Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Sep. 08, 2014 | Dec. 31, 2013 | |
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 | 32,386,286 | ||
Document Type | 10-K | ||
Amendment Flag | TRUE | ||
Document Period End Date | 30-Jun-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $78,733,161 | ||
Amendment Description | The purpose of this Amendment No. 2 on Form 10-K/A to China Green Agriculture, Inc. (the “Company”)’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014, filed with the Securities and Exchange Commission (the “SEC”) on September 15, 2014 (“the Form 10-K”), is to revise certain disclosures pursuant to two comment letters received from the SEC in connection with our filing of the Form 10-K on January 12, 2015 and February 27, 2015. In this Amendment, the following changes were included: ⋅ The explanation of the progress of receiving the land use right under Item 2 of this Amendment;, ⋅ The disclosure of when we expect to recognize the unearned revenue related to customer deposits under Item 7 of this Amendment; ⋅ The disclosure that the Management used the 1992 COSO framework in its assessment under Item 9A; ⋅ The revision of Report of Independent Registered Public Accounting Firm; and ⋅ The explanation of “deferred assets” under Note 2 and the insertion of the fair value table of certain restricted stock under Note 10. No other changes have been made to the Form 10-K. This Amendment No. 2 to the Form 10-K speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the Form 10-K. |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Current Assets | ||
Cash and cash equivalents | $26,890,321 | $75,031,489 |
Accounts receivable, net | 88,781,608 | 85,323,442 |
Other receivable, net | 3,942,542 | 0 |
Inventories | 75,486,898 | 34,511,167 |
Prepaid expenses and other current assets | 480,432 | 397,897 |
Advances to suppliers | 32,630,865 | 20,224,206 |
Assets held for sale | 0 | 11,676,736 |
Total Current Assets | 228,212,666 | 227,164,937 |
Plant, Property and Equipment, Net | 48,061,611 | 50,660,989 |
Other Receivables, Net of current portion | 2,628,361 | 0 |
Deferred Assets, Net | 83,680,425 | 38,943,798 |
Other Assets | 98,018 | 165,846 |
Intangible Assets, Net | 25,225,143 | 26,608,013 |
Goodwill | 5,203,986 | 5,184,759 |
Total Assets | 393,110,210 | 348,728,342 |
Current Liabilities | ||
Accounts payable | 3,378,248 | 3,375,333 |
Customer deposits | 25,700,586 | 1,433,661 |
Accrued expenses and other payables | 4,309,073 | 3,934,184 |
Amount due to related parties | 1,758,336 | 1,304,013 |
Taxes payable | 1,921,455 | 25,728,759 |
Short term loans | 24,002,720 | 16,099,100 |
Total Current Liabilities | 61,070,418 | 51,875,050 |
Commitment and Contingencies | ||
Stockholders' Equity | ||
Preferred Stock, $.001 par value, 20,000,000 shares authorized, zero shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236 shares issued and outstanding as of June 30, 2014 and 2013, respectively | 32,362 | 29,943 |
Additional paid-in capital | 114,605,214 | 105,962,909 |
Statutory reserve | 22,540,394 | 20,121,905 |
Retained earnings | 172,021,331 | 148,925,125 |
Accumulated other comprehensive income | 22,840,491 | 21,813,410 |
Total Stockholders' Equity | 332,039,792 | 296,853,292 |
Total Liabilities and Stockholders' Equity | $393,110,210 | $348,728,342 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 115,197,165 | 115,197,165 |
Common stock, shares issued | 32,362,534 | 29,943,236 |
Common stock, shares, outstanding | 32,362,534 | 29,943,236 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Sales | |||
Net sales | $233,402,088 | $216,897,956 | $217,524,205 |
Cost of goods sold | |||
Cost of goods sold | 142,203,315 | 137,514,102 | 138,248,972 |
Gross profit | 91,198,773 | 79,383,854 | 79,275,233 |
Operating expenses | |||
Selling expenses | 36,203,414 | 14,365,869 | 11,548,816 |
General and administrative expenses | 14,515,884 | 9,632,523 | 13,801,407 |
Impairment of assets | 5,161,815 | 0 | 0 |
Total operating expenses | 55,881,113 | 23,998,392 | 25,350,223 |
Income from operations | 35,317,660 | 55,385,462 | 53,925,010 |
Other income (expense) | |||
Other income (expense) | -501,500 | 613,008 | 60,212 |
Interest income | 140,310 | 310,723 | 364,536 |
Interest expense | -1,380,829 | -1,351,157 | -1,590,620 |
Total other income (expense) | -1,742,019 | -427,426 | -1,165,872 |
Income before income taxes | 33,575,641 | 54,958,036 | 52,759,138 |
Provision for income taxes | 8,060,946 | 10,183,988 | 10,801,313 |
Net income | 25,514,695 | 44,774,048 | 41,957,825 |
Other comprehensive income | |||
Foreign currency translation gain (loss) | 1,027,081 | 6,032,903 | 4,876,751 |
Comprehensive income | 26,541,776 | 50,806,951 | 46,834,576 |
Basic weighted average shares outstanding (in shares) | 31,403,001 | 27,775,964 | 26,943,530 |
Basic net earnings per share (in dollars per share) | $0.81 | $1.61 | $1.56 |
Diluted weighted average shares outstanding (in shares) | 31,403,001 | 27,775,964 | 26,943,530 |
Diluted net earnings per share (in dollars per share) | $0.81 | $1.61 | $1.56 |
Jinong [Member] | |||
Sales | |||
Net sales | 117,706,033 | 110,585,022 | 88,168,740 |
Cost of goods sold | |||
Cost of goods sold | 48,629,095 | 51,883,935 | 34,129,304 |
Operating expenses | |||
Income from operations | 27,765,212 | 44,036,878 | 43,636,915 |
Other income (expense) | |||
Provision for income taxes | 4,249,206 | 6,654,038 | 6,597,765 |
Net income | 23,269,461 | 37,682,986 | 37,363,672 |
Gufeng [Member] | |||
Sales | |||
Net sales | 112,011,233 | 102,915,414 | 121,480,943 |
Cost of goods sold | |||
Cost of goods sold | 90,748,540 | 83,020,447 | 96,756,719 |
Operating expenses | |||
Income from operations | 16,636,156 | 15,322,045 | 18,211,687 |
Other income (expense) | |||
Provision for income taxes | 3,811,740 | 3,529,950 | 4,203,548 |
Net income | 11,271,742 | 10,498,393 | 12,335,102 |
Jintai [Member] | |||
Sales | |||
Net sales | 0 | 0 | 5,792,002 |
Cost of goods sold | |||
Cost of goods sold | 5,415,970 | ||
Operating expenses | |||
Income from operations | 0 | 0 | -1,863,529 |
Other income (expense) | |||
Net income | 0 | 0 | -1,863,235 |
Yuxing [Member] | |||
Sales | |||
Net sales | 3,684,822 | 3,397,520 | 2,082,520 |
Cost of goods sold | |||
Cost of goods sold | 2,825,680 | 2,609,720 | 1,946,979 |
Operating expenses | |||
Income from operations | 48,879 | -32,265 | -352,996 |
Other income (expense) | |||
Net income | $106,059 | $533,722 | ($170,996) |
STATEMENTS_OF_STOCKHOLDERS_EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserve [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
BALANCE at Jun. 30, 2011 | $191,873,241 | $26,846 | $98,627,482 | $10,027,721 | $72,287,436 | $10,903,756 |
BALANCE (in shares) at Jun. 30, 2011 | 26,845,860 | |||||
Net income | 41,957,825 | 0 | 0 | 0 | 41,957,825 | 0 |
Issuance of stock for cash | 300,001 | 63 | 299,938 | 0 | 0 | 0 |
Issuance of stock for cash (in shares) | 63,158 | |||||
Issuance of stock for consulting services | 24,000 | 6 | 23,994 | 0 | 0 | 0 |
Issuance of stock for consulting services (in shares) | 5,704 | |||||
Stock based compensation | 3,224,836 | 541 | 3,224,295 | 0 | 0 | 0 |
Stock based compensation (in shares) | 541,000 | |||||
Transfer to statutory reserve | 0 | 0 | 0 | 5,102,437 | -5,102,437 | 0 |
Accumulative other comprehensive income | 4,876,751 | 0 | 0 | 0 | 0 | 4,876,751 |
BALANCE at Jun. 30, 2012 | 242,256,654 | 27,456 | 102,175,709 | 15,130,158 | 109,142,824 | 15,780,507 |
BALANCE (in shares) at Jun. 30, 2012 | 27,455,722 | |||||
Net income | 44,774,048 | 0 | 0 | 0 | 44,774,048 | |
Issuance of stock for consulting services | 389,002 | 111 | 388,891 | 0 | 0 | 0 |
Issuance of stock for consulting services (in shares) | 111,605 | |||||
Issuance of stock for payment of due to related party | 300,000 | 91 | 299,909 | 0 | 0 | 0 |
Issuance of stock for payment of due to related party (in shares) | 90,909 | |||||
Stock based compensation | 3,100,685 | 2,285 | 3,098,400 | 0 | 0 | 0 |
Stock based compensation (in shares) | 2,285,000 | |||||
Transfer to statutory reserve | 0 | 0 | 0 | 4,991,747 | -4,991,747 | 0 |
Accumulative other comprehensive income | 6,032,903 | 0 | 0 | 0 | 0 | 6,032,903 |
BALANCE at Jun. 30, 2013 | 296,853,292 | 29,943 | 105,962,909 | 20,121,905 | 148,925,125 | 21,813,410 |
BALANCE (in shares) at Jun. 30, 2013 | 29,943,236 | |||||
Net income | 25,514,695 | 0 | 0 | 0 | 25,514,695 | |
Issuance of stock for consulting services | 65,535 | 17 | 65,518 | 0 | 0 | 0 |
Issuance of stock for consulting services (in shares) | 17,356 | |||||
Issuance of stock for payment of due to related party | 525,000 | 119 | 524,881 | 0 | 0 | 0 |
Issuance of stock for payment of due to related party (in shares) | 118,778 | |||||
Stock based compensation | 8,054,189 | 2,283 | 8,051,906 | 0 | 0 | 0 |
Stock based compensation (in shares) | 2,283,164 | |||||
Transfer to statutory reserve | 0 | 0 | 0 | 2,418,489 | -2,418,489 | 0 |
Accumulative other comprehensive income | 1,027,081 | 0 | 0 | 0 | 0 | 1,027,081 |
BALANCE at Jun. 30, 2014 | $332,039,792 | $32,362 | $114,605,214 | $22,540,394 | $172,021,331 | $22,840,491 |
BALANCE (in shares) at Jun. 30, 2014 | 32,362,534 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Cash flows from operating activities | |||
Net income | $25,514,695 | $44,774,048 | $41,957,825 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Issuance of common stock and stock options for compensation | 8,119,724 | 3,489,687 | 3,248,836 |
Depreciation | 4,385,103 | 3,214,655 | 3,265,611 |
Amortization | 28,876,146 | 11,549,391 | 2,727,255 |
Impairment of assets | 5,161,815 | 0 | 0 |
Changes in operating assets | |||
Accounts receivable | -3,149,501 | -21,651,656 | -43,814,193 |
Other current assets | -81,255 | -90,500 | 245,965 |
Inventories | -40,948,365 | -5,212,729 | -4,278,219 |
Advances to suppliers | -12,362,036 | -7,635,033 | -442,144 |
Other assets | 48,777 | 87,228 | -28,198 |
Changes in operating liabilities | |||
Accounts payable | -7,716 | -3,589,487 | 755,931 |
Customer deposits | 24,321,366 | -1,228,419 | -8,649,382 |
Tax payables | -23,961,587 | 7,555,402 | 10,443,311 |
Accrued expenses and other payables | 695,186 | -286,860 | 967,800 |
Amount due to related parties | 0 | 1,115,100 | 0 |
Net cash provided by operating activities | 16,612,352 | 32,090,827 | 6,400,398 |
Cash flows from investing activities | |||
Purchase of plant, property, and equipment | -1,602,460 | -529,505 | -2,532,385 |
Deferred assets | -72,061,705 | -31,919,750 | -9,351,562 |
Net cash used in investing activities | -73,664,165 | -32,449,255 | -11,883,947 |
Cash flows from financing activities | |||
Proceeds from loans | 35,145,885 | 2,943,885 | 9,678,375 |
Proceeds from issuance of shares | 0 | 300,001 | |
Repayment of loans | -27,282,645 | -1,103,970 | 0 |
Advance from related party | 650,000 | 0 | 300,000 |
Net cash provided by (used in) financing activities | 8,513,240 | 1,839,915 | 10,278,376 |
Effect of exchange rate change on cash and cash equivalents | 397,405 | 1,571,372 | 1,577,390 |
Net increase (decrease) in cash and cash equivalents | -48,141,168 | 3,052,859 | 6,372,217 |
Cash and cash equivalents, beginning balance | 75,031,489 | 71,978,630 | 65,606,413 |
Cash and cash equivalents, ending balance | 26,890,321 | 75,031,489 | 71,978,630 |
Supplement disclosure of cash flow information | |||
Interest expense paid | 1,380,829 | 1,351,157 | 1,590,620 |
Income taxes paid | 32,022,533 | 2,982,956 | 337,872 |
Supplemental Disclosure of Non-Cash Financing Activities: | |||
Issuance of 118,778 and 151,515 shares of common stock for repayment of amount due to related party | 525,000 | 300,000 | 0 |
Transfer of Property, Plant and Equipment to Assets held for sale | $0 | $11,676,736 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Common Stock [Member]) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Common Stock [Member] | ||
Stock Issued Shares For Repayment Of Amount Due To Related Party | 118,778 | 151,515 |
ORGANIZATION_AND_DESCRIPTION_O
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 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, such as top-grade fruits, vegetables, flowers and colored seedlings. | |
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 TechTeamJinongHumic 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 June 30, 2014 is set forth in the diagram below: | |
BASIS_OF_PRESENTATION_AND_SUMM
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Principle of consolidation | |||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan and VIE Yuxing. All significant inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||
Effective June 16, 2013, Yuxing was converted from being a wholly-owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned by one natural person, who is not affiliated to the Company (“Yuxing’s Owner”). Effective the same day, Yuxing’s Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became the VIE of Jinong. | |||||||||||
Use of estimates | |||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. | |||||||||||
Cash and cash equivalents and concentration of cash | |||||||||||
For statement of cash flows purposes, the Company considers all cash on hand and in banks, certificates of deposit with state owned banks in the Peoples Republic of China (“PRC”) and banks in the United States, and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums of cash in three major banks in China. The aggregate cash in such accounts and on hand as of June 30, 2014 and 2013 was $26,772,382 and $74,969,190, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $117,939 and $65,299 in cash in two banks in the United States as of June 30, 2014 and 2013, respectively, with $500,000 secured by the U.S. Federal Deposit Insurance Corporation. Cash overdraft as of balance sheet date will be reflected as liabilities in the balance sheet. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. | |||||||||||
Accounts receivable | |||||||||||
The Company's policy is to maintain reserves for potential credit losses on accounts receivable. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves at each year-end. Accounts considered uncollectible are written off through a charge to the valuation allowance. As of June 30, 2014 and 2013, the Company had accounts receivable of $88,781,608 and $85,323,442, net of allowance for doubtful accounts of $237,594 and $122,275, respectively. The Company adopts no policy to accept product returns post to the sales delivery. | |||||||||||
Other receivable | |||||||||||
Other receivable relates to the amount due from the sale of certain equipment from the Company’s Jintai facility that was classified as assets held for sale as of June 30, 2014 to an independent third party. The receivable balance is secured by the equipment that was sold and is non-interest bearing. Payments will be made at various dates through March 31, 2016. The current and long-term portions of this other receivable are $3,942,542 and $2,628,361, respectively, at June 30, 2014. | |||||||||||
Inventories | |||||||||||
Inventory is valued at the lower of cost (determined on a weighted average basis) or market price. Inventories consist of raw materials, work in process, finished goods and packaging materials. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. At June 30, 2014 and 2013, the Company had no reserve for obsolete goods. | |||||||||||
Assets held for sale | |||||||||||
