Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 31, 2014 | Feb. 04, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | China Green Agriculture, Inc. | |
Entity Central Index Key | 857949 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | CGA | |
Entity Common Stock, Shares Outstanding | 34,732,339 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2015 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $59,364,446 | $26,890,321 |
Accounts receivable, net | 71,065,640 | 88,781,608 |
Other receivable, net | 3,297,763 | 3,942,542 |
Inventories | 146,979,966 | 75,486,898 |
Prepaid expenses and other current assets | 490,981 | 480,432 |
Advances to suppliers, net | 8,728,558 | 32,630,865 |
Total Current Assets | 289,927,354 | 228,212,666 |
Plant, Property and Equipment, Net | 46,413,510 | 48,061,611 |
Other Receivables, Net of current portion | 1,316,608 | 2,628,361 |
Deferred Asset, Net | 72,067,630 | 83,680,425 |
Other Assets | 176,089 | 98,018 |
Intangible Assets, Net | 24,466,032 | 25,225,143 |
Goodwill | 5,213,599 | 5,203,986 |
Total Assets | 439,580,822 | 393,110,210 |
Current Liabilities | ||
Accounts payable | 2,703,105 | 3,378,248 |
Customer deposits | 49,781,543 | 25,700,586 |
Accrued expenses and other payables | 5,505,523 | 4,309,073 |
Dividend payable | 3,296,156 | 0 |
Amount due to related parties | 2,060,897 | 1,758,336 |
Taxes payable | 5,456,288 | 1,921,455 |
Short term loans | 23,640,310 | 24,002,720 |
Total Current Liabilities | 92,443,822 | 61,070,418 |
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, 34,732,339 and 32,362,534 shares issued and outstanding as of December 31, 2014 and June 30, 2014, respectively | 34,733 | 32,362 |
Additional paid-in capital | 119,055,534 | 114,605,214 |
Statutory reserve | 23,987,354 | 22,540,394 |
Retained earnings | 180,592,734 | 172,021,331 |
Accumulated other comprehensive income | 23,466,645 | 22,840,491 |
Total Stockholders' Equity | 347,137,000 | 332,039,792 |
Total Liabilities and Stockholders' Equity | $439,580,822 | $393,110,210 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 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 | 115,197,165 | 115,197,165 |
Common stock, shares issued | 34,732,339 | 32,362,534 |
Common stock, shares, outstanding | 34,732,339 | 32,362,534 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales | ||||
Net sales | $54,051,174 | $40,634,601 | $105,352,964 | $90,937,948 |
Cost of goods sold | ||||
Cost of goods sold | 31,141,180 | 21,783,086 | 57,769,536 | 49,616,745 |
Gross profit | 22,909,994 | 18,851,515 | 47,583,428 | 41,321,203 |
Operating expenses | ||||
Selling expenses | 1,981,065 | 752,642 | 2,716,702 | 1,212,637 |
Selling expenses - amortization of deferred asset | 10,651,432 | 8,054,453 | 20,982,516 | 13,390,648 |
General and administrative expenses | 3,193,979 | 4,565,932 | 6,313,611 | 7,905,708 |
Total operating expenses | 15,826,476 | 13,373,027 | 30,012,829 | 22,508,993 |
Income from operations | 7,083,518 | 5,478,488 | 17,570,599 | 18,812,210 |
Other income (expense) | ||||
Other income (expense) | 4,749 | -70,057 | 46,704 | -186,440 |
Interest income | 38,969 | 21,434 | 68,354 | 77,088 |
Interest expense | -359,915 | -304,238 | -815,659 | -537,424 |
Total other income (expense) | -316,197 | -352,861 | -700,601 | -646,776 |
Income before income taxes | 6,767,321 | 5,125,627 | 16,869,998 | 18,165,434 |
Provision for income taxes | 1,551,884 | 1,449,890 | 3,555,479 | 4,111,240 |
Net income | 5,215,437 | 3,675,737 | 13,314,519 | 14,054,194 |
Other comprehensive income | ||||
Foreign currency translation gain | 619,865 | 2,947,080 | 626,154 | 3,641,796 |
Comprehensive income | 5,835,302 | 6,622,817 | 13,940,673 | 17,695,990 |
Basic weighted average shares outstanding (in shares) | 33,281,464 | 31,817,515 | 32,829,357 | 30,895,621 |
Basic net earnings per share (in dollars per share) | $0.16 | $0.12 | $0.41 | $0.45 |
Diluted weighted average shares outstanding (in shares) | 33,281,464 | 31,817,515 | 32,829,357 | 30,895,621 |
Diluted net earnings per share (in dollars per share) | $0.16 | $0.12 | $0.41 | $0.45 |
Jinong [Member] | ||||
Sales | ||||
Net sales | 31,192,693 | 26,288,622 | 65,656,858 | 58,050,624 |
Cost of goods sold | ||||
Cost of goods sold | 12,314,040 | 10,869,262 | 25,694,663 | 24,839,093 |
Operating expenses | ||||
Income from operations | 6,125,611 | 6,575,251 | 16,059,375 | 18,436,979 |
Other income (expense) | ||||
Net income | 5,215,522 | 5,570,575 | 13,647,488 | 15,659,383 |
Gufeng [Member] | ||||
Sales | ||||
Net sales | 21,778,807 | 13,482,016 | 37,764,881 | 31,238,098 |
Cost of goods sold | ||||
Cost of goods sold | 18,034,979 | 10,291,112 | 30,634,164 | 23,500,744 |
Operating expenses | ||||
Income from operations | 2,731,233 | 2,026,378 | 5,127,211 | 5,703,984 |
Other income (expense) | ||||
Interest expense | -359,915 | -304,238 | -815,659 | -537,424 |
Net income | 1,764,886 | 1,228,301 | 3,175,597 | 3,723,396 |
Yuxing [Member] | ||||
Sales | ||||
Net sales | 1,079,674 | 863,963 | 1,931,225 | 1,649,226 |
Cost of goods sold | ||||
Cost of goods sold | 792,161 | 622,712 | 1,440,709 | 1,276,908 |
Operating expenses | ||||
Income from operations | 147,578 | 2,896 | 410,571 | 106,542 |
Other income (expense) | ||||
Net income | $155,911 | $2,896 | $517,950 | $106,706 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | ||
Net income | $13,314,519 | $14,054,194 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Issuance of common stock and stock options for compensation | 3,206,945 | 4,836,649 |
Depreciation and amortization | 23,881,680 | 15,733,186 |
Loss on disposal of property, plant and equipment | 25,240 | 0 |
Changes in operating assets | ||
Accounts receivable | 17,868,983 | 9,880,787 |
Other current assets | -9,654 | 53,736 |
Inventories | -71,309,766 | -36,778,444 |
Advances to suppliers | 23,947,858 | -6,887,211 |
Other assets | -77,842 | 2,797 |
Changes in operating liabilities | ||
Accounts payable | -680,569 | -5,387 |
Customer deposits | 24,018,709 | 9,522,994 |
Tax payables | 3,529,113 | -10,721,833 |
Accrued expenses and other payables | 1,193,263 | 582,066 |
Amount due to related parties | 0 | 143,752 |
Net cash provided by operating activities | 38,908,479 | 417,286 |
Cash flows from investing activities | ||
Purchase of plant, property, and equipment | -383,373 | -1,021,920 |
Proceeds from other receivables | 1,967,460 | 0 |
Deferred assets | -9,222,371 | -64,845,281 |
Net cash used in investing activities | -7,638,284 | -65,867,201 |
Cash flows from financing activities | ||
Proceeds from the sale of common stock | 1,245,746 | 0 |
Proceeds from loans | 8,130,000 | 11,078,885 |
Repayment of loans | -8,536,500 | -7,499,485 |
Advance from related party | 300,400 | 250,000 |
Net cash provided by financing activities | 1,139,646 | 3,829,400 |
Effect of exchange rate change on cash and cash equivalents | 64,284 | 501,298 |
Net increase (decrease) in cash and cash equivalents | 32,474,125 | -61,119,217 |
Cash and cash equivalents, beginning balance | 26,890,321 | 75,031,489 |
Cash and cash equivalents, ending balance | 59,364,446 | 13,912,272 |
Supplement disclosure of cash flow information | ||
Interest expense paid | 815,659 | 537,424 |
Income taxes paid | 26,366 | 14,833,073 |
Supplemental Disclosure of Non-Cash Financing Activities: | ||
Issuance 118,778 shares of common stock for repayment of amount due to related party | $0 | $525,000 |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) (Common Stock [Member], Mr Tao Li [Member]) | 6 Months Ended |
Dec. 31, 2013 | |
Common Stock [Member] | Mr Tao Li [Member] | |
Common stock issued for repayment of amount due to related party | 118,778 |
ORGANIZATION_AND_DESCRIPTION_O
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Dec. 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 December 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 six months ended December 31, 2014, are not necessarily indicative of the results to be expected for the year ending June 30, 2015. | |
BASIS_OF_PRESENTATION_AND_SUMM
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | |||||||
Dec. 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. | ||||||||
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 assets | ||||||||
Deferred assets represent 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 six months ended December 31, 2014 and 2013, the Company amortized $20,982,516 and $13,390,648, respectively, of the deferred assets. If a distributor breaches, 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. These deferred assets are subject to annual impairment testing. The estimated amortization expense of the deferred assets for the twelve months ending December 31, 2015, 2016, and 2017 is $42,727,492, $26,470,125 and $2,870,013, respectively. | ||||||||
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 December 31, | ||||||||
2014 | 2013 | |||||||
Net Income for Basic Earnings Per Share | $ | 5,215,437 | $ | 3,675,737 | ||||
Basic Weighted Average Number of Shares | 33,281,464 | 31,817,515 | ||||||
Net Income Per Share – Basic | $ | 0.16 | $ | 0.12 | ||||
Net Income for Diluted Earnings Per Share | $ | 5,215,437 | $ | 3,675,737 | ||||
Diluted Weighted Average Number of Shares | 33,281,464 | 31,817,515 | ||||||
Net Income Per Share – Diluted | $ | 0.16 | $ | 0.12 | ||||
For the Six Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net Income for Basic Earnings Per Share | $ | 13,314,519 | $ | 14,054,194 | ||||
Basic Weighted Average Number of Shares | 32,829,357 | 30,895,621 | ||||||
Net Income Per Share – Basic | $ | 0.41 | $ | 0.45 | ||||
Net Income for Diluted Earnings Per Share | $ | 13,314,519 | $ | 14,054,194 | ||||
Diluted Weighted Average Number of Shares | 32,829,357 | 30,895,621 | ||||||
Net Income Per Share – Diluted | $ | 0.41 | $ | 0.45 | ||||
Reclassification | ||||||||
Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the 2014 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported. | ||||||||
Recent accounting pronouncements | ||||||||
