Useful Life | 19 years |
Property, Plant and Equipment36
Property, Plant and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 41,942 | $ 57,989 | $ 125,826 | $ 142,070 |
Intangible asset (Details)
Intangible asset (Details) - Indefinite-lived Intangible Assets, Major Class Name [Domain] - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset - Milk Brands | $ 10,281,168 | $ 10,281,168 |
Accumulated amortization | (1,101,558) | 0 |
Total intangible asset | $ 9,179,610 | $ 10,281,168 |
Intangible asset (Details Textu
Intangible asset (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Accounts Receivable Assigned as Consideration to Acquire Milk Brands | $ 10,281,168 | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Finite-Lived Intangible Assets, Amortization Method | straight line method | ||
Amortization of Intangible Assets | $ 367,185 | $ 1,101,558 |
Debt (Details)
Debt (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 6,844,583 | $ 6,627,953 |
Less: current portion | (4,576,199) | (4,912,397) |
Long-term portion of debt | 2,268,384 | 1,715,556 |
Short-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Short term loan | 226,170 | 0 |
Term loan 1 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 293,460 |
Term loan 2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 293,495 |
Term loan 3 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 234,551 |
Term loan 4 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 825,267 |
Term loan 5 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 280,516 |
Term loan 6 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 68,884 |
Term loan 7 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 1,210,310 | 1,256,744 |
Term loan 10 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 3,385,648 | 0 |
Trust receipts [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 2,022,455 | $ 3,375,036 |
Debt (Details 1)
Debt (Details 1) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Year ending March 31, | ||
2,016 | $ 4,576,199 | |
2,017 | 1,117,264 | |
2,018 | 1,151,120 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 0 | |
Long-term Debt | $ 6,844,583 | $ 6,627,953 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Interest Expense | $ 54,640 | $ 112,752 | $ 79,671 | $ 139,912 |
Foreign Currency Transaction Gain (Loss), Realized | $ 124,397 | $ 58,042 | $ 105,514 | $ 44,966 |
Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | ||
Term loan 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 96 months | |||
Debt Instrument, Periodic Payment | $ 4,207 | |||
Term loan 1 [Member] | Singapore Lending Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | interest rate is at 0.75% above | |||
Term loan 1 [Member] | Year One [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.88% | 1.88% | ||
Term loan 1 [Member] | Year Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.98% | 1.98% | ||
Term loan 1 [Member] | Year Three [Member] | Singapore Lending Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||
Term loan 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 96 months | |||
Debt Instrument, Periodic Payment | $ 4,207 | |||
Term loan 2 [Member] | Singapore Lending Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | interest rate is at 0.25% above | |||
Term loan 2 [Member] | Year One [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.88% | 1.88% | ||
Term loan 2 [Member] | Year Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.98% | 1.98% | ||
Term loan 2 [Member] | Year Three [Member] | Singapore Lending Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||
Term loan 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 96 months | |||
Debt Instrument, Periodic Payment | $ 3,362 | |||
Term loan 3 [Member] | Singapore Lending Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | interest rate is at 0.25% above | |||
Term loan 3 [Member] | Year One [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.88% | 1.88% | ||
Term loan 3 [Member] | Year Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.98% | 1.98% | ||
Term loan 3 [Member] | Year Three [Member] | Singapore Lending Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||
Term loan 4 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 168 months | |||
Debt Instrument, Periodic Payment | $ 6,222 | |||
Term loan 4 [Member] | Singapore Lending Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | interest rate is at 0.2% above | |||
Term loan 4 [Member] | Year One [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.68% | 1.68% | ||
Term loan 4 [Member] | Year Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.98% | 1.98% | ||
Term loan 4 [Member] | Year Three [Member] | Singapore Lending Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||
Term loan 5 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 96 months | |||
Debt Instrument, Periodic Payment | $ 3,790 | |||
Term loan 5 [Member] | Singapore Lending Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | interest rate is at 0.25% above | |||
