Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 7-May-14 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'China Green Agriculture, Inc. | ' |
Entity Central Index Key | '0000857949 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Trading Symbol | 'CGA | ' |
Entity Common Stock, Shares Outstanding | ' | 31,829,369 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Current Assets | ' | ' |
Cash and cash equivalents | $23,887,359 | $75,031,489 |
Accounts receivable, net | 87,361,396 | 85,323,442 |
Inventories | 72,315,948 | 34,511,167 |
Prepaid expenses and other current assets | 391,160 | 397,897 |
Advances to suppliers | 21,338,781 | 20,224,206 |
Assets held for sale | 10,060,219 | 11,676,736 |
Total Current Assets | 215,354,863 | 227,164,937 |
Plant, Property and Equipment, Net | 74,246,649 | 89,604,787 |
Construction In Progress | 48,853 | 68,414 |
Deferred asset, Net | 59,314,664 | 0 |
Other Assets | 70,366 | 97,432 |
Intangible Assets, Net | 25,611,475 | 26,608,013 |
Goodwill | 5,200,781 | 5,184,759 |
Total Assets | 379,847,651 | 348,728,342 |
Current Liabilities | ' | ' |
Accounts payable | 3,036,980 | 3,375,333 |
Unearned revenue | 6,371,128 | 1,433,661 |
Accrued expenses and other payables | 4,206,784 | 3,934,184 |
Amount due to related parties | 1,557,616 | 1,304,013 |
Taxes payable | 9,669,371 | 25,728,759 |
Short term loans | 28,856,940 | 16,099,100 |
Total Current Liabilities | 53,698,819 | 51,875,050 |
Commitment and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred Stock, $.001 par value, 20,000,000 shares authorized, zero shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 115,197,165 shares authorized, 31,820,177 and 29,943,236 shares issued and outstanding as of December 31, 2013 and June 30, 2013, respectively | 31,829 | 29,943 |
Additional paid-in capital | 113,189,804 | 105,962,909 |
Statutory reserve | 22,245,129 | 20,121,905 |
Retained earnings | 168,065,226 | 148,925,125 |
Accumulated other comprehensive income | 22,616,844 | 21,813,410 |
Total Stockholders' Equity | 326,148,832 | 296,853,292 |
Total Liabilities and Stockholders' Equity | $379,847,651 | $348,728,342 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 115,197,165 | 115,197,165 |
Common stock, shares issued | 31,820,177 | 29,943,236 |
Common stock, shares, outstanding | 31,820,177 | 29,943,236 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Sales | ' | ' | ' | ' |
Net sales | $70,295,981 | $65,872,533 | $161,233,929 | $147,116,265 |
Cost of goods sold | ' | ' | ' | ' |
Cost of goods sold | 44,135,266 | 44,126,828 | 93,752,011 | 92,243,654 |
Gross profit | 26,160,715 | 21,745,705 | 67,481,918 | 54,872,611 |
Operating expenses | ' | ' | ' | ' |
Selling expenses | 11,120,692 | 3,872,492 | 25,723,977 | 10,044,863 |
General and administrative expenses | 3,463,127 | 1,348,802 | 11,368,835 | 7,381,015 |
Impairment of assets | 1,659,729 | 0 | 1,659,729 | 0 |
Total operating expenses | 16,243,548 | 5,221,294 | 38,752,541 | 17,425,878 |
Income from operations | 9,917,167 | 16,524,411 | 28,729,377 | 37,446,733 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | 65,563 | 212,344 | -120,877 | 609,724 |
Interest income | 37,587 | 73,879 | 114,675 | 235,028 |
Interest expense | -472,104 | -268,455 | -1,009,528 | -1,020,694 |
Total other income (expense) | -368,954 | 17,768 | -1,015,730 | -175,942 |
Income before income taxes | 9,548,213 | 16,542,179 | 27,713,647 | 37,270,791 |
Provision for income taxes | 2,339,082 | 3,131,520 | 6,450,322 | 6,757,404 |
Net income | 7,209,131 | 13,410,659 | 21,263,325 | 30,513,387 |
Other comprehensive income | ' | ' | ' | ' |
Foreign currency translation gain (loss) | -2,838,362 | 1,541,434 | 803,434 | 1,696,220 |
Comprehensive income | 4,370,769 | 14,952,093 | 22,066,759 | 32,209,607 |
Basic weighted average shares outstanding (in shares) | 31,825,562 | 27,939,780 | 31,201,076 | 27,682,345 |
Basic net earnings per share (in dollars per share) | $0.23 | $0.48 | $0.68 | $1.10 |
Diluted weighted average shares outstanding (in shares) | 31,825,562 | 27,939,780 | 31,201,076 | 27,682,345 |
Diluted net earnings per share (in dollars per share) | $0.23 | $0.48 | $0.68 | $1.10 |
Jinong [Member] | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Net sales | 30,210,579 | 27,051,929 | 88,261,203 | 77,857,756 |
Cost of goods sold | ' | ' | ' | ' |
Cost of goods sold | 12,174,848 | 12,502,786 | 37,013,941 | 35,994,694 |
Operating expenses | ' | ' | ' | ' |
Income from operations | 5,487,505 | 11,406,985 | 23,924,484 | 31,418,916 |
Other income (expense) | ' | ' | ' | ' |
Provision for income taxes | ' | ' | 3,698,296 | 4,746,988 |
Net income | 4,658,433 | 9,756,153 | 20,317,816 | 26,893,836 |
Gufeng [Member] | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Net sales | 39,080,111 | 37,690,762 | 70,318,209 | 66,612,586 |
Cost of goods sold | ' | ' | ' | ' |
Cost of goods sold | 31,258,885 | 30,844,656 | 54,759,629 | 54,339,165 |
Operating expenses | ' | ' | ' | ' |
Income from operations | 6,355,545 | 5,642,544 | 12,059,529 | 8,821,041 |
Other income (expense) | ' | ' | ' | ' |
Provision for income taxes | ' | ' | 2,752,026 | 2,010,416 |
Net income | 4,419,560 | 4,178,836 | 8,142,956 | 5,848,880 |
Yuxing [Member] | ' | ' | ' | ' |
Sales | ' | ' | ' | ' |
Net sales | 1,005,291 | 1,129,842 | 2,654,517 | 2,645,923 |
Cost of goods sold | ' | ' | ' | ' |
Cost of goods sold | 701,533 | 779,386 | 1,978,441 | 1,909,795 |
Operating expenses | ' | ' | ' | ' |
Income from operations | 111,507 | 171,500 | 218,049 | 260,155 |
Other income (expense) | ' | ' | ' | ' |
Net income | $168,523 | $172,275 | $275,229 | $823,911 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities | ' | ' |
Net income | $21,263,325 | $30,513,387 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Issuance of common stock and stock options for compensation | 6,703,781 | 2,704,328 |
Depreciation | 16,849,788 | 8,850,655 |
Amortization | 6,477,776 | 1,179,780 |
Impairment of assets | 1,659,729 | 0 |
Changes in operating assets | ' | ' |
Accounts receivable | -1,781,938 | -11,516,998 |
Other current assets | 8,004 | -200,578 |
Inventories | -37,860,726 | -19,187,321 |
Advances to suppliers | -1,056,615 | 2,355,354 |
Other assets | 27,485 | 63,762 |
Changes in operating liabilities | ' | ' |
Accounts payable | -348,288 | -1,644,727 |
Unearned revenue | 4,954,312 | -918,503 |
Tax payables | -16,208,503 | 4,158,809 |
Accrued expenses and other payables | 593,844 | -202,264 |
Amount due to related parties | 0 | 1,110,900 |
Net cash provided by operating activities | 1,281,974 | 17,266,584 |
Cash flows from investing activities | ' | ' |
Purchase of plant, property, and equipment | -1,127,458 | -14,827,612 |
Increase in construction in progress | 0 | -185,325 |
Deferred assets | -64,964,848 | 0 |
Net cash used in investing activities | -66,092,306 | -15,012,937 |
Cash flows from financing activities | ' | ' |
Proceeds from loans | 28,633,885 | 2,943,885 |
Repayment of loans | -15,870,985 | 0 |
Advance from related party | 450,000 | 0 |
Net cash provided by (used in) financing activities | 13,212,900 | 2,943,885 |
Effect of exchange rate change on cash and cash equivalents | 453,302 | 476,483 |
Net increase (decrease) in cash and cash equivalents | -51,144,130 | 5,674,015 |
Cash and cash equivalents, beginning balance | 75,031,489 | 71,978,630 |
Cash and cash equivalents, ending balance | 23,887,359 | 77,652,645 |
Supplement disclosure of cash flow information | ' | ' |
Interest expense paid | 1,009,506 | 267,506 |
Income taxes paid | 22,658,825 | 2,598,595 |
Supplemental Disclosure of Non-Cash Financing Activities: | ' | ' |
Issuance of 118,778 and 151,515 shares of common stock for repayment of amount due to related party | $525,000 | $300,000 |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) (Common Stock [Member]) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Common Stock [Member] | ' | ' |
Stock Issued Shares For Repayment Of Amount Due To Related Party | 118,778 | 151,515 |
ORGANIZATION_AND_DESCRIPTION_O
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of Operations [Text Block] | ' |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS | |
China Green Agriculture, Inc. (the “Company”, “Parent Company” or “Green Nevada”), through its subsidiaries, is engaged in the research, development, production, distribution and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly-concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production and distribution of agricultural products. | |
Unless the context indicates otherwise, as used in the notes to the financial statements of the Company, the following are the references herein of all the subsidiaries of the Company (i) Green Agriculture Holding Corporation (“Green New Jersey”), a wholly-owned subsidiary of Green Nevada incorporated in the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi’an Jintai Agriculture Technology Development Company (“Jintai”), wholly-owned subsidiary of Jinong in the PRC, (iv) Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (“Yuxing”), a Variable Interest Entity (“VIE”) in the PRC controlled by Jinong through contractual agreements; (v) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (“Gufeng”), and (vi) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng’s wholly-owned subsidiary in the PRC (“Tianjuyuan”). | |
The Company’s corporate structure as of March 31, 2014 is set forth in the diagram below: | |
The unaudited consolidated financial statements were prepared by Company pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) were omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K. The results for the nine months ended March 31, 2014, are not necessarily indicative of the results to be expected for the year ending June 30, 2014. | |
BASIS_OF_PRESENTATION_AND_SUMM
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principle of consolidation | |
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan and VIE Yuxing. All significant inter-company accounts and transactions have been eliminated in consolidation. | |
Effective June 16, 2013, Yuxing was converted from being a wholly-owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned one natural person, who is not affiliated to the Company (“Yuxing’s Owner”). Effective the same day, Yuxing’s Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became the VIE of Jinong. | |
Use of estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. | |
Deferred asset | |
Deferred asset represents amounts that the distributors owed to the Company in their marketing efforts and developing standard stores to expand the Company’s products’ competitiveness and market shares. The amount owed to the Company to assist its distributors will be expensed over three years as long as the distributors are actively selling the Company’s products. For the nine months ended March 31, 2014, the Company amortized $5,371,194 of the deferred asset. If a distributor breach, defaults, or terminates the agreement with the Company within the three year period, the outstanding unamortized portion of the amount owed will become payable to the Company immediately. The Company’s Chairman, Mr. Li, guaranteed to the Company of amounts remaining unpaid due from distributors. This deferred asset is subject to annual impairment testing. The estimated amortization expense of the deferred asset for the twelve months ending March 31, 2015, 2016, and 2017 is $21,561,953, $ 21,561,953 and $16,190,758, respectively. | |
Assets held for sale | |
Assets held for sale represent certain equipment from the Company’s Jintai facility that has been relocated. The Company’s Board of Directors (the “Board”) has authorized a special team to be formed to sell these assets. The Company currently has a letter of intent to sell these assets to an outside third party with an expected closing of the sales transaction during the Company’s fourth fiscal quarter of 2014. During the quarter ended March 31, 2014, the Company determined that the fair value of the assets less disposal costs was less than the carrying amounts and took an impairment charge of $1,659,729. The carrying value of the assets held for sale at March 31, 2014 was reduced to $10,060,219 which is fair value less disposal costs. | |
Recent accounting pronouncements | |
FASB Accounting Standards Update No. 2013-02 | |
In February 2013, the FASB issued ASU No. 2013-02, which amends the authoritative accounting guidance under ASC Topic 220 “Comprehensive Income.” The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional detail about those amounts. The amendments in this update are effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. Adoption of this update did not have a material effect on the Company’s consolidated results of operations or financial condition. | |
FASB Accounting Standards Update No. 2013-04 | |