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. | ||||||||
FASB Accounting Standards Update No. 2014-09 | ||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard beginning January 1, 2017. | ||||||||
FASB Accounting Standards Update No. 2015-01 | ||||||||
In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement – Extraordinary and Unusual items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01). The amendment eliminates from U.S. GAAP the concept of extraordinary items. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted and allows the Company to apply the amendment prospectively or retrospectively. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company's present or future financial statements | ||||||||
INVENTORIES
INVENTORIES | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure [Text Block] | NOTE 3 – INVENTORIES | |||||||
Inventories consist of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Raw materials | $ | 98,210,766 | $ | 24,618,225 | ||||
Supplies and packing materials | $ | 728,698 | $ | 492,954 | ||||
Work in progress | $ | 343,317 | $ | 440,935 | ||||
Finished goods | $ | 47,697,185 | $ | 49,934,784 | ||||
Total | $ | 146,979,966 | $ | 75,486,898 | ||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment consist of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Building and improvements | $ | 29,985,530 | $ | 29,930,240 | ||||
Auto | 734,038 | 732,684 | ||||||
Machinery and equipment | 36,597,553 | 36,193,501 | ||||||
Agriculture assets | 828,076 | 826,549 | ||||||
Total property, plant and equipment | 68,145,197 | 67,682,974 | ||||||
Less: accumulated depreciation | -21,731,687 | -19,621,363 | ||||||
Total | $ | 46,413,510 | $ | 48,061,611 | ||||
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 - INTANGIBLE ASSETS | |||||||
Intangible assets consist of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Land use rights, net | $ | 11,614,912 | $ | 11,723,976 | ||||
Technology patent, net | 374,211 | 498,027 | ||||||
Customer relationships, net | 5,833,543 | 6,350,586 | ||||||
Non-compete agreement | 21,476 | 42,874 | ||||||
Trademarks | 6,621,890 | 6,609,680 | ||||||
Total | $ | 24,466,032 | $ | 25,225,143 | ||||
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 $11,907,182). 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 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 $170,176). The intangible asset is being amortized over the grant period of 50 years using the straight line method. | ||||||||
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 Yangling 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 $1,185,286). The intangible asset is being amortized over the grant period of 50 years using the straight line method. | ||||||||
The Land Use Rights consist of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Land use rights | $ | 13,262,644 | $ | 13,238,189 | ||||
Less: accumulated amortization | -1,647,732 | -1,514,213 | ||||||
Total land use rights, net | $ | 11,614,912 | $ | 11,723,976 | ||||
TECHNOLOGY PATENT | ||||||||
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 $1,496,840) and is amortized over the remaining useful life of six years using the straight line method. | ||||||||
The technology know-how consisted of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Technology know-how | $ | 2,452,714 | $ | 2,448,191 | ||||
Less: accumulated amortization | -2,078,503 | -1,950,164 | ||||||
Total technology know-how, net | $ | 374,211 | $ | 498,027 | ||||
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 $10,575,000) and is amortized over the remaining useful life of ten years. | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Customer relationships | $ | 10,575,500 | $ | 10,556,000 | ||||
Less: accumulated amortization | -4,741,957 | -4,205,414 | ||||||
Total customer relationships, net | $ | 5,833,543 | $ | 6,350,586 | ||||
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 RMB1,320,000 (or $214,764) and is amortized over the remaining useful life of five years using the straight line method. | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Non-compete agreement | $ | 214,764 | $ | 214,368 | ||||
Less: accumulated amortization | -193,288 | -171,494 | ||||||
Total non-compete agreement, net | $ | 21,476 | $ | 42,874 | ||||
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 $6,621,890) and is subject to an annual impairment test. | ||||||||
AMORTIZATION EXPENSE | ||||||||
Estimated amortization expenses of intangible assets for the next five twelve months periods ended December 31, 2014, are as follows: | ||||||||
AMORTIZATION TABLE | ||||||||
Year Ends | Expense ($) | |||||||
31-Dec-15 | 1,593,753 | |||||||
31-Dec-16 | 1,447,540 | |||||||
31-Dec-17 | 1,322,803 | |||||||
31-Dec-18 | 1,322,803 | |||||||
31-Dec-19 | 1,322,803 | |||||||
ACCRUED_EXPENSES_AND_OTHER_PAY
ACCRUED EXPENSES AND OTHER PAYABLES | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses and Other Payables Disclosure [Text Block] | NOTE 6 - ACCRUED EXPENSES AND OTHER PAYABLES | |||||||
Accrued expenses and other payables consist of the following: | ||||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Payroll payable | $ | 7,979 | $ | 7,964 | ||||
Welfare payable | 167,035 | 166,727 | ||||||
Accrued expenses | 4,250,322 | 2,948,727 | ||||||
Other payables | 944,064 | 1,049,783 | ||||||
Other levy payable | 136,123 | 135,872 | ||||||
Total | $ | 5,505,523 | $ | 4,309,073 | ||||
AMOUNT_DUE_TO_RELATED_PARTIES
AMOUNT DUE TO RELATED PARTIES | 6 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 7 - AMOUNT DUE TO RELATED PARTIES |
As of December 31, 2014 and June 30, 2014, the amount due to related parties was $2,060,897 and $1,758,336, respectively. At December 31, 2014 and June 30, 2014, $1,138,900 and $1,136,800, 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 advanced procurement payment to vendors, and Yuxing repaid the outstanding procurement amount to Techteam Investment periodically. Techteam Investment received no commission or compensation in this process. The total amount under this Agreement is $133,168. | |
On August 10, 2010, Yuxing 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 $492,072. As of December 31, 2014, the contract was terminated based on mutual agreement and Yuxing had paid Kingtone Information a total of $364,806 under the agreement. | |
On June 29, 2014, 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, 2014 with monthly rent of RMB24,480 (approximately $4,000). | |
LOAN_PAYABLES
LOAN PAYABLES | 6 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Short-term Debt [Text Block] | NOTE 8- LOAN PAYABLES | ||||||||||||
As of December 31, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from January 8, 2015 through December 15, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No 2,5 and 6 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 3 is collateralized by deposit. The loans No. 1 collateralized by Jinong’s land use right and Jinong’s credit. The loan No. 4 and 8 are guaranteed by Jinong’s credit. The loans No. 9, 10 and 11 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 7 is guarantted by Jinong and Tianjuyuan’s deposit. | |||||||||||||
No. | Payee | Loan period per agreement | Interest Rate | December 31, 2014 | |||||||||
1 | Tianjin Bank Beijing Branch | Jan 08, 2014-Jan 07, 2015 | 6.6 | % | 5,694,500 | ||||||||
2 | Agriculture Bank of China-Pinggu Branch | Jan 15, 2014-Jan 14, 2015 | 6.6 | % | 1,366,680 | ||||||||
3 | Tianjin Bank Beijing Branch | Jan 23, 2014 - Jan 22,2015 | 6 | % | 3,058,760 | ||||||||
4 | China Merchants Bank Chaoyang Branch | Feb 19, 2014-Feb 18, 2015 | 7.2 | % | 2,440,500 | ||||||||
5 | Agriculture Bank of China-Pinggu Branch | Mar 24, 2014- Mar 23, 2015 | 6.6 | % | 1,301,600 | ||||||||
6 | Agriculture Bank of China-Pinggu Branch | Apr 25, 2014- April 24, 2015 | 6.6 | % | 1,643,270 | ||||||||
7 | Bank of Beijing - Pinggu Branch | Aug 6, 2014 - Aug 5, 2015 | 7.2 | % | 1,627,000 | ||||||||
8 | China Merchants Bank Chaoyang Branch | Aug 27, 2014 - Aug 26, 2015 | 7.8 | % | 1,627,000 | ||||||||
9 | Beijing International Trust Co., Ltd | Sep 24, 2014 - Sep 23, 2015 | 7.8 | % | 1,627,000 | ||||||||
10 | Beijing International Trust Co., Ltd | Oct 18, 2014 - Oct 27, 2015 | 7.8 | % | 1,627,000 | ||||||||
11 | Beijing International Trust Co., Ltd | Dec 16, 2014 - Dec 15, 2015 | 7.28 | % | 1,627,000 | ||||||||
Total | $ | 23,640,310 | |||||||||||
As of June 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from August 14, 2014 through April 24, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No. 7, 10 and 11 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 2 is collateralized by Gufeng and Tianjuyuan. The loan No.8 is collateralized by deposit. The loans No. 1, 3, 4, 5 and 9 are guaranteed by Jinong’s credit. The loan No. 6 is collateralized by the land use rights of Jinong. The loans No. 1 and 2 were subsequently paid off during August 2014. | |||||||||||||
Interest | June 30, | ||||||||||||
No. | Payee | Loan period per agreement | Rate | 2014 | |||||||||
1 | China Merchants Bank Chaoyang Branch | Feb 25, 2014 - Aug 14, 2014 | 6.9 | % | $ | 2,030,000 | |||||||
2 | Beijing Bank Pinggu Branch | Aug 16, 2013 - Aug 15, 2014 | 7.2 | % | 1,624,000 | ||||||||
3 | Beijing International Trust Co., Ltd | Sep 25, 2013 - Sep 24, 2014 | 7.8 | % | 1,624,000 | ||||||||
4 | Beijing International Trust Co., Ltd | Oct 30,2013-Oct 29, 2014 | 7.8 | % | 1,624,000 | ||||||||
5 | Beijing International Trust Co., Ltd | Dec 12,2013-Dec 11, 2014 | 7.8 | % | 1,624,000 | ||||||||
6 | Tianjin Bank Beijing Branch | Jan 08, 2014-Jan 07, 2015 | 6.6 | % | 5,684,000 | ||||||||
7 | Agriculture Bank of China-Pinggu Branch | Jan 15, 2014-Jan 14, 2015 | 6.6 | % | 1,364,160 | ||||||||
8 | Tianjin Bank Beijing Branch | Jan 23, 2014 - Jan 22,2015 | 6 | % | 3,053,120 | ||||||||
9 | China Merchants Bank Chaoyang Branch | Feb 19, 2014-Feb 18, 2015 | 7.2 | % | 2,436,000 | ||||||||
10 | Agriculture Bank of China-Pinggu Branch | Mar 24, 2014- Mar 23, 2015 | 6.6 | % | 1,299,200 | ||||||||