Term loan 5 [Member] | Year One [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.98% | 1.98% | ||
Term loan 5 [Member] | Year Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.98% | 1.98% | ||
Term loan 5 [Member] | Year Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||
Term loan 6 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 24 months | |||
Debt Instrument, Periodic Payment | $ 10,741 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | ||
Term loan 7 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 15 months | |||
Term loan 7 [Member] | Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | ||
Term loan 10 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 35 months | |||
Debt Instrument, Periodic Payment | $ 70,674 | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 2.00% | |||
Term loan 10 [Member] | Final Installment [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment | $ 2,250,390 | |||
Term loan 10 [Member] | Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | ||
Trust receipts [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 90 days | |||
Debt Instrument, Description of Variable Rate Basis | The interest rate of trust receipts per annum is chargeable at 0.50% above the interest at Singapore Base Finance Rates (local transactions) and 2.75% above the interest of Singapore Base Finance Rates(foreign transactions). |
Capital Leases (Details)
Capital Leases (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Capital Leased Assets [Line Items] | ||
Less: accumulated depreciation | $ (121,787) | $ (88,910) |
Total: | 282,570 | 315,447 |
Motor vehicles [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | 78,881 | 78,881 |
Plant and equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | 90,127 | 90,127 |
Furniture and equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Leased Assets, Gross | $ 235,349 | $ 235,349 |
Capital Leases (Details 1)
Capital Leases (Details 1) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Maturities of capital lease obligations | ||
2,015 | $ 75,722 | |
2,016 | 9,935 | |
Total minimum lease payments | 85,657 | |
Amount representing interest | (8,434) | |
Present value of minimum lease payments | 77,223 | |
Less: current portion | $ (21,080) | (68,463) |
Total: | $ 5,572 | $ 8,760 |
Capital Leases (Details Textual
Capital Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Capital Leases [Line Items] | ||||
Capital Leases, Income Statement, Interest Expense | $ 1,936 | $ 2,603 | $ 5,356 | $ 8,187 |
Stockholders' equity (Details T
Stockholders' equity (Details Textual) - USD ($) | Aug. 12, 2014 | Oct. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 |
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares, Outstanding | 51,100,000 | 50,000,000 | ||
M-Power Food Industries [Member] | ||||
Class of Stock [Line Items] | ||||
Business Acquisition Equity Interest Number Of Shares Held | 1,100,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 50,000,000 | |||
Sale of Stock, Consideration Received on Transaction | $ 1,000,000 |
Operating leases (Details)
Operating leases (Details) | Mar. 31, 2015USD ($) |
Year Ending March 31, | |
2,016 | $ 306,164 |
2,017 | 278,777 |
2,018 | 18,000 |
2,019 | 18,000 |
2,020 | 18,000 |
Total | $ 638,841 |
Operating leases (Details Textu
Operating leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Leases [Line Items] | ||||
Operating Leases, Rent Expense | $ 73,341 | $ 7,818 | $ 222,979 | $ 192,995 |
Income taxes (Details)
Income taxes (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Income Tax Disclosure [Line Items] | ||
Deferred tax liabilities | $ 114,861 | $ 114,861 |
Income taxes (Details Textual)
Income taxes (Details Textual) | 9 Months Ended |
Mar. 31, 2015 | |
SINGAPORE | |
Income Tax Disclosure [Line Items] | |
Effective Income Tax Rate Reconciliation, Percent | 17.00% |
Commitments and contingencies (
Commitments and contingencies (Details Textual) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Trade Accounts Receivable [Member] | ||
Commitments And Contingencies [Line Items] | ||
Concentration Risk, Percentage | 25.00% | 90.00% |
Related-party transactions (Det
Related-party transactions (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Related Party Transaction [Line Items] | ||
Total due to related parties and directors | $ 449,567 | $ 323,694 |
Due from related parties | 4,223 | 0 |
M-Power Development Ptd Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Total due to related parties and directors | 43,247 | 0 |
M-Power Investment Pte Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Total due to related parties and directors | 317,365 | 323,694 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Total due to related parties and directors | $ 88,955 | $ 0 |
Related-party transactions (D52
Related-party transactions (Details Textual) | Mar. 31, 2015USD ($) |
M-Power Development Ptd Ltd [Member] | |
Related Party Transaction [Line Items] | |
Capital Leases, Contingent Rental Payments Due | $ 71,426 |