The FASB has issued ASU No. 2013-04, Liabilities (Topic 405), “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Adoption of this update did not have a material effect on the Company’s consolidated results of operations or financial condition. | |
FASB Accounting Standards Update No. 2013-11 | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists (A Consensus the FASB Emerging Issues Task Force). ASU 2013-11 provides guidance on financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforward in the same tax jurisdiction as of the reporting date. This amendment is effective for public entities for fiscal years beginning after December 15, 2013 and interim periods within those years. Adoption of this update did not have a material effect on the Company’s consolidated results of operations or financial condition. | |
FASB Accounting Standards Update No. 2014-08 | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition. | |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
NOTE 3 - EARNINGS PER SHARE | ||||||||||||||
Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards. | ||||||||||||||
The components of basic and diluted earnings per share consist of the following: | ||||||||||||||
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net Income for Basic Earnings Per Share | $ | 7,209,131 | $ | 13,410,659 | $ | 21,263,325 | $ | 30,513,387 | ||||||
Basic Weighted Average Number of Shares | 31,825,562 | 27,939,780 | 31,201,076 | 27,682,345 | ||||||||||
Net Income per Share – Basic | $ | 0.23 | $ | 0.48 | $ | 0.68 | $ | 1.1 | ||||||
Net Income for Diluted Earnings Per Share | $ | 7,209,131 | $ | 13,410,659 | $ | 21,263,325 | $ | 30,513,387 | ||||||
Diluted Weighted Average Number of Shares | 31,825,562 | 27,939,780 | 31,201,076 | 27,682,345 | ||||||||||
Net Income per Share – Diluted | $ | 0.23 | $ | 0.48 | $ | 0.68 | $ | 1.1 | ||||||
INVENTORIES
INVENTORIES | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
NOTE 4 – INVENTORIES | ||||||||
Inventories consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 14,191,674 | $ | 2,784,760 | ||||
Supplies and packing materials | 441,005 | 473,477 | ||||||
Work in progress | 406,829 | 171,550 | ||||||
Finished goods | 57,276,440 | 31,081,380 | ||||||
Total | $ | 72,315,948 | $ | 34,511,167 | ||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property Plant and Equipment Excluding Construction Progress Disclosure [Text Block] | ' | |||||||
NOTE 5 - PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Building and improvements | $ | 29,919,746 | $ | 29,836,072 | ||||
Auto | 732,233 | 729,978 | ||||||
Machinery and equipment | 87,149,667 | 88,901,647 | ||||||
Agriculture assets | 826,040 | - | ||||||
Total property, plant and equipment | 118,627,686 | 119,467,697 | ||||||
Less: accumulated depreciation | -44,381,037 | -29,862,910 | ||||||
Total | $ | 74,246,649 | $ | 89,604,787 | ||||
CONSTRUCTION_IN_PROGRESS
CONSTRUCTION IN PROGRESS | 9 Months Ended |
Mar. 31, 2014 | |
Construction in Progress [Abstract] | ' |
Construction in Progress Disclosure [Text Block] | ' |
NOTE 6 – CONSTRUCTION IN PROGRESS | |
As of March 31, 2014, construction in progress representing construction for Yuxing’s supporting facilities amounted to $48,853, and the total cost is not expected to exceed RMB 2 million (approximately $325,000). | |
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||||||
NOTE 7 - INTANGIBLE ASSETS | ||||||||
Intangible assets consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Land use rights, net | $ | 11,781,957 | $ | 11,940,658 | ||||
Technology patent, net | 559,936 | 744,280 | ||||||
Customer relationships, net | 6,610,413 | 7,378,823 | ||||||
Non-compete agreement | 53,559 | 85,430 | ||||||
Trademarks | 6,605,610 | 6,458,822 | ||||||
Total | $ | 25,611,475 | $ | 26,608,013 | ||||
LAND USE RIGHT | ||||||||
On September 25, 2009, Yuxing was granted a land use right for approximately 88 acres (353,000 square meters or 3.8 million square feet) by the People’s Government and Land & Resources Bureau of Hu County, Xi’an, Shaanxi Province. The fair value of the related intangible asset was determined to be the respective cost of RMB73,184,895 (or $11,877,908). The intangible asset is being amortized over the grant period of 50 years using the straight line method. | ||||||||
On August 13, 2003, Tianjuyuan was granted a certificate of Land Use Right for a parcel of land of approximately 11 acres (42,726 square meters or 459,898 square feet) at Ping Gu District, Beijing. The purchase cost was recorded at RMB1,045,950 (or $169,758). The intangible asset is being amortized over the grant period of 50 years. | ||||||||
On August 16, 2001, Jinong received a land use right as a contribution from a shareholder, which was granted by the People’s Government and Land & Resources Bureau of Yanling District, Shaanxi Province. The fair value of the related intangible asset at the time of the contribution was determined to be RMB7,285,099 (or $1,182,372). The intangible asset is being amortized over the grant period of 50 years. | ||||||||
The Land Use Rights consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Land use rights | $ | 13,230,038 | $ | 13,189,280 | ||||
Less: accumulated amortization | -1,448,081 | -1,248,622 | ||||||
Total land use rights, net | $ | 11,781,957 | $ | 11,940,658 | ||||
TECHNOLOGY PATENT | ||||||||
On August 16, 2001, Jinong was issued a technology patent related to a proprietary formula used in the production of humid acid. The fair value of the related intangible asset was determined to be the respective cost of RMB 5,875,068 (or $953,524) and is being amortized over the patent period of 10 years using the straight line method. This technology patent has been fully amortized. | ||||||||
On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired technology patent was estimated to be RMB 9,200,000 (or $1,493,160) and is amortized over the remaining useful life of six years using the straight line method. | ||||||||
The technology know-how consisted of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Technology know-how | $ | 2,446,684 | $ | 2,439,146 | ||||
Less: accumulated amortization | -1,886,748 | -1,694,866 | ||||||
Total technology know-how, net | $ | 559,936 | $ | 744,280 | ||||
CUSTOMER RELATIONSHIP | ||||||||
On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired customer relationships was estimated to be RMB65,000,000 (or $10,549,500) and is amortized over the remaining useful life of ten years. | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Customer relationships | $ | 10,549,500 | $ | 10,517,000 | ||||
Less: accumulated amortization | -3,939,087 | -3,138,177 | ||||||
Total customer relationships, net | $ | 6,610,413 | $ | 7,378,823 | ||||
NON-COMPETE AGREEMENT | ||||||||
On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired non-compete agreement was estimated to be RMB 1,320,000 (or $214,236) and is amortized over the remaining useful life of five years using the straight line method. | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Non-compete agreement | $ | 214,236 | $ | 213,576 | ||||
Less: accumulated amortization | -160,677 | -128,146 | ||||||
Total non-compete agreement, net | $ | 53,559 | $ | 85,430 | ||||
TRADEMARKS | ||||||||
On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired trademarks was estimated to be RMB40,700,000 (or $6,605,610) and is subject to an annual impairment test. | ||||||||
AMORTIZATION EXPENSE | ||||||||
Estimated amortization expenses of intangible assets for the next five twelve months periods ended March 31, 2014, are as follows: | ||||||||
Year Ends | Expense ($) | |||||||
31-Mar-15 | 1,587,156 | |||||||
31-Mar-16 | 1,432,105 | |||||||
31-Mar-17 | 1,335,105 | |||||||
31-Mar-18 | 1,319,551 | |||||||
31-Mar-19 | 1,319,551 | |||||||
ACCRUED_EXPENSES_AND_OTHER_PAY
ACCRUED EXPENSES AND OTHER PAYABLES | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses and Other Payables Disclosure [Text Block] | ' | |||||||
NOTE 8 - ACCRUED EXPENSES AND OTHER PAYABLES | ||||||||
Accrued expenses and other payables consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Payroll payable | $ | 8,630 | $ | 20,191 | ||||
Welfare payable | 166,624 | 166,111 | ||||||
Accrued expenses | 2,901,370 | 2,700,468 | ||||||
Other payables | 1,004,222 | 921,864 | ||||||
Other levy payable | 125,938 | 125,550 | ||||||
Total | $ | 4,206,784 | $ | 3,934,184 | ||||
AMOUNT_DUE_TO_RELATED_PARTIES
AMOUNT DUE TO RELATED PARTIES | 9 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 9 - AMOUNT DUE TO RELATED PARTIES | |
As of March 31, 2014 and June 30, 2013, the amount due to related parties was $1,557,616 and $1,304,013, respectively. At March 31, 2014 and June 30, 2013, $1,136,100 and $1,304,013, respectively were amounts that Gufeng borrowed from a related party, Xi’an Techteam Science & Technology Industry (Group) Co. Ltd., a company controlled by Mr. Tao Li, Chairman and CEO of the Company, represent unsecured, non-interest bearing loans that are due on demand. These loans are not subject to written agreements. On November 1, 2013, Yuxing entered into an agreement with Xi'an Techteam Investment Holding Group (“Techteam Investment”), a holding company owned and controlled by Mr. Tao Li, Chairman and CEO of the Company, to delegate Techteam Investment to procure certain inventories from the market from November 1, 2013 to June 30, 2014 (the “Agreement Period”). During the Agreement Period, Techteam Investment advances procurement payment to vendors, and Yuxing repays the outstanding procurement amount to Techteam Investment periodically. Techteam Investment receives no commission or compensation in this process. | |
On August 10, 2010, Yuxing, a VIE of the Company, entered into an agreement with Xi’an Kingtone Information Technology Co., Ltd. (“Kingtone Information”), the contractually-controlled operating subsidiary of Kingtone Wirelessinfo Solution Holding Ltd (“Kingtone”), whose Chairman is Mr. Tao Li, the Company’s Chairman and CEO. Pursuant to the agreement, Kingtone Information was responsible for developing certain electronic control systems for Yuxing. The total contracted value of this agreement, including value-added taxes and other taxes, is RMB3,030,000, or approximately US$492,000. The project is currently ongoing, and RMB1,212,000 or $197,000 had been paid by Yuxing to Kingtone as of March 31, 2014. | |
On June 29, 2012, Jinong signed an office lease with Kingtone Information. Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provided for a two-year term effective as of July 1, 2012 with monthly rent of RMB 24,480 (approximately $4,000). | |
LOAN_PAYABLES
LOAN PAYABLES | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Short-term Debt [Text Block] | ' | ||||||||||||
NOTE 10 - LOAN PAYABLES | |||||||||||||
As of March 31, 2014, the short-term loan payables consisted of twelve loans which mature on dates ranging from April 25, 2013 through March 23, 2015 with interest rates ranging from 5.60% to 7.80%. The loans No.1, 9 and 12 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 2,3 ,8,10 and 11 below are guaranteed by Jinong’s credit. The loans No. 5, 6 and 7 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 4 is guaranteed by Jinong’s credit and Tianjuyuan’s credit. | |||||||||||||
No. | Payee | Loan period per agreement | Interest | March 31, | |||||||||
Rate | 2014 | ||||||||||||
1 | Agriculture Bank of China-Pinggu Branch | April 25, 2013 - April 24, 2014 | 6.6 | % | $ | 1,639,230 | |||||||
2 | Industrial and Commercial Bank of China | December 20, 2013 - June 19, 2014 | 5.6 | % | 4,869,000 | ||||||||
3 | China Merchants Bank | Feb 25, 2014 - August 14, 2014 | 6.9 | % | 2,028,750 | ||||||||
4 | Bank of Beijing- Pinggu Branch | August 16,2013-August 15, 2014 | 7.2 | % | 1,623,000 | ||||||||
5 | Beijing International Trust Co., Ltd | Sep 25,2013-Sep 24, 2014 | 7.8 | % | 1,623,000 | ||||||||
6 | Beijing International Trust Co., Ltd | Oct 30, 2013-Oct 29, 2014 | 7.8 | % | 1,623,000 | ||||||||
7 | Beijing International Trust Co., Ltd | Dec 12, 2013-Dec 11, 2014 | 7.8 | % | 1,623,000 | ||||||||
8 | Bank of Tianjin- Beijing Branch | Jan 08, 2014 - Jan 07,2015 | 6.6 | % | 5,680,500 | ||||||||
9 | Agriculture Bank of China-Pinggu Branch | Jan 15, 2014-Jan 14, 2015 | 6.6 | % | 1,363,320 | ||||||||
10 | Bank of Tianjin- Beijing Branch | Jan 23, 2014- Jan 22, 2015 | 6 | % | 3,051,240 | ||||||||
11 | China Merchants Bank | Feb,19 2014- Feb 18, 2015 | 7.2 | % | 2,434,500 | ||||||||
12 | Agriculture Bank of China-Pinggu Branch | March 24,2014- March 23, 2015 | 6.6 | % | 1,298,400 | ||||||||
Total | $ | 28,856,940 | |||||||||||
As of June 30, 2013, the short-term loan payables consisted of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 with interest rates ranging from 6.30% to 8.20%. The loans No.1, 2 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 4 and 5 below are collateralized by the inventory of Gufeng. The loans No. 6, 7 and 8 are guaranteed by Jinong’s credit. The loan No. 9 is collateralized by the land use rights of Jinong’s and the share ownership owned by Jinong. | |||||||||||||