11 | Agriculture Bank of China-Pinggu Branch | Apr 25, 2014- Apr 24, 2015 | 6.6 | % | 1,640,240 | ||||||||
Total | $ | 24,002,720 | |||||||||||
The interest expense from short-term loans were $815,659 and $537,424 for the six months ended December 31, 2014 and 2013, respectively. | |||||||||||||
TAXES_PAYABLE
TAXES PAYABLE | 6 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Taxes Payable [Abstract] | |||||||||||||||||||||
Disclosure of Taxes Payable [Text Block] | NOTE 9 – 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 six months ended December 31, 2014 and 2013 of $2,462,055 and $2,849,293, 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 $1,093,424 and $1,261,947 for the six months ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
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 Yuxing, and all but a nominal amount of agricultural products sold by Jinong. | |||||||||||||||||||||
Income Taxes and Related Payables | |||||||||||||||||||||
Taxes payable consist of the following: | |||||||||||||||||||||
December 31, | June 30, | ||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||
VAT provision | $ | 36,413 | $ | 61,506 | |||||||||||||||||
Income tax payable | 4,726,504 | 1,166,683 | |||||||||||||||||||
Other levies | 693,371 | 693,266 | |||||||||||||||||||
Total | $ | 5,456,288 | $ | 1,921,455 | |||||||||||||||||
Tax Rate Reconciliation | |||||||||||||||||||||
Our effective tax rates were approximately 21.1% and 22.6% for the six months ended December 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 six months ended December 31, 2014 and 2013, for the following reasons: | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
China | United States | ||||||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||||||
Pretax income (loss) | $ | 20,896,514 | $ | -4,026,516 | $ | 16,869,998 | |||||||||||||||
Expected income tax expense (benefit) | 5,224,129 | 25 | % | -1,369,015 | 34 | % | 3,855,114 | ||||||||||||||
High-tech income benefits on Jinong | -1,565,331 | -7.5 | % | - | - | -1,565,331 | |||||||||||||||
Losses from subsidiaries in which no benefit is recognized | -103,319 | -0.5 | % | - | - | -103,319 | |||||||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,369,015 | -34 | % | 1,369,015 | ||||||||||||||||
Actual tax expense | $ | 3,555,479 | 17 | % | $ | - | - | % | $ | 3,555,479 | 21.1 | % | |||||||||
December 31, 2013 | |||||||||||||||||||||
China | United States | ||||||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||||||
Pretax income (loss) | $ | 23,600,724 | $ | -5,435,290 | $ | 18,165,434 | |||||||||||||||
Expected income tax expense (benefit) | 5,900,181 | 25 | % | -1,847,999 | 34 | % | 4,052,182 | ||||||||||||||
High-tech income benefits on Jinong | -1,777,876 | -7.5 | % | - | - | -1,777,876 | |||||||||||||||
Losses from subsidiaries in which no benefit is recognized | -11,065 | 0 | % | - | - | -11,065 | |||||||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,847,999 | -34 | % | 1,847,999 | ||||||||||||||||
Actual tax expense | $ | 4,111,240 | 17.4 | % | $ | - | - | % | $ | 4,111,240 | 22.6 | % | |||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stockholders Equity Note [Abstract] | |||||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 – STOCKHOLDERS’ EQUITY | ||||||||||
Common Stock | |||||||||||
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 the repayment for $200,000 he previously advanced to the Company and $325,000 for the unpaid compensation. | |||||||||||
On September 28, 2013, the Company granted an aggregate of 1,750,000 shares of restricted stock under the Company’s 2009 Equity Incentive Plan, as amended (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. The value of the restricted stock awards was $7,490,000 and is based on the fair value of the Company’s common stock on the grant date. This amount is being amortized to compensation expense over the vesting periods for the various awards. As of December 31, 2014 the unamortized portion of the compensation expense was $1,305,931 which will be amortized to expense through December 31, 2015. | |||||||||||
On September 30, 2014, 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) 240,000 shares of restricted stock to Mr. Tao Li, the CEO; (ii) 100,000 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) 1,320,000 shares of restricted stock to key employees. The stock grants are subject to time-based vesting schedules, vesting in various installments until March 31, 2015 for the CFO and the three independent directors, until June 30, 2015 for the CEO and until December 31, 2016 for the employees. The value of the restricted stock awards was $3,675,000 and is based on the fair value of the Company’s common stock on the grant date. This amount is being amortized to compensation expense over the vesting periods for the various awards. As of December 31, 2014 the unamortized portion of the compensation expense was $2,403,958 which will be amortized to expense through December 31, 2016. | |||||||||||
The following table sets forth changes in compensation-related restricted stock awards during six months ended December 31, 2014: | |||||||||||
Grant Date | |||||||||||
Number of | Fair Value of | Fair Value | |||||||||
Shares | Shares | Per share | |||||||||
Outstanding (unvested) at June 30, 2014 | 1,714,000 | $ | 3,104,759 | ||||||||
Granted | 1,750,000 | 3,675,000 | $ | 2.1 | |||||||
Forfeited | - | - | |||||||||
Vested | -1,150,500 | -3,069,870 | |||||||||
Outstanding (unvested) at December 31, 2014 | 2,313,500 | $ | 3,709,889 | ||||||||
As of December 31, 2014, the unamortized expense related to the grant of restricted shares of common stock of $3,709,889 will be amortized into expense through December 31, 2015. The fair value of the restricted common stock awards was based on the closing price of the Company’s common stock on the grant date. The fair value of the common stock awarded is amortized over the various vesting terms of each grant. | |||||||||||
During the year ended June 30, 2014, the Company issued 17,356 shares of common stock for consulting services valued at $65,535. The shares were valued at the market price on the date of issuance. | |||||||||||
During the six months ended December 31, 2014, the Company issued 67,310 shares of common stock for professional fees valued at $137,075. The shares were valued at the market price on the date of issuance. | |||||||||||
In addition, during the six months ended December 31, 2014, the Company issued 552,495 shares of common stock to its employees under the Company’s Employee Stock Purchase Program for cash of $1,246,746. | |||||||||||
Dividend | |||||||||||
On October 1, 2014, the Company's Board of Directors declared a cash dividend of $0.10 per share to the Company's stockholders of common stock. The dividend payable represents a total payment to the stockholders of $3,296,156. The cash dividend was paid on January 30, 2015 to stockholders of record as of the close of business on the record date of October 31, 2014. | |||||||||||
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 December 31, 2014, the Company had 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 | 6 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 11 – STOCK OPTIONS | ||||||||||
There were no issuances of stock options during the six months ended December 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, 2014 | 115,099 | $ | 14.66 | $ | - | ||||||
Granted | - | ||||||||||
Forfeited/Canceled | - | ||||||||||
Exercised | - | ||||||||||
Outstanding, December 31, 2014 | 115,099 | $ | 14.66 | $ | - | ||||||
CONCENTRATIONS_AND_LITIGIATION
CONCENTRATIONS AND LITIGIATION | 6 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentration and Litigation [Text Block] | NOTE 12 –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 three vendors from which the Company purchased 19.4%, 13.6% and 10.4%of its raw materials for the six months ended December 31, 2014. Total purchase from these three venders amounted to $45,141,568 as December 31, 2014. | |
There were two vendors from which the Company purchased 14.0% and 12.9 % of its raw materials for the six months ended December 31, 2013. Total purchase from these two venders amounted to $10,602,120 as of December 31, 2013. | |
One customer was accounted for 15.6% of the Company’s sales for the six months ended December 31, 2014. There was no customer that accounted for over 10% of the total sales as of six months ended December 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 last version of the complaint alleges that the Company and certain 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 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 two individual defendants from the complaint but 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 the remaining 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. On August 12, 2014, the Nevada Federal Court entered an order and final judgment granting final approval to the settlement and dismissing all claims in accordance with the settlement agreement. The Company’s insurers funded the full amount of the settlement of $2.5 million. | |
SEGMENT_REPORTING
SEGMENT REPORTING | 6 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 13 – SEGMENT REPORTING | |||||||||||||
As of December 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. | ||||||||||||||
Three months ended December 31, | Six months ended December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues from unaffiliated customers: | ||||||||||||||
Jinong | $ | 31,192,693 | $ | 26,288,622 | $ | 65,656,858 | $ | 58,050,624 | ||||||
Gufeng | 21,778,807 | 13,482,016 | 37,764,881 | 31,238,098 | ||||||||||
Yuxing | 1,079,674 | 863,963 | 1,931,225 | 1,649,226 | ||||||||||
Consolidated | $ | 54,051,174 | $ | 40,634,601 | $ | 105,352,964 | $ | 90,937,948 | ||||||
Operating income : | ||||||||||||||
Jinong | $ | 6,125,611 | $ | 6,575,251 | $ | 16,059,375 | $ | 18,436,979 | ||||||