Assets held for sale represent certain equipment from the Company’s Jintai facility that has been relocated. The carrying value of the assets held for sale at June 30, 2013 was $11,676,736. During the year ended June 30, 2014, the Company determined that the fair value of the assets less disposal costs was less than the carrying amounts and took an impairment charge of $5,161,815. The Company sold the assets during the fourth quarter of 2014. Such an impairment was due to the facts that: 1) Most of Jintai’s greenhouse facilities could not be used during the migration process; 2) most piping systems could not be reused in the future; 3) the pavement and lawn property which were sold in the asset purchase contract could not be used again. | |||||||||||
Property, plant and equipment | |||||||||||
Property, plant and equipment are recorded at cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of plant, property, and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures. All ordinary repair and maintenance costs are expensed as incurred. | |||||||||||
Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets: | |||||||||||
Estimated Useful Life | |||||||||||
Building | 10-25 years | ||||||||||
Agricultural assets | 8 years | ||||||||||
Machinery and equipment | 5-15 years | ||||||||||
Vehicles | 3-5 years | ||||||||||
Construction in Progress | |||||||||||
Construction in progress represents the costs incurred in connection with the construction of buildings or new additions to the Company’s plant facilities. Costs classified to construction in progress include all costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. No depreciation is provided for construction in progress until such time as the assets are completed and are placed into service. Interest incurred during construction is capitalized into construction in progress. | |||||||||||
Long-Lived Assets | |||||||||||
The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. At June 30, 2014 and 2013, the Company determined that there were no impairments of its long-lived assets. | |||||||||||
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 which is the term as stated in the cooperation agreement, as long as the distributors are actively selling the Company’s products. For the year ended June 30, 2014, the Company amortized $27,390,957 of the deferred assets, as compared to $9,970,715 and 1,164,349 for the years ended June 30, 2013 and 2012, respectively. 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 June 30, 2015, 2016, and 2017 is $41,807,390, $31,383,751 and $10,489,284, respectively. | |||||||||||
The deferred assets consist of items inside the distributors’ stores such as furniture, racks, cabinets, and display units, and items outside or attached to the distributors’ stores such as signage and billboards. These types of assets would be capitalized as fixed assets if the Company actually owned the stores or utilized the assets for its own operations. These assets would also be capitalized as leasehold improvements if the Company leased these stores from the distributors. Therefore, the Company believes that under the U.S. generally accepted accounting principles, these types of assets purchases are properly capitalized. In addition, the Company believes that these assets are properly classified as deferred assets because if a distributor breaches, defaults, or terminates the agreement with the Company within a three-year period, a proportionate amount expended by the Company is to be repaid by the distributor. The Chairman of the Board of directors of the Company guaranteed to the Company of amounts remaining unpaid due from distributors. | |||||||||||
The assets inside the distributors’ stores are custom made to fit the layout of each individual store and the signage and billboards are also custom designed to fit the specific location. The assets were purchased by the Company directly from the manufacturers and installed in the distributors’ stores. The Company wants to maintain control over the quality of the items being purchased as well as making them uniform among all the distributor locations. | |||||||||||
Intangible Assets | |||||||||||
The Company records intangible assets acquired individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity’s future cash flows. The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of June 30, 2014, and 2013. | |||||||||||
Goodwill | |||||||||||
Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Under accounting requirements, goodwill is not amortized but is subject to annual impairment tests. As of June 30, 2014, the Company performed the required impairment review which resulted in no impairment adjustment. | |||||||||||
Summary of changes in goodwill by reporting segments is as follows: | |||||||||||
Foreign | |||||||||||
Balance at | Currency | Balance at | |||||||||
Entity | June 30, 2013 | Adjustment | June 30, 2014 | ||||||||
Gufeng | $ | 5,184,759 | $ | 19,227 | $ | 5,203,986 | |||||
Fair Value Measurement and Disclosures | |||||||||||
Our accounting for Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: | |||||||||||
Level one — Quoted market prices in active markets for identical assets or liabilities; | |||||||||||
Level two — Inputs other than level one inputs that are either directly or indirectly observable; and | |||||||||||
Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |||||||||||
Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company had no assets and liabilities measured at fair value at June 30, 2014 and 2013. | |||||||||||
The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their fair values due to the short maturities of these instruments. | |||||||||||
Revenue recognition | |||||||||||
Sales revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. | |||||||||||
The Company's revenue consists of invoiced value of goods, net of a value-added tax (VAT). No product return or sales discount allowance are made as products delivered and accepted by customers are not returnable and sales discounts are not granted after products are delivered. | |||||||||||
Customer deposits | |||||||||||
Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits are recognized as revenue. As of June 30, 2014 and 2013, the Company had customer deposits of $25,700,586 and $1,433,661, respectively. | |||||||||||
Stock-Based Compensation | |||||||||||
The costs of all employee stock options, as well as other equity-based compensation arrangements, are reflected in the consolidated financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. | |||||||||||
Income taxes | |||||||||||
The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. | |||||||||||
Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2014, 2013 and 2012. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. | |||||||||||
Foreign currency translation | |||||||||||
The reporting currency of the Company is the US dollar. The functional currency of the Company and Green New Jersey is the US dollar. The functional currency of the Chinese subsidiaries is the Chinese Yuan or Renminbi (“RMB”). For the subsidiaries whose functional currencies are other than the US dollar, all asset and liability accounts were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at the historical rates and items in the income statement and cash flow statements are translated at the average rate in each applicable period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of shareholders’ equity. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. | |||||||||||
Segment reporting | |||||||||||
The Company utilizes the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. | |||||||||||
As of June 30, 2014, the Company, through its subsidiaries is engaged into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production). | |||||||||||
Fair values of financial instruments | |||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||
The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, other receivables, advances to suppliers, accounts payable, other payables, tax payable, and related party advances and borrowings. | |||||||||||
As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is attributed to the short maturities of the instruments and that interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective balance sheet dates. | |||||||||||
Statement of cash flows | |||||||||||
The Company's cash flows from operations are calculated based on the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets. | |||||||||||
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 Years Ended June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net Income for Basic Earnings Per Share | $ | 25,514,695 | $ | 44,774,048 | 41,957,825 | ||||||
Basic Weighted Average Number of Shares | 31,403,001 | 27,775,964 | 26,943,530 | ||||||||
Net Income per Share – Basic | $ | 0.81 | $ | 1.61 | 1.56 | ||||||
Net Income for Diluted Earnings Per Share | 25,514,695 | 44,774,048 | 41,957,825 | ||||||||
Diluted Weighted Average Number of Shares | 31,403,001 | 27,775,964 | 26,943,530 | ||||||||
Net Income per Share – Diluted | $ | 0.81 | $ | 1.61 | 1.56 | ||||||
Reclassification | |||||||||||
Certain amounts in the prior years financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the previously reported net income or stockholders’ equity. The primary amounts reclassified were certain marketing related assets that were previously included in property, plant and equipment at June 30, 2013 that were reclassified to deferred assets. | |||||||||||
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 (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. | |||||||||||
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. | |||||||||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure [Text Block] | NOTE 3 – INVENTORIES | |||||||
Inventories consist of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 24,618,225 | $ | 2,784,760 | ||||
Supplies and packing materials | 492,954 | 473,477 | ||||||
Work in progress | 440,935 | 171,550 | ||||||
Finished goods | 49,934,784 | 31,081,380 | ||||||
Total | $ | 75,486,898 | $ | 34,511,167 | ||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||
Jun. 30, 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: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Building and improvements | $ | 29,930,240 | $ | 29,836,072 | ||||
Auto | 732,684 | 729,978 | ||||||
Machinery and equipment | 36,193,501 | 34,796,026 | ||||||
Agriculture assets | 826,549 | 824,004 | ||||||
Total property, plant and equipment | 67,682,974 | 66,159,080 | ||||||
Less: accumulated depreciation | -19,621,363 | -15,498,091 | ||||||
Total | $ | 48,061,611 | $ | 50,660,989 | ||||
Depreciation expenses for the years ended June 30, 2014, 2013 and 2012 were $4,385,103, $3,214,655 and $3,265,611, respectively. | ||||||||
Agriculture assets consist of reproductive trees that are expected to be commercially productive for a period of eight years. | ||||||||
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5- INTANGIBLE ASSETS | |||||||
Intangible assets consist of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Land use rights, net | $ | 11,723,976 | $ | 11,940,658 | ||||
Technology patent, net | 498,027 | 744,280 | ||||||
Customer relationships, net | 6,350,586 | 7,378,823 | ||||||
Non-compete agreement | 42,874 | 85,430 | ||||||
Trademarks | 6,609,680 | 6,458,822 | ||||||
Total | $ | 25,225,143 | $ | 26,608,013 | ||||
LAND USE RIGHT | ||||||||
On September 25, 2009, Yuxing was granted a land use right for approximately 88 acres (353,000 square meters or 3.8 million square feet) by the People’s Government and Land & Resources Bureau of Hu County, Xi’an, Shaanxi Province. The fair value of the related intangible asset was determined to be the respective cost of RMB73,184,895 (or $11,885,227). The intangible asset is being amortized over the grant period of 50 years using the straight line method. | ||||||||
On August 13, 2003, Tianjuyuan was granted a certificate of Land Use Right for a parcel of land of approximately 11 acres (42,726 square meters or 459,898 square feet) at Ping Gu District, Beijing. The purchase cost was recorded at RMB1,045,950 (or $169,862). The intangible asset is being amortized over the grant period of 50 years. | ||||||||
On August 16, 2001, Jinong received a land use right as a contribution from a shareholder, which was granted by the People’s Government and Land & Resources Bureau of Yanling District, Shaanxi Province. The fair value of the related intangible asset at the time of the contribution was determined to be RMB7,285,099 (or $1,183,100). The intangible asset is being amortized over the grant period of 50 years. | ||||||||
The Land Use Rights consist of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Land use rights | $ | 13,238,189 | $ | 13,189,280 | ||||
Less: accumulated amortization | -1,514,213 | -1,248,622 | ||||||
Total land use rights, net | $ | 11,723,976 | $ | 11,940,658 | ||||
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 $1,494,080) and is amortized over the remaining useful life of six years using the straight line method. | ||||||||
The technology know-how consisted of the following: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Technology know-how | $ | 2,448,191 | $ | 2,439,146 | ||||
Less: accumulated amortization | -1,950,164 | -1,694,866 | ||||||
Total technology know-how, net | $ | 498,027 | $ | 744,280 | ||||
CUSTOMER RELATIONSHIP | ||||||||
On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired customer relationships was estimated to be RMB65,000,000 (or $10,556,000) and is amortized over the remaining useful life of ten years. | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Customer relationships | $ | 10,556,000 | $ | 10,517,000 | ||||
Less: accumulated amortization | -4,205,414 | -3,138,177 | ||||||
Total customer relationships, net | $ | 6,350,586 | $ | 7,378,823 | ||||
NON-COMPETE AGREEMENT | ||||||||
On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired non-compete agreement was estimated to be RMB 1,320,000 (or $214,368) and is amortized over the remaining useful life of five years using the straight line method. | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Non-compete agreement | $ | 214,368 | $ | 213,576 | ||||
Less: accumulated amortization | -171,494 | -128,146 | ||||||
Total non-compete agreement, net | $ | 42,874 | $ | 85,430 | ||||
TRADEMARKS | ||||||||
On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired trademarks was estimated to be RMB40,700,000 (or $6,609,680) and is subject to an annual impairment test. | ||||||||
AMORTIZATION EXPENSE | ||||||||
Estimated amortization expenses of intangible assets for the next five twelve months periods ended June 30, are as follows: | ||||||||
Year Ends | Expense ($) | |||||||
30-Jun-15 | 1,612,251 | |||||||
30-Jun-16 | 1,569,378 | |||||||
30-Jun-17 | 1,320,364 | |||||||
30-Jun-18 | 1,320,364 | |||||||
30-Jun-19 | 1,320,364 | |||||||
ACCRUED_EXPENSES_AND_OTHER_PAY
ACCRUED EXPENSES AND OTHER PAYABLES | 12 Months Ended | |||||||
Jun. 30, 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: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Payroll payable | $ | 7,964 | $ | 20,191 | ||||
Welfare payable | 166,727 | 166,111 | ||||||
Accrued expenses | 2,948,727 | 2,700,468 | ||||||
Other payables | 1,049,783 | 921,864 | ||||||
Other levy payable | 135,872 | 125,550 | ||||||
Total | $ | 4,309,073 | $ | 3,934,184 | ||||
AMOUNT_DUE_TO_RELATED_PARTIES
AMOUNT DUE TO RELATED PARTIES | 12 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 7- AMOUNT DUE TO RELATED PARTIES |
As of June 30, 2014 and 2013, the amount due to related parties was $1,758,336 and $1,304,013, respectively. At June 30, 2014 and 2013, $1,136,800 and $1,304,013, respectively were amounts that Gufeng borrowed from a related party, Xi’an Techteam Science & Technology Industry (Group) Co. Ltd., a company controlled by Mr. Tao Li, Chairman and CEO of the Company, represent unsecured, non-interest bearing loans that are due on demand. These loans are not subject to written agreements. | |