No. | Payee | Loan period per agreement | InterestRate | June 30, 2013 | |||||||||
1 | Agriculture Bank of China-Beijing Branch | January 24, 2013 - January 13, 2014 | 6.6 | % | $ | 1,359,120 | |||||||
2 | Agriculture Bank of China-Beijing Branch | March 23, 2013 - March 22, 2014 | 6.6 | % | 1,294,400 | ||||||||
3 | Agriculture Bank of China-Beijing Branch | April 25, 2013 - April 24, 2014 | 6.6 | % | 1,634,180 | ||||||||
4 | Bank of Tianjin | June 28, 2013 - August 2, 2013 | 6.72 | % | 1,132,600 | ||||||||
5 | Bank of Tianjin | June 20, 2013 - August 2, 2013 | 6.72 | % | 970,800 | ||||||||
6 | China Merchant Bank | August 30, 2012 - August 29, 2013 | 6.3 | % | 4,045,000 | ||||||||
7 | Industrial and Commercial Bank of China | October 25, 2012 - October 24,2013 | 8 | % | 1,618,000 | ||||||||
8 | Industrial and Commercial Bank of China | September 25, 2012-September 24, 2013 | 8 | % | 1,618,000 | ||||||||
9 | China Minsheng Bank | January 5, 2013 - January 4, 2014 | 7.2 | % | 2,427,000 | ||||||||
Total | $ | 16,099,100 | |||||||||||
The interest expense from short-term loans was $472,104 and $268,455 for the three months ended March 31, 2014 and 2013, respectively, and $1,009,528 and $1,020,694 for the nine months ended March 31, 2014 and 2013, respectively. | |||||||||||||
TAXES_PAYABLE
TAXES PAYABLE | 9 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Taxes Payable [Abstract] | ' | ||||||||||||||||||
Disclosure of Taxes Payable [Text Block] | ' | ||||||||||||||||||
NOTE 11 – TAXES PAYABLE | |||||||||||||||||||
Enterprise Income Tax | |||||||||||||||||||
Effective January 1, 2008, the Enterprise Income Tax (“EIT”) law of the PRC replaced the tax laws for Domestic Enterprises (“DEs”) and Foreign Invested Enterprises (“FIEs”). The EIT rate of 25% replaced the 33% rate that was applicable to both DEs and FIEs. The two year tax exemption and three year 50% tax reduction tax holiday for production-oriented FIEs was eliminated. Since January 1, 2008, Jinong became subject to income tax in China at a rate of 15% as a high-tech company, as a result of the expiration of its tax exemption on December 31, 2007. Accordingly, it made provision for income taxes for the nine months ended March 31, 2014, and 2013 of $3,698,296 and $4,746,988, respectively, which is mainly due to the operating income from Jinong. Gufeng is subject to 25% EIT rate and thus it made provision for income taxes of $2,752,026 and $2,010,416 for the nine months ended March 31, 2014 and 2013. | |||||||||||||||||||
Value-Added Tax | |||||||||||||||||||
All of the Company’s fertilizer products that are produced and sold in the PRC were subject to a Chinese Value-Added Tax (VAT) of 13% of the gross sales price. On April 29, 2008, the PRC State of Administration of Taxation (SAT) released Notice #56, “Exemption of VAT for Organic Fertilizer Products”, which allows certain fertilizer products to be exempt from VAT beginning June 1, 2008. The Company submitted the application for exemption in May 2009, which was granted effective September 1, 2009, continuing through December 31, 2015. The VAT exemption applies to all agricultural products sold by Jintai, and all but a nominal amount of agricultural products sold by Jinong. | |||||||||||||||||||
Income Taxes and Related Payables | |||||||||||||||||||
Taxes payable consist of the following: | |||||||||||||||||||
March 31, | June 30, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
VAT provision | $ | 21,377 | $ | 36,573 | |||||||||||||||
Income tax payable | 9,290,397 | 25,348,794 | |||||||||||||||||
Other levies | 357,597 | 343,392 | |||||||||||||||||
Total | $ | 9,669,371 | $ | 25,728,759 | |||||||||||||||
Tax Rate Reconciliation | |||||||||||||||||||
Our effective tax rates were approximately 23.3% and 18.1% for the nine months ended March 31, 2014 and 2013, respectively. Substantially all of the Company’s income before income taxes and related tax expense are from PRC sources. Actual income tax benefit reported in the consolidated statements of income and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 34% to income before income taxes for the nine months ended March 31, 2014 and 2013 for the following reasons: | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||
China | United States | ||||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||||
Pretax income (loss) | $ | 35,186,323 | $ | -7,472,676 | $ | 27,713,647 | |||||||||||||
Expected income tax expense (benefit) | 8,796,581 | 25 | % | -2,540,710 | 34 | % | 6,255,871 | ||||||||||||
High-tech income benefits on Jinong | -2,305,732 | -6.6 | % | - | - | -2,305,732 | |||||||||||||
Losses from subsidiaries in which no benefit is recognized | -40,527 | -0.1 | % | - | - | -40,527 | |||||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 2,540,710 | -34 | % | 2,540,710 | ||||||||||||||
Actual tax expense | $ | 6,450,322 | 18.3 | % | $ | - | - | % | $ | 6,450,322 | 23.3 | % | |||||||
March 31, 2013 | China | United States | |||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||||
Pretax income (loss) | $ | 40,324,031 | $ | -3,053,240 | $ | 37,270,791 | |||||||||||||
Expected income tax expense (benefit) | 10,081,008 | 25 | % | -1,038,102 | 34 | % | 9,042,906 | ||||||||||||
High-tech income benefits on Jinong | -1,976,456 | -4.9 | % | - | - | -1,976,456 | |||||||||||||
Losses from subsidiaries in which no benefit is recognized | -1,347,148 | -3.3 | % | - | - | -1,347,148 | |||||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,038,102 | -34 | % | 1,038,102 | ||||||||||||||
Actual tax expense | $ | 6,757,404 | 16.8 | % | $ | - | - | % | $ | 6,757,404 | 18.1 | % | |||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Mar. 31, 2014 | |
Stockholders Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
NOTE 12 – STOCKHOLDERS’ EQUITY | |
Common Stock | |
On June 14, 2012, the Company granted a total of 1,000,000 shares of restricted common stock of the Company to certain directors, executive officers and key employees under its 2009 Equity Incentive Plan (the “2009 Plan”). Pursuant to the terms of the grant, the stock grants vest in three installments on June 30, 2012, September 30, 2012 and December 31, 2012. The Company issued 445,000 shares of common stock related to these grants on June 14, 2012 with 555,000 issued on June 1, 2013 to a group of employees. | |
On September 12, 2012, the Company issued 35,041 shares of Common Stock valued at $130,000 of consulting services to a consultant of the Company. | |
On September 26, 2012, the Company agreed to issue 151,515 shares of Common Stock at the market price of $3.30 per share to Mr. Tao Li, the Company’s Chairman and Chief Executive Officer in the first offering of the Company’s Employee Stock Purchase Plan (“ESPP”) adopted by the Board on August 9, 2012. Mr. Li had previously advanced the Company $300,000 and has unpaid compensation accrued in the balance sheet for the fiscal year ended December 31, 2012. The 151,515 shares were not issued until after September 30, 2012 and accordingly the due to officer of $300,000 and accrued compensation of $ 200,000 were deducted during the quarter ended December 31, 2012. | |
On September 28, 2012, the Company approved the grant of (i) 200,000 shares of restricted stock to Mr. Ken Ren, the Company’s Chief Financial Officer (the “CFO”), and (ii) 40,000 shares of restricted stock to Mr. Yizhao Zhang, 30,000 shares of restricted stock to Ms. Yiru Shi, and 20,000 shares of restricted stock to Mr. Lianfu Liu, each an independent director of the Company (the “Stock Grants”). The Stock Grants all vest in three installments on December 31, 2012, March 31, 2013, and June 30, 2013, with 100,000 shares vesting first and 50,000 shares vesting on each of the other two vesting dates to the CFO; and 10,000 shares vesting first and half of the their respective remaining shares vesting on each of the other two vesting dates to the three independent directors. These shares were issued during the quarter ended December 31, 2012 and vested. The expenses associated with the issuance of these shares were recorded over the vesting period of the shares. | |
On June 1, 2013, the Company granted an aggregate of 1,025,000 shares of restricted stock under the 2009 Plan to certain employees. On July 24, 2013, the Company granted an aggregate of 970,000 shares of restricted stock under the 2009 Plan to certain employees. The shares vest on the following dates: on June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014, and December 31, 2014. | |
On September 26, 2013, the Company issued 118,778 shares of Common Stock at the market price of $4.42 per share to Mr. Tao Li as repayment for $ 200,000 previously advanced the Company by Mr. Li and $325,000 for unpaid compensation. | |
On September 28, 2013, the Company granted an aggregate of 1,750,000 shares of restricted stock under the 2009 Plan to certain executive officers, directors and employees. among which (i) 480,000 shares of restricted stock to Mr. Tao Li, the CEO; (ii) 200,000 shares of restricted stock to Mr. Ken Ren, the CFO, (iii) 40,000 shares of restricted stock to Mr. Yizhao Zhang, 30,000 shares of restricted stock to Ms. Yiru Shi, and 20,000 shares of restricted stock to Mr. Lianfu Liu, each an independent director of the Company; and (iv) 980,000 shares of restricted stock to 220 employees. The stock grants are subject to time-based vesting schedules, vesting in various installments until March 31, 2014 for the CFO and the three independent directors, until March 31, 2015 for the CEO and until December 31, 2015 for the employees. | |
During the nine months ended March 31, 2014, the Company issued 17,356 shares of common stock for consulting services valued at $65,535. The share were valued at the market price on the date of issuance. | |
Preferred Stock | |
Under the Company’s Articles of Incorporation, the Board has the authority, without further action by stockholders, to designate up to 20,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be greater than the rights of the common stock. If the Company sells preferred stock under its registration statement on Form S-3, it will fix the rights, preferences, privileges, qualifications and restrictions of the preferred stock of each series in the certificate of designation relating to that series and will file the certificate of designation that describes the terms of the series of preferred stock the Company offers before the issuance of the related series of preferred stock. | |
As of March 31, 2014, the Company has 20,000,000 shares of preferred stock authorized, with a par value of $.001 per share, of which no shares are issued or outstanding. | |
STOCK_OPTIONS
STOCK OPTIONS | 9 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||
NOTE 13 – STOCK OPTIONS | |||||||||||
There were no issuances of stock options during the three months ended March 31, 2014. | |||||||||||
Options outstanding and related weighted average price and intrinsic value are as follows: | |||||||||||
Weighted | |||||||||||
Average | |||||||||||
Number | Exercise | Aggregate | |||||||||
of Shares | Price | Intrinsic Value | |||||||||
Outstanding, June 30, 2013 | 115,099 | 14.66 | - | ||||||||
Granted | - | ||||||||||
Forfeited/Canceled | - | ||||||||||
Exercised | - | ||||||||||
Outstanding, March 31, 2014 | 115,099 | 14.66 | - | ||||||||
CONCENTRATIONS_AND_LITIGIATION
CONCENTRATIONS AND LITIGIATION | 9 Months Ended |
Mar. 31, 2014 | |
Concentration and Litigation [Abstract] | ' |
Concentration and Litigation [Text Block] | ' |
NOTE 14 –CONCENTRATIONS AND LITIGIATION | |
Market Concentration | |
All of the Company's revenue-generating operations are conducted in the PRC. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC's economy. | |
The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among other things, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by, among other things, changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation. | |
Vendor and Customer Concentration | |
There were two vendors from which the Company purchased 21.9% and 17.2% of its raw materials for the nine months ended March 31, 2014. Total purchase from these two venders amounted to $21,559,360 as of March 31, 2014. There were no vendors from which the Company purchased more than 10% of its raw materials for the fertilizer products for the nine months ended March 31, 2013. | |
There was no customer that accounted over 10% of the total sales of fertilizer products as of nine months ended March 31, 2014 and there was one customer that accounted over 10% of the total sales of fertilizer products as of nine months ended March 31, 2013. | |