Gufeng | 2,731,233 | 2,026,378 | 5,127,211 | 5,703,984 | ||||||||||
Yuxing | 147,578 | 2,896 | 410,571 | 106,542 | ||||||||||
Reconciling item (1) | 0 | 0 | - | - | ||||||||||
Reconciling item (2) | -271,754 | -306,282 | -956,688 | -631,046 | ||||||||||
Reconciling item (2)—stock compensation | -1,649,150 | -2,819,755 | -3,069,870 | -4,804,249 | ||||||||||
Consolidated | $ | 7,083,518 | $ | 5,478,488 | $ | 17,570,599 | $ | 18,812,210 | ||||||
Net income: | ||||||||||||||
Jinong | $ | 5,215,522 | $ | 5,570,575 | $ | 13,647,488 | $ | 15,659,383 | ||||||
Gufeng | 1,764,886 | 1,228,301 | 3,175,597 | 3,723,396 | ||||||||||
Yuxing | 155,911 | 2,896 | 517,950 | 106,706 | ||||||||||
Reconciling item (1) | 22 | 4 | 42 | 4 | ||||||||||
Reconciling item (2) | -1,920,904 | -3,126,039 | -4,026,558 | -5,435,295 | ||||||||||
Consolidated | $ | 5,215,437 | $ | 3,675,737 | $ | 13,314,519 | $ | 14,054,194 | ||||||
Depreciation and Amortization: | ||||||||||||||
Jinong | $ | 10,919,835 | $ | 8,866,644 | $ | 21,488,404 | $ | 13,475,325 | ||||||
Gufeng | 863,195 | 865,335 | 1,699,710 | 1,596,536 | ||||||||||
Yuxing | 349,456 | 334,365 | 693,566 | 661,325 | ||||||||||
Consolidated | $ | 12,132,486 | $ | 10,066,344 | $ | 23,881,680 | $ | 15,733,186 | ||||||
Interest expense: | ||||||||||||||
Gufeng | 359,915 | 304,238 | 815,659 | 537,424 | ||||||||||
Consolidated | $ | 359,915 | $ | 304,238 | $ | 815,659 | $ | 537,424 | ||||||
Capital Expenditure: | ||||||||||||||
Jinong | $ | 4,968,047 | $ | 39,112,841 | $ | 9,222,517 | $ | 64,884,805 | ||||||
Gufeng | 13,034 | 5,879 | 13,034 | 10,779 | ||||||||||
Yuxing | 370,193 | 330,347 | 370,193 | 971,617 | ||||||||||
Consolidated | $ | 5,351,274 | $ | 39,449,067 | $ | 9,605,744 | $ | 65,867,201 | ||||||
As of December 31, | As of June 30, | |||||||||||||
2014 | 2014 | |||||||||||||
Identifiable assets: | ||||||||||||||
Jinong | $ | 214,196,678 | $ | 195,331,283 | ||||||||||
Gufeng | 181,188,031 | 153,655,110 | ||||||||||||
Yuxing | 44,079,088 | 44,003,970 | ||||||||||||
Reconciling item (1) | 119,692 | 123,753 | ||||||||||||
Reconciling item (2) | -2,667 | -3,906 | ||||||||||||
Consolidated | $ | 439,580,822 | $ | 393,110,210 | ||||||||||
(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 | 6 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases of Lessee Disclosure [Text Block] | NOTE 14 - COMMITMENTS AND CONTINGENCIES | ||||
On June 29, 2014, 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, 2014 with monthly rent of approximately $4,000 (RMB 24,480). | |||||
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 $14,808 and $16,029 as rent expenses for the six months ended December 31, 2014 and 2013, respectively. Rent expenses for the next five years months ended December 31, are as follows: | |||||
Years ending December 31, | |||||
2015 | $ | 53,570 | |||
2016 | 29,673 | ||||
2017 | 5,775 | ||||
2018 | 5,775 | ||||
2019 | 5,775 | ||||
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||
Variable Interest Entity Disclosure [Text Block] | NOTE 15 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 December 31, 2014 and June 30, 2014: | ||||||||||||||
December 31, | June 30, | |||||||||||||
2014 | 2014 | |||||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 33,050 | $ | 102,777 | ||||||||||
Accounts receivable, net | 194,876 | 61,248 | ||||||||||||
Inventories | 16,825,333 | 16,538,621 | ||||||||||||
Other current assets | 33,740 | 12,745 | ||||||||||||
Advances to suppliers | 29,938 | 53,168 | ||||||||||||
Total Current Assets | 17,116,937 | 16,768,559 | ||||||||||||
Plant, Property and Equipment, Net | 16,276,095 | 16,450,206 | ||||||||||||
Construction In Progress | 48,973 | 48,883 | ||||||||||||
Intangible Assets, Net | 10,637,083 | 10,736,322 | ||||||||||||
Total Assets | $ | 44,079,088 | $ | 44,003,970 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts payable | $ | 187,066 | $ | 739,526 | ||||||||||
Accrued expenses and other payables | 31,916 | 3,086 | ||||||||||||
Amount due to related parties | 43,222,540 | 43,142,280 | ||||||||||||
Total Current Liabilities | 43,441,522 | 43,884,892 | ||||||||||||
Stockholders' equity | 637,566 | 119,078 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 44,079,088 | $ | 44,003,970 | ||||||||||
Three months ended December 31, | Six months ended December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenue | $ | 1,079,674 | $ | 863,963 | $ | 1,931,225 | $ | 1,649,226 | ||||||
Expenses | 923,763 | 861,067 | 1,413,275 | 1,542,520 | ||||||||||
Net income (loss) | $ | 155,911 | $ | 2,896 | $ | 517,950 | $ | 106,706 | ||||||
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 16 – SUBSEQUENT EVENT |
The Company made the payment of the previously announced dividend on January 30, 2015. The dividend was announced on October 1, 2014. The dividend is of US$0.10 per share to the Company's stockholders of common stock of record as of the close of business day on October 31, 2014. | |
The Company and its related party, 900LH.com Food Co., Ltd. ("900LH.com", previously announced as Xi'an Gem Grain Co., Ltd) have entered into agreements that the Company’s fertilizers will be exclusively supplied to all plants and agricultural products in a project 900LH.com and Shiquan County Government will jointly develop. Furthermore, 900LH.com will promote the Company’s fertilizers to all its affiliated farms. The agreement does not specify the unit price of the sales or the penalty for non-performance. | |
BASIS_OF_PRESENTATION_AND_SUMM1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | |||||||
Dec. 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. | ||||||||
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 assets | |||||||
Deferred assets represent 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 six months ended December 31, 2014 and 2013, the Company amortized $20,982,516 and $13,390,648, respectively, of the deferred assets. If a distributor breaches, 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. These deferred assets are subject to annual impairment testing. The estimated amortization expense of the deferred assets for the twelve months ending December 31, 2015, 2016, and 2017 is $42,727,492, $26,470,125 and $2,870,013, respectively. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | 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 December 31, | ||||||||
2014 | 2013 | |||||||
Net Income for Basic Earnings Per Share | $ | 5,215,437 | $ | 3,675,737 | ||||
Basic Weighted Average Number of Shares | 33,281,464 | 31,817,515 | ||||||
Net Income Per Share – Basic | $ | 0.16 | $ | 0.12 | ||||
Net Income for Diluted Earnings Per Share | $ | 5,215,437 | $ | 3,675,737 | ||||
Diluted Weighted Average Number of Shares | 33,281,464 | 31,817,515 | ||||||
Net Income Per Share – Diluted | $ | 0.16 | $ | 0.12 | ||||
For the Six Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net Income for Basic Earnings Per Share | $ | 13,314,519 | $ | 14,054,194 | ||||
Basic Weighted Average Number of Shares | 32,829,357 | 30,895,621 | ||||||
Net Income Per Share – Basic | $ | 0.41 | $ | 0.45 | ||||
Net Income for Diluted Earnings Per Share | $ | 13,314,519 | $ | 14,054,194 | ||||
Diluted Weighted Average Number of Shares | 32,829,357 | 30,895,621 | ||||||
Net Income Per Share – Diluted | $ | 0.41 | $ | 0.45 | ||||
Reclassification, Policy [Policy Text Block] | Reclassification | |||||||
Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the 2014 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported. | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements | |||||||
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. | ||||||||
FASB Accounting Standards Update No. 2014-09 | ||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard beginning January 1, 2017. | ||||||||
FASB Accounting Standards Update No. 2015-01 | ||||||||
In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement – Extraordinary and Unusual items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01). The amendment eliminates from U.S. GAAP the concept of extraordinary items. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted and allows the Company to apply the amendment prospectively or retrospectively. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company's present or future financial statements | ||||||||
BASIS_OF_PRESENTATION_AND_SUMM2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [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 December 31, | ||||||||
2014 | 2013 | |||||||
Net Income for Basic Earnings Per Share | $ | 5,215,437 | $ | 3,675,737 | ||||
Basic Weighted Average Number of Shares | 33,281,464 | 31,817,515 | ||||||
Net Income Per Share – Basic | $ | 0.16 | $ | 0.12 | ||||
Net Income for Diluted Earnings Per Share | $ | 5,215,437 | $ | 3,675,737 | ||||
Diluted Weighted Average Number of Shares | 33,281,464 | 31,817,515 | ||||||
Net Income Per Share – Diluted | $ | 0.16 | $ | 0.12 | ||||
For the Six Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net Income for Basic Earnings Per Share | $ | 13,314,519 | $ | 14,054,194 | ||||
Basic Weighted Average Number of Shares | 32,829,357 | 30,895,621 | ||||||
Net Income Per Share – Basic | $ | 0.41 | $ | 0.45 | ||||
Net Income for Diluted Earnings Per Share | $ | 13,314,519 | $ | 14,054,194 | ||||
Diluted Weighted Average Number of Shares | 32,829,357 | 30,895,621 | ||||||
Net Income Per Share – Diluted | $ | 0.41 | $ | 0.45 | ||||
INVENTORIES_Tables
INVENTORIES (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Raw materials | $ | 98,210,766 | $ | 24,618,225 | ||||
Supplies and packing materials | $ | 728,698 | $ | 492,954 | ||||
Work in progress | $ | 343,317 | $ | 440,935 | ||||
Finished goods | $ | 47,697,185 | $ | 49,934,784 | ||||
Total | $ | 146,979,966 | $ | 75,486,898 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Building and improvements | $ | 29,985,530 | $ | 29,930,240 | ||||
Auto | 734,038 | 732,684 | ||||||
Machinery and equipment | 36,597,553 | 36,193,501 | ||||||
Agriculture assets | 828,076 | 826,549 | ||||||