On November 1, 2013, Yuxing entered into an agreement with Xi'an Techteam Investment Holding Group (“Techteam Investment”), a holding company owned and controlled by Mr. Tao Li, Chairman and CEO of the Company, to delegate Techteam Investment to procure certain inventories from the market from November 1, 2013 to June 30, 2014 (the “Agreement Period”). During the Agreement Period, Techteam Investment advances procurement payment to vendors, and Yuxing repays the outstanding procurement amount to Techteam Investment periodically. Techteam Investment receives no commission or compensation in this process. The total amount under this Agreement is at $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 US$492,072. The project is currently ongoing, and RMB1,212,000 or $196,829 had been paid by Yuxing to Kingtone as of June 30, 2014. | |
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 | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Short-term Debt [Text Block] | NOTE 8- LOAN PAYABLES | |||||||||||
As of June 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from August 16, 2013 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. | ||||||||||||
No. | Payee | Loan period per agreement | Interest | June 30, | ||||||||
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 | |||||||||||
As of June 30, 2013, the short-term loan payables consisted of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 with interest rates ranging from 6.30% to 8.20%. The loans No.1, 2 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 4 and 5 below are collateralized by the inventory of Gufeng. The loans No. 6, 7 and 8 are guaranteed by Jinong’s credit. The loan No. 9 is collateralized by the land use rights of Jinong’s and the sharesowned by Jinong. | ||||||||||||
No. | Payee | Loan period per agreement | Interest Rate | June 30, 2013 | ||||||||
1 | Agriculture Bank of China-Beijing Branch | Jan 24, 2013 - Jan 13, 2014 | 6.6 | % | $ | 1,359,120 | ||||||
2 | Agriculture Bank of China-Beijing Branch | Mar 23, 2013 - Mar 22, 2014 | 6.6 | % | 1,294,400 | |||||||
3 | Agriculture Bank of China-Beijing Branch | Apr 25, 2013 - Apr 24, 2014 | 6.6 | % | 1,634,180 | |||||||
4 | Bank of Tianjin | Jun 28, 2013 - Aug 2, 2013 | 6.72 | % | 1,132,600 | |||||||
5 | Bank of Tianjin | Jun 20, 2013 - Aug 2, 2013 | 6.72 | % | 970,800 | |||||||
6 | China Merchant Bank | Aug 30, 2012 - Aug 29, 2013 | 6.3 | % | 4,045,000 | |||||||
7 | Industrial and Commercial Bank of China | Oct 25, 2012 - Oct 24,2013 | 8 | % | 1,618,000 | |||||||
8 | Industrial and Commercial Bank of China | Sept 25, 2012-Sept 24, 2013 | 8 | % | 1,618,000 | |||||||
9 | China Minsheng Bank | Jan 5, 2013 - Jan 4, 2014 | 7.2 | % | 2,427,000 | |||||||
Total | $ | 16,099,100 | ||||||||||
The interest expense from short-term loans was $1,380,829, $1,351,157 and $1,590,620 for the years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||||
TAXES_PAYABLE
TAXES PAYABLE | 12 Months Ended | ||||||||||||||||
Jun. 30, 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 years ended June 30, 2014, 2013 and 2012 of $4,249,206, $6,654,038 and 6,597,765, 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 $3,811,740, $3,529,950 and $4,203,548 for the year ended June 30, 2014, 2013 and 2012, 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 but a nominal amount of agricultural products sold by Jinong. | |||||||||||||||||
Income Taxes and Related Payables | |||||||||||||||||
Taxes payable consist of the following: | |||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
VAT provision | $ | 61,506 | $ | 36,573 | |||||||||||||
Income tax payable | 1,166,683 | 25,348,794 | |||||||||||||||
Other levies | 693,266 | 343,392 | |||||||||||||||
Total | $ | 1,921,455 | $ | 25,728,759 | |||||||||||||
The provision for income taxes consists of the following: | |||||||||||||||||
Years Ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current tax - foreign | $ | 8,060,946 | $ | 10,183,988 | $ | 10,801,313 | |||||||||||
Deferred tax | - | - | - | ||||||||||||||
$ | 8,060,946 | $ | 10,183,988 | $ | 10,801,313 | ||||||||||||
The components of deferred income tax assets and liabilities as of June 30, 2014 and 2013 are as follows: | |||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss | $ | 9,616,214 | $ | 6,511,141 | |||||||||||||
Total deferred tax assets | 9,616,214 | 6,511,141 | |||||||||||||||
Less valuation allowance | -9,616,214 | -6,511,141 | |||||||||||||||
$ | - | $ | - | ||||||||||||||
The Company periodically evaluates the likelihood of the realization of deferred tax assets, and adjusts the carrying amount of the deferred tax assets by the valuation allowance to the extent the future realization of the deferred tax assets is not judged to be more likely than not. The Company considers many factors when assessing the likelihood of future realization of its deferred tax assets, including its recent cumulative earnings experience by taxing jurisdiction, expectations of future taxable income or loss, the carryforward periods available to the Company for tax reporting purposes, and other relevant factors. | |||||||||||||||||
At June 30, 2014, based on the weight of available evidence, including cumulative losses in recent years and expectations of future taxable income, the Company determined that it was more likely than not that its deferred tax assets would not be realized and have a $9.6 million valuation allowance associated with its deferred tax assets. | |||||||||||||||||
Tax Rate Reconciliation | |||||||||||||||||
Our effective tax rates were approximately 24.0%, 18.5% and 20.5% for years ended June 30, 2014, 2013 and 2012, 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 years ended June 30, 2014, 2013 and 2012 for the following reasons: | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
China | United States | ||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||
Pretax income (loss) | $ | 42,708,208 | $ | -9,132,567 | $ | 33,575,641 | |||||||||||
Expected income tax expense (benefit) | 10,677,052 | 25 | % | -3,105,073 | 34 | % | 7,571,979 | ||||||||||
High-tech income benefits on Jinong | -1,568,160 | -3.7 | % | - | - | -1,568,160 | |||||||||||
Losses from subsidiaries in which no benefit is recognized | -1,047,946 | -2.5 | % | - | - | -1,047,946 | |||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 3,105,073 | -34 | % | 3,105,073 | ||||||||||||
Actual tax expense | $ | 8,060,946 | 18.9 | % | $ | - | - | % | $ | 8,060,946 | 24 | % | |||||
30-Jun-13 | |||||||||||||||||
China | United States | ||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||
Pretax income (loss) | $ | 58,899,089 | $ | -3,941,053 | $ | 54,958,036 | |||||||||||
Expected income tax expense (benefit) | 14,724,772 | 25 | % | -1,339,958 | 34 | % | 13,384,814 | ||||||||||
High-tech income benefits on Jinong | -4,430,219 | -7.5 | % | - | - | -4,430,219 | |||||||||||
Losses from subsidiaries in which no benefit is recognized | -110,565 | -0.2 | % | - | - | -110,565 | |||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,339,958 | -34 | % | 1,339,958 | ||||||||||||
Actual tax expense | $ | 10,183,988 | 17.3 | % | $ | - | - | % | $ | 10,183,988 | 18.5 | % | |||||
June 30, 2012 | China | United States | |||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||
Pretax income (loss) | $ | 58,465,856 | $ | -5,706,718 | $ | 52,759,138 | |||||||||||
Expected income tax expense (benefit) | 13,189,785 | 22.6 | % | -1,940,284 | -34 | % | 11,249,501 | ||||||||||
High-tech income benefits on Jinong | -4,439,873 | -7.6 | % | - | - | -4,439,873 | |||||||||||
Losses from subsidiaries in which no benefit is recognized | 2,051,401 | 3.5 | % | - | - | 2,051,401 | |||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,940,284 | 34 | % | 1,940,284 | ||||||||||||
Actual tax expense | $ | 10,801,313 | 18.5 | % | $ | - | - | % | $ | 10,801,313 | 20.5 | % | |||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Stockholders Equity Note [Abstract] | |||||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10– STOCKHOLDERS’ EQUITY | ||||||||||
Common Stock | |||||||||||
On March 8, 2012, the Company issued 63,158 shares of common stock in a private placement to Mr. Tao Li, the Company’s Chairman and Chief Executive Officer, at a purchase price of $4.75 per share, for an aggregate purchase price of $300,001 pursuant to and in accordance with the terms and provisions of a Securities Purchase Agreement in a form previously presented to the Board of Directors of the Company. | |||||||||||
On March 31, 2012, the Company issued 5,704 shares of Common Stock valued at $24,000 of consulting services, which approximated the fair value of the stock at the date of grant. | |||||||||||
On June 14, 2012, the Company granted a total of 1,000,000 shares of restricted common stock of the Company to certain directors, executive officers and key employees under its 2009 Equity Incentive Plan (the “2009 Plan”). Pursuant to the terms of the grant, the stock grants vest in three installments on June 30, 2012, September 30, 2012 and December 31, 2012. The Company issued 445,000 shares of common stock related to these grants on June 14, 2012 with 555,000 issued on June 1, 2013 to a group of employees. | |||||||||||
On September 12, 2012, the Company issued 35,041 shares of Common Stock valued at $130,000 of consulting services to a consultant of the Company. | |||||||||||
On September 26, 2012, the Company agreed to issue 151,515 shares of Common Stock at the market price of $3.30 per share to Mr. Tao Li, the Company’s Chairman and Chief Executive Officer in the first offering of the Company’s Employee Stock Purchase Plan (“ESPP”) adopted by the Board on August 9, 2012. Mr. Li had previously advanced the Company $300,000 and has unpaid compensation accrued in the balance sheet for the fiscal year ended December 31, 2012. The 151,515 shares were not issued until after September 30, 2012 and accordingly the due to officer of $300,000 and accrued compensation of $ 200,000 were deducted during the quarter ended December 31, 2012. | |||||||||||
On September 28, 2012, the Company approved the grant of (i) 200,000 shares of restricted stock to Mr. Ken Ren, the Company’s Chief Financial Officer (the “CFO”), and (ii) 40,000 shares of restricted stock to Mr. Yizhao Zhang, 30,000 shares of restricted stock to Ms. Yiru Shi, and 20,000 shares of restricted stock to Mr. Lianfu Liu, each an independent director of the Company (the “Stock Grants”). The Stock Grants all vest in three installments on December 31, 2012, March 31, 2013, and June 30, 2013, with 100,000 shares vesting first and 50,000 shares vesting on each of the other two vesting dates to the CFO; and 10,000 shares vesting first and half of the their respective remaining shares vesting on each of the other two vesting dates to the three independent directors. These shares were issued during the quarter ended December 31, 2012 and vested. The expenses associated with the issuance of these shares were recorded over the vesting period of the shares. | |||||||||||
On June 1, 2013, the Company granted an aggregate of 1,025,000 shares of restricted stock under the 2009 Plan to certain employees. On July 24, 2013, the Company granted an aggregate of 970,000 shares of restricted stock under the 2009 Plan to certain employees. The shares vest on the following dates: on June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014, and December 31, 2014. | |||||||||||
On September 26, 2013, the Company issued 118,778 shares of Common Stock at the market price of $4.42 per share to Mr. Tao Li as repayment for $ 200,000 previously advanced the Company by Mr. Li and $325,000 for unpaid compensation. | |||||||||||
On September 28, 2013, the Company granted an aggregate of 1,750,000 shares of restricted stock under the 2009 Plan to certain executive officers, directors and employees. among which (i) 480,000 shares of restricted stock to Mr. Tao Li, the CEO; (ii) 200,000 shares of restricted stock to Mr. Ken Ren, the CFO, (iii) 40,000 shares of restricted stock to Mr. Yizhao Zhang, 30,000 shares of restricted stock to Ms. Yiru Shi, and 20,000 shares of restricted stock to Mr. Lianfu Liu, each an independent director of the Company; and (iv) 980,000 shares of restricted stock to 220 employees. The stock grants are subject to time-based vesting schedules, vesting in various installments until March 31, 2014 for the CFO and the three independent directors, until March 31, 2015 for the CEO and until December 31, 2015 for the employees. | |||||||||||
During the 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. On July 28, 2014, the Company issued 4,087 shares to its consultant for its consulting services valued at $12,950, and 19,665 shares of common stock to its counsel for the legal services valued at $41,494.13. | |||||||||||
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, 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 June 30, 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. | |||||||||||
The table below summarized the restricted shares of common stock issued under the 2009 Plan: | |||||||||||
Fair Value | Grant Date | ||||||||||
Number of | of | Fair Value | |||||||||
Shares | Shares | Per share | |||||||||
Outstanding (unvested) at June 30, 2011 | 281,302 | $ | 1,491,969 | ||||||||
Granted | 1,000,000 | 3,370,000 | $ | 3.37 | |||||||
Forfeited | - | - | |||||||||
Vested | -560,151 | -3,224,836 | |||||||||
Outstanding (unvested) at June 30, 2012 | 721,151 | 1,637,133 | |||||||||
Granted | 1,750,000 | 5,132,500 | $ | 2.93 | |||||||
Forfeited | - | - | |||||||||
Vested | -818,651 | -3,100,685 | |||||||||
Outstanding (unvested) at June 30, 2013 | 1,652,500 | 3,668,948 | |||||||||
Granted | 1,750,000 | 7,490,000 | $ | 4.28 | |||||||
Forfeited | - | - | |||||||||
Vested | -1,688,500 | -8,054,189 | |||||||||
Outstanding (unvested) at June 30, 2014 | 1,714,000 | $ | 3,104,759 | ||||||||
As of June 30, 2014, the unamortized expense related to the grant of restricted shares of common stock of $3,104,759 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. | |||||||||||
STOCK_OPTIONS
STOCK OPTIONS | 12 Months Ended | |||||||||||
Jun. 30, 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 years ended June 30, 2014, 2013 and 2012. | ||||||||||||
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, 2011 | 115,099 | 14.66 | - | |||||||||
Granted | - | |||||||||||
Forfeited/Canceled | - | |||||||||||
Exercised | - | |||||||||||
Outstanding, June 30, 2012 | 115,099 | 14.66 | - | |||||||||
Granted | - | |||||||||||
Forfeited/Canceled | - | |||||||||||
Exercised | - | |||||||||||
Outstanding, June 30, 2013 | 115,099 | 14.66 | - | |||||||||
Granted | - | |||||||||||
Forfeited/Canceled | - | |||||||||||
Exercised | - | |||||||||||
Outstanding, June 30, 2014 | 115,099 | 14.66 | - | |||||||||
The following table summarizes the options outstanding and exercisable as of June 30, 2014: | ||||||||||||
Options Outstanding and Exercisable | ||||||||||||
Weighted | ||||||||||||
Weighted | Average | |||||||||||
Number Outstanding | Average | Remaining | ||||||||||
Range of | and Exercisable as of | Exercise | Contractual Life | |||||||||
Exercise Price | June 30, 2014 | Price | (Years) | |||||||||
$ | 14.02-14.70 | 115,099 | $ | 14.66 | 0.5 | |||||||
CONCENTRATIONS_AND_LITIGIATION
CONCENTRATIONS AND LITIGIATION | 12 Months Ended |
Jun. 30, 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 two vendors, Beijing Dongqi Trade Center Co., Ltd. and Beijing Baofengnian Agricultural Material Co. Ltd., from which the Company purchased 11.6% and 10.7% of its raw materials for the year ended June 30, 2014. Total purchase from these two venders amounted to $31,597,539 as June 30, 2014. The total amount payable to these two venders as of June 30, 2014 was $8,803,074. | |