Litigation | |
On October 15, 2010, a class action lawsuit was filed against the Company and certain of its current and former officers in the United States District Court for the District of Nevada (the "Nevada Federal Court") on behalf of purchasers of the Company’s common stock between November 12, 2009 and September 1, 2010. The current version of the complaint alleges that the Company and certain of its current and former officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended, by making material misstatements and omissions in the Company’s financial statements, securities offering documents, and related disclosures during the class period. On October 7, 2011, the defendants moved to dismiss the amended complaint and to strike portions of it. On November 2, 2012, the Nevada Federal Court issued an order dismissing the claims for violation of sections 11, 12(a)(2) and 15 of the Securities Act of 1933 as to all defendants and dismissing certain individual defendants from the complaint and allowing the claims for violations of section 10(b) and 20(a) of the Securities Exchange Act of 1934 to continue with respect to the Company and certain of the individual defendants. The Nevada Federal Court also denied the defendants’ motion to strike. The parties to the securities class action held mediation on March 7, 2013, which led to an agreement in principle to settle the case for a payment of $ 2.5 million by the Company’s insurers in exchange for a release of all claims against all defendants. Plaintiffs filed an upopposed motion for preliminary approval of the proposed settlement on March 19, 2014, and the court granted the motion on March 20, 2014. The court will hold a final approval hearing on the proposed settlement on July 22, 2014. | |
SEGMENT_REPORTING
SEGMENT REPORTING | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
NOTE 15 – SEGMENT REPORTING | ||||||||||||||
As of March 31, 2014, the Company was organized into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production), and Yuxing (agricultural products production). Each of the three operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment. Jintai’s business is in the migrating process into Yuxing’s. | ||||||||||||||
Three months ended March 31, | Nine months ended March 31, | |||||||||||||
Revenues from unaffiliated customers: | 2014 | 2013 | 2014 | 2013 | ||||||||||
Jinong | $ | 30,210,579 | $ | 27,051,929 | $ | 88,261,203 | $ | 77,857,756 | ||||||
Gufeng | 39,080,111 | 37,690,762 | 70,318,209 | 66,612,586 | ||||||||||
Yuxing | 1,005,291 | 1,129,842 | 2,654,517 | 2,645,923 | ||||||||||
Consolidated | $ | 70,295,981 | $ | 65,872,533 | $ | 161,233,929 | $ | 147,116,265 | ||||||
Operating income : | ||||||||||||||
Jinong | $ | 5,487,505 | $ | 11,406,985 | $ | 23,924,484 | $ | 31,418,916 | ||||||
Gufeng | 6,355,545 | 5,642,544 | 12,059,529 | 8,821,041 | ||||||||||
Yuxing | 111,507 | 171,500 | 218,049 | 260,155 | ||||||||||
Reconciling item (1) | 0 | 0 | 0 | 0 | ||||||||||
Reconciling item (2) | -203,393 | -256,110 | -834,439 | -738,343 | ||||||||||
Reconciling item (2)—stock compensation | -1,833,997 | -440,508 | -6,638,246 | -2,315,036 | ||||||||||
Consolidated | $ | 9,917,167 | $ | 16,524,411 | $ | 28,729,377 | $ | 37,446,733 | ||||||
Net income: | ||||||||||||||
Jinong | $ | 4,658,433 | $ | 9,756,153 | $ | 20,317,816 | $ | 26,893,836 | ||||||
Gufeng | 4,419,560 | 4,178,836 | 8,142,956 | 5,848,880 | ||||||||||
Yuxing | 168,523 | 172,275 | 275,229 | 823,911 | ||||||||||
Reconciling item (1) | 5 | 13 | 9 | 139 | ||||||||||
Reconciling item (2) | -2,037,390 | -696,618 | -7,472,685 | -3,053,379 | ||||||||||
Consolidated | $ | 7,209,131 | $ | 13,410,659 | $ | 21,263,325 | $ | 30,513,387 | ||||||
Depreciation and Amortization: | ||||||||||||||
Jinong | $ | 6,333,478 | $ | 1,990,178 | $ | 19,808,803 | $ | 6,449,763 | ||||||
Gufeng | 924,689 | 1,709,328 | 2,521,225 | 2,634,409 | ||||||||||
Yuxing | 336,211 | 316,700 | 997,536 | 946,263 | ||||||||||
Consolidated | $ | 7,594,378 | $ | 4,016,206 | $ | 23,327,564 | $ | 10,030,435 | ||||||
Interest expense: | ||||||||||||||
Gufeng | 472,104 | 298,455 | 1,009,528 | 1,050,694 | ||||||||||
Consolidated | $ | 472,104 | $ | 298,455 | $ | 1,009,528 | $ | 1,050,694 | ||||||
Capital Expenditure: | ||||||||||||||
Jinong | $ | 24,306 | $ | 6,275,253 | $ | 63,830 | $ | 15,601,870 | ||||||
Gufeng | 70,257 | 31,271 | 81,036 | -876,682 | ||||||||||
Yuxing | 10,974 | -134,467 | 982,591 | 102,424 | ||||||||||
Consolidated | $ | 105,538 | $ | 6,172,057 | $ | 1,127,458 | $ | 14,827,612 | ||||||
As of | As of | |||||||||||||
March 31, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
Identifiable assets: | ||||||||||||||
Jinong | $ | 200,472,838 | $ | 197,232,555 | ||||||||||
Gufeng | 135,622,233 | 108,409,694 | ||||||||||||
Yuxing | 43,680,405 | 43,021,886 | ||||||||||||
Reconciling item (1) | 76,081 | 68,113 | ||||||||||||
Reconciling item (2) | -3,906 | -3,906 | ||||||||||||
Consolidated | $ | 379,847,651 | $ | 348,728,342 | ||||||||||
(1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. | ||||||||||||||
(2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. | ||||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
NOTE 16 - COMMITMENTS AND CONTINGENCIES | |||||
On June 29, 2012, Jinong signed an office lease with Kingtone Information. Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provided for a two-year term effective as of July 1, 2012 with monthly rent of $3,973 (RMB 24,480). | |||||
In January 2008, Jintai signed a ten-year land lease with Xi’an Jinong Hi-tech Agriculture Demonstration Zone for a monthly rent of $844 (RMB 5,200). | |||||
In February 2004, Tianjuyuan signed a fifty-year lease with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District, at a monthly rent of $480 (RMB 2,958). | |||||
Accordingly, the Company recorded an aggregate of $35,758 and $46,822 as rent expenses for the nine months ended March 31, 2014 and 2012, respectively. Rent expenses for the next five years months ended December 31, are as follows: | |||||
Years ending March 31, | |||||
2015 | $ | 27,808 | |||
2016 | 15,889 | ||||
2017 | 15,889 | ||||
2018 | 13,357 | ||||
2019 | 5,761 | ||||
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||||
Variable Interest Entities [Text Block] | ' | |||||||||||||
NOTE 17 VARIABLE INTEREST ENTITIES | ||||||||||||||
Green Nevada through one of its subsidiaries, Jinong, entered into a series of agreements (the “VIE Agreements”) with Yuxing for it to qualify as a VIE, effective June 16, 2013. The VIE Agreements are as follows: | ||||||||||||||
Entrusted Management Agreement | ||||||||||||||
Pursuant to the terms of a certain Entrusted Management Agreement dated June 16, 2013 among Yuxing, Jinong and the shareholder of Yuxing (the “Entrusted Management Agreement”), Yuxing and its shareholder agreed to entrust the operations and management of its business to Jinong. According to the Entrusted Management Agreement, Jinong possesses the full and exclusive right to manage Yuxing’s operations, assets and personnel, has the right to control all of Yuxing's cash flows through an entrusted bank account, is entitled to Yuxing's net profits as a management fee, is obligated to pay all of Yuxing’s payables and loan payments, and bears all losses of Yuxing. The Entrusted Management Agreement will remain in effect until (i) the parties mutually agree to terminate the agreement; (ii) the dissolution of Yuxing or (iii) Jinong acquires all of the assets or equity of Yuxing (as more fully described below under “Exclusive Option Agreement”). | ||||||||||||||
Exclusive Product Supply Agreement | ||||||||||||||
Pursuant to the terms of a certain Exclusive Product Supply Agreement dated June 16, 2013 between Yuxing and Jinong (“the Exclusive Product Supply Agreement”), Jinong is the exclusive product provider to Yuxing. Yuxing agreed to pay Jinong all fees payable for products supply prior to making any payments under the Entrusted Management Agreement. Any payment from Yuxing to Jinong must comply with applicable Chinese laws. The Exclusive Product Supply Agreement shall remain in effect until (i) the parties mutually agree to terminate the agreement; (ii) the dissolution of Yuxing or (iii) Jinong acquires Yuxing (as more fully described below under “Exclusive Option Agreement”). | ||||||||||||||
Shareholder’s Voting Proxy Agreement | ||||||||||||||
Pursuant to the terms of a certain Shareholder’s Voting Proxy Agreement dated June 16, 2013 among Jinong and the shareholder of Yuxing (the “Shareholder’s Voting Proxy Agreement”), the shareholder of Yuxing irrevocably appointed Jinong as their proxy to exercise on such shareholder’s behalf all of her voting rights as shareholder pursuant to PRC law and the Articles of Association of Yuxing, including the appointment and election of directors of Yuxing. Jinong agreed that it shall maintain a board of directors the composition of which will be the members of the Board of Green Nevada, except those directors that are employed solely for the purpose of satisfying listing or financing requirements of Green Nevada, if any. The Shareholder’s Voting Proxy Agreement will remain in effect until Jinong acquires all of the assets or equity of Yuxing. | ||||||||||||||
Exclusive Option Agreement | ||||||||||||||
Pursuant to the terms of a certain Exclusive Option Agreement dated June 16, 2013 among Jinong, Yuxing and the shareholder of Yuxing (the “Exclusive Option Agreement”), the shareholder of Yuxing granted Jinong an irrevocable and exclusive purchase option (the “Option”) to acquire Yuxing’s equity interests and/or remaining assets, but only to the extent that the acquisition does not violate limitations imposed by PRC law on such transactions. The Option is exercisable at any time at Jinong’s discretion so long as such exercise and subsequent acquisition of Yuxing does not violate PRC law. The consideration for the exercise of the Option is to be determined by the parties and memorialized in the future by definitive agreements setting forth the kind and value of such consideration. To the extent Yuxing shareholder receive any of such consideration, the Option requires them to transfer (and not retain) the same to Yuxing or Jinong. The Exclusive Option Agreement may be terminated by mutual agreement or by 30 days written notice by Jinong. | ||||||||||||||
Equity Pledge Agreement | ||||||||||||||
Pursuant to the terms of a certain Equity Pledge Agreement dated June 16, 2013 among Jinong and the shareholder of Yuxing (the “Pledge Agreement”), the shareholder of Yuxing pledged all of her equity interests in Yuxing, including the proceeds thereof, to guarantee all of Jinong's rights and benefits under the Entrusted Management Agreement, the Exclusive Product Supply Agreement, the Shareholder’ Voting Proxy Agreement and the Exclusive Option Agreement. Prior to termination of the Pledge Agreement, the pledged equity interests cannot be transferred without Jinong's prior written consent. The Pledge Agreement may be terminated only upon the written agreement of the parties. | ||||||||||||||
As a result of these contractual arrangements, Green Nevada is able to exercise control over Yuxing and was entitled to substantially all of the economic benefits of Yuxing through its subsidiary, Jinong. Therefore, Green Nevada consolidates Yuxing in accordance with ASC 810-10 (“Consolidation of Variable Interest Entities”) since the date of the VIE Agreements. | ||||||||||||||
The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of March 31, 2014 and June 30, 2013 and for the three and nine months respectively ended March 31, 2014 and 2013: | ||||||||||||||
March 31, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 177,606 | $ | 42,975 | ||||||||||
Accounts receivable, net | 275,478 | 209,194 | ||||||||||||
Inventories | 15,777,174 | 15,478,654 | ||||||||||||
Other current assets | 9,587 | 7,061 | ||||||||||||
Advances to suppliers | 188,993 | 101,555 | ||||||||||||
Total Current Assets | 16,428,838 | 15,839,439 | ||||||||||||
Plant, Property and Equipment, Net | 16,413,614 | 16,180,551 | ||||||||||||
Construction In Progress | 48,853 | 68,414 | ||||||||||||
Intangible Assets, Net | 10,789,100 | 10,933,482 | ||||||||||||
Total Assets | $ | 43,680,405 | $ | 43,021,886 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts payable | $ | 374,772 | $ | 533,773 | ||||||||||
Accrued expenses and other payables | 4,296 | 8,673 | ||||||||||||
Amount due to related parties | 43,014,020 | 42,466,210 | ||||||||||||
Total Current Liabilities | 43,393,088 | 43,008,656 | ||||||||||||
Stockholders' equity | 287,317 | 13,230 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 43,680,405 | $ | 43,021,886 | ||||||||||
Three Months Ended December 31, | Nine Months Ended March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenue | $ | 1,005,291 | $ | 1,129,842 | $ | 2,654,517 | $ | 2,645,923 | ||||||