Total property, plant and equipment | 68,145,197 | 67,682,974 | ||||||
Less: accumulated depreciation | -21,731,687 | -19,621,363 | ||||||
Total | $ | 46,413,510 | $ | 48,061,611 | ||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 6 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Impaired Intangible Assets [Table Text Block] | Intangible assets consist of the following: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Land use rights, net | $ | 11,614,912 | $ | 11,723,976 | ||||
Technology patent, net | 374,211 | 498,027 | ||||||
Customer relationships, net | 5,833,543 | 6,350,586 | ||||||
Non-compete agreement | 21,476 | 42,874 | ||||||
Trademarks | 6,621,890 | 6,609,680 | ||||||
Total | $ | 24,466,032 | $ | 25,225,143 | ||||
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 December 31, 2014, are as follows: | |||||||
AMORTIZATION TABLE | ||||||||
Year Ends | Expense ($) | |||||||
31-Dec-15 | 1,593,753 | |||||||
31-Dec-16 | 1,447,540 | |||||||
31-Dec-17 | 1,322,803 | |||||||
31-Dec-18 | 1,322,803 | |||||||
31-Dec-19 | 1,322,803 | |||||||
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: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Land use rights | $ | 13,262,644 | $ | 13,238,189 | ||||
Less: accumulated amortization | -1,647,732 | -1,514,213 | ||||||
Total land use rights, net | $ | 11,614,912 | $ | 11,723,976 | ||||
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: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Technology know-how | $ | 2,452,714 | $ | 2,448,191 | ||||
Less: accumulated amortization | -2,078,503 | -1,950,164 | ||||||
Total technology know-how, net | $ | 374,211 | $ | 498,027 | ||||
Customer Relationships [Member] | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Impaired Intangible Assets [Table Text Block] | December 31, | June 30, | ||||||
2014 | 2014 | |||||||
Customer relationships | $ | 10,575,500 | $ | 10,556,000 | ||||
Less: accumulated amortization | -4,741,957 | -4,205,414 | ||||||
Total customer relationships, net | $ | 5,833,543 | $ | 6,350,586 | ||||
Noncompete Agreements [Member] | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Impaired Intangible Assets [Table Text Block] | December 31, | June 30, | ||||||
2014 | 2014 | |||||||
Non-compete agreement | $ | 214,764 | $ | 214,368 | ||||
Less: accumulated amortization | -193,288 | -171,494 | ||||||
Total non-compete agreement, net | $ | 21,476 | $ | 42,874 | ||||
ACCRUED_EXPENSES_AND_OTHER_PAY1
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 6 Months Ended | |||||||
Dec. 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: | |||||||
December 31, | June 30, | |||||||
2014 | 2014 | |||||||
Payroll payable | $ | 7,979 | $ | 7,964 | ||||
Welfare payable | 167,035 | 166,727 | ||||||
Accrued expenses | 4,250,322 | 2,948,727 | ||||||
Other payables | 944,064 | 1,049,783 | ||||||
Other levy payable | 136,123 | 135,872 | ||||||
Total | $ | 5,505,523 | $ | 4,309,073 | ||||
LOAN_PAYABLES_Tables
LOAN PAYABLES (Tables) | 6 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Debt [Table Text Block] | As of December 31, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from January 8, 2015 through December 15, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No 2,5 and 6 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 3 is collateralized by deposit. The loans No. 1 collateralized by Jinong’s land use right and Jinong’s credit. The loan No. 4 and 8 are guaranteed by Jinong’s credit. The loans No. 9, 10 and 11 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 7 is guarantted by Jinong and Tianjuyuan’s deposit. | ||||||||||||
No. | Payee | Loan period per agreement | Interest Rate | December 31, 2014 | |||||||||
1 | Tianjin Bank Beijing Branch | Jan 08, 2014-Jan 07, 2015 | 6.6 | % | 5,694,500 | ||||||||
2 | Agriculture Bank of China-Pinggu Branch | Jan 15, 2014-Jan 14, 2015 | 6.6 | % | 1,366,680 | ||||||||
3 | Tianjin Bank Beijing Branch | Jan 23, 2014 - Jan 22,2015 | 6 | % | 3,058,760 | ||||||||
4 | China Merchants Bank Chaoyang Branch | Feb 19, 2014-Feb 18, 2015 | 7.2 | % | 2,440,500 | ||||||||
5 | Agriculture Bank of China-Pinggu Branch | Mar 24, 2014- Mar 23, 2015 | 6.6 | % | 1,301,600 | ||||||||
6 | Agriculture Bank of China-Pinggu Branch | Apr 25, 2014- April 24, 2015 | 6.6 | % | 1,643,270 | ||||||||
7 | Bank of Beijing - Pinggu Branch | Aug 6, 2014 - Aug 5, 2015 | 7.2 | % | 1,627,000 | ||||||||
8 | China Merchants Bank Chaoyang Branch | Aug 27, 2014 - Aug 26, 2015 | 7.8 | % | 1,627,000 | ||||||||
9 | Beijing International Trust Co., Ltd | Sep 24, 2014 - Sep 23, 2015 | 7.8 | % | 1,627,000 | ||||||||
10 | Beijing International Trust Co., Ltd | Oct 18, 2014 - Oct 27, 2015 | 7.8 | % | 1,627,000 | ||||||||
11 | Beijing International Trust Co., Ltd | Dec 16, 2014 - Dec 15, 2015 | 7.28 | % | 1,627,000 | ||||||||
Total | $ | 23,640,310 | |||||||||||
As of June 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from August 14, 2014 through April 24, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No. 7, 10 and 11 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 2 is collateralized by Gufeng and Tianjuyuan. The loan No.8 is collateralized by deposit. The loans No. 1, 3, 4, 5 and 9 are guaranteed by Jinong’s credit. The loan No. 6 is collateralized by the land use rights of Jinong. The loans No. 1 and 2 were subsequently paid off during August 2014. | |||||||||||||
Interest | June 30, | ||||||||||||
No. | Payee | Loan period per agreement | Rate | 2014 | |||||||||
1 | China Merchants Bank Chaoyang Branch | Feb 25, 2014 - Aug 14, 2014 | 6.9 | % | $ | 2,030,000 | |||||||
2 | Beijing Bank Pinggu Branch | Aug 16, 2013 - Aug 15, 2014 | 7.2 | % | 1,624,000 | ||||||||
3 | Beijing International Trust Co., Ltd | Sep 25, 2013 - Sep 24, 2014 | 7.8 | % | 1,624,000 | ||||||||
4 | Beijing International Trust Co., Ltd | Oct 30,2013-Oct 29, 2014 | 7.8 | % | 1,624,000 | ||||||||
5 | Beijing International Trust Co., Ltd | Dec 12,2013-Dec 11, 2014 | 7.8 | % | 1,624,000 | ||||||||
6 | Tianjin Bank Beijing Branch | Jan 08, 2014-Jan 07, 2015 | 6.6 | % | 5,684,000 | ||||||||
7 | Agriculture Bank of China-Pinggu Branch | Jan 15, 2014-Jan 14, 2015 | 6.6 | % | 1,364,160 | ||||||||
8 | Tianjin Bank Beijing Branch | Jan 23, 2014 - Jan 22,2015 | 6 | % | 3,053,120 | ||||||||
9 | China Merchants Bank Chaoyang Branch | Feb 19, 2014-Feb 18, 2015 | 7.2 | % | 2,436,000 | ||||||||
10 | Agriculture Bank of China-Pinggu Branch | Mar 24, 2014- Mar 23, 2015 | 6.6 | % | 1,299,200 | ||||||||
11 | Agriculture Bank of China-Pinggu Branch | Apr 25, 2014- Apr 24, 2015 | 6.6 | % | 1,640,240 | ||||||||
Total | $ | 24,002,720 | |||||||||||
TAXES_PAYABLE_Tables
TAXES PAYABLE (Tables) | 6 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Taxes Payable [Abstract] | |||||||||||||||||||||
Schedule of Tax Payable [Table Text Block] | Taxes payable consist of the following: | ||||||||||||||||||||
December 31, | June 30, | ||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||
VAT provision | $ | 36,413 | $ | 61,506 | |||||||||||||||||
Income tax payable | 4,726,504 | 1,166,683 | |||||||||||||||||||
Other levies | 693,371 | 693,266 | |||||||||||||||||||
Total | $ | 5,456,288 | $ | 1,921,455 | |||||||||||||||||
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 six months ended December 31, 2014 and 2013, for the following reasons: | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
China | United States | ||||||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||||||
Pretax income (loss) | $ | 20,896,514 | $ | -4,026,516 | $ | 16,869,998 | |||||||||||||||
Expected income tax expense (benefit) | 5,224,129 | 25 | % | -1,369,015 | 34 | % | 3,855,114 | ||||||||||||||
High-tech income benefits on Jinong | -1,565,331 | -7.5 | % | - | - | -1,565,331 | |||||||||||||||
Losses from subsidiaries in which no benefit is recognized | -103,319 | -0.5 | % | - | - | -103,319 | |||||||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,369,015 | -34 | % | 1,369,015 | ||||||||||||||||
Actual tax expense | $ | 3,555,479 | 17 | % | $ | - | - | % | $ | 3,555,479 | 21.1 | % | |||||||||
December 31, 2013 | |||||||||||||||||||||
China | United States | ||||||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||||||
Pretax income (loss) | $ | 23,600,724 | $ | -5,435,290 | $ | 18,165,434 | |||||||||||||||
Expected income tax expense (benefit) | 5,900,181 | 25 | % | -1,847,999 | 34 | % | 4,052,182 | ||||||||||||||
High-tech income benefits on Jinong | -1,777,876 | -7.5 | % | - | - | -1,777,876 | |||||||||||||||
Losses from subsidiaries in which no benefit is recognized | -11,065 | 0 | % | - | - | -11,065 | |||||||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,847,999 | -34 | % | 1,847,999 | ||||||||||||||||
Actual tax expense | $ | 4,111,240 | 17.4 | % | $ | - | - | % | $ | 4,111,240 | 22.6 | % | |||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Statement of Stockholders' Equity [Abstract] | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table sets forth changes in compensation-related restricted stock awards during six months ended December 31, 2014: | ||||||||||
Grant Date | |||||||||||
Number of | Fair Value of | Fair Value | |||||||||
Shares | Shares | Per share | |||||||||
Outstanding (unvested) at June 30, 2014 | 1,714,000 | $ | 3,104,759 | ||||||||
Granted | 1,750,000 | 3,675,000 | $ | 2.1 | |||||||
Forfeited | - | - | |||||||||
Vested | -1,150,500 | -3,069,870 | |||||||||
Outstanding (unvested) at December 31, 2014 | 2,313,500 | $ | 3,709,889 | ||||||||
STOCK_OPTIONS_Tables
STOCK OPTIONS (Tables) | 6 Months Ended | ||||||||||
Dec. 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, 2014 | 115,099 | $ | 14.66 | $ | - | ||||||
Granted | - | ||||||||||
Forfeited/Canceled | - | ||||||||||
Exercised | - | ||||||||||
Outstanding, December 31, 2014 | 115,099 | $ | 14.66 | $ | - | ||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of December 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. | |||||||||||||