There were two vendors, Sinoagri Holding Co., Ltd. and Beijing Baohenongxiang Agricultural Materials Co. Ltd., from which the Company purchased 14.6% and 13.6% of its raw materials for the year ended June 30, 2013. Total purchase from these two venders amounted to $33,832,070 as June 30, 2013. The total amount payable to these two venders as of June 30, 2013 was $9,426,904. | |
There were two vendors from which the Company purchased 11.9% and 10.1% of its raw materials for the year ended June 30, 2012. Account payable to Beijing Baofengnian Agricultural Material Co. Ltd. was $216,842 and advance payment to Inner Mongolia Shuangying Chemical Products Co. Ltd. was $1,389,368. | |
One customer, Sinoagri Holding Co., Ltd., accounted for $15,910,503, or 6.9% of the Company’s sales for the year ended June 30, 2014. One customer, Beijing Baohenongxiang Agricultural Materials Co. Ltd., accounted for $39,735,292, or 18.3% of the Company’s sales for the year ended June 30, 2013. One customer, Sinoagri Holding Company Limited, accounted for $31,509,757, or 14.5% of the Company’s sales for the year ended June 30, 2012. | |
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 | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 13– SEGMENT REPORTING | ||||||||||
As of June 30, 2014, the Company was organized into three main business segments (four main business segments in 2012) 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. | |||||||||||
Years ended June 30, | |||||||||||
Revenues from unaffiliated customers: | 2014 | 2013 | 2012 | ||||||||
Jinong | $ | 117,706,034 | $ | 110,585,022 | $ | 88,168,740 | |||||
Gufeng | 112,011,232 | 102,915,414 | 121,480,943 | ||||||||
Jintai | - | - | 5,792,002 | ||||||||
Yuxing | 3,684,822 | 3,397,520 | 2,082,520 | ||||||||
Consolidated | $ | 233,402,088 | $ | 216,897,956 | $ | 217,524,205 | |||||
Operating income : | |||||||||||
Jinong | $ | 27,765,212 | $ | 44,036,878 | $ | 43,636,915 | |||||
Gufeng | 16,636,156 | 15,322,045 | 18,211,687 | ||||||||
Jintai | - | - | -1,863,529 | ||||||||
Yuxing | 48,879 | -32,265 | -352,996 | ||||||||
Reconciling item (1) | - | - | - | ||||||||
Reconciling item (2) | -1,078,398 | -840,511 | -2,482,232 | ||||||||
Reconciling item (2)--stock compensation | -8,054,189 | -3,100,685 | -3,224,835 | ||||||||
Consolidated | $ | 35,317,660 | $ | 55,385,462 | $ | 53,925,010 | |||||
Net income: | |||||||||||
Jinong | $ | 23,269,461 | $ | 37,682,986 | $ | 37,363,672 | |||||
Gufeng | 11,271,742 | 10,498,393 | 12,335,102 | ||||||||
Jintai | - | - | -1,863,235 | ||||||||
Yuxing | 106,059 | 533,722 | -170,996 | ||||||||
Reconciling item (1) | 20 | 142 | 347 | ||||||||
Reconciling item (2) | -9,132,587 | -3,941,195 | -5,707,065 | ||||||||
Consolidated | $ | 25,514,695 | $ | 44,774,048 | $ | 41,957,825 | |||||
Depreciation and Amortization: | |||||||||||
Jinong | $ | 28,456,422 | $ | 10,065,656 | $ | 2,347,530 | |||||
Gufeng | 3,143,837 | 3,298,983 | 2,878,037 | ||||||||
Jintai | - | - | 128,563 | ||||||||
Yuxing | 1,660,990 | 1,399,407 | 638,736 | ||||||||
Consolidated | $ | 33,261,249 | $ | 14,764,046 | $ | 5,992,866 | |||||
Interest expense: | |||||||||||
Gufeng | 1,380,829 | 1,351,157 | 1,590,620 | ||||||||
Consolidated | $ | 1,380,829 | $ | 1,351,157 | $ | 1,590,620 | |||||
Capital Expenditure: | |||||||||||
Jinong | $ | 72,128,061 | $ | 31,404,561 | $ | 7,935,098 | |||||
Gufeng | 112,941 | 7,422 | - | ||||||||
Jintai | - | - | - | ||||||||
Yuxing | 1,423,163 | 1,037,272 | 3,948,849 | ||||||||
Consolidated | $ | 73,664,165 | $ | 32,449,255 | $ | 11,883,947 | |||||
As of June 30, | |||||||||||
2014 | 2013 | ||||||||||
Identifiable assets: | |||||||||||
Jinong | $ | 195,331,283 | $ | 197,232,555 | |||||||
Gufeng | 153,655,110 | 108,409,694 | |||||||||
Jintai | - | - | |||||||||
Yuxing | 44,003,970 | 43,021,886 | |||||||||
Reconciling item (1) | 123,753 | 68,113 | |||||||||
Reconciling item (2) | -3,906 | -3,906 | |||||||||
Consolidated | $ | 393,110,210 | $ | 348,728,342 | |||||||
(1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. | |||||||||||
(2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. | |||||||||||
Total revenues from exported products currently account for approximately 0.1%, 14.7% and 15.0% of the Company’s total fertilizer revenues for the years ended June 30, 2014, 2013 and 2012, respectively. | |||||||||||
FY 2014 Export Details | |||||||||||
Exported to | Subsidiary | Type | Amount | ||||||||
India | Gufeng | 40 % humic acid organic/inorganic fertilizer | $ | - | |||||||
India | Jinong | Liquid fertilizer | 129,351 | ||||||||
India | Jinong | Solid fertilizer | 196,572 | ||||||||
$ | 325,923 | ||||||||||
FY 2013 Export Details | |||||||||||
Exported to | Subsidiary | Type | Amount | ||||||||
India | Gufeng | 40 % humic acid organic/inorganic fertilizer | $ | - | |||||||
India | Jinong | Liquid fertilizer | 174,150 | ||||||||
India | Jinong | Solid fertilizer | 158,791 | ||||||||
$ | 332,941 | ||||||||||
FY 2012 Export Details | |||||||||||
Exported to | Subsidiary | Type | Amount | ||||||||
India | Gufeng | 40 % humic acid organic/inorganic fertilizer | $ | 31,330,724 | |||||||
India | Jinong | Liquid fertilizer | 77,576 | ||||||||
India | Jinong | Solid fertilizer | 60,538 | ||||||||
Ghana | Jinong | Liquid fertilizer | 75,984 | ||||||||
$ | 31,544,822 | ||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Leases [Abstract] | |||||
Leases of Lessee Disclosure [Text Block] | NOTE 14- COMMITMENTS AND CONTINGENCIES | ||||
On June 29, 2012, Jinong signed an office lease with Kingtone Information. Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provided for a two-year term effective as of July 1, 2012 with monthly rent of $3,976 (RMB 24,480). | |||||
In January 2008, Jintai signed a ten-year land lease with Xi’an Jinong Hi-tech Agriculture Demonstration Zone for a monthly rent of $844 (RMB 5,200). However, the land lease contract was terminated since Company sold Jintai’s assets by the year ended June 30, 2014. | |||||
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 $63,606, $63,371 and $433,612 as rent expenses for the years ended June 30, 2014, 2013 and 2012, respectively. Rent expenses for the next five years ended June 30, are as follows: | |||||
Year Ended June 30, | |||||
2015 | $ | 15,898 | |||
2016 | 15,898 | ||||
2017 | 15,898 | ||||
2018 | 10,831 | ||||
2019 | 5,765 | ||||
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended | ||||||||||
Jun. 30, 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 June 30, 2014 and 2013: | |||||||||||
June 30, | |||||||||||
2014 | 2013 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 102,777 | $ | 42,975 | |||||||
Accounts receivable, net | 61,248 | 209,194 | |||||||||
Inventories | 16,538,621 | 15,478,654 | |||||||||
Other current assets | 12,745 | 7,061 | |||||||||
Advances to suppliers | 53,168 | 101,555 | |||||||||
Total Current Assets | 16,768,559 | 15,839,439 | |||||||||
Plant, Property and Equipment, Net | 16,450,206 | 16,180,551 | |||||||||
Construction In Progress | 48,883 | 68,414 | |||||||||
Intangible Assets, Net | 10,736,322 | 10,933,482 | |||||||||
Total Assets | $ | 44,003,970 | $ | 43,021,886 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | 739,526 | $ | 533,773 | |||||||
Accrued expenses and other payables | 3,086 | 8,673 | |||||||||
Amount due to related parties | 43,142,280 | 42,466,210 | |||||||||
Total Current Liabilities | 43,884,892 | 43,008,656 | |||||||||
Stockholders' equity | 119,078 | 13,230 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 44,003,970 | $ | 43,021,886 | |||||||
Year Ended June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | 3,684,822 | $ | 3,397,520 | $ | 2,082,520 | |||||
Expenses | 3,578,763 | 2,863,798 | 2,253,516 | ||||||||
Net income (loss) | $ | 106,059 | $ | 533,722 | $ | -170,996 | |||||
RESTRICTED_NET_ASSETS
RESTRICTED NET ASSETS | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||
Restricted Assets Disclosure [Text Block] | NOTE 16 – RESTRICTED NET ASSETS | ||||||||||
The Company’s operations are primarily conducted through its PRC subsidiaries, which can only pay dividends out of their retained earnings determined in accordance with the accounting standards and regulations in the PRC and after it has met the PRC requirements for appropriation to statutory reserves. In addition, the Company’s businesses and assets are primarily denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. These currency exchange control procedures imposed by the PRC government authorities may restrict the ability of the Company’s PRC subsidiaries to transfer their net assets to the Parent Company through loans, advances or cash dividends. | |||||||||||
The Company’s PRC subsidiaries net assets as of June 30, 2014 and 2013 exceeded 25% of the Company’s consolidated net assets. Accordingly, condensed Parent Company financial statements have been prepared in accordance with Rule 5-04 and Rule 12-04 of SEC Regulation S-X, and are as follows. | |||||||||||
Parent Company Financial Statements | |||||||||||
PARENT COMPANY FINANCIAL INFORMATION OF CHINA GREEN AGRICULTURE, INC. | |||||||||||
Condensed Balance Sheets | As of June 30, | ||||||||||
2014 | 2013 | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 117,939 | $ | 62,299 | |||||||
Other current assets | 1,908 | 1,908 | |||||||||
Total Current Assets | 119,847 | 64,207 | |||||||||
Long-term equity investment | 335,598,200 | 299,923,857 | |||||||||
Total long term assets | 335,598,200 | 299,923,857 | |||||||||
Total Assets | $ | 335,718,047 | $ | 299,988,064 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 214,520 | $ | 394,520 | |||||||
Amount due to related parties | 588,343 | 138,343 | |||||||||
Other payables and accrued expenses | 2,875,392 | 2,601,909 | |||||||||
Total Current Liabilities | 3,678,255 | 3,134,772 | |||||||||
Stockholders' Equities | |||||||||||
Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236, shares issued and outstanding as of June 30, 2014 and 2013, respectively | 32,362 | 29,943 | |||||||||
Additional paid in capital | 114,605,214 | 105,962,909 | |||||||||
Accumulated other comprehensive income | 22,840,491 | 21,813,410 | |||||||||
Retained earnings | 194,561,725 | 169,047,030 | |||||||||
Total Stockholders' Equity | 332,039,792 | 296,853,292 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 335,718,047 | $ | 299,988,064 | |||||||
Condensed Statements of Operations | Year ended June 30, | ||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | - | $ | - | $ | - | |||||
General and administrative expenses | 9,132,587 | 3,941,195 | 5,707,065 | ||||||||
Interest income (expense) | 20 | 142 | 347 | ||||||||
Equity investment in subsidiaries | 34,647,262 | 48,715,101 | 47,664,543 | ||||||||
Net income | $ | 25,514,695 | $ | 44,774,048 | $ | 41,957,825 | |||||
Condensed Statements of Cash Flows | Year Ended June 30, | ||||||||||
2014 | 2013 | 2012 | |||||||||
Net cash provided by (used in) operating activities | $ | 55,640 | $ | -215,239 | $ | -1,286,612 | |||||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | ||||||||
Net cash provided by financing activities | 0 | 0 | 600,001 | ||||||||
Cash and cash equivalents, beginning balance | 62,299 | 277,538 | 964,149 | ||||||||
Cash and cash equivalents, ending balance | $ | 117,939 | $ | 62,299 | $ | 277,538 | |||||
Notes to Condensed Parent Company Financial Information | |||||||||||
As of June 30, 2014, 2013 and 2012, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Consolidated Financial Statements, if any. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. | |||||||||||
SELECTED_QUARTERLY_DATA_UNAUDI
SELECTED QUARTERLY DATA (UNAUDITED) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Quarterly Financial Information [Text Block] | NOTE 18 – SELECTED QUARTERLY DATA (UNAUDITED) | |||||||||||||
Quarterly Periods Ended | ||||||||||||||
September 30, | December 31, | March 31, | June 30, | |||||||||||
2013 | 2013 | 2014 | 2014 | |||||||||||
Net Revenue | $ | 50,303,347 | $ | 40,634,601 | $ | 70,295,981 | $ | 72,168,159 | ||||||
Gross Profit | $ | 22,469,688 | $ | 18,851,515 | $ | 26,160,715 | $ | 23,716,855 | ||||||
Income (loss) from operation | $ | 13,333,722 | $ | 5,478,488 | $ | 9,917,167 | $ | 6,588,283 | ||||||
Other income (expense) | $ | -293,915 | $ | -352,861 | $ | -368,954 | $ | -726,289 | ||||||
Net income (loss) | $ | 10,378,457 | $ | 3,675,737 | $ | 7,209,131 | $ | 4,251,370 | ||||||
Earnings (loss) per shares - basic | $ | 0.35 | $ | 0.12 | $ | 0.23 | $ | 0.11 | ||||||
Earnings (loss) per shares - diluted | $ | 0.35 | $ | 0.12 | $ | 0.23 | $ | 0.11 | ||||||
Quarterly Periods Ended | ||||||||||||||
September 30, | December 31, | March 31, | June 30, | |||||||||||
2012 | 2012 | 2013 | 2013 | |||||||||||
Net Revenue | $ | 39,512,740 | $ | 41,730,992 | $ | 65,872,533 | $ | 69,781,691 | ||||||
Gross Profit | $ | 16,933,373 | $ | 16,193,533 | $ | 21,745,705 | $ | 24,511,243 | ||||||
Income (loss) from operation | $ | 11,023,344 | $ | 9,898,978 | $ | 16,524,411 | $ | 17,938,729 | ||||||
Other income (expense) | $ | -311,960 | $ | 118,250 | $ | 17,768 | $ | -251,484 | ||||||
Net income (loss) | $ | 8,861,400 | $ | 8,241,328 | $ | 13,410,659 | $ | 14,260,661 | ||||||
Earnings (loss) per shares - basic | $ | 0.32 | $ | 0.3 | $ | 0.48 | $ | 0.51 | ||||||
Earnings (loss) per shares - diluted | $ | 0.32 | $ | 0.3 | $ | 0.48 | $ | 0.51 | ||||||
BASIS_OF_PRESENTATION_AND_SUMM1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Consolidation, Policy [Policy Text Block] | Principle of consolidation | ||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan and VIE Yuxing. All significant inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||
Effective June 16, 2013, Yuxing was converted from being a wholly-owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned by one natural person, who is not affiliated to the Company (“Yuxing’s Owner”). Effective the same day, Yuxing’s Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became the VIE of Jinong. | |||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of estimates | ||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. | |||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents and concentration of cash | ||||||||||
For statement of cash flows purposes, the Company considers all cash on hand and in banks, certificates of deposit with state owned banks in the Peoples Republic of China (“PRC”) and banks in the United States, and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums of cash in three major banks in China. The aggregate cash in such accounts and on hand as of June 30, 2014 and 2013 was $26,772,382 and $74,969,190, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $117,939 and $65,299 in cash in two banks in the United States as of June 30, 2014 and 2013, respectively, with $500,000 secured by the U.S. Federal Deposit Insurance Corporation. Cash overdraft as of balance sheet date will be reflected as liabilities in the balance sheet. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. | |||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts receivable | ||||||||||
The Company's policy is to maintain reserves for potential credit losses on accounts receivable. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves at each year-end. Accounts considered uncollectible are written off through a charge to the valuation allowance. As of June 30, 2014 and 2013, the Company had accounts receivable of $88,781,608 and $85,323,442, net of allowance for doubtful accounts of $237,594 and $122,275, respectively. The Company adopts no policy to accept product returns post to the sales delivery. | |||||||||||
Other Receivables [Policy Text Block] | Other receivable | ||||||||||