Expenses | 836,768 | 957,567 | 2,379,288 | 1,822,012 | ||||||||||
Net income | $ | 168,523 | $ | 172,275 | $ | 275,229 | $ | 823,911 | ||||||
BASIS_OF_PRESENTATION_AND_SUMM1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principle of consolidation | |
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan and VIE Yuxing. All significant inter-company accounts and transactions have been eliminated in consolidation. | |
Effective June 16, 2013, Yuxing was converted from being a wholly-owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned one natural person, who is not affiliated to the Company (“Yuxing’s Owner”). Effective the same day, Yuxing’s Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became the VIE of Jinong. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. | |
Deferred Charges, Policy [Policy Text Block] | ' |
Deferred asset | |
Deferred asset represents amounts that the distributors owed to the Company in their marketing efforts and developing standard stores to expand the Company’s products’ competitiveness and market shares. The amount owed to the Company to assist its distributors will be expensed over three years as long as the distributors are actively selling the Company’s products. For the nine months ended March 31, 2014, the Company amortized $5,371,194 of the deferred asset. If a distributor breach, defaults, or terminates the agreement with the Company within the three year period, the outstanding unamortized portion of the amount owed will become payable to the Company immediately. The Company’s Chairman, Mr. Li, guaranteed to the Company of amounts remaining unpaid due from distributors. This deferred asset is subject to annual impairment testing. The estimated amortization expense of the deferred asset for the twelve months ending March 31, 2015, 2016, and 2017 is $21,561,953, $ 21,561,953 and $16,190,758, respectively. | |
Assets held for sale [Policy Text Block] | ' |
Assets held for sale | |
Assets held for sale represent certain equipment from the Company’s Jintai facility that has been relocated. The Company’s Board of Directors (the “Board”) has authorized a special team to be formed to sell these assets. The Company currently has a letter of intent to sell these assets to an outside third party with an expected closing of the sales transaction during the Company’s fourth fiscal quarter of 2014. During the quarter ended March 31, 2014, the Company determined that the fair value of the assets less disposal costs was less than the carrying amounts and took an impairment charge of $1,659,729. The carrying value of the assets held for sale at March 31, 2014 was reduced to $10,060,219 which is fair value less disposal costs. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent accounting pronouncements | |
FASB Accounting Standards Update No. 2013-02 | |
In February 2013, the FASB issued ASU No. 2013-02, which amends the authoritative accounting guidance under ASC Topic 220 “Comprehensive Income.” The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional detail about those amounts. The amendments in this update are effective prospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. Adoption of this update did not have a material effect on the Company’s consolidated results of operations or financial condition. | |
FASB Accounting Standards Update No. 2013-04 | |
The FASB has issued ASU No. 2013-04, Liabilities (Topic 405), “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Adoption of this update did not have a material effect on the Company’s consolidated results of operations or financial condition. | |
FASB Accounting Standards Update No. 2013-11 | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists (A Consensus the FASB Emerging Issues Task Force). ASU 2013-11 provides guidance on financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforward in the same tax jurisdiction as of the reporting date. This amendment is effective for public entities for fiscal years beginning after December 15, 2013 and interim periods within those years. Adoption of this update did not have a material effect on the Company’s consolidated results of operations or financial condition. | |
FASB Accounting Standards Update No. 2014-08 | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition. | |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The components of basic and diluted earnings per share consist of the following: | ||||||||||||||
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net Income for Basic Earnings Per Share | $ | 7,209,131 | $ | 13,410,659 | $ | 21,263,325 | $ | 30,513,387 | ||||||
Basic Weighted Average Number of Shares | 31,825,562 | 27,939,780 | 31,201,076 | 27,682,345 | ||||||||||
Net Income per Share – Basic | $ | 0.23 | $ | 0.48 | $ | 0.68 | $ | 1.1 | ||||||
Net Income for Diluted Earnings Per Share | $ | 7,209,131 | $ | 13,410,659 | $ | 21,263,325 | $ | 30,513,387 | ||||||
Diluted Weighted Average Number of Shares | 31,825,562 | 27,939,780 | 31,201,076 | 27,682,345 | ||||||||||
Net Income per Share – Diluted | $ | 0.23 | $ | 0.48 | $ | 0.68 | $ | 1.1 | ||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 14,191,674 | $ | 2,784,760 | ||||
Supplies and packing materials | 441,005 | 473,477 | ||||||
Work in progress | 406,829 | 171,550 | ||||||
Finished goods | 57,276,440 | 31,081,380 | ||||||
Total | $ | 72,315,948 | $ | 34,511,167 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Building and improvements | $ | 29,919,746 | $ | 29,836,072 | ||||
Auto | 732,233 | 729,978 | ||||||
Machinery and equipment | 87,149,667 | 88,901,647 | ||||||
Agriculture assets | 826,040 | - | ||||||
Total property, plant and equipment | 118,627,686 | 119,467,697 | ||||||
Less: accumulated depreciation | -44,381,037 | -29,862,910 | ||||||
Total | $ | 74,246,649 | $ | 89,604,787 | ||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Impaired Intangible Assets [Table Text Block] | ' | |||||||
Intangible assets consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Land use rights, net | $ | 11,781,957 | $ | 11,940,658 | ||||
Technology patent, net | 559,936 | 744,280 | ||||||
Customer relationships, net | 6,610,413 | 7,378,823 | ||||||
Non-compete agreement | 53,559 | 85,430 | ||||||
Trademarks | 6,605,610 | 6,458,822 | ||||||
Total | $ | 25,611,475 | $ | 26,608,013 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||
Estimated amortization expenses of intangible assets for the next five twelve months periods ended March 31, 2014, are as follows: | ||||||||
Year Ends | Expense ($) | |||||||
31-Mar-15 | 1,587,156 | |||||||
31-Mar-16 | 1,432,105 | |||||||
31-Mar-17 | 1,335,105 | |||||||
31-Mar-18 | 1,319,551 | |||||||
31-Mar-19 | 1,319,551 | |||||||
Use Rights [Member] | ' | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Impaired Intangible Assets [Table Text Block] | ' | |||||||
The Land Use Rights consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Land use rights | $ | 13,230,038 | $ | 13,189,280 | ||||
Less: accumulated amortization | -1,448,081 | -1,248,622 | ||||||
Total land use rights, net | $ | 11,781,957 | $ | 11,940,658 | ||||
Developed Technology Rights [Member] | ' | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Impaired Intangible Assets [Table Text Block] | ' | |||||||
The technology know-how consisted of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Technology know-how | $ | 2,446,684 | $ | 2,439,146 | ||||
Less: accumulated amortization | -1,886,748 | -1,694,866 | ||||||
Total technology know-how, net | $ | 559,936 | $ | 744,280 | ||||
Customer Relationships [Member] | ' | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Impaired Intangible Assets [Table Text Block] | ' | |||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Customer relationships | $ | 10,549,500 | $ | 10,517,000 | ||||
Less: accumulated amortization | -3,939,087 | -3,138,177 | ||||||
Total customer relationships, net | $ | 6,610,413 | $ | 7,378,823 | ||||
Noncompete Agreements [Member] | ' | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Impaired Intangible Assets [Table Text Block] | ' | |||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Non-compete agreement | $ | 214,236 | $ | 213,576 | ||||
Less: accumulated amortization | -160,677 | -128,146 | ||||||
Total non-compete agreement, net | $ | 53,559 | $ | 85,430 | ||||
ACCRUED_EXPENSES_AND_OTHER_PAY1
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued expenses and other payables consist of the following: | ||||||||
March 31, | June 30, | |||||||
2014 | 2013 | |||||||
Payroll payable | $ | 8,630 | $ | 20,191 | ||||
Welfare payable | 166,624 | 166,111 | ||||||
Accrued expenses | 2,901,370 | 2,700,468 | ||||||
Other payables | 1,004,222 | 921,864 | ||||||
Other levy payable | 125,938 | 125,550 | ||||||
Total | $ | 4,206,784 | $ | 3,934,184 | ||||
LOAN_PAYABLES_Tables
LOAN PAYABLES (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||
As of March 31, 2014, the short-term loan payables consisted of twelve loans which mature on dates ranging from April 25, 2013 through March 23, 2015 with interest rates ranging from 5.60% to 7.80%. The loans No.1, 9 and 12 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 2,3 ,8,10 and 11 below are guaranteed by Jinong’s credit. The loans No. 5, 6 and 7 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 4 is guaranteed by Jinong’s credit and Tianjuyuan’s credit. | |||||||||||||
No. | Payee | Loan period per agreement | Interest | March 31, | |||||||||
Rate | 2014 | ||||||||||||
1 | Agriculture Bank of China-Pinggu Branch | April 25, 2013 - April 24, 2014 | 6.6 | % | $ | 1,639,230 | |||||||
2 | Industrial and Commercial Bank of China | December 20, 2013 - June 19, 2014 | 5.6 | % | 4,869,000 | ||||||||
3 | China Merchants Bank | Feb 25, 2014 - August 14, 2014 | 6.9 | % | 2,028,750 | ||||||||
4 | Bank of Beijing- Pinggu Branch | August 16,2013-August 15, 2014 | 7.2 | % | 1,623,000 | ||||||||
5 | Beijing International Trust Co., Ltd | Sep 25,2013-Sep 24, 2014 | 7.8 | % | 1,623,000 | ||||||||
6 | Beijing International Trust Co., Ltd | Oct 30, 2013-Oct 29, 2014 | 7.8 | % | 1,623,000 | ||||||||
7 | Beijing International Trust Co., Ltd | Dec 12, 2013-Dec 11, 2014 | 7.8 | % | 1,623,000 | ||||||||
8 | Bank of Tianjin- Beijing Branch | Jan 08, 2014 - Jan 07,2015 | 6.6 | % | 5,680,500 | ||||||||
9 | Agriculture Bank of China-Pinggu Branch | Jan 15, 2014-Jan 14, 2015 | 6.6 | % | 1,363,320 | ||||||||
10 | Bank of Tianjin- Beijing Branch | Jan 23, 2014- Jan 22, 2015 | 6 | % | 3,051,240 | ||||||||
11 | China Merchants Bank | Feb,19 2014- Feb 18, 2015 | 7.2 | % | 2,434,500 | ||||||||
12 | Agriculture Bank of China-Pinggu Branch | March 24,2014- March 23, 2015 | 6.6 | % | 1,298,400 | ||||||||
Total | $ | 28,856,940 | |||||||||||
As of June 30, 2013, the short-term loan payables consisted of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 with interest rates ranging from 6.30% to 8.20%. The loans No.1, 2 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 4 and 5 below are collateralized by the inventory of Gufeng. The loans No. 6, 7 and 8 are guaranteed by Jinong’s credit. The loan No. 9 is collateralized by the land use rights of Jinong’s and the share ownership owned by Jinong. | |||||||||||||
No. | Payee | Loan period per agreement | InterestRate | June 30, 2013 | |||||||||
1 | Agriculture Bank of China-Beijing Branch | January 24, 2013 - January 13, 2014 | 6.6 | % | $ | 1,359,120 | |||||||
2 | Agriculture Bank of China-Beijing Branch | March 23, 2013 - March 22, 2014 | 6.6 | % | 1,294,400 | ||||||||
3 | Agriculture Bank of China-Beijing Branch | April 25, 2013 - April 24, 2014 | 6.6 | % | 1,634,180 | ||||||||
4 | Bank of Tianjin | June 28, 2013 - August 2, 2013 | 6.72 | % | 1,132,600 | ||||||||
5 | Bank of Tianjin | June 20, 2013 - August 2, 2013 | 6.72 | % | 970,800 | ||||||||
6 | China Merchant Bank | August 30, 2012 - August 29, 2013 | 6.3 | % | 4,045,000 | ||||||||
7 | Industrial and Commercial Bank of China | October 25, 2012 - October 24,2013 | 8 | % | 1,618,000 | ||||||||
8 | Industrial and Commercial Bank of China | September 25, 2012-September 24, 2013 | 8 | % | 1,618,000 | ||||||||
9 | China Minsheng Bank | January 5, 2013 - January 4, 2014 | 7.2 | % | 2,427,000 | ||||||||
Total | $ | 16,099,100 | |||||||||||
TAXES_PAYABLE_Tables
TAXES PAYABLE (Tables) | 9 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Taxes Payable [Abstract] | ' | ||||||||||||||||||
Schedule of Tax Payable [Table Text Block] | ' | ||||||||||||||||||
Taxes payable consist of the following: | |||||||||||||||||||
March 31, | June 30, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
VAT provision | $ | 21,377 | $ | 36,573 | |||||||||||||||
Income tax payable | 9,290,397 | 25,348,794 | |||||||||||||||||
Other levies | 357,597 | 343,392 | |||||||||||||||||
Total | $ | 9,669,371 | $ | 25,728,759 | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||||||