Three months ended December 31, | Six months ended December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues from unaffiliated customers: | ||||||||||||||
Jinong | $ | 31,192,693 | $ | 26,288,622 | $ | 65,656,858 | $ | 58,050,624 | ||||||
Gufeng | 21,778,807 | 13,482,016 | 37,764,881 | 31,238,098 | ||||||||||
Yuxing | 1,079,674 | 863,963 | 1,931,225 | 1,649,226 | ||||||||||
Consolidated | $ | 54,051,174 | $ | 40,634,601 | $ | 105,352,964 | $ | 90,937,948 | ||||||
Operating income : | ||||||||||||||
Jinong | $ | 6,125,611 | $ | 6,575,251 | $ | 16,059,375 | $ | 18,436,979 | ||||||
Gufeng | 2,731,233 | 2,026,378 | 5,127,211 | 5,703,984 | ||||||||||
Yuxing | 147,578 | 2,896 | 410,571 | 106,542 | ||||||||||
Reconciling item (1) | 0 | 0 | - | - | ||||||||||
Reconciling item (2) | -271,754 | -306,282 | -956,688 | -631,046 | ||||||||||
Reconciling item (2)—stock compensation | -1,649,150 | -2,819,755 | -3,069,870 | -4,804,249 | ||||||||||
Consolidated | $ | 7,083,518 | $ | 5,478,488 | $ | 17,570,599 | $ | 18,812,210 | ||||||
Net income: | ||||||||||||||
Jinong | $ | 5,215,522 | $ | 5,570,575 | $ | 13,647,488 | $ | 15,659,383 | ||||||
Gufeng | 1,764,886 | 1,228,301 | 3,175,597 | 3,723,396 | ||||||||||
Yuxing | 155,911 | 2,896 | 517,950 | 106,706 | ||||||||||
Reconciling item (1) | 22 | 4 | 42 | 4 | ||||||||||
Reconciling item (2) | -1,920,904 | -3,126,039 | -4,026,558 | -5,435,295 | ||||||||||
Consolidated | $ | 5,215,437 | $ | 3,675,737 | $ | 13,314,519 | $ | 14,054,194 | ||||||
Depreciation and Amortization: | ||||||||||||||
Jinong | $ | 10,919,835 | $ | 8,866,644 | $ | 21,488,404 | $ | 13,475,325 | ||||||
Gufeng | 863,195 | 865,335 | 1,699,710 | 1,596,536 | ||||||||||
Yuxing | 349,456 | 334,365 | 693,566 | 661,325 | ||||||||||
Consolidated | $ | 12,132,486 | $ | 10,066,344 | $ | 23,881,680 | $ | 15,733,186 | ||||||
Interest expense: | ||||||||||||||
Gufeng | 359,915 | 304,238 | 815,659 | 537,424 | ||||||||||
Consolidated | $ | 359,915 | $ | 304,238 | $ | 815,659 | $ | 537,424 | ||||||
Capital Expenditure: | ||||||||||||||
Jinong | $ | 4,968,047 | $ | 39,112,841 | $ | 9,222,517 | $ | 64,884,805 | ||||||
Gufeng | 13,034 | 5,879 | 13,034 | 10,779 | ||||||||||
Yuxing | 370,193 | 330,347 | 370,193 | 971,617 | ||||||||||
Consolidated | $ | 5,351,274 | $ | 39,449,067 | $ | 9,605,744 | $ | 65,867,201 | ||||||
As of December 31, | As of June 30, | |||||||||||||
2014 | 2014 | |||||||||||||
Identifiable assets: | ||||||||||||||
Jinong | $ | 214,196,678 | $ | 195,331,283 | ||||||||||
Gufeng | 181,188,031 | 153,655,110 | ||||||||||||
Yuxing | 44,079,088 | 44,003,970 | ||||||||||||
Reconciling item (1) | 119,692 | 123,753 | ||||||||||||
Reconciling item (2) | -2,667 | -3,906 | ||||||||||||
Consolidated | $ | 439,580,822 | $ | 393,110,210 | ||||||||||
(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) | 6 Months Ended | ||||
Dec. 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 December 31, | |||||
2015 | $ | 53,570 | |||
2016 | 29,673 | ||||
2017 | 5,775 | ||||
2018 | 5,775 | ||||
2019 | 5,775 | ||||
VARIABLE_INTEREST_ENTITIES_Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [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 December 31, 2014 and June 30, 2014: | |||||||||||||
December 31, | June 30, | |||||||||||||
2014 | 2014 | |||||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 33,050 | $ | 102,777 | ||||||||||
Accounts receivable, net | 194,876 | 61,248 | ||||||||||||
Inventories | 16,825,333 | 16,538,621 | ||||||||||||
Other current assets | 33,740 | 12,745 | ||||||||||||
Advances to suppliers | 29,938 | 53,168 | ||||||||||||
Total Current Assets | 17,116,937 | 16,768,559 | ||||||||||||
Plant, Property and Equipment, Net | 16,276,095 | 16,450,206 | ||||||||||||
Construction In Progress | 48,973 | 48,883 | ||||||||||||
Intangible Assets, Net | 10,637,083 | 10,736,322 | ||||||||||||
Total Assets | $ | 44,079,088 | $ | 44,003,970 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts payable | $ | 187,066 | $ | 739,526 | ||||||||||
Accrued expenses and other payables | 31,916 | 3,086 | ||||||||||||
Amount due to related parties | 43,222,540 | 43,142,280 | ||||||||||||
Total Current Liabilities | 43,441,522 | 43,884,892 | ||||||||||||
Stockholders' equity | 637,566 | 119,078 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 44,079,088 | $ | 44,003,970 | ||||||||||
Three months ended December 31, | Six months ended December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenue | $ | 1,079,674 | $ | 863,963 | $ | 1,931,225 | $ | 1,649,226 | ||||||
Expenses | 923,763 | 861,067 | 1,413,275 | 1,542,520 | ||||||||||
Net income (loss) | $ | 155,911 | $ | 2,896 | $ | 517,950 | $ | 106,706 | ||||||
BASIS_OF_PRESENTATION_AND_SUMM3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income for Basic Earnings Per Share | $5,215,437 | $3,675,737 | $13,314,519 | $14,054,194 |
Basic Weighted Average Number of Shares (in shares) | 33,281,464 | 31,817,515 | 32,829,357 | 30,895,621 |
Net Income Per Share - Basic (in dollars per share) | $0.16 | $0.12 | $0.41 | $0.45 |
Net Income for Diluted Earnings Per Share (in shares) | $5,215,437 | $3,675,737 | $13,314,519 | $14,054,194 |
Diluted Weighted Average Number of Shares (in shares) | 33,281,464 | 31,817,515 | 32,829,357 | 30,895,621 |
Net Income Per Share - Diluted (in dollars per share) | $0.16 | $0.12 | $0.41 | $0.45 |
BASIS_OF_PRESENTATION_AND_SUMM4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Amortization of Deferred Assets | $20,982,516 | $13,390,648 |
Deferred Asset, Amortization Expense, Next Twelve Months | 42,727,492 | |
Deferred Asset, Amortization Expense, Year Two | 26,470,125 | |
Deferred Asset, Amortization Expense, Year Three | $2,870,013 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Inventory [Line Items] | ||
Raw materials | $98,210,766 | $24,618,225 |
Supplies and packing materials | 728,698 | 492,954 |
Work in progress | 343,317 | 440,935 |
Finished goods | 47,697,185 | 49,934,784 |
Total | $146,979,966 | $75,486,898 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $68,145,197 | $67,682,974 |
Less: accumulated depreciation | -21,731,687 | -19,621,363 |
Total | 46,413,510 | 48,061,611 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 29,985,530 | 29,930,240 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 734,038 | 732,684 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 36,597,553 | 36,193,501 |
Agricultural Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $828,076 | $826,549 |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $24,466,032 | $25,225,143 |
Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 11,614,912 | 11,723,976 |
Patented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 374,211 | 498,027 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 5,833,543 | 6,350,586 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 21,476 | 42,874 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $6,621,890 | $6,609,680 |
INTANGIBLE_ASSETS_Details_1
INTANGIBLE ASSETS (Details 1) (Use Rights [Member], USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Land use rights | $13,262,644 | $13,238,189 |
Less: accumulated amortization | -1,647,732 | -1,514,213 |
Total, net | $11,614,912 | $11,723,976 |
INTANGIBLE_ASSETS_Details_2
INTANGIBLE ASSETS (Details 2) (Patented Technology [Member], USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Patented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Technology know-how | $2,452,714 | $2,448,191 |
Less: accumulated amortization | -2,078,503 | -1,950,164 |
Total, net | $374,211 | $498,027 |
INTANGIBLE_ASSETS_Details_3
INTANGIBLE ASSETS (Details 3) (Customer Relationships [Member], USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships | $10,575,500 | $10,556,000 |
Less: accumulated amortization | -4,741,957 | -4,205,414 |
Total, net | $5,833,543 | $6,350,586 |
INTANGIBLE_ASSETS_Details_4
INTANGIBLE ASSETS (Details 4) (Noncompete Agreements [Member], USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Non-compete agreement | $214,764 | $214,368 |
Less: accumulated amortization | -193,288 | -171,494 |
Total, net | $21,476 | $42,874 |
INTANGIBLE_ASSETS_Details_5
INTANGIBLE ASSETS (Details 5) (USD $) | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |
Estimated amortization expenses of intangible assets, December 31, 2015 | $1,593,753 |
Estimated amortization expenses of intangible assets, December 31, 2016 | 1,447,540 |
Estimated amortization expenses of intangible assets, December 31, 2017 | 1,322,803 |
Estimated amortization expenses of intangible assets, December 31, 2018 | 1,322,803 |
Estimated amortization expenses of intangible assets, December 31, 2019 | $1,322,803 |
INTANGIBLE_ASSETS_Details_Text
INTANGIBLE ASSETS (Details Textual) | 1 Months Ended | |||||||||||||
Sep. 25, 2009 | Sep. 25, 2009 | Aug. 13, 2003 | Aug. 13, 2003 | Aug. 16, 2001 | Aug. 16, 2001 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | |
Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Patented Technology [Member] | Patented Technology [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Trademarks [Member] | |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |
sqm | sqm | sqm | sqm | |||||||||||
sqft | sqft | sqft | sqft | |||||||||||
acre | acre | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||||
Intangible Assets Land Use Right | 88 | 3,800,000 | 11 | 459,898 | ||||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | $11,907,182 | 73,184,895 | $170,176 | 1,045,950 | $1,185,286 | 7,285,099 | $1,496,840 | 9,200,000 | $10,575,000 | 65,000,000 | $214,764 | 1,320,000 | $6,621,890 | 40,700,000 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 50 years | 50 years | 50 years | 50 years | 50 years | 50 years | 6 years | 6 years | 10 years | 10 years | 5 years | 5 years |
ACCRUED_EXPENSES_AND_OTHER_PAY2
ACCRUED EXPENSES AND OTHER PAYABLES (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Accrued Expenses And Other Payables [Line Items] | ||
Payroll payable | $7,979 | $7,964 |
Welfare payable | 167,035 | 166,727 |
Accrued expenses | 4,250,322 | 2,948,727 |