Other receivable relates to the amount due from the sale of certain equipment from the Company’s Jintai facility that was classified as assets held for sale as of June 30, 2014 to an independent third party. The receivable balance is secured by the equipment that was sold and is non-interest bearing. Payments will be made at various dates through March 31, 2016. The current and long-term portions of this other receivable are $3,942,542 and $2,628,361, respectively, at June 30, 2014. | |||||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||||
Inventory is valued at the lower of cost (determined on a weighted average basis) or market price. Inventories consist of raw materials, work in process, finished goods and packaging materials. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. At June 30, 2014 and 2013, the Company had no reserve for obsolete goods. | |||||||||||
Assets held for sale [Policy Text Block] | Assets held for sale | ||||||||||
Assets held for sale represent certain equipment from the Company’s Jintai facility that has been relocated. The carrying value of the assets held for sale at June 30, 2013 was $11,676,736. During the year ended June 30, 2014, the Company determined that the fair value of the assets less disposal costs was less than the carrying amounts and took an impairment charge of $5,161,815. The Company sold the assets during the fourth quarter of 2014. Such an impairment was due to the facts that: 1) Most of Jintai’s greenhouse facilities could not be used during the migration process; 2) most piping systems could not be reused in the future; 3) the pavement and lawn property which were sold in the asset purchase contract could not be used again. | |||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment | ||||||||||
Property, plant and equipment are recorded at cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of plant, property, and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures. All ordinary repair and maintenance costs are expensed as incurred. | |||||||||||
Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets: | |||||||||||
Estimated Useful Life | |||||||||||
Building | 10-25 years | ||||||||||
Agricultural assets | 8 years | ||||||||||
Machinery and equipment | 5-15 years | ||||||||||
Vehicles | 3-5 years | ||||||||||
Construction Contractors, Operating Cycle, Policy [Policy Text Block] | Construction in Progress | ||||||||||
Construction in progress represents the costs incurred in connection with the construction of buildings or new additions to the Company’s plant facilities. Costs classified to construction in progress include all costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. No depreciation is provided for construction in progress until such time as the assets are completed and are placed into service. Interest incurred during construction is capitalized into construction in progress. | |||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets | ||||||||||
The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. At June 30, 2014 and 2013, the Company determined that there were no impairments of its long-lived assets. | |||||||||||
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 which is the term as stated in the cooperation agreement, as long as the distributors are actively selling the Company’s products. For the year ended June 30, 2014, the Company amortized $27,390,957 of the deferred assets, as compared to $9,970,715 and 1,164,349 for the years ended June 30, 2013 and 2012, respectively. 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 June 30, 2015, 2016, and 2017 is $41,807,390, $31,383,751 and $10,489,284, respectively. | |||||||||||
The deferred assets consist of items inside the distributors’ stores such as furniture, racks, cabinets, and display units, and items outside or attached to the distributors’ stores such as signage and billboards. These types of assets would be capitalized as fixed assets if the Company actually owned the stores or utilized the assets for its own operations. These assets would also be capitalized as leasehold improvements if the Company leased these stores from the distributors. Therefore, the Company believes that under the U.S. generally accepted accounting principles, these types of assets purchases are properly capitalized. In addition, the Company believes that these assets are properly classified as deferred assets because if a distributor breaches, defaults, or terminates the agreement with the Company within a three-year period, a proportionate amount expended by the Company is to be repaid by the distributor. The Chairman of the Board of directors of the Company guaranteed to the Company of amounts remaining unpaid due from distributors. | |||||||||||
The assets inside the distributors’ stores are custom made to fit the layout of each individual store and the signage and billboards are also custom designed to fit the specific location. The assets were purchased by the Company directly from the manufacturers and installed in the distributors’ stores. The Company wants to maintain control over the quality of the items being purchased as well as making them uniform among all the distributor locations. | |||||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets | ||||||||||
The Company records intangible assets acquired individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity’s future cash flows. The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of June 30, 2014, and 2013. | |||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill | ||||||||||
Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Under accounting requirements, goodwill is not amortized but is subject to annual impairment tests. As of June 30, 2014, the Company performed the required impairment review which resulted in no impairment adjustment. | |||||||||||
Summary of changes in goodwill by reporting segments is as follows: | |||||||||||
Foreign | |||||||||||
Balance at | Currency | Balance at | |||||||||
Entity | June 30, 2013 | Adjustment | June 30, 2014 | ||||||||
Gufeng | $ | 5,184,759 | $ | 19,227 | $ | 5,203,986 | |||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement and Disclosures | ||||||||||
Our accounting for Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: | |||||||||||
Level one — Quoted market prices in active markets for identical assets or liabilities; | |||||||||||
Level two — Inputs other than level one inputs that are either directly or indirectly observable; and | |||||||||||
Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |||||||||||
Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company had no assets and liabilities measured at fair value at June 30, 2014 and 2013. | |||||||||||
The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their fair values due to the short maturities of these instruments. | |||||||||||
Revenue Recognition, Deferred Revenue [Policy Text Block] | Revenue recognition | ||||||||||
Sales revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. | |||||||||||
The Company's revenue consists of invoiced value of goods, net of a value-added tax (VAT). No product return or sales discount allowance are made as products delivered and accepted by customers are not returnable and sales discounts are not granted after products are delivered. | |||||||||||
Customer Deposits [Policy Text Block] | Customer deposits | ||||||||||
Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits are recognized as revenue. As of June 30, 2014 and 2013, the Company had customer deposits of $25,700,586 and $1,433,661, respectively. | |||||||||||
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation | ||||||||||
The costs of all employee stock options, as well as other equity-based compensation arrangements, are reflected in the consolidated financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. | |||||||||||
Income Tax, Policy [Policy Text Block] | Income taxes | ||||||||||
The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. | |||||||||||
Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2014, 2013 and 2012. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. | |||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation | ||||||||||
The reporting currency of the Company is the US dollar. The functional currency of the Company and Green New Jersey is the US dollar. The functional currency of the Chinese subsidiaries is the Chinese Yuan or Renminbi (“RMB”). For the subsidiaries whose functional currencies are other than the US dollar, all asset and liability accounts were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at the historical rates and items in the income statement and cash flow statements are translated at the average rate in each applicable period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of shareholders’ equity. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. | |||||||||||
Segment Reporting, Policy [Policy Text Block] | Segment reporting | ||||||||||
The Company utilizes the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. | |||||||||||
As of June 30, 2014, the Company, through its subsidiaries is engaged into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production). | |||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair values of financial instruments | ||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||
The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, other receivables, advances to suppliers, accounts payable, other payables, tax payable, and related party advances and borrowings. | |||||||||||
As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is attributed to the short maturities of the instruments and that interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective balance sheet dates. | |||||||||||
Statement of Cash Flows [Policy Text Block] | Statement of cash flows | ||||||||||
The Company's cash flows from operations are calculated based on the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets. | |||||||||||
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 Years Ended June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net Income for Basic Earnings Per Share | $ | 25,514,695 | $ | 44,774,048 | 41,957,825 | ||||||
Basic Weighted Average Number of Shares | 31,403,001 | 27,775,964 | 26,943,530 | ||||||||
Net Income per Share – Basic | $ | 0.81 | $ | 1.61 | 1.56 | ||||||
Net Income for Diluted Earnings Per Share | 25,514,695 | 44,774,048 | 41,957,825 | ||||||||
Diluted Weighted Average Number of Shares | 31,403,001 | 27,775,964 | 26,943,530 | ||||||||
Net Income per Share – Diluted | $ | 0.81 | $ | 1.61 | 1.56 | ||||||
Reclassification, Policy [Policy Text Block] | Reclassification | ||||||||||
Certain amounts in the prior years financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on the previously reported net income or stockholders’ equity. The primary amounts reclassified were certain marketing related assets that were previously included in property, plant and equipment at June 30, 2013 that were reclassified to deferred assets. | |||||||||||
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 (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. | |||||||||||
Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. | |||||||||||
BASIS_OF_PRESENTATION_AND_SUMM2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Schedule of Estimated Useful Life of Fixed Assets [Table Text Block] | Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets: | ||||||||||
Estimated Useful Life | |||||||||||
Building | 10-25 years | ||||||||||
Agricultural assets | 8 years | ||||||||||
Machinery and equipment | 5-15 years | ||||||||||
Vehicles | 3-5 years | ||||||||||
Schedule of Goodwill [Table Text Block] | Summary of changes in goodwill by reporting segments is as follows: | ||||||||||
Foreign | |||||||||||
Balance at | Currency | Balance at | |||||||||
Entity | June 30, 2013 | Adjustment | June 30, 2014 | ||||||||
Gufeng | $ | 5,184,759 | $ | 19,227 | $ | 5,203,986 | |||||
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 Years Ended June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net Income for Basic Earnings Per Share | $ | 25,514,695 | $ | 44,774,048 | 41,957,825 | ||||||
Basic Weighted Average Number of Shares | 31,403,001 | 27,775,964 | 26,943,530 | ||||||||
Net Income per Share – Basic | $ | 0.81 | $ | 1.61 | 1.56 | ||||||
Net Income for Diluted Earnings Per Share | 25,514,695 | 44,774,048 | 41,957,825 | ||||||||
Diluted Weighted Average Number of Shares | 31,403,001 | 27,775,964 | 26,943,530 | ||||||||
Net Income per Share – Diluted | $ | 0.81 | $ | 1.61 | 1.56 | ||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: | |||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 24,618,225 | $ | 2,784,760 | ||||
Supplies and packing materials | 492,954 | 473,477 | ||||||
Work in progress | 440,935 | 171,550 | ||||||
Finished goods | 49,934,784 | 31,081,380 | ||||||
Total | $ | 75,486,898 | $ | 34,511,167 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of the following: | |||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Building and improvements | $ | 29,930,240 | $ | 29,836,072 | ||||
Auto | 732,684 | 729,978 | ||||||
Machinery and equipment | 36,193,501 | 34,796,026 | ||||||
Agriculture assets | 826,549 | 824,004 | ||||||
Total property, plant and equipment | 67,682,974 | 66,159,080 | ||||||
Less: accumulated depreciation | -19,621,363 | -15,498,091 | ||||||
Total | $ | 48,061,611 | $ | 50,660,989 | ||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Impaired Intangible Assets [Table Text Block] | Intangible assets consist of the following: | |||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Land use rights, net | $ | 11,723,976 | $ | 11,940,658 | ||||
Technology patent, net | 498,027 | 744,280 | ||||||
Customer relationships, net | 6,350,586 | 7,378,823 | ||||||
Non-compete agreement | 42,874 | 85,430 | ||||||
Trademarks | 6,609,680 | 6,458,822 | ||||||
Total | $ | 25,225,143 | $ | 26,608,013 | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expenses of intangible assets for the next five twelve months periods ended June 30, are as follows: | |||||||
Year Ends | Expense ($) | |||||||
30-Jun-15 | 1,612,251 | |||||||
30-Jun-16 | 1,569,378 | |||||||
30-Jun-17 | 1,320,364 | |||||||
30-Jun-18 | 1,320,364 | |||||||
30-Jun-19 | 1,320,364 | |||||||
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: | |||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Land use rights | $ | 13,238,189 | $ | 13,189,280 | ||||
Less: accumulated amortization | -1,514,213 | -1,248,622 | ||||||
Total land use rights, net | $ | 11,723,976 | $ | 11,940,658 | ||||
Developed Technology Rights [Member] | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Impaired Intangible Assets [Table Text Block] | The technology know-how consisted of the following: | |||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Technology know-how | $ | 2,448,191 | $ | 2,439,146 | ||||
Less: accumulated amortization | -1,950,164 | -1,694,866 | ||||||
Total technology know-how, net | $ | 498,027 | $ | 744,280 | ||||
Customer Relationships [Member] | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Impaired Intangible Assets [Table Text Block] | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Customer relationships | $ | 10,556,000 | $ | 10,517,000 | ||||
Less: accumulated amortization | -4,205,414 | -3,138,177 | ||||||
Total customer relationships, net | $ | 6,350,586 | $ | 7,378,823 | ||||
Noncompete Agreements [Member] | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Impaired Intangible Assets [Table Text Block] | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Non-compete agreement | $ | 214,368 | $ | 213,576 | ||||
Less: accumulated amortization | -171,494 | -128,146 | ||||||