Actual income tax benefit reported in the consolidated statements of income and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 34% to income before income taxes for the nine months ended March 31, 2014 and 2013 for the following reasons: | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||
China | United States | ||||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||||
Pretax income (loss) | $ | 35,186,323 | $ | -7,472,676 | $ | 27,713,647 | |||||||||||||
Expected income tax expense (benefit) | 8,796,581 | 25 | % | -2,540,710 | 34 | % | 6,255,871 | ||||||||||||
High-tech income benefits on Jinong | -2,305,732 | -6.6 | % | - | - | -2,305,732 | |||||||||||||
Losses from subsidiaries in which no benefit is recognized | -40,527 | -0.1 | % | - | - | -40,527 | |||||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 2,540,710 | -34 | % | 2,540,710 | ||||||||||||||
Actual tax expense | $ | 6,450,322 | 18.3 | % | $ | - | - | % | $ | 6,450,322 | 23.3 | % | |||||||
March 31, 2013 | China | United States | |||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||||
Pretax income (loss) | $ | 40,324,031 | $ | -3,053,240 | $ | 37,270,791 | |||||||||||||
Expected income tax expense (benefit) | 10,081,008 | 25 | % | -1,038,102 | 34 | % | 9,042,906 | ||||||||||||
High-tech income benefits on Jinong | -1,976,456 | -4.9 | % | - | - | -1,976,456 | |||||||||||||
Losses from subsidiaries in which no benefit is recognized | -1,347,148 | -3.3 | % | - | - | -1,347,148 | |||||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,038,102 | -34 | % | 1,038,102 | ||||||||||||||
Actual tax expense | $ | 6,757,404 | 16.8 | % | $ | - | - | % | $ | 6,757,404 | 18.1 | % | |||||||
STOCK_OPTIONS_Tables
STOCK OPTIONS (Tables) | 9 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | ' | ||||||||||
Options outstanding and related weighted average price and intrinsic value are as follows: | |||||||||||
Weighted | |||||||||||
Average | |||||||||||
Number | Exercise | Aggregate | |||||||||
of Shares | Price | Intrinsic Value | |||||||||
Outstanding, June 30, 2013 | 115,099 | 14.66 | - | ||||||||
Granted | - | ||||||||||
Forfeited/Canceled | - | ||||||||||
Exercised | - | ||||||||||
Outstanding, March 31, 2014 | 115,099 | 14.66 | - | ||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
As of March 31, 2014, the Company was organized into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production), and Yuxing (agricultural products production). Each of the three operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment. Jintai’s business is in the migrating process into Yuxing’s. | ||||||||||||||
Three months ended March 31, | Nine months ended March 31, | |||||||||||||
Revenues from unaffiliated customers: | 2014 | 2013 | 2014 | 2013 | ||||||||||
Jinong | $ | 30,210,579 | $ | 27,051,929 | $ | 88,261,203 | $ | 77,857,756 | ||||||
Gufeng | 39,080,111 | 37,690,762 | 70,318,209 | 66,612,586 | ||||||||||
Yuxing | 1,005,291 | 1,129,842 | 2,654,517 | 2,645,923 | ||||||||||
Consolidated | $ | 70,295,981 | $ | 65,872,533 | $ | 161,233,929 | $ | 147,116,265 | ||||||
Operating income : | ||||||||||||||
Jinong | $ | 5,487,505 | $ | 11,406,985 | $ | 23,924,484 | $ | 31,418,916 | ||||||
Gufeng | 6,355,545 | 5,642,544 | 12,059,529 | 8,821,041 | ||||||||||
Yuxing | 111,507 | 171,500 | 218,049 | 260,155 | ||||||||||
Reconciling item (1) | 0 | 0 | 0 | 0 | ||||||||||
Reconciling item (2) | -203,393 | -256,110 | -834,439 | -738,343 | ||||||||||
Reconciling item (2)—stock compensation | -1,833,997 | -440,508 | -6,638,246 | -2,315,036 | ||||||||||
Consolidated | $ | 9,917,167 | $ | 16,524,411 | $ | 28,729,377 | $ | 37,446,733 | ||||||
Net income: | ||||||||||||||
Jinong | $ | 4,658,433 | $ | 9,756,153 | $ | 20,317,816 | $ | 26,893,836 | ||||||
Gufeng | 4,419,560 | 4,178,836 | 8,142,956 | 5,848,880 | ||||||||||
Yuxing | 168,523 | 172,275 | 275,229 | 823,911 | ||||||||||
Reconciling item (1) | 5 | 13 | 9 | 139 | ||||||||||
Reconciling item (2) | -2,037,390 | -696,618 | -7,472,685 | -3,053,379 | ||||||||||
Consolidated | $ | 7,209,131 | $ | 13,410,659 | $ | 21,263,325 | $ | 30,513,387 | ||||||
Depreciation and Amortization: | ||||||||||||||
Jinong | $ | 6,333,478 | $ | 1,990,178 | $ | 19,808,803 | $ | 6,449,763 | ||||||
Gufeng | 924,689 | 1,709,328 | 2,521,225 | 2,634,409 | ||||||||||
Yuxing | 336,211 | 316,700 | 997,536 | 946,263 | ||||||||||
Consolidated | $ | 7,594,378 | $ | 4,016,206 | $ | 23,327,564 | $ | 10,030,435 | ||||||
Interest expense: | ||||||||||||||
Gufeng | 472,104 | 298,455 | 1,009,528 | 1,050,694 | ||||||||||
Consolidated | $ | 472,104 | $ | 298,455 | $ | 1,009,528 | $ | 1,050,694 | ||||||
Capital Expenditure: | ||||||||||||||
Jinong | $ | 24,306 | $ | 6,275,253 | $ | 63,830 | $ | 15,601,870 | ||||||
Gufeng | 70,257 | 31,271 | 81,036 | -876,682 | ||||||||||
Yuxing | 10,974 | -134,467 | 982,591 | 102,424 | ||||||||||
Consolidated | $ | 105,538 | $ | 6,172,057 | $ | 1,127,458 | $ | 14,827,612 | ||||||
As of | As of | |||||||||||||
March 31, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
Identifiable assets: | ||||||||||||||
Jinong | $ | 200,472,838 | $ | 197,232,555 | ||||||||||
Gufeng | 135,622,233 | 108,409,694 | ||||||||||||
Yuxing | 43,680,405 | 43,021,886 | ||||||||||||
Reconciling item (1) | 76,081 | 68,113 | ||||||||||||
Reconciling item (2) | -3,906 | -3,906 | ||||||||||||
Consolidated | $ | 379,847,651 | $ | 348,728,342 | ||||||||||
(1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. | ||||||||||||||
(2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. | ||||||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Leases [Abstract] | ' | ||||
Schedule of Rent Expense [Table Text Block] | ' | ||||
Rent expenses for the next five years months ended December 31, are as follows: | |||||
Years ending March 31, | |||||
2015 | $ | 27,808 | |||
2016 | 15,889 | ||||
2017 | 15,889 | ||||
2018 | 13,357 | ||||
2019 | 5,761 | ||||
VARIABLE_INTEREST_ENTITIES_Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||||||||
The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of March 31, 2014 and June 30, 2013 and for the three and nine months respectively ended March 31, 2014 and 2013: | ||||||||||||||
March 31, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 177,606 | $ | 42,975 | ||||||||||
Accounts receivable, net | 275,478 | 209,194 | ||||||||||||
Inventories | 15,777,174 | 15,478,654 | ||||||||||||
Other current assets | 9,587 | 7,061 | ||||||||||||
Advances to suppliers | 188,993 | 101,555 | ||||||||||||
Total Current Assets | 16,428,838 | 15,839,439 | ||||||||||||
Plant, Property and Equipment, Net | 16,413,614 | 16,180,551 | ||||||||||||
Construction In Progress | 48,853 | 68,414 | ||||||||||||
Intangible Assets, Net | 10,789,100 | 10,933,482 | ||||||||||||
Total Assets | $ | 43,680,405 | $ | 43,021,886 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts payable | $ | 374,772 | $ | 533,773 | ||||||||||
Accrued expenses and other payables | 4,296 | 8,673 | ||||||||||||
Amount due to related parties | 43,014,020 | 42,466,210 | ||||||||||||
Total Current Liabilities | 43,393,088 | 43,008,656 | ||||||||||||
Stockholders' equity | 287,317 | 13,230 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 43,680,405 | $ | 43,021,886 | ||||||||||
Three Months Ended December 31, | Nine Months Ended March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenue | $ | 1,005,291 | $ | 1,129,842 | $ | 2,654,517 | $ | 2,645,923 | ||||||
Expenses | 836,768 | 957,567 | 2,379,288 | 1,822,012 | ||||||||||
Net income | $ | 168,523 | $ | 172,275 | $ | 275,229 | $ | 823,911 | ||||||
BASIS_OF_PRESENTATION_AND_SUMM2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Assets Held-for-sale, at Carrying Value | $10,060,219 | ' | $10,060,219 | ' |
Amortization of Deferred Assets | ' | ' | 5,371,194 | ' |
Deffered Asset Amortization Expense Next Twelve Months | ' | ' | 21,561,953 | ' |
Deffered Asset Amortization Expense Year Two | ' | ' | 21,561,953 | ' |
Deffered Asset Amortization Expense Year Three | ' | ' | 16,190,758 | ' |
Asset Impairment Charges, Total | $1,659,729 | $0 | $1,659,729 | $0 |
Jinong [Member] | ' | ' | ' | ' |
Principle of Consolidation Converted Percentage | ' | ' | 100.00% | ' |
One Natural Person [Member] | ' | ' | ' | ' |
Principle of Consolidation Converted Percentage | ' | ' | 100.00% | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net Income for Basic Earnings Per Share (in dollars) | $7,209,131 | $13,410,659 | $21,263,325 | $30,513,387 |
Basic Weighted Average Number of Shares (in shares) | 31,825,562 | 27,939,780 | 31,201,076 | 27,682,345 |
Net Income per Share - Basic (in dollars per share) | $0.23 | $0.48 | $0.68 | $1.10 |
Net Income for Diluted Earnings Per Share (in dollars) | $7,209,131 | $13,410,659 | $21,263,325 | $30,513,387 |
Diluted Weighted Average Number of Shares (in shares) | 31,825,562 | 27,939,780 | 31,201,076 | 27,682,345 |
Net Income Per Share - Diluted (in dollars per share) | $0.23 | $0.48 | $0.68 | $1.10 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Inventory [Line Items] | ' | ' |
Raw materials | $14,191,674 | $2,784,760 |
Supplies and packing materials | 441,005 | 473,477 |
Work in progress | 406,829 | 171,550 |
Finished goods | 57,276,440 | 31,081,380 |
Total | $72,315,948 | $34,511,167 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | $118,627,686 | $119,467,697 |
Less: accumulated depreciation | -44,381,037 | -29,862,910 |
Total | 74,246,649 | 89,604,787 |
Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | 29,919,746 | 29,836,072 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | 732,233 | 729,978 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | 87,149,667 | 88,901,647 |
Agricultural Assets [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | $826,040 | $0 |
CONSTRUCTION_IN_PROGRESS_Detai
CONSTRUCTION IN PROGRESS (Details Textual) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
USD ($) | USD ($) | Yuxing's supporting facilities [Member] | Maximum [Member] | Maximum [Member] | |
USD ($) | Yuxing's supporting facilities [Member] | Yuxing's supporting facilities [Member] | |||
USD ($) | CNY | ||||
Construction In Progress [Line Items] | ' | ' | ' | ' | ' |
Construction in Progress, Gross | $48,853 | $68,414 | $48,853 | ' | ' |
Construction and Development Costs | ' | ' | ' | $325,000 | 2,000,000 |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $25,611,475 | $26,608,013 |
Use Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 11,781,957 | 11,940,658 |
Patented Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 559,936 | 744,280 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 6,610,413 | 7,378,823 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 53,559 | 85,430 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $6,605,610 | $6,458,822 |
INTANGIBLE_ASSETS_Details_1
INTANGIBLE ASSETS (Details 1) (Use Rights [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Use Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Land use rights | $13,230,038 | $13,189,280 |
Less: accumulated amortization | -1,448,081 | -1,248,622 |
Total land use rights, net | $11,781,957 | $11,940,658 |
INTANGIBLE_ASSETS_Details_2
INTANGIBLE ASSETS (Details 2) (Patented Technology [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Patented Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Technology know-how | $2,446,684 | $2,439,146 |
Less: accumulated amortization | -1,886,748 | -1,694,866 |
Total technology know-how, net | $559,936 | $744,280 |
INTANGIBLE_ASSETS_Details_3
INTANGIBLE ASSETS (Details 3) (Customer Relationships [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Customer relationships | $10,549,500 | $10,517,000 |
Less: accumulated amortization | -3,939,087 | -3,138,177 |
Total customer relationships, net | $6,610,413 | $7,378,823 |
INTANGIBLE_ASSETS_Details_4
INTANGIBLE ASSETS (Details 4) (Noncompete Agreements [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Non-compete agreement | $214,236 | $213,576 |
Less: accumulated amortization | -160,677 | -128,146 |
Total non-compete agreement, net | $53,559 | $85,430 |
INTANGIBLE_ASSETS_Details_5
INTANGIBLE ASSETS (Details 5) (USD $) | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated amortization expenses of intangible assets, March 31, 2015 | $1,587,156 |
Estimated amortization expenses of intangible assets, March 31, 2016 | 1,432,105 |
Estimated amortization expenses of intangible assets, March 31, 2017 | 1,335,105 |
Estimated amortization expenses of intangible assets, March 31, 2018 | 1,319,551 |
Estimated amortization expenses of intangible assets, March 31, 2019 | $1,319,551 |
INTANGIBLE_ASSETS_Details_Text
INTANGIBLE ASSETS (Details Textual) | 1 Months Ended | |||||||||||||||
Sep. 25, 2009 | Sep. 25, 2009 | Aug. 13, 2003 | Aug. 13, 2003 | Aug. 16, 2001 | Aug. 16, 2001 | Jul. 02, 2010 | Jul. 02, 2010 | Aug. 16, 2001 | Aug. 16, 2001 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | |
Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Patented Technology [Member] | Patented Technology [Member] | Patented Technology [Member] | Patented Technology [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Trademarks [Member] | |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Land Use Right Acres | '88 acres | '88 acres | '11 acres | '11 acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Land Use Right Area | '353,000 square meters or 3.8 million square feet | '353,000 square meters or 3.8 million square feet | '42,726 square meters or 459,898 square feet | '42,726 square meters or 459,898 square feet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets, Fair Value Disclosure | $11,877,908 | 73,184,895 | $169,758 | 1,045,950 | $1,182,372 | 7,285,099 | $1,493,160 | 9,200,000 | $953,524 | 5,875,068 | $10,549,500 | 65,000,000 | $214,236 | 1,320,000 | $6,605,610 | 40,700,000 |
Finite-Lived Intangible Assets Amortization Period | '50 years | '50 years | '50 years | '50 years | '50 years | '50 years | 'six years | 'six years | '10 years | '10 years | 'ten years | 'ten years | 'five years | 'five years | ' | ' |
ACCRUED_EXPENSES_AND_OTHER_PAY2
ACCRUED EXPENSES AND OTHER PAYABLES (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Accrued Expenses And Other Payables [Line Items] | ' | ' |
Payroll payable | $8,630 | $20,191 |
Welfare payable | 166,624 | 166,111 |
Accrued expenses | 2,901,370 | 2,700,468 |
Other payables | 1,004,222 | 921,864 |
Other levy payable | 125,938 | 125,550 |
Total | $4,206,784 | $3,934,184 |
AMOUNT_DUE_TO_RELATED_PARTIES_
AMOUNT DUE TO RELATED PARTIES (Details Textual) | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2012 | Jun. 30, 2012 | Aug. 10, 2010 | Aug. 10, 2010 | |
USD ($) | USD ($) | USD ($) | Xian Techteam Science and Technology Industry Group Co [Member] | Xian Techteam Science and Technology Industry Group Co [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | |
Gufeng [Member] | Gufeng [Member] | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | ||||
USD ($) | USD ($) | ||||||||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Current | $1,557,616 | ' | $1,304,013 | $1,136,100 | $1,304,013 | ' | ' | ' | ' | ' | ' |
Total Contracted Value of Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 492,000 | 3,030,000 |
Operating Leases, Rent Expense | 35,758 | 46,822 | ' | ' | ' | ' | ' | 4,000 | 24,480 | ' | ' |
Rented Lease, Area in Square Meter | ' | ' | ' | ' | ' | ' | ' | '612 square meters | '612 square meters | ' | ' |
Rented Lease, Area in Square Feet | ' | ' | ' | ' | ' | ' | ' | '6,588 square feet | '6,588 square feet | ' | ' |
Lease Term | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years | ' | ' |
Date Of New Lease Agreement Entered | ' | ' | ' | ' | ' | ' | ' | 1-Jul-12 | 1-Jul-12 | ' | ' |
Impairment of Ongoing Project | ' | ' | ' | ' | ' | $197,000 | 1,212,000 | ' | ' | ' | ' |
LOAN_PAYABLES_Details
LOAN PAYABLES (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Jun. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Short term loans | $28,856,940 | $16,099,100 |
Agriculture Bank of China Pinggu Branch [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 25-Apr-13 | ' |
Debt Instrument, Maturity Date Range, End | 24-Apr-14 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | ' |
Short term loans | 1,639,230 | ' |
Industrial and Commercial Bank of China [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 20-Dec-13 | 25-Oct-12 |
Debt Instrument, Maturity Date Range, End | 19-Jun-14 | 24-Oct-13 |
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 8.00% |
Short term loans | 4,869,000 | 1,618,000 |
China Merchants Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 25-Feb-14 | 30-Aug-12 |
Debt Instrument, Maturity Date Range, End | 14-Aug-14 | 29-Aug-13 |
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | 6.30% |
Short term loans | 2,028,750 | 4,045,000 |
Bank of Beijing Pinggu Branch [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 16-Aug-13 | ' |
Debt Instrument, Maturity Date Range, End | 15-Aug-14 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | ' |
Short term loans | 1,623,000 | ' |
Beijing International Trust Co Ltd [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 25-Sep-13 | ' |
Debt Instrument, Maturity Date Range, End | 24-Sep-14 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | ' |
Short term loans | 1,623,000 | ' |
Beijing International Trust Co Ltd 1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 30-Oct-13 | ' |
Debt Instrument, Maturity Date Range, End | 29-Oct-14 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | ' |
Short term loans | 1,623,000 | ' |
Beijing International Trust Co Ltd 2 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 12-Dec-13 | ' |
Debt Instrument, Maturity Date Range, End | 11-Dec-14 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | ' |
Short term loans | 1,623,000 | ' |
Bank of Tianjin Beijing Branch [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 8-Jan-14 | ' |
Debt Instrument, Maturity Date Range, End | 7-Jan-15 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | ' |
Short term loans | 5,680,500 | ' |
Agriculture Bank of China Pinggu Branch 1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 15-Jan-14 | ' |
Debt Instrument, Maturity Date Range, End | 14-Jan-15 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | ' |
Short term loans | 1,363,320 | ' |
Bank of Tianjin Beijing Branch 1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 23-Jan-14 | ' |
Debt Instrument, Maturity Date Range, End | 22-Jan-15 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ' |
Short term loans | 3,051,240 | ' |
China Merchants Bank 1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 19-Feb-14 | ' |
Debt Instrument, Maturity Date Range, End | 18-Feb-15 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | ' |
Short term loans | 2,434,500 | ' |
Agriculture Bank of China Pinggu Branch 2 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | 24-Mar-14 | ' |
Debt Instrument, Maturity Date Range, End | 23-Mar-15 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | ' |
Short term loans | 1,298,400 | ' |
Agriculture Bank of China Beijing Branch [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | 24-Jan-13 |
Debt Instrument, Maturity Date Range, End | ' | 13-Jan-14 |
Debt Instrument, Interest Rate, Stated Percentage | ' | 6.60% |
Short term loans | ' | 1,359,120 |
Agriculture Bank of China Beijing Branch 1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | 23-Mar-13 |
Debt Instrument, Maturity Date Range, End | ' | 22-Mar-14 |
Debt Instrument, Interest Rate, Stated Percentage | ' | 6.60% |
Short term loans | ' | 1,294,400 |
Agriculture Bank of China Beijing Branch 2 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | 25-Apr-13 |
Debt Instrument, Maturity Date Range, End | ' | 24-Apr-14 |
Debt Instrument, Interest Rate, Stated Percentage | ' | 6.60% |
Short term loans | ' | 1,634,180 |
Bank of Tianjin [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | 28-Jun-13 |
Debt Instrument, Maturity Date Range, End | ' | 2-Aug-13 |
Debt Instrument, Interest Rate, Stated Percentage | ' | 6.72% |
Short term loans | ' | 1,132,600 |
Bank of Tianjin 1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | 20-Jun-13 |
Debt Instrument, Maturity Date Range, End | ' | 2-Aug-13 |
Debt Instrument, Interest Rate, Stated Percentage | ' | 6.72% |
Short term loans | ' | 970,800 |
Industrial and Commercial Bank of China 1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | 25-Sep-12 |
Debt Instrument, Maturity Date Range, End | ' | 24-Sep-13 |
Debt Instrument, Interest Rate, Stated Percentage | ' | 8.00% |
Short term loans | ' | 1,618,000 |
China Minsheng Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | 5-Jan-13 |
Debt Instrument, Maturity Date Range, End | ' | 4-Jan-14 |
Debt Instrument, Interest Rate, Stated Percentage | ' | 7.20% |
Short term loans | ' | $2,427,000 |
LOAN_PAYABLES_Details_Textual
LOAN PAYABLES (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | 'the short-term loan payables consisted of twelve loans which mature on dates ranging from April 25, 2013 through March 23, 2015 | ' | 'the short-term loan payables consisted of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | 5.60% | ' | 6.30% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | 7.80% | ' | 8.20% |
Interest Expense, Short-term Borrowings | $472,104 | $268,455 | $1,009,528 | $1,020,694 | ' |
TAXES_PAYABLE_Details
TAXES PAYABLE (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Taxes Payable [Line Items] | ' | ' |
VAT provision | $21,377 | $36,573 |
Income tax payable | 9,290,397 | 25,348,794 |
Other levies | 357,597 | 343,392 |
Total | $9,669,371 | $25,728,759 |
TAXES_PAYABLE_Details_1
TAXES PAYABLE (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Taxes Payable [Line Items] | ' | ' | ' | ' |
Pretax income (loss) | $9,548,213 | $16,542,179 | $27,713,647 | $37,270,791 |
Expected income tax expense (benefit) | ' | ' | 6,255,871 | 9,042,906 |
High-tech income benefits on Jinong | ' | ' | -2,305,732 | -1,976,456 |
Losses from subsidiaries in which no benefit is recognized | ' | ' | -40,527 | -1,347,148 |
Change in valuation allowance on deferred tax asset from US tax benefit | ' | ' | 2,540,710 | 1,038,102 |
Actual tax expense | 2,339,082 | 3,131,520 | 6,450,322 | 6,757,404 |
Actual tax expense, Percentage | ' | ' | 23.30% | 18.10% |
CHINA | ' | ' | ' | ' |
Taxes Payable [Line Items] | ' | ' | ' | ' |
Pretax income (loss) | ' | ' | 35,186,323 | 40,324,031 |
Expected income tax expense (benefit) | ' | ' | 8,796,581 | 10,081,008 |
High-tech income benefits on Jinong | ' | ' | -2,305,732 | -1,976,456 |
Losses from subsidiaries in which no benefit is recognized | ' | ' | -40,527 | -1,347,148 |
Change in valuation allowance on deferred tax asset from US tax benefit | ' | ' | 0 | 0 |
Actual tax expense | ' | ' | 6,450,322 | 6,757,404 |
Expected income tax expense (benefit), Percentage | ' | ' | 25.00% | 25.00% |
High-tech income benefits on Jinong, Percentage | ' | ' | -6.60% | -4.90% |
Losses from subsidiaries in which no benefit is recognized, Percentage | ' | ' | -0.10% | -3.30% |
Actual tax expense, Percentage | ' | ' | 18.30% | 16.80% |
CHINA | Minimum [Member] | ' | ' | ' | ' |
Taxes Payable [Line Items] | ' | ' | ' | ' |
Actual tax expense, Percentage | ' | ' | 15.00% | 15.00% |
CHINA | Maximum [Member] | ' | ' | ' | ' |
Taxes Payable [Line Items] | ' | ' | ' | ' |
Actual tax expense, Percentage | ' | ' | 25.00% | 25.00% |
UNITED STATES | ' | ' | ' | ' |
Taxes Payable [Line Items] | ' | ' | ' | ' |
Pretax income (loss) | ' | ' | -7,472,676 | -3,053,240 |
Expected income tax expense (benefit) | ' | ' | -2,540,710 | -1,038,102 |
High-tech income benefits on Jinong | ' | ' | 0 | 0 |
Losses from subsidiaries in which no benefit is recognized | ' | ' | 0 | 0 |
Change in valuation allowance on deferred tax asset from US tax benefit | ' | ' | 2,540,710 | 1,038,102 |
Actual tax expense | ' | ' | $0 | $0 |
Expected income tax expense (benefit), Percentage | ' | ' | 34.00% | 34.00% |
High-tech income benefits on Jinong, Percentage | ' | ' | 0.00% | 0.00% |
Losses from subsidiaries in which no benefit is recognized, Percentage | ' | ' | 0.00% | 0.00% |
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage | ' | ' | -34.00% | -34.00% |
Actual tax expense, Percentage | ' | ' | 0.00% | 0.00% |
TAXES_PAYABLE_Details_Textual
TAXES PAYABLE (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Taxes Payable [Line Items] | ' | ' | ' | ' | ' |
New Enterprise Income Tax Rate | 25.00% | ' | ' | ' | ' |
Existing Enterprise Income Tax Rate | 33.00% | ' | ' | ' | ' |
Income Tax Rate Reconciliation Tax Holidays | 50.00% | ' | ' | ' | ' |
High Tech Income Tax Rate | 15.00% | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | $2,339,082 | $3,131,520 | $6,450,322 | $6,757,404 |
Value Added Tax Rate | ' | ' | ' | 13.00% | ' |
Effective Income Tax Rate Reconciliation, Percent | ' | ' | ' | 23.30% | 18.10% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | ' | ' | ' | 34.00% | 34.00% |
Jinong [Member] | ' | ' | ' | ' | ' |
Taxes Payable [Line Items] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | 3,698,296 | 4,746,988 |
Gufeng [Member] | ' | ' | ' | ' | ' |
Taxes Payable [Line Items] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | $2,752,026 | $2,010,416 |
Enterprise Income Tax [Member] | ' | ' | ' | ' | ' |