Other payables | 944,064 | 1,049,783 |
Other levy payable | 136,123 | 135,872 |
Total | $5,505,523 | $4,309,073 |
AMOUNT_DUE_TO_RELATED_PARTIES_
AMOUNT DUE TO RELATED PARTIES (Details Textual) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Aug. 10, 2010 | Aug. 10, 2010 |
USD ($) | USD ($) | Xian Techteam Science and Technology Industry Group Co [Member] | Xian Techteam Science and Technology Industry Group Co [Member] | Xian Techteam Science and Technology Industry Group Co [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | |
USD ($) | Gufeng [Member] | Gufeng [Member] | USD ($) | CNY | USD ($) | sqm | sqft | USD ($) | CNY | |||
USD ($) | USD ($) | |||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Due to Related Parties, Current | $2,060,897 | $1,758,336 | $1,138,900 | $1,136,800 | ||||||||
Total Contracted Value of Agreement | 133,168 | 492,072 | 3,030,000 | |||||||||
Lease Term | 2 years | |||||||||||
Date Of New Lease Agreement Entered | 1-Jul-14 | |||||||||||
Impairment of Ongoing Project | 364,806 | |||||||||||
Land Subject to Ground Leases | 612 | 6,588 | ||||||||||
Monthly Rent Expenses | $4,000 | 24,480 |
LOAN_PAYABLES_Details
LOAN PAYABLES (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Jun. 30, 2014 | |
Short-term Debt [Line Items] | ||
Short term loans | $23,640,310 | $24,002,720 |
China Merchants Bank Chaoyang Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 19-Feb-14 | 25-Feb-14 |
Debt Instrument, Maturity Date Range, End | 18-Feb-15 | 14-Aug-14 |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | 6.90% |
Short term loans | 2,440,500 | 2,030,000 |
Bank of Beijing Pinggu Branch [Member] | ||
Short-term Debt [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 | 1,624,000 | |
Beijing International Trust Co Ltd [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 24-Sep-14 | 25-Sep-13 |
Debt Instrument, Maturity Date Range, End | 23-Sep-15 | 24-Sep-14 |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | 7.80% |
Short term loans | 1,627,000 | 1,624,000 |
Beijing International Trust Co Ltd 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 18-Oct-14 | 30-Oct-13 |
Debt Instrument, Maturity Date Range, End | 27-Oct-15 | 29-Oct-14 |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | 7.80% |
Short term loans | 1,627,000 | 1,624,000 |
Beijing International Trust Co Ltd 2 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 16-Dec-14 | 12-Dec-13 |
Debt Instrument, Maturity Date Range, End | 15-Dec-15 | 11-Dec-14 |
Debt Instrument, Interest Rate, Stated Percentage | 7.28% | 7.80% |
Short term loans | 1,627,000 | 1,624,000 |
Tianjin Bank Beijing Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 8-Jan-14 | 8-Jan-14 |
Debt Instrument, Maturity Date Range, End | 7-Jan-15 | 7-Jan-15 |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | 6.60% |
Short term loans | 5,694,500 | 5,684,000 |
Agriculture Bank of China Pinggu Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 15-Jan-14 | 15-Jan-14 |
Debt Instrument, Maturity Date Range, End | 14-Jan-15 | 14-Jan-15 |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | 6.60% |
Short term loans | 1,366,680 | 1,364,160 |
Tianjin Bank Beijing Branch 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 23-Jan-14 | 23-Jan-14 |
Debt Instrument, Maturity Date Range, End | 22-Jan-15 | 22-Jan-15 |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% |
Short term loans | 3,058,760 | 3,053,120 |
China Merchants Bank Chaoyang Branch 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 27-Aug-14 | 19-Feb-14 |
Debt Instrument, Maturity Date Range, End | 26-Aug-15 | 18-Feb-15 |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | 7.20% |
Short term loans | 1,627,000 | 2,436,000 |
Agriculture Bank of China Pinggu Branch 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 24-Mar-14 | 24-Mar-14 |
Debt Instrument, Maturity Date Range, End | 23-Mar-15 | 23-Mar-15 |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | 6.60% |
Short term loans | 1,301,600 | 1,299,200 |
Agriculture Bank of China Pinggu Branch 2 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 25-Apr-14 | 25-Apr-14 |
Debt Instrument, Maturity Date Range, End | 24-Apr-15 | 24-Apr-15 |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | 6.60% |
Short term loans | 1,643,270 | 1,640,240 |
Bank of Beijing - Pinggu Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 6-Aug-14 | |
Debt Instrument, Maturity Date Range, End | 5-Aug-15 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | |
Short term loans | $1,627,000 |
LOAN_PAYABLES_Details_Textual
LOAN PAYABLES (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | the short-term loan payables consist of eleven loans which mature on dates ranging from January 8, 2015 through December 15, 2015 | ||
Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | the short-term loan payables consist of eleven loans which mature on dates ranging from August 14, 2014 through April 24, 2015 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 6.00% | 6.00% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.80% | 7.80% | |
Interest Expense, Short-term Borrowings | $815,659 | $537,424 |
TAXES_PAYABLE_Details
TAXES PAYABLE (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Taxes Payable [Line Items] | ||
VAT provision | $36,413 | $61,506 |
Income tax payable | 4,726,504 | 1,166,683 |
Other levies | 693,371 | 693,266 |
Total | $5,456,288 | $1,921,455 |
TAXES_PAYABLE_Details_1
TAXES PAYABLE (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Taxes Payable [Line Items] | ||||
Pretax income (loss) | $6,767,321 | $5,125,627 | $16,869,998 | $18,165,434 |
Expected income tax expense (benefit) | 3,855,114 | 4,052,182 | ||
High-tech income benefits on Jinong | -1,565,331 | -1,777,876 | ||
Losses from subsidiaries in which no benefit is recognized | -103,319 | -11,065 | ||
Change in valuation allowance on deferred tax asset from US tax benefit | 1,369,015 | 1,847,999 | ||
Actual tax expense | 1,551,884 | 1,449,890 | 3,555,479 | 4,111,240 |
Actual tax expense, Percentage | 21.10% | 22.60% | ||
CHINA | ||||
Taxes Payable [Line Items] | ||||
Pretax income (loss) | 20,896,514 | 23,600,724 | ||
Expected income tax expense (benefit) | 5,224,129 | 5,900,181 | ||
High-tech income benefits on Jinong | -1,565,331 | -1,777,876 | ||
Losses from subsidiaries in which no benefit is recognized | -103,319 | -11,065 | ||
Change in valuation allowance on deferred tax asset from US tax benefit | 0 | 0 | ||
Actual tax expense | 3,555,479 | 4,111,240 | ||
Expected income tax expense (benefit), Percentage | 25.00% | 25.00% | ||
High-tech income benefits on Jinong, Percentage | -7.50% | -7.50% | ||
Losses from subsidiaries in which no benefit is recognized, Percentage | -0.50% | 0.00% | ||
Actual tax expense, Percentage | 17.00% | 17.40% | ||
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) | -4,026,516 | -5,435,290 | ||
Expected income tax expense (benefit) | -1,369,015 | -1,847,999 | ||
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 | 1,369,015 | 1,847,999 | ||
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 $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2008 | |
Taxes Payable [Line Items] | |||||
Income Tax Expense (Benefit) | $1,551,884 | $1,449,890 | $3,555,479 | $4,111,240 | |
Value Added Tax Rate | 13.00% | ||||
Effective Income Tax Rate Reconciliation, Percent | 21.10% | 22.60% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | |||
Enterprise Income Tax [Member] | |||||
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% | ||||
Enterprise Income Tax [Member] | Jinong [Member] | |||||
Taxes Payable [Line Items] | |||||
Income Tax Expense (Benefit) | 2,462,055 | 2,849,293 | |||
Enterprise Income Tax [Member] | Gufeng [Member] | |||||
Taxes Payable [Line Items] | |||||
Income Tax Expense (Benefit) | $1,093,424 | $1,261,947 | |||
Effective Income Tax Rate Reconciliation, Percent | 25.00% |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (Restricted Stock [Member], USD $) | 6 Months Ended |
Dec. 31, 2014 | |
Restricted Stock [Member] | |
Outstanding (unvested) at June 30, 2014 | 1,714,000 |
Granted | 1,750,000 |
Forfeited | 0 |
Vested | -1,150,500 |
Outstanding (unvested) at December 31, 2014 | 2,313,500 |
Fair Value, Outstanding (unvested) at June 30, 2014 | $3,104,759 |
Fair Value, Granted | 3,675,000 |
Fair Value, Forfeited | 0 |
Fair Value, Vested | -3,069,870 |
Fair Value, Outstanding (unvested) at December 31, 2014 | $3,709,889 |
Grand Date Fair Value Per share, Granted | $2.10 |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 6 Months Ended | |
Sep. 30, 2014 | Sep. 28, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 26, 2013 | Dec. 31, 2013 | |
Stockholders Equity [Line Items] | |||||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $0.00 | $0.00 | $0.00 | 0.001 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 552,495 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $3,675,000 | $7,490,000 | |||||
Dividends Payable, Amount Per Share | $0.10 | ||||||
Dividends Payable | 3,296,156 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 2,403,958 | ||||||
Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 67,310 | 17,356 | |||||
Stock Issued During Period, Value, Issued for Services | 137,075 | 65,535 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 1,246,746 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 1,305,931 | ||||||
Equity Incentive Plan 2009 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,750,000 | 1,750,000 | |||||
Mr Tao Li [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 200,000 | ||||||
Officers' Compensation | 325,000 | ||||||
Mr Tao Li [Member] | Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Equity Issuance, Per Share Amount | $4.42 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 118,778 | ||||||
Mr Tao Li [Member] | Equity Incentive Plan 2009 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 480,000 | 240,000 | |||||
Mr Ken Ren [Member] | Equity Incentive Plan 2009 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 200,000 | 100,000 | |||||