Total non-compete agreement, net | $ | 42,874 | $ | 85,430 | ||||
ACCRUED_EXPENSES_AND_OTHER_PAY1
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accrued expenses and other payables consist of the following: | |||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Payroll payable | $ | 7,964 | $ | 20,191 | ||||
Welfare payable | 166,727 | 166,111 | ||||||
Accrued expenses | 2,948,727 | 2,700,468 | ||||||
Other payables | 1,049,783 | 921,864 | ||||||
Other levy payable | 135,872 | 125,550 | ||||||
Total | $ | 4,309,073 | $ | 3,934,184 | ||||
LOAN_PAYABLES_Tables
LOAN PAYABLES (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Debt [Table Text Block] | As of June 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from August 16, 2013 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. | |||||||||||
No. | Payee | Loan period per agreement | Interest | June 30, | ||||||||
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 | |||||||||||
As of June 30, 2013, the short-term loan payables consisted of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 with interest rates ranging from 6.30% to 8.20%. The loans No.1, 2 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 4 and 5 below are collateralized by the inventory of Gufeng. The loans No. 6, 7 and 8 are guaranteed by Jinong’s credit. The loan No. 9 is collateralized by the land use rights of Jinong’s and the sharesowned by Jinong. | ||||||||||||
No. | Payee | Loan period per agreement | Interest Rate | June 30, 2013 | ||||||||
1 | Agriculture Bank of China-Beijing Branch | Jan 24, 2013 - Jan 13, 2014 | 6.6 | % | $ | 1,359,120 | ||||||
2 | Agriculture Bank of China-Beijing Branch | Mar 23, 2013 - Mar 22, 2014 | 6.6 | % | 1,294,400 | |||||||
3 | Agriculture Bank of China-Beijing Branch | Apr 25, 2013 - Apr 24, 2014 | 6.6 | % | 1,634,180 | |||||||
4 | Bank of Tianjin | Jun 28, 2013 - Aug 2, 2013 | 6.72 | % | 1,132,600 | |||||||
5 | Bank of Tianjin | Jun 20, 2013 - Aug 2, 2013 | 6.72 | % | 970,800 | |||||||
6 | China Merchant Bank | Aug 30, 2012 - Aug 29, 2013 | 6.3 | % | 4,045,000 | |||||||
7 | Industrial and Commercial Bank of China | Oct 25, 2012 - Oct 24,2013 | 8 | % | 1,618,000 | |||||||
8 | Industrial and Commercial Bank of China | Sept 25, 2012-Sept 24, 2013 | 8 | % | 1,618,000 | |||||||
9 | China Minsheng Bank | Jan 5, 2013 - Jan 4, 2014 | 7.2 | % | 2,427,000 | |||||||
Total | $ | 16,099,100 | ||||||||||
TAXES_PAYABLE_Tables
TAXES PAYABLE (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Taxes Payable [Abstract] | |||||||||||||||||
Schedule of Tax Payable [Table Text Block] | Taxes payable consist of the following: | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
VAT provision | $ | 61,506 | $ | 36,573 | |||||||||||||
Income tax payable | 1,166,683 | 25,348,794 | |||||||||||||||
Other levies | 693,266 | 343,392 | |||||||||||||||
Total | $ | 1,921,455 | $ | 25,728,759 | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consists of the following: | ||||||||||||||||
Years Ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Current tax - foreign | $ | 8,060,946 | $ | 10,183,988 | $ | 10,801,313 | |||||||||||
Deferred tax | - | - | - | ||||||||||||||
$ | 8,060,946 | $ | 10,183,988 | $ | 10,801,313 | ||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income tax assets and liabilities as of June 30, 2014 and 2013 are as follows: | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Net operating loss | $ | 9,616,214 | $ | 6,511,141 | |||||||||||||
Total deferred tax assets | 9,616,214 | 6,511,141 | |||||||||||||||
Less valuation allowance | -9,616,214 | -6,511,141 | |||||||||||||||
$ | - | $ | - | ||||||||||||||
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 years ended June 30, 2014, 2013 and 2012 for the following reasons: | ||||||||||||||||
30-Jun-14 | |||||||||||||||||
China | United States | ||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||
Pretax income (loss) | $ | 42,708,208 | $ | -9,132,567 | $ | 33,575,641 | |||||||||||
Expected income tax expense (benefit) | 10,677,052 | 25 | % | -3,105,073 | 34 | % | 7,571,979 | ||||||||||
High-tech income benefits on Jinong | -1,568,160 | -3.7 | % | - | - | -1,568,160 | |||||||||||
Losses from subsidiaries in which no benefit is recognized | -1,047,946 | -2.5 | % | - | - | -1,047,946 | |||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 3,105,073 | -34 | % | 3,105,073 | ||||||||||||
Actual tax expense | $ | 8,060,946 | 18.9 | % | $ | - | - | % | $ | 8,060,946 | 24 | % | |||||
30-Jun-13 | |||||||||||||||||
China | United States | ||||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||
Pretax income (loss) | $ | 58,899,089 | $ | -3,941,053 | $ | 54,958,036 | |||||||||||
Expected income tax expense (benefit) | 14,724,772 | 25 | % | -1,339,958 | 34 | % | 13,384,814 | ||||||||||
High-tech income benefits on Jinong | -4,430,219 | -7.5 | % | - | - | -4,430,219 | |||||||||||
Losses from subsidiaries in which no benefit is recognized | -110,565 | -0.2 | % | - | - | -110,565 | |||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,339,958 | -34 | % | 1,339,958 | ||||||||||||
Actual tax expense | $ | 10,183,988 | 17.3 | % | $ | - | - | % | $ | 10,183,988 | 18.5 | % | |||||
June 30, 2012 | China | United States | |||||||||||||||
15% - 25% | 34% | Total | |||||||||||||||
Pretax income (loss) | $ | 58,465,856 | $ | -5,706,718 | $ | 52,759,138 | |||||||||||
Expected income tax expense (benefit) | 13,189,785 | 22.6 | % | -1,940,284 | -34 | % | 11,249,501 | ||||||||||
High-tech income benefits on Jinong | -4,439,873 | -7.6 | % | - | - | -4,439,873 | |||||||||||
Losses from subsidiaries in which no benefit is recognized | 2,051,401 | 3.5 | % | - | - | 2,051,401 | |||||||||||
Change in valuation allowance on deferred tax asset from US tax benefit | - | 1,940,284 | 34 | % | 1,940,284 | ||||||||||||
Actual tax expense | $ | 10,801,313 | 18.5 | % | $ | - | - | % | $ | 10,801,313 | 20.5 | % | |||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERSb EQUITY (Tables) | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Statement of Stockholders' Equity [Abstract] | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The table below summarized the restricted shares of common stock issued under the 2009 Plan: | ||||||||||
Fair Value | Grant Date | ||||||||||
Number of | of | Fair Value | |||||||||
Shares | Shares | Per share | |||||||||
Outstanding (unvested) at June 30, 2011 | 281,302 | $ | 1,491,969 | ||||||||
Granted | 1,000,000 | 3,370,000 | $ | 3.37 | |||||||
Forfeited | - | - | |||||||||
Vested | -560,151 | -3,224,836 | |||||||||
Outstanding (unvested) at June 30, 2012 | 721,151 | 1,637,133 | |||||||||
Granted | 1,750,000 | 5,132,500 | $ | 2.93 | |||||||
Forfeited | - | - | |||||||||
Vested | -818,651 | -3,100,685 | |||||||||
Outstanding (unvested) at June 30, 2013 | 1,652,500 | 3,668,948 | |||||||||
Granted | 1,750,000 | 7,490,000 | $ | 4.28 | |||||||
Forfeited | - | - | |||||||||
Vested | -1,688,500 | -8,054,189 | |||||||||
Outstanding (unvested) at June 30, 2014 | 1,714,000 | $ | 3,104,759 | ||||||||
STOCK_OPTIONS_Tables
STOCK OPTIONS (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 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, 2011 | 115,099 | 14.66 | - | |||||||||
Granted | - | |||||||||||
Forfeited/Canceled | - | |||||||||||
Exercised | - | |||||||||||
Outstanding, June 30, 2012 | 115,099 | 14.66 | - | |||||||||
Granted | - | |||||||||||
Forfeited/Canceled | - | |||||||||||
Exercised | - | |||||||||||
Outstanding, June 30, 2013 | 115,099 | 14.66 | - | |||||||||
Granted | - | |||||||||||
Forfeited/Canceled | - | |||||||||||
Exercised | - | |||||||||||
Outstanding, June 30, 2014 | 115,099 | 14.66 | - | |||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes the options outstanding and exercisable as of June 30, 2014: | |||||||||||
Options Outstanding and Exercisable | ||||||||||||
Weighted | ||||||||||||
Weighted | Average | |||||||||||
Number Outstanding | Average | Remaining | ||||||||||
Range of | and Exercisable as of | Exercise | Contractual Life | |||||||||
Exercise Price | June 30, 2014 | Price | (Years) | |||||||||
$ | 14.02-14.70 | 115,099 | $ | 14.66 | 0.5 | |||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of June 30, 2014, the Company was organized into three main business segments (four main business segments in 2012) 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. | ||||||||||
Years ended June 30, | |||||||||||
Revenues from unaffiliated customers: | 2014 | 2013 | 2012 | ||||||||
Jinong | $ | 117,706,034 | $ | 110,585,022 | $ | 88,168,740 | |||||
Gufeng | 112,011,232 | 102,915,414 | 121,480,943 | ||||||||
Jintai | - | - | 5,792,002 | ||||||||
Yuxing | 3,684,822 | 3,397,520 | 2,082,520 | ||||||||
Consolidated | $ | 233,402,088 | $ | 216,897,956 | $ | 217,524,205 | |||||
Operating income : | |||||||||||
Jinong | $ | 27,765,212 | $ | 44,036,878 | $ | 43,636,915 | |||||
Gufeng | 16,636,156 | 15,322,045 | 18,211,687 | ||||||||
Jintai | - | - | -1,863,529 | ||||||||
Yuxing | 48,879 | -32,265 | -352,996 | ||||||||
Reconciling item (1) | - | - | - | ||||||||
Reconciling item (2) | -1,078,398 | -840,511 | -2,482,232 | ||||||||
Reconciling item (2)--stock compensation | -8,054,189 | -3,100,685 | -3,224,835 | ||||||||
Consolidated | $ | 35,317,660 | $ | 55,385,462 | $ | 53,925,010 | |||||
Net income: | |||||||||||
Jinong | $ | 23,269,461 | $ | 37,682,986 | $ | 37,363,672 | |||||
Gufeng | 11,271,742 | 10,498,393 | 12,335,102 | ||||||||
Jintai | - | - | -1,863,235 | ||||||||
Yuxing | 106,059 | 533,722 | -170,996 | ||||||||
Reconciling item (1) | 20 | 142 | 347 | ||||||||
Reconciling item (2) | -9,132,587 | -3,941,195 | -5,707,065 | ||||||||
Consolidated | $ | 25,514,695 | $ | 44,774,048 | $ | 41,957,825 | |||||
Depreciation and Amortization: | |||||||||||
Jinong | $ | 28,456,422 | $ | 10,065,656 | $ | 2,347,530 | |||||
Gufeng | 3,143,837 | 3,298,983 | 2,878,037 | ||||||||
Jintai | - | - | 128,563 | ||||||||
Yuxing | 1,660,990 | 1,399,407 | 638,736 | ||||||||
Consolidated | $ | 33,261,249 | $ | 14,764,046 | $ | 5,992,866 | |||||
Interest expense: | |||||||||||
Gufeng | 1,380,829 | 1,351,157 | 1,590,620 | ||||||||
Consolidated | $ | 1,380,829 | $ | 1,351,157 | $ | 1,590,620 | |||||
Capital Expenditure: | |||||||||||
Jinong | $ | 72,128,061 | $ | 31,404,561 | $ | 7,935,098 | |||||
Gufeng | 112,941 | 7,422 | - | ||||||||
Jintai | - | - | - | ||||||||
Yuxing | 1,423,163 | 1,037,272 | 3,948,849 | ||||||||
Consolidated | $ | 73,664,165 | $ | 32,449,255 | $ | 11,883,947 | |||||
As of June 30, | |||||||||||
2014 | 2013 | ||||||||||
Identifiable assets: | |||||||||||
Jinong | $ | 195,331,283 | $ | 197,232,555 | |||||||
Gufeng | 153,655,110 | 108,409,694 | |||||||||
Jintai | - | - | |||||||||
Yuxing | 44,003,970 | 43,021,886 | |||||||||
Reconciling item (1) | 123,753 | 68,113 | |||||||||
Reconciling item (2) | -3,906 | -3,906 | |||||||||
Consolidated | $ | 393,110,210 | $ | 348,728,342 | |||||||
(1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. | |||||||||||
(2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. | |||||||||||
Export [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total revenues from exported products currently account for approximately 0.1%, 14.7% and 15.0% of the Company’s total fertilizer revenues for the years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||
FY 2014 Export Details | |||||||||||
Exported to | Subsidiary | Type | Amount | ||||||||
India | Gufeng | 40 % humic acid organic/inorganic fertilizer | $ | - | |||||||
India | Jinong | Liquid fertilizer | 129,351 | ||||||||
India | Jinong | Solid fertilizer | 196,572 | ||||||||
$ | 325,923 | ||||||||||
FY 2013 Export Details | |||||||||||
Exported to | Subsidiary | Type | Amount | ||||||||
India | Gufeng | 40 % humic acid organic/inorganic fertilizer | $ | - | |||||||
India | Jinong | Liquid fertilizer | 174,150 | ||||||||
India | Jinong | Solid fertilizer | 158,791 | ||||||||
$ | 332,941 | ||||||||||
FY 2012 Export Details | |||||||||||
Exported to | Subsidiary | Type | Amount | ||||||||
India | Gufeng | 40 % humic acid organic/inorganic fertilizer | $ | 31,330,724 | |||||||
India | Jinong | Liquid fertilizer | 77,576 | ||||||||
India | Jinong | Solid fertilizer | 60,538 | ||||||||
Ghana | Jinong | Liquid fertilizer | 75,984 | ||||||||
$ | 31,544,822 | ||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Rent Expense [Table Text Block] | Rent expenses for the next five years ended June 30, are as follows: | ||||
Year Ended June 30, | |||||
2015 | $ | 15,898 | |||
2016 | 15,898 | ||||
2017 | 15,898 | ||||
2018 | 10,831 | ||||
2019 | 5,765 | ||||
VARIABLE_INTEREST_ENTITIES_Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Variable Interest Entities [Abstract] | |||||||||||
Schedule of Variable Interest Entities [Table Text Block] | The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of June 30, 2014 and 2013: | ||||||||||
June 30, | |||||||||||
2014 | 2013 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 102,777 | $ | 42,975 | |||||||
Accounts receivable, net | 61,248 | 209,194 | |||||||||
Inventories | 16,538,621 | 15,478,654 | |||||||||
Other current assets | 12,745 | 7,061 | |||||||||
Advances to suppliers | 53,168 | 101,555 | |||||||||
Total Current Assets | 16,768,559 | 15,839,439 | |||||||||
Plant, Property and Equipment, Net | 16,450,206 | 16,180,551 | |||||||||
Construction In Progress | 48,883 | 68,414 | |||||||||
Intangible Assets, Net | 10,736,322 | 10,933,482 | |||||||||
Total Assets | $ | 44,003,970 | $ | 43,021,886 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | 739,526 | $ | 533,773 | |||||||
Accrued expenses and other payables | 3,086 | 8,673 | |||||||||
Amount due to related parties | 43,142,280 | 42,466,210 | |||||||||
Total Current Liabilities | 43,884,892 | 43,008,656 | |||||||||
Stockholders' equity | 119,078 | 13,230 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 44,003,970 | $ | 43,021,886 | |||||||
Year Ended June 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | 3,684,822 | $ | 3,397,520 | $ | 2,082,520 | |||||
Expenses | 3,578,763 | 2,863,798 | 2,253,516 | ||||||||
Net income (loss) | $ | 106,059 | $ | 533,722 | $ | -170,996 | |||||
RESTRICTED_NET_ASSETS_Tables
RESTRICTED NET ASSETS (Tables) | 12 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets | As of June 30, | |||||||||
2014 | 2013 | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 117,939 | $ | 62,299 | |||||||
Other current assets | 1,908 | 1,908 | |||||||||
Total Current Assets | 119,847 | 64,207 | |||||||||
Long-term equity investment | 335,598,200 | 299,923,857 | |||||||||
Total long term assets | 335,598,200 | 299,923,857 | |||||||||
Total Assets | $ | 335,718,047 | $ | 299,988,064 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 214,520 | $ | 394,520 | |||||||
Amount due to related parties | 588,343 | 138,343 | |||||||||
Other payables and accrued expenses | 2,875,392 | 2,601,909 | |||||||||
Total Current Liabilities | 3,678,255 | 3,134,772 | |||||||||
Stockholders' Equities | |||||||||||
Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236, shares issued and outstanding as of June 30, 2014 and 2013, respectively | 32,362 | 29,943 | |||||||||
Additional paid in capital | 114,605,214 | 105,962,909 | |||||||||
Accumulated other comprehensive income | 22,840,491 | 21,813,410 | |||||||||
Retained earnings | 194,561,725 | 169,047,030 | |||||||||
Total Stockholders' Equity | 332,039,792 | 296,853,292 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 335,718,047 | $ | 299,988,064 | |||||||
Condensed Income Statement [Table Text Block] | Condensed Statements of Operations | Year ended June 30, | |||||||||
2014 | 2013 | 2012 | |||||||||
Revenue | $ | - | $ | - | $ | - | |||||
General and administrative expenses | 9,132,587 | 3,941,195 | 5,707,065 | ||||||||