Taxes Payable [Line Items] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | ' | ' | ' | 25.00% | ' |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Sep. 12, 2012 | Dec. 31, 2012 | Mar. 31, 2014 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 01, 2013 | Jun. 14, 2012 | Jul. 24, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Aug. 09, 2012 | Sep. 26, 2013 | Sep. 26, 2012 | Sep. 30, 2013 | Sep. 26, 2013 | Sep. 26, 2012 | Sep. 28, 2012 | Sep. 30, 2013 | Sep. 28, 2012 | Sep. 30, 2013 | Sep. 28, 2012 | Sep. 30, 2013 | Sep. 28, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Equity Incentive Plan 2009 [Member] | Equity Incentive Plan 2009 [Member] | Equity Incentive Plan 2009 [Member] | Equity Incentive Plan 2009 [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Director [Member] | Mr Tao Li [Member] | Mr Tao Li [Member] | Mr Tao Li [Member] | Mr Tao Li [Member] | Mr Tao Li [Member] | Mr Tao Li [Member] | Mr Ken Ren [Member] | Mr Ken Ren [Member] | Mr Yizhao Zhang [Member] | Mr Yizhao Zhang [Member] | Ms Yiru Shi [Member] | Ms Yiru Shi [Member] | Mr Lianfu Liu [Member] | Mr Lianfu Liu [Member] | Two Twenty Employees [Member] | ||||||
Equity Incentive Plan 2009 [Member] | Employee Stock [Member] | Employee Stock [Member] | Equity Incentive Plan 2009 [Member] | Equity Incentive Plan 2009 [Member] | Equity Incentive Plan 2009 [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | 1,025,000 | 445,000 | 970,000 | 1,750,000 | ' | ' | ' | ' | ' | ' | 480,000 | ' | ' | ' | 200,000 | ' | 40,000 | ' | 30,000 | ' | 20,000 | 980,000 |
Stock Issued During Period, Shares, Issued for Services | 35,041 | ' | 17,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,778 | 151,515 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Issued for Services | $130,000 | ' | $65,535 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Issuance, Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.42 | $3.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Subscribed but Unissued | ' | ' | ' | ' | 151,515 | ' | 555,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 200,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Officers' Compensation | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 40,000 | ' | 30,000 | ' | 20,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 10,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | 20,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCK_OPTIONS_Details
STOCK OPTIONS (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Outstanding, June 30, 2013 | 115,099 |
Number of Shares, Granted | 0 |
Number of Shares, Forfeited/Cancelled | 0 |
Number of Shares, Exercised | 0 |
Number of Shares, Outstanding, March 31, 2014 | 115,099 |
Weighted Average Exercise Price, Outstanding, June 30, 2013 | $14.66 |
Weighted Average Exercise Price, Outstanding, March 31, 2014 | $14.66 |
Aggregate Intrinsic Value, Outstanding, June 30, 2013 | $0 |
Aggregate Intrinsic Value, Outstanding, March 31, 2014 | $0 |
CONCENTRATIONS_AND_LITIGIATION1
CONCENTRATIONS AND LITIGIATION (Details Textual) (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Concentration And Litigation [Line Items] | ' | ' |
Litigation Settlement, Amount | 2,500,000 | ' |
Supplier Concentration Risk [Member] | ' | ' |
Concentration And Litigation [Line Items] | ' | ' |
Percentage Of Vendor From Purchased By Company | ' | 10.00% |
Accounts Payable, Trade, Current | 21,559,360 | ' |
Supplier Concentration Risk [Member] | Vendor 1 [Member] | ' | ' |
Concentration And Litigation [Line Items] | ' | ' |
Percentage Of Vendor From Purchased By Company | 21.90% | ' |
Supplier Concentration Risk [Member] | Vendor 2 [Member] | ' | ' |
Concentration And Litigation [Line Items] | ' | ' |
Percentage Of Vendor From Purchased By Company | 17.20% | ' |
Customer Concentration Risk [Member] | ' | ' |
Concentration And Litigation [Line Items] | ' | ' |
Concentration Risk, Percentage | 10.00% | 10.00% |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | ||||||
Revenues from unaffiliated customers: | ' | ' | ' | ' | ' | |||||
Revenues from unaffiliated customers Consolidated | $70,295,981 | $65,872,533 | $161,233,929 | $147,116,265 | ' | |||||
Operating income : | ' | ' | ' | ' | ' | |||||
Operating income Consolidated | 9,917,167 | 16,524,411 | 28,729,377 | 37,446,733 | ' | |||||
Stock compensation | ' | ' | -6,703,781 | -2,704,328 | ' | |||||
Net income: | ' | ' | ' | ' | ' | |||||
Net income Consolidated | 7,209,131 | 13,410,659 | 21,263,325 | 30,513,387 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Depreciation and Amortization Consolidated | 7,594,378 | 4,016,206 | 23,327,564 | 10,030,435 | ' | |||||
Interest expense: | ' | ' | ' | ' | ' | |||||
Interest expense Consolidated | 472,104 | 298,455 | 1,009,528 | 1,050,694 | ' | |||||
Capital Expenditure: | ' | ' | ' | ' | ' | |||||
Capital Expenditure Consolidated | 105,538 | 6,172,057 | 1,127,458 | 14,827,612 | ' | |||||
Identifiable assets: | ' | ' | ' | ' | ' | |||||
Identifiable assets Consolidated | 379,847,651 | ' | 379,847,651 | ' | 348,728,342 | |||||
Jinong [Member] | ' | ' | ' | ' | ' | |||||
Revenues from unaffiliated customers: | ' | ' | ' | ' | ' | |||||
Revenues from unaffiliated customers Consolidated | 30,210,579 | 27,051,929 | 88,261,203 | 77,857,756 | ' | |||||
Operating income : | ' | ' | ' | ' | ' | |||||
Operating income Consolidated | 5,487,505 | 11,406,985 | 23,924,484 | 31,418,916 | ' | |||||
Net income: | ' | ' | ' | ' | ' | |||||
Net income Consolidated | 4,658,433 | 9,756,153 | 20,317,816 | 26,893,836 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Depreciation and Amortization Consolidated | 6,333,478 | 1,990,178 | 19,808,803 | 6,449,763 | ' | |||||
Capital Expenditure: | ' | ' | ' | ' | ' | |||||
Capital Expenditure Consolidated | 24,306 | 6,275,253 | 63,830 | 15,601,870 | ' | |||||
Identifiable assets: | ' | ' | ' | ' | ' | |||||
Identifiable assets Consolidated | 200,472,838 | ' | 200,472,838 | ' | 197,232,555 | |||||
Gufeng [Member] | ' | ' | ' | ' | ' | |||||
Revenues from unaffiliated customers: | ' | ' | ' | ' | ' | |||||
Revenues from unaffiliated customers Consolidated | 39,080,111 | 37,690,762 | 70,318,209 | 66,612,586 | ' | |||||
Operating income : | ' | ' | ' | ' | ' | |||||
Operating income Consolidated | 6,355,545 | 5,642,544 | 12,059,529 | 8,821,041 | ' | |||||
Net income: | ' | ' | ' | ' | ' | |||||
Net income Consolidated | 4,419,560 | 4,178,836 | 8,142,956 | 5,848,880 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Depreciation and Amortization Consolidated | 924,689 | 1,709,328 | 2,521,225 | 2,634,409 | ' | |||||
Interest expense: | ' | ' | ' | ' | ' | |||||
Interest expense Consolidated | 472,104 | 298,455 | 1,009,528 | 1,050,694 | ' | |||||
Capital Expenditure: | ' | ' | ' | ' | ' | |||||
Capital Expenditure Consolidated | 70,257 | 31,271 | 81,036 | -876,682 | ' | |||||
Identifiable assets: | ' | ' | ' | ' | ' | |||||
Identifiable assets Consolidated | 135,622,233 | ' | 135,622,233 | ' | 108,409,694 | |||||
Yuxing [Member] | ' | ' | ' | ' | ' | |||||
Revenues from unaffiliated customers: | ' | ' | ' | ' | ' | |||||
Revenues from unaffiliated customers Consolidated | 1,005,291 | 1,129,842 | 2,654,517 | 2,645,923 | ' | |||||
Operating income : | ' | ' | ' | ' | ' | |||||
Operating income Consolidated | 111,507 | 171,500 | 218,049 | 260,155 | ' | |||||
Net income: | ' | ' | ' | ' | ' | |||||
Net income Consolidated | 168,523 | 172,275 | 275,229 | 823,911 | ' | |||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | |||||
Depreciation and Amortization Consolidated | 336,211 | 316,700 | 997,536 | 946,263 | ' | |||||
Capital Expenditure: | ' | ' | ' | ' | ' | |||||
Capital Expenditure Consolidated | 10,974 | -134,467 | 982,591 | 102,424 | ' | |||||
Identifiable assets: | ' | ' | ' | ' | ' | |||||
Identifiable assets Consolidated | 43,680,405 | ' | 43,680,405 | ' | 43,021,886 | |||||
Green New Jersey [Member] | ' | ' | ' | ' | ' | |||||
Operating income : | ' | ' | ' | ' | ' | |||||
Operating income Consolidated | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | |
Net income: | ' | ' | ' | ' | ' | |||||
Net income Consolidated | 5 | [1] | 13 | [1] | 9 | [1] | 139 | [1] | ' | |
Identifiable assets: | ' | ' | ' | ' | ' | |||||
Identifiable assets Consolidated | 76,081 | [1] | ' | 76,081 | [1] | ' | 68,113 | [1] | ||
Parent Company [Member] | ' | ' | ' | ' | ' | |||||
Operating income : | ' | ' | ' | ' | ' | |||||
Operating income Consolidated | -203,393 | [2] | -256,110 | [2] | -834,439 | [2] | -738,343 | [2] | ' | |
Stock compensation | -1,833,997 | [2] | -440,508 | [2] | -6,638,246 | [2] | -2,315,036 | [2] | ' | |
Net income: | ' | ' | ' | ' | ' | |||||
Net income Consolidated | -2,037,390 | [2] | -696,618 | [2] | -7,472,685 | [2] | -3,053,379 | [2] | ' | |
Identifiable assets: | ' | ' | ' | ' | ' | |||||
Identifiable assets Consolidated | ($3,906) | [2] | ' | ($3,906) | [2] | ' | ($3,906) | [2] | ||
[1] | Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. | |||||||||
[2] | Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Mar. 31, 2014 |
Leases [Line Items] | ' |
2015 | $27,808 |
2016 | 15,889 |
2017 | 15,889 |
2018 | 13,357 |
2019 | $5,761 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Textual) | 9 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2012 | Jan. 31, 2008 | Jan. 31, 2008 | Feb. 29, 2004 | Feb. 29, 2004 | Jun. 30, 2012 | Jun. 30, 2012 | |
USD ($) | USD ($) | Xian Jinong Hi Tech Agriculture Demonstration Zone [Member] | Xian Jinong Hi Tech Agriculture Demonstration Zone [Member] | Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] | Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] | Kingtone Information [Member] | Kingtone Information [Member] | |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||
Leases [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Date of New Lease Agreement Entered | ' | ' | ' | ' | ' | ' | 1-Jul-12 | 1-Jul-12 |
Operating Leases, Rent Expense | $35,758 | $46,822 | $844 | 5,200 | $480 | 2,958 | $4,000 | 24,480 |
Lease Term | ' | ' | '10 years | '10 years | '50 years | '50 years | '2 years | '2 years |
Rented Lease, Area in Square Meter | ' | ' | ' | ' | ' | ' | '612 square meters | '612 square meters |
Rented Lease, Area in Square Feet | ' | ' | ' | ' | ' | ' | '6,588 square feet | '6,588 square feet |
VARIABLE_INTEREST_ENTITIES_Det
VARIABLE INTEREST ENTITIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | |
Current Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $23,887,359 | $77,652,645 | $23,887,359 | $77,652,645 | $75,031,489 | $71,978,630 |
Accounts receivable, net | 87,361,396 | ' | 87,361,396 | ' | 85,323,442 | ' |
Inventories | 72,315,948 | ' | 72,315,948 | ' | 34,511,167 | ' |
Advances to suppliers | 21,338,781 | ' | 21,338,781 | ' | 20,224,206 | ' |
Total Current Assets | 215,354,863 | ' | 215,354,863 | ' | 227,164,937 | ' |
Plant, Property and Equipment, Net | 74,246,649 | ' | 74,246,649 | ' | 89,604,787 | ' |
Construction In Progress | 48,853 | ' | 48,853 | ' | 68,414 | ' |
Intangible Assets, Net | 25,611,475 | ' | 25,611,475 | ' | 26,608,013 | ' |
Total Assets | 379,847,651 | ' | 379,847,651 | ' | 348,728,342 | ' |
Current Liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable | 3,036,980 | ' | 3,036,980 | ' | 3,375,333 | ' |
Accrued expenses and other payables | 4,206,784 | ' | 4,206,784 | ' | 3,934,184 | ' |
Amount due to related parties | 1,557,616 | ' | 1,557,616 | ' | 1,304,013 | ' |
Total Current Liabilities | 53,698,819 | ' | 53,698,819 | ' | 51,875,050 | ' |
Stockholders' equity | 326,148,832 | ' | 326,148,832 | ' | 296,853,292 | ' |
Total Liabilities and Stockholders' Equity | 379,847,651 | ' | 379,847,651 | ' | 348,728,342 | ' |
Expenses | 16,243,548 | 5,221,294 | 38,752,541 | 17,425,878 | ' | ' |
Net income | 7,209,131 | 13,410,659 | 21,263,325 | 30,513,387 | ' | ' |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 177,606 | ' | 177,606 | ' | 42,975 | ' |
Accounts receivable, net | 275,478 | ' | 275,478 | ' | 209,194 | ' |
Inventories | 15,777,174 | ' | 15,777,174 | ' | 15,478,654 | ' |
Other current assets | 9,587 | ' | 9,587 | ' | 7,061 | ' |
Advances to suppliers | 188,993 | ' | 188,993 | ' | 101,555 | ' |
Total Current Assets | 16,428,838 | ' | 16,428,838 | ' | 15,839,439 | ' |
Plant, Property and Equipment, Net | 16,413,614 | ' | 16,413,614 | ' | 16,180,551 | ' |
Construction In Progress | 48,853 | ' | 48,853 | ' | 68,414 | ' |
Intangible Assets, Net | 10,789,100 | ' | 10,789,100 | ' | 10,933,482 | ' |
Total Assets | 43,680,405 | ' | 43,680,405 | ' | 43,021,886 | ' |
Current Liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable | 374,772 | ' | 374,772 | ' | 533,773 | ' |
Accrued expenses and other payables | 4,296 | ' | 4,296 | ' | 8,673 | ' |
Amount due to related parties | 43,014,020 | ' | 43,014,020 | ' | 42,466,210 | ' |
Total Current Liabilities | 43,393,088 | ' | 43,393,088 | ' | 43,008,656 | ' |
Stockholders' equity | 287,317 | ' | 287,317 | ' | 13,230 | ' |
Total Liabilities and Stockholders' Equity | 43,680,405 | ' | 43,680,405 | ' | 43,021,886 | ' |
Revenue | 1,005,291 | 1,129,842 | 2,654,517 | 2,645,923 | ' | ' |
Expenses | 836,768 | 957,567 | 2,379,288 | 1,822,012 | ' | ' |
Net income | $168,523 | $172,275 | $275,229 | $823,911 | ' | ' |