Mr Yizhao Zhang [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 40,000 | 40,000 | |||||
Ms Yiru Shi [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 30,000 | 30,000 | |||||
Mr Lianfu Liu [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 20,000 | 20,000 | |||||
Other Employees [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,320,000 | ||||||
Two Twenty Employees [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 980,000 | ||||||
Restricted Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $3,709,889 |
STOCK_OPTIONS_Details
STOCK OPTIONS (Details) (USD $) | 6 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding Beginning | 115,099 |
Number of Shares, Granted | 0 |
Number of Shares, Forfeited/Canceled | 0 |
Number of Shares, Exercised | 0 |
Number of Shares, Outstanding Ending | 115,099 |
Weighted Average Exercise Price, Outstanding, Beginning | $14.66 |
Weighted Average Exercise Price, Outstanding, Ending | $14.66 |
Aggregate Intrinsic Value, Outstanding, Beinning | $0 |
Aggregate Intrinsic Value, Outstanding, Ending | $0 |
CONCENTRATIONS_AND_LITIGIATION1
CONCENTRATIONS AND LITIGIATION (Details Textual) (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | ||
Litigation Settlement, Amount | 2,500,000 | |
Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Payable, Trade, Current | 45,141,568 | 10,602,120 |
Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | Vendor 1 [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 19.40% | 14.00% |
Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | Vendor 2 [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 13.60% | 12.90% |
Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | Vendor 3 [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.40% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
Customer Concentration Risk [Member] | Customer 1 [Member] | Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 15.60% |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | ||||||
Revenues from unaffiliated customers: | ||||||||||
Revenues from unaffiliated customers Consolidated | $54,051,174 | $40,634,601 | $105,352,964 | $90,937,948 | ||||||
Operating income : | ||||||||||
Operating income Consolidated | 7,083,518 | 5,478,488 | 17,570,599 | 18,812,210 | ||||||
Stock compensation | -3,206,945 | -4,836,649 | ||||||||
Net income: | ||||||||||
Net income Consolidated | 5,215,437 | 3,675,737 | 13,314,519 | 14,054,194 | ||||||
Depreciation and Amortization: | ||||||||||
Depreciation and Amortization Consolidated | 12,132,486 | 10,066,344 | 23,881,680 | 15,733,186 | ||||||
Interest expense: | ||||||||||
Interest expense Consolidated | 359,915 | 304,238 | 815,659 | 537,424 | ||||||
Capital Expenditure: | ||||||||||
Capital Expenditure Consolidated | 5,351,274 | 39,449,067 | 9,605,744 | 65,867,201 | ||||||
Identifiable assets: | ||||||||||
Identifiable assets Consolidated | 439,580,822 | 439,580,822 | 393,110,210 | |||||||
Jinong [Member] | ||||||||||
Revenues from unaffiliated customers: | ||||||||||
Revenues from unaffiliated customers Consolidated | 31,192,693 | 26,288,622 | 65,656,858 | 58,050,624 | ||||||
Operating income : | ||||||||||
Operating income Consolidated | 6,125,611 | 6,575,251 | 16,059,375 | 18,436,979 | ||||||
Net income: | ||||||||||
Net income Consolidated | 5,215,522 | 5,570,575 | 13,647,488 | 15,659,383 | ||||||
Depreciation and Amortization: | ||||||||||
Depreciation and Amortization Consolidated | 10,919,835 | 8,866,644 | 21,488,404 | 13,475,325 | ||||||
Capital Expenditure: | ||||||||||
Capital Expenditure Consolidated | 4,968,047 | 39,112,841 | 9,222,517 | 64,884,805 | ||||||
Identifiable assets: | ||||||||||
Identifiable assets Consolidated | 214,196,678 | 214,196,678 | 195,331,283 | |||||||
Gufeng [Member] | ||||||||||
Revenues from unaffiliated customers: | ||||||||||
Revenues from unaffiliated customers Consolidated | 21,778,807 | 13,482,016 | 37,764,881 | 31,238,098 | ||||||
Operating income : | ||||||||||
Operating income Consolidated | 2,731,233 | 2,026,378 | 5,127,211 | 5,703,984 | ||||||
Net income: | ||||||||||
Net income Consolidated | 1,764,886 | 1,228,301 | 3,175,597 | 3,723,396 | ||||||
Depreciation and Amortization: | ||||||||||
Depreciation and Amortization Consolidated | 863,195 | 865,335 | 1,699,710 | 1,596,536 | ||||||
Interest expense: | ||||||||||
Interest expense Consolidated | 359,915 | 304,238 | 815,659 | 537,424 | ||||||
Capital Expenditure: | ||||||||||
Capital Expenditure Consolidated | 13,034 | 5,879 | 13,034 | 10,779 | ||||||
Identifiable assets: | ||||||||||
Identifiable assets Consolidated | 181,188,031 | 181,188,031 | 153,655,110 | |||||||
Yuxing [Member] | ||||||||||
Revenues from unaffiliated customers: | ||||||||||
Revenues from unaffiliated customers Consolidated | 1,079,674 | 863,963 | 1,931,225 | 1,649,226 | ||||||
Operating income : | ||||||||||
Operating income Consolidated | 147,578 | 2,896 | 410,571 | 106,542 | ||||||
Net income: | ||||||||||
Net income Consolidated | 155,911 | 2,896 | 517,950 | 106,706 | ||||||
Depreciation and Amortization: | ||||||||||
Depreciation and Amortization Consolidated | 349,456 | 334,365 | 693,566 | 661,325 | ||||||
Capital Expenditure: | ||||||||||
Capital Expenditure Consolidated | 370,193 | 330,347 | 370,193 | 971,617 | ||||||
Identifiable assets: | ||||||||||
Identifiable assets Consolidated | 44,079,088 | 44,079,088 | 44,003,970 | |||||||
Green New Jersey [Member] | Segment Reconciling Items [Member] | ||||||||||
Operating income : | ||||||||||
Operating income Consolidated | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||
Net income: | ||||||||||
Net income Consolidated | 22 | [1] | 4 | [1] | 42 | [1] | 4 | [1] | ||
Identifiable assets: | ||||||||||
Identifiable assets Consolidated | 119,692 | [1] | 119,692 | [1] | 123,753 | [1] | ||||
Parent Company [Member] | Segment Reconciling Items [Member] | ||||||||||
Operating income : | ||||||||||
Operating income Consolidated | -271,754 | [2] | -306,282 | [2] | -956,688 | [2] | -631,046 | [2] | ||
Stock compensation | -1,649,150 | [2] | -2,819,755 | [2] | -3,069,870 | [2] | -4,804,249 | [2] | ||
Net income: | ||||||||||
Net income Consolidated | -1,920,904 | [2] | -3,126,039 | [2] | -4,026,558 | [2] | -5,435,295 | [2] | ||
Identifiable assets: | ||||||||||
Identifiable assets Consolidated | ($2,667) | [2] | ($2,667) | [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 $) | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | |
2015 | $53,570 |
2016 | 29,673 |
2017 | 5,775 |
2018 | 5,775 |
2019 | $5,775 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Textual) | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Feb. 29, 2004 | Feb. 29, 2004 | Dec. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | |
USD ($) | USD ($) | Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] | Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] | Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | |
USD ($) | CNY | USD ($) | CNY | sqm | sqft | |||||
Operating Leased Assets [Line Items] | ||||||||||
Operating Leases, Rent Expense | $14,808 | $16,029 | $480 | 2,958 | $4,000 | 24,480 | ||||
Land Subject to Ground Leases | 612 | 6,588 | ||||||||
Lease Term | 50 years | 2 years |
VARIABLE_INTEREST_ENTITIES_Det
VARIABLE INTEREST ENTITIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Current Assets | ||||||
Cash and cash equivalents | $59,364,446 | $13,912,272 | $59,364,446 | $13,912,272 | $26,890,321 | $75,031,489 |
Accounts receivable, net | 71,065,640 | 71,065,640 | 88,781,608 | |||
Inventories | 146,979,966 | 146,979,966 | 75,486,898 | |||
Advances to suppliers | 8,728,558 | 8,728,558 | 32,630,865 | |||
Total Current Assets | 289,927,354 | 289,927,354 | 228,212,666 | |||
Plant, Property and Equipment, Net | 46,413,510 | 46,413,510 | 48,061,611 | |||
Intangible Assets, Net | 24,466,032 | 24,466,032 | 25,225,143 | |||
Total Assets | 439,580,822 | 439,580,822 | 393,110,210 | |||
Current Liabilities | ||||||
Accounts payable | 2,703,105 | 2,703,105 | 3,378,248 | |||
Amount due to related parties | 2,060,897 | 2,060,897 | 1,758,336 | |||
Total Current Liabilities | 92,443,822 | 92,443,822 | 61,070,418 | |||
Stockholders' equity | 347,137,000 | 347,137,000 | 332,039,792 | |||
Total Liabilities and Stockholders' Equity | 439,580,822 | 439,580,822 | 393,110,210 | |||
Expenses | 15,826,476 | 13,373,027 | 30,012,829 | 22,508,993 | ||
Net income (loss) | 5,215,437 | 3,675,737 | 13,314,519 | 14,054,194 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Current Assets | ||||||
Cash and cash equivalents | 33,050 | 33,050 | 102,777 | |||
Accounts receivable, net | 194,876 | 194,876 | 61,248 | |||
Inventories | 16,825,333 | 16,825,333 | 16,538,621 | |||
Other current assets | 33,740 | 33,740 | 12,745 | |||
Advances to suppliers | 29,938 | 29,938 | 53,168 | |||
Total Current Assets | 17,116,937 | 17,116,937 | 16,768,559 | |||
Plant, Property and Equipment, Net | 16,276,095 | 16,276,095 | 16,450,206 | |||
Construction In Progress | 48,973 | 48,973 | 48,883 | |||
Intangible Assets, Net | 10,637,083 | 10,637,083 | 10,736,322 | |||
Total Assets | 44,079,088 | 44,079,088 | 44,003,970 | |||
Current Liabilities | ||||||
Accounts payable | 187,066 | 187,066 | 739,526 | |||
Accrued expenses and other payables | 31,916 | 31,916 | 3,086 | |||
Amount due to related parties | 43,222,540 | 43,222,540 | 43,142,280 | |||
Total Current Liabilities | 43,441,522 | 43,441,522 | 43,884,892 | |||
Stockholders' equity | 637,566 | 637,566 | 119,078 | |||
Total Liabilities and Stockholders' Equity | 44,079,088 | 44,079,088 | 44,003,970 | |||
Revenue | 1,079,674 | 863,963 | 1,931,225 | 1,649,226 | ||
Expenses | 923,763 | 861,067 | 1,413,275 | 1,542,520 | ||
Net income (loss) | $155,911 | $2,896 | $517,950 | $106,706 |
SUBSEQUENT_EVENT_Details_Textu
SUBSEQUENT EVENT (Details Textual) (Subsequent Event [Member], USD $) | 1 Months Ended |
Jan. 30, 2015 | |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Common Stock, Dividends, Per Share, Cash Paid | $0.10 |