Interest income (expense) | 20 | 142 | 347 | ||||||||
Equity investment in subsidiaries | 34,647,262 | 48,715,101 | 47,664,543 | ||||||||
Net income | $ | 25,514,695 | $ | 44,774,048 | $ | 41,957,825 | |||||
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows | Year Ended June 30, | |||||||||
2014 | 2013 | 2012 | |||||||||
Net cash provided by (used in) operating activities | $ | 55,640 | $ | -215,239 | $ | -1,286,612 | |||||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | ||||||||
Net cash provided by financing activities | 0 | 0 | 600,001 | ||||||||
Cash and cash equivalents, beginning balance | 62,299 | 277,538 | 964,149 | ||||||||
Cash and cash equivalents, ending balance | $ | 117,939 | $ | 62,299 | $ | 277,538 | |||||
SELECTED_QUARTERLY_DATA_UNAUDI1
SELECTED QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||
Quarterly Periods Ended | ||||||||||||||
September 30, | December 31, | March 31, | June 30, | |||||||||||
2013 | 2013 | 2014 | 2014 | |||||||||||
Net Revenue | $ | 50,303,347 | $ | 40,634,601 | $ | 70,295,981 | $ | 72,168,159 | ||||||
Gross Profit | $ | 22,469,688 | $ | 18,851,515 | $ | 26,160,715 | $ | 23,716,855 | ||||||
Income (loss) from operation | $ | 13,333,722 | $ | 5,478,488 | $ | 9,917,167 | $ | 6,588,283 | ||||||
Other income (expense) | $ | -293,915 | $ | -352,861 | $ | -368,954 | $ | -726,289 | ||||||
Net income (loss) | $ | 10,378,457 | $ | 3,675,737 | $ | 7,209,131 | $ | 4,251,370 | ||||||
Earnings (loss) per shares - basic | $ | 0.35 | $ | 0.12 | $ | 0.23 | $ | 0.11 | ||||||
Earnings (loss) per shares - diluted | $ | 0.35 | $ | 0.12 | $ | 0.23 | $ | 0.11 | ||||||
Quarterly Periods Ended | ||||||||||||||
September 30, | December 31, | March 31, | June 30, | |||||||||||
2012 | 2012 | 2013 | 2013 | |||||||||||
Net Revenue | $ | 39,512,740 | $ | 41,730,992 | $ | 65,872,533 | $ | 69,781,691 | ||||||
Gross Profit | $ | 16,933,373 | $ | 16,193,533 | $ | 21,745,705 | $ | 24,511,243 | ||||||
Income (loss) from operation | $ | 11,023,344 | $ | 9,898,978 | $ | 16,524,411 | $ | 17,938,729 | ||||||
Other income (expense) | $ | -311,960 | $ | 118,250 | $ | 17,768 | $ | -251,484 | ||||||
Net income (loss) | $ | 8,861,400 | $ | 8,241,328 | $ | 13,410,659 | $ | 14,260,661 | ||||||
Earnings (loss) per shares - basic | $ | 0.32 | $ | 0.3 | $ | 0.48 | $ | 0.51 | ||||||
Earnings (loss) per shares - diluted | $ | 0.32 | $ | 0.3 | $ | 0.48 | $ | 0.51 | ||||||
BASIS_OF_PRESENTATION_AND_SUMM3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Agricultural Assets [Member] | |
Estimated Useful Life | 8 years |
Maximum [Member] | Building [Member] | |
Estimated Useful Life | 25 years |
Maximum [Member] | Vehicles [Member] | |
Estimated Useful Life | 5 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Estimated Useful Life | 15 years |
Minimum [Member] | Building [Member] | |
Estimated Useful Life | 10 years |
Minimum [Member] | Vehicles [Member] | |
Estimated Useful Life | 3 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Estimated Useful Life | 5 years |
BASIS_OF_PRESENTATION_AND_SUMM4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Balance at June 30, 2013 | $5,184,759 |
Foreign Currency Adjustment | 19,227 |
Balance at June 30, 2014 | $5,203,986 |
BASIS_OF_PRESENTATION_AND_SUMM5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Net Income for Basic Earnings Per Share | $4,251,370 | $7,209,131 | $3,675,737 | $10,378,457 | $14,260,661 | $13,410,659 | $8,241,328 | $8,861,400 | $25,514,695 | $44,774,048 | $41,957,825 |
Basic Weighted Average Number of Shares (in shares) | 31,403,001 | 27,775,964 | 26,943,530 | ||||||||
Net Income per Share - Basic (in dollars per share) | $0.11 | $0.23 | $0.12 | $0.35 | $0.51 | $0.48 | $0.30 | $0.32 | $0.81 | $1.61 | $1.56 |
Net Income for Diluted Earnings Per Share (in shares) | $25,514,695 | $44,774,048 | $41,957,825 | ||||||||
Diluted Weighted Average Number of Shares (in shares) | 31,403,001 | 27,775,964 | 26,943,530 | ||||||||
Net Income per Share - Diluted (in dollars per share) | $0.11 | $0.23 | $0.12 | $0.35 | $0.51 | $0.48 | $0.30 | $0.32 | $0.81 | $1.61 | $1.56 |
BASIS_OF_PRESENTATION_AND_SUMM6
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Amortization of Deferred Assets | $27,390,957 | $9,970,715 | $1,164,349 |
Deferred Asset, Amortization Expense, Next Twelve Months | 41,807,390 | ||
Deferred Asset, Amortization Expense, Year Two | 31,383,751 | ||
Deferred Asset, Amortization Expense, Year Three | 10,489,284 | ||
Asset Impairment Charges, Total | 5,161,815 | 0 | 0 |
Accounts Receivable, Net, Current | 88,781,608 | 85,323,442 | |
Allowance for Doubtful Accounts Receivable, Current | 237,594 | 122,275 | |
Other Receivables, Net, Current | 3,942,542 | 0 | |
Other Receivables | 2,628,361 | 0 | |
Customer Deposits, Current | 25,700,586 | 1,433,661 | |
China Banks [Member] | |||
Interest-bearing Deposits in Banks and Other Financial Institutions | 26,772,382 | 74,969,190 | |
United States Banks [Member] | |||
Interest-bearing Deposits in Banks and Other Financial Institutions | 117,939 | 65,299 | |
Cash, FDIC Insured Amount | $500,000 | ||
Jinong [Member] | |||
Principle of Consolidation Converted Percentage | 100.00% | ||
One Natural Person [Member] | |||
Principle of Consolidation Converted Percentage | 100.00% |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Inventory [Line Items] | ||
Raw materials | $24,618,225 | $2,784,760 |
Supplies and packing materials | 492,954 | 473,477 |
Work in progress | 440,935 | 171,550 |
Finished goods | 49,934,784 | 31,081,380 |
Total | $75,486,898 | $34,511,167 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $67,682,974 | $66,159,080 |
Less: accumulated depreciation | -19,621,363 | -15,498,091 |
Total | 48,061,611 | 50,660,989 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 29,930,240 | 29,836,072 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 732,684 | 729,978 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 36,193,501 | 34,796,026 |
Agricultural Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $826,549 | $824,004 |
PROPERTY_PLANT_AND_EQUIPMENT_D1
PROPERTY, PLANT AND EQUIPMENT (Details Textual) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $4,385,103 | $3,214,655 | $3,265,611 |
Intermediate-life Plants, Useful Life | 8 years |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $25,225,143 | $26,608,013 |
Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 11,723,976 | 11,940,658 |
Patented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 498,027 | 744,280 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 6,350,586 | 7,378,823 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 42,874 | 85,430 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $6,609,680 | $6,458,822 |
INTANGIBLE_ASSETS_Details_1
INTANGIBLE ASSETS (Details 1) (Use Rights [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Use Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Land use rights | $13,238,189 | $13,189,280 |
Less: accumulated amortization | -1,514,213 | -1,248,622 |
Total land use rights, net | $11,723,976 | $11,940,658 |
INTANGIBLE_ASSETS_Details_2
INTANGIBLE ASSETS (Details 2) (Patented Technology [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Patented Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Technology know-how | $2,448,191 | $2,439,146 |
Less: accumulated amortization | -1,950,164 | -1,694,866 |
Total land use rights, net | $498,027 | $744,280 |
INTANGIBLE_ASSETS_Details_3
INTANGIBLE ASSETS (Details 3) (Customer Relationships [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships | $10,556,000 | $10,517,000 |
Less: accumulated amortization | -4,205,414 | -3,138,177 |
Total land use rights, net | $6,350,586 | $7,378,823 |
INTANGIBLE_ASSETS_Details_4
INTANGIBLE ASSETS (Details 4) (Noncompete Agreements [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Non-compete agreement | $214,368 | $213,576 |
Less: accumulated amortization | -171,494 | -128,146 |
Total land use rights, net | $42,874 | $85,430 |
INTANGIBLE_ASSETS_Details_5
INTANGIBLE ASSETS (Details 5) (USD $) | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | |
Estimated amortization expenses of intangible assets, June 30, 2015 | $1,612,251 |
Estimated amortization expenses of intangible assets, June 30, 2016 | 1,569,378 |
Estimated amortization expenses of intangible assets, June 30, 2017 | 1,320,364 |
Estimated amortization expenses of intangible assets, June 30, 2018 | 1,320,364 |
Estimated amortization expenses of intangible assets,June 30, 2019 | $1,320,364 |
INTANGIBLE_ASSETS_Details_Text
INTANGIBLE ASSETS (Details Textual) | 1 Months Ended | |||||||||||||
Sep. 25, 2009 | Sep. 25, 2009 | Aug. 13, 2003 | Aug. 13, 2003 | Aug. 16, 2001 | Aug. 16, 2001 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | Jul. 02, 2010 | |
Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Patented Technology [Member] | Patented Technology [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Trademarks [Member] | Trademarks [Member] | |
USD ($) | 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 | $11,885,227 | 73,184,895 | $169,862 | 1,045,950 | $1,183,100 | 7,285,099 | $1,494,080 | 9,200,000 | $10,556,000 | 65,000,000 | $214,368 | 1,320,000 | $6,609,680 | 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 $) | Jun. 30, 2014 | Jun. 30, 2013 |
Accrued Expenses And Other Payables [Line Items] | ||
Payroll payable | $7,964 | $20,191 |
Welfare payable | 166,727 | 166,111 |
Accrued expenses | 2,948,727 | 2,700,468 |
Other payables | 1,049,783 | 921,864 |
Other levy payable | 135,872 | 125,550 |
Total | $4,309,073 | $3,934,184 |
AMOUNT_DUE_TO_RELATED_PARTIES_
AMOUNT DUE TO RELATED PARTIES (Details Textual) | 12 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2012 | Aug. 10, 2013 | Aug. 10, 2013 | |
USD ($) | USD ($) | USD ($) | Xian Techteam Science and Technology Industry Group Co [Member] | Xian Techteam Science and Technology Industry Group Co [Member] | Xian Techteam Investment Holding Group [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | |
Gufeng [Member] | Gufeng [Member] | USD ($) | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | ||||
USD ($) | USD ($) | sqft | sqft | sqft | sqft | |||||||
sqm | sqm | sqm | sqm | |||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Due to Related Parties, Current | $1,758,336 | $1,304,013 | $1,136,800 | $1,304,013 | ||||||||
Total Contracted Value of Agreement | 133,168 | 492,072 | 3,030,000 | |||||||||
Operating Leases, Rent Expense | 63,606 | 63,371 | 433,612 | 4,000 | 24,480 | 3,976 | 24,480 | |||||
Lease Term | 2 years | 2 years | ||||||||||
Date Of New Lease Agreement Entered | 1-Jul-14 | 1-Jul-14 | 1-Jul-12 | 1-Jul-12 | ||||||||
Impairment of Ongoing Project | $196,829 | 1,212,000 | ||||||||||
Land Subject to Ground Leases | 612 | 612 | 612 | 612 |
LOAN_PAYABLES_Details
LOAN PAYABLES (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Debt Instrument [Line Items] | ||
Short term loans | $24,002,720 | $16,099,100 |
Agriculture Bank of China Pinggu Branch [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 15-Jan-14 | |
Debt Instrument, Maturity Date Range, End | 14-Jan-15 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | |
Short term loans | 1,364,160 | |
Industrial and Commercial Bank of China [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 25-Oct-12 | |
Debt Instrument, Maturity Date Range, End | 24-Oct-13 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |
Short term loans | 1,618,000 | |
China Merchants Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 25-Feb-14 | |
Debt Instrument, Maturity Date Range, End | 14-Aug-14 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | |
Short term loans | 2,030,000 | |
Bank of Beijing Pinggu Branch [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 16-Aug-13 | |
Debt Instrument, Maturity Date Range, End | 15-Aug-14 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | |
Short term loans | 1,624,000 | |
Beijing International Trust Co Ltd [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 25-Sep-13 | |
Debt Instrument, Maturity Date Range, End | 24-Sep-14 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | |
Short term loans | 1,624,000 | |
Beijing International Trust Co Ltd 1 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 30-Oct-13 | |
Debt Instrument, Maturity Date Range, End | 29-Oct-14 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | |
Short term loans | 1,624,000 | |
Beijing International Trust Co Ltd 2 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 12-Dec-13 | |
Debt Instrument, Maturity Date Range, End | 11-Dec-14 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | |
Short term loans | 1,624,000 | |
Bank of Tianjin Beijing Branch [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 8-Jan-14 | |
Debt Instrument, Maturity Date Range, End | 7-Jan-15 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | |
Short term loans | 5,684,000 | |
Agriculture Bank of China Pinggu Branch 1 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 24-Mar-14 | |
Debt Instrument, Maturity Date Range, End | 23-Mar-15 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | |
Short term loans | 1,299,200 | |
Bank of Tianjin Beijing Branch 1 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 23-Jan-14 | |
Debt Instrument, Maturity Date Range, End | 22-Jan-15 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Short term loans | 3,053,120 | |
China Merchants Bank 1 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 19-Feb-14 | |
Debt Instrument, Maturity Date Range, End | 18-Feb-15 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | |
Short term loans | 2,436,000 | |
Agriculture Bank of China Pinggu Branch 2 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 25-Apr-14 | |
Debt Instrument, Maturity Date Range, End | 24-Apr-15 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | |
Short term loans | 1,640,240 | |
Agriculture Bank of China Beijing Branch [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 24-Jan-13 | |
Debt Instrument, Maturity Date Range, End | 13-Jan-14 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | |
Short term loans | 1,359,120 | |
Agriculture Bank of China Beijing Branch 1 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 23-Mar-13 | |
Debt Instrument, Maturity Date Range, End | 22-Mar-14 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | |
Short term loans | 1,294,400 | |
Agriculture Bank of China Beijing Branch 2 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 25-Apr-13 | |
Debt Instrument, Maturity Date Range, End | 24-Apr-14 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | |
Short term loans | 1,634,180 | |
Bank of Tianjin [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 28-Jun-13 | |
Debt Instrument, Maturity Date Range, End | 2-Aug-13 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.72% | |
Short term loans | 1,132,600 | |
Bank of Tianjin 1 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 20-Jun-13 | |
Debt Instrument, Maturity Date Range, End | 2-Aug-13 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.72% | |
Short term loans | 970,800 | |
China Merchant Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 30-Aug-12 | |
Debt Instrument, Maturity Date Range, End | 29-Aug-13 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | |
Short term loans | 4,045,000 | |
Industrial and Commercial Bank of China 1 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 25-Sep-12 | |
Debt Instrument, Maturity Date Range, End | 24-Sep-13 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |
Short term loans | 1,618,000 | |
China Minsheng Bank [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | 5-Jan-13 | |
Debt Instrument, Maturity Date Range, End | 4-Jan-14 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | |
Short term loans | $2,427,000 |
LOAN_PAYABLES_Details_Textual
LOAN PAYABLES (Details Textual) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
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 16, 2013 through April 24, 2015 | the short-term loan payables consisted of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 6.00% | 6.30% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.80% | 8.20% | |
Interest Expense, Short-term Borrowings | $1,380,829 | $1,351,157 | $1,590,620 |
TAXES_PAYABLE_Details
TAXES PAYABLE (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Taxes Payable [Line Items] | ||
VAT provision | $61,506 | $36,573 |
Income tax payable | 1,166,683 | 25,348,794 |
Other levies | 693,266 | 343,392 |
Total | $1,921,455 | $25,728,759 |
TAXES_PAYABLE_Details_1
TAXES PAYABLE (Details 1) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Schedule Of Provision For Income Taxes [Line Items] | |||
Current tax - foreign | $8,060,946 | $10,183,988 | $10,801,313 |
Deferred tax | 0 | 0 | 0 |
Income Tax Expense (Benefit) | $8,060,946 | $10,183,988 | $10,801,313 |
TAXES_PAYABLE_Details_2
TAXES PAYABLE (Details 2) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Deferred tax assets: | ||
Net operating loss | $9,616,214 | $6,511,141 |
Total deferred tax assets | 9,616,214 | 6,511,141 |
Less valuation allowance | -9,616,214 | -6,511,141 |
Deferred Tax Assets, Net of Valuation Allowance, Total | $0 | $0 |
TAXES_PAYABLE_Details_3
TAXES PAYABLE (Details 3) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Taxes Payable [Line Items] | |||
Pretax income (loss) | $33,575,641 | $54,958,036 | $52,759,138 |
Expected income tax expense (benefit) | 7,571,979 | 13,384,814 | 11,249,501 |
High-tech income benefits on Jinong | -1,568,160 | -4,430,219 | -4,439,873 |
Losses from subsidiaries in which no benefit is recognized | -1,047,946 | -110,565 | 2,051,401 |
Change in valuation allowance on deferred tax asset from US tax benefit | 3,105,073 | 1,339,958 | 1,940,284 |
Actual tax expense | 8,060,946 | 10,183,988 | 10,801,313 |
Actual tax expense, Percentage | 24.00% | 18.50% | 20.50% |
CHINA | |||
Taxes Payable [Line Items] | |||
Pretax income (loss) | 42,708,208 | 58,899,089 | 58,465,856 |
Expected income tax expense (benefit) | 10,677,052 | 14,724,772 | 13,189,785 |
High-tech income benefits on Jinong | -1,568,160 | -4,430,219 | -4,439,873 |
Losses from subsidiaries in which no benefit is recognized | -1,047,946 | -110,565 | 2,051,401 |
Change in valuation allowance on deferred tax asset from US tax benefit | 0 | 0 | 0 |
Actual tax expense | 8,060,946 | 10,183,988 | 10,801,313 |
Expected income tax expense (benefit), Percentage | 25.00% | 25.00% | 22.60% |
High-tech income benefits on Jinong, Percentage | -3.70% | -7.50% | -7.60% |
Losses from subsidiaries in which no benefit is recognized, Percentage | -2.50% | -0.20% | 3.50% |
Actual tax expense, Percentage | 18.90% | 17.30% | 18.50% |
CHINA | Minimum [Member] | |||
Taxes Payable [Line Items] | |||
Actual tax expense, Percentage | 15.00% | 15.00% | 15.00% |
CHINA | Maximum [Member] | |||
Taxes Payable [Line Items] | |||
Actual tax expense, Percentage | 25.00% | 25.00% | 25.00% |
UNITED STATES | |||
Taxes Payable [Line Items] | |||
Pretax income (loss) | -9,132,567 | -3,941,053 | -5,706,718 |
Expected income tax expense (benefit) | -3,105,073 | -1,339,958 | -1,940,284 |
High-tech income benefits on Jinong | 0 | 0 | 0 |
Losses from subsidiaries in which no benefit is recognized | 0 | 0 | 0 |
Change in valuation allowance on deferred tax asset from US tax benefit | 3,105,073 | 1,339,958 | 1,940,284 |
Actual tax expense | $0 | $0 | $0 |
Expected income tax expense (benefit), Percentage | 34.00% | 34.00% | -34.00% |
High-tech income benefits on Jinong, Percentage | 0.00% | 0.00% | 0.00% |
Losses from subsidiaries in which no benefit is recognized, Percentage | 0.00% | 0.00% | 0.00% |
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage | -34.00% | -34.00% | 34.00% |
Actual tax expense, Percentage | 0.00% | 0.00% | 0.00% |
TAXES_PAYABLE_Details_Textual
TAXES PAYABLE (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2008 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Taxes Payable [Line Items] | ||||
New Enterprise Income Tax Rate | 25.00% | |||
Existing Enterprise Income Tax Rate | 33.00% | |||
Income Tax Rate Reconciliation Tax Holidays | 50.00% | |||
High Tech Income Tax Rate | 15.00% | |||
Income Tax Expense (Benefit) | $8,060,946 | $10,183,988 | $10,801,313 | |
Value Added Tax Rate | 13.00% | |||
Effective Income Tax Rate Reconciliation, Percent | 24.00% | 18.50% | 20.50% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% | |
Jinong [Member] | ||||
Taxes Payable [Line Items] | ||||
Income Tax Expense (Benefit) | 4,249,206 | 6,654,038 | 6,597,765 | |
Gufeng [Member] | ||||
Taxes Payable [Line Items] | ||||
Income Tax Expense (Benefit) | $3,811,740 | $3,529,950 | $4,203,548 | |
Enterprise Income Tax [Member] | ||||
Taxes Payable [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Percent | 25.00% |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERSb EQUITY (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Restricted Stock [Member] | |||
Stockholders Equity [Line Items] | |||
Outstanding (unvested) | 1,652,500 | 721,151 | 281,302 |
Granted | 1,750,000 | 1,750,000 | 1,000,000 |
Forfeited | 0 | 0 | 0 |
Vested | -1,688,500 | -818,651 | -560,151 |
Outstanding (unvested) | 1,714,000 | 1,652,500 | 721,151 |
Fair Value, Outstanding (unvested) | $3,668,948 | $1,637,133 | $1,491,969 |
Fair Value, Granted | 7,490,000 | 5,132,500 | 3,370,000 |
Fair Value, Forfeited | 0 | 0 | 0 |
Fair Value, Vested | -8,054,189 | -3,100,685 | -3,224,836 |
Fair Value, Outstanding (unvested) | $3,104,759 | $3,668,948 | $1,637,133 |
Grand Date Fair Value Per share, Granted | $4.28 | $2.93 | $3.37 |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||
Sep. 12, 2012 | Jul. 28, 2014 | Mar. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jul. 24, 2013 | Jun. 01, 2013 | Jun. 14, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Aug. 09, 2012 | Mar. 08, 2012 | Sep. 26, 2013 | Sep. 26, 2012 | Sep. 28, 2012 | Sep. 30, 2012 | |
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 35,041 | 5,704 | |||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $130,000 | $65,535 | $24,000 | $65,535 | $389,002 | $24,000 | |||||||||||||
Common Stock, Shares Subscribed but Unissued | 151,515 | ||||||||||||||||||
Officers' Compensation | 200,000 | ||||||||||||||||||
Preferred Stock, Shares Authorized | 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 | 0.001 | ||||||||||||||||
Proceeds from Related Party Debt | 650,000 | 0 | 300,000 | ||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 17,356 | 111,605 | 5,704 | ||||||||||||||||
Stock Issued During Period, Value, Issued for Services | 17 | 111 | 6 | ||||||||||||||||
Equity Incentive Plan 2009 [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 970,000 | 1,025,000 | 445,000 | 1,750,000 | |||||||||||||||
Common Stock, Shares Subscribed but Unissued | 555,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,000,000 | ||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 100,000 | 50,000 | 50,000 | ||||||||||||||||
Director [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 10,000 | 10,000 | |||||||||||||||||
Mr Tao Li [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 200,000 | ||||||||||||||||||
Officers' Compensation | 300,000 | 325,000 | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 63,158 | ||||||||||||||||||
Sale of Stock, Price Per Share | $4.75 | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | 300,001 | ||||||||||||||||||
Proceeds from Related Party Debt | 300,000 | ||||||||||||||||||
Mr Tao Li [Member] | Equity Incentive Plan 2009 [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 480,000 | ||||||||||||||||||
Mr Tao Li [Member] | Employee Stock [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 118,778 | 151,515 | |||||||||||||||||
Equity Issuance, Per Share Amount | $4.42 | $3.30 | |||||||||||||||||
Mr Ken Ren [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 200,000 | ||||||||||||||||||
Mr Ken Ren [Member] | Equity Incentive Plan 2009 [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 200,000 | ||||||||||||||||||
Mr Yizhao Zhang [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 40,000 | ||||||||||||||||||
Ms Yiru Shi [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 30,000 | ||||||||||||||||||
Mr Lianfu Liu [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 20,000 | ||||||||||||||||||
Two Twenty Employees [Member] | Equity Incentive Plan 2009 [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 980,000 | ||||||||||||||||||
Consultant [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 4,087 | ||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | 12,950 | ||||||||||||||||||
Legal Services [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 19,665 | ||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | 41,494.13 | ||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Stockholders Equity [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,750,000 | 1,750,000 | 1,000,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,688,500 | 818,651 | 560,151 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $3,104,759 |
STOCK_OPTIONS_Details
STOCK OPTIONS (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding Beginning | 115,099 | 115,099 | 115,099 |
Number of Shares, Granted | 0 | 0 | 0 |
Number of Shares, Forfeited/Cancelled | 0 | 0 | 0 |
Number of Shares, Exercised | 0 | 0 | 0 |
Number of Shares, Outstanding Ending | 115,099 | 115,099 | 115,099 |
Weighted Average Exercise Price, Outstanding, Beginning | $14.66 | $14.66 | $14.66 |
Weighted Average Exercise Price, Outstanding, Ending | $14.66 | $14.66 | $14.66 |
Aggregate Intrinsic Value, Outstanding, Beginning | $0 | $0 | $0 |
Aggregate Intrinsic Value, Outstanding, Ending | $0 | $0 | $0 |
STOCK_OPTIONS_Details_1
STOCK OPTIONS (Details 1) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options, exercise price, lower range limit | $14.02 |
Options, exercise price, upper range limit | $14.70 |
Options, number outstanding | 115,099 |
Options, weighted average exercise price | $14.66 |
Options, weighted average remaining contractual life | 6 months |
CONCENTRATIONS_AND_LITIGIATION1
CONCENTRATIONS AND LITIGIATION (Details Textual) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Concentration Risk [Line Items] | |||
Accounts Payable, Trade, Current | $8,803,074 | $9,426,904 | |
Litigation Settlement, Amount | 2,500,000 | ||
Revenues, Total | 325,923 | 332,941 | 31,544,822 |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 0.10% | 14.70% | 15.00% |
Sinoagri Holding Company Limited [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 6.90% | 14.50% | |
Beijing Baofengnian Agricultural Material Co Ltd [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 18.30% | ||
Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Payable, Trade, Current | 31,597,539 | 33,832,070 | |
Supplier Concentration Risk [Member] | Vendor 1 [Member] | |||
Concentration Risk [Line Items] | |||
Percentage Of Vendor From Purchased By Company | 11.60% | 14.60% | 11.90% |
Supplier Concentration Risk [Member] | Inner Mongolia Shuangying Chemical Products Co Ltd [Member] | |||
Concentration Risk [Line Items] | |||
Advance Payable | 1,389,368 | ||
Supplier Concentration Risk [Member] | Beijing Baofengnian Agricultural Material Co Ltd [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Payable, Trade, Current | 216,842 | ||
Supplier Concentration Risk [Member] | Vendor 2 [Member] | |||
Concentration Risk [Line Items] | |||
Percentage Of Vendor From Purchased By Company | 10.70% | 13.60% | 10.10% |
Customer Concentration Risk [Member] | Sinoagri Holding Company Limited [Member] | |||
Concentration Risk [Line Items] | |||
Revenues, Total | 15,910,503 | 31,509,757 | |
Customer Concentration Risk [Member] | Beijing Baofengnian Agricultural Material Co Ltd [Member] | |||
Concentration Risk [Line Items] | |||
Revenues, Total | $39,735,292 |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||||
Revenues from unaffiliated customers: | ||||||||||||||||
Revenues from unaffiliated customers Consolidated | $72,168,159 | $70,295,981 | $40,634,601 | $50,303,347 | $69,781,691 | $65,872,533 | $41,730,992 | $39,512,740 | $233,402,088 | $216,897,956 | $217,524,205 | |||||
Operating income : | ||||||||||||||||
Operating income Consolidated | 6,588,283 | 9,917,167 | 5,478,488 | 13,333,722 | 17,938,729 | 16,524,411 | 9,898,978 | 11,023,344 | 35,317,660 | 55,385,462 | 53,925,010 | |||||
Stock compensation | -8,119,724 | -3,489,687 | -3,248,836 | |||||||||||||
Net income: | ||||||||||||||||
Net income Consolidated | 4,251,370 | 7,209,131 | 3,675,737 | 10,378,457 | 14,260,661 | 13,410,659 | 8,241,328 | 8,861,400 | 25,514,695 | 44,774,048 | 41,957,825 | |||||
Depreciation and Amortization: | ||||||||||||||||
Depreciation and Amortization Consolidated | 33,261,249 | 14,764,046 | 5,992,866 | |||||||||||||
Interest expense: | ||||||||||||||||
Interest expense Consolidated | 1,380,829 | 1,351,157 | 1,590,620 | |||||||||||||
Capital Expenditure: | ||||||||||||||||
Capital Expenditure Consolidated | 73,664,165 | 32,449,255 | 11,883,947 | |||||||||||||
Identifiable assets: | ||||||||||||||||
Identifiable assets Consolidated | 393,110,210 | 348,728,342 | 393,110,210 | 348,728,342 | ||||||||||||
Jinong [Member] | ||||||||||||||||
Revenues from unaffiliated customers: | ||||||||||||||||
Revenues from unaffiliated customers Consolidated | 117,706,033 | 110,585,022 | 88,168,740 | |||||||||||||
Operating income : | ||||||||||||||||
Operating income Consolidated | 27,765,212 | 44,036,878 | 43,636,915 | |||||||||||||
Net income: | ||||||||||||||||
Net income Consolidated | 23,269,461 | 37,682,986 | 37,363,672 | |||||||||||||
Depreciation and Amortization: | ||||||||||||||||
Depreciation and Amortization Consolidated | 28,456,422 | 10,065,656 | 2,347,530 | |||||||||||||
Capital Expenditure: | ||||||||||||||||
Capital Expenditure Consolidated | 72,128,061 | 31,404,561 | 7,935,098 | |||||||||||||
Identifiable assets: | ||||||||||||||||
Identifiable assets Consolidated | 195,331,283 | 197,232,555 | 195,331,283 | 197,232,555 | ||||||||||||
Gufeng [Member] | ||||||||||||||||
Revenues from unaffiliated customers: | ||||||||||||||||
Revenues from unaffiliated customers Consolidated | 112,011,233 | 102,915,414 | 121,480,943 | |||||||||||||
Operating income : | ||||||||||||||||
Operating income Consolidated | 16,636,156 | 15,322,045 | 18,211,687 | |||||||||||||
Net income: | ||||||||||||||||
Net income Consolidated | 11,271,742 | 10,498,393 | 12,335,102 | |||||||||||||
Depreciation and Amortization: | ||||||||||||||||
Depreciation and Amortization Consolidated | 3,143,837 | 3,298,983 | 2,878,037 | |||||||||||||
Interest expense: | ||||||||||||||||
Interest expense Consolidated | 1,380,829 | 1,351,157 | 1,590,620 | |||||||||||||
Capital Expenditure: | ||||||||||||||||
Capital Expenditure Consolidated | 112,941 | 7,422 | 0 | |||||||||||||
Identifiable assets: | ||||||||||||||||
Identifiable assets Consolidated | 153,655,110 | 108,409,694 | 153,655,110 | 108,409,694 | ||||||||||||
Jintai [Member] | ||||||||||||||||
Revenues from unaffiliated customers: | ||||||||||||||||
Revenues from unaffiliated customers Consolidated | 0 | 0 | 5,792,002 | |||||||||||||
Operating income : | ||||||||||||||||
Operating income Consolidated | 0 | 0 | -1,863,529 | |||||||||||||
Net income: | ||||||||||||||||
Net income Consolidated | 0 | 0 | -1,863,235 | |||||||||||||
Depreciation and Amortization: | ||||||||||||||||
Depreciation and Amortization Consolidated | 0 | 0 | 128,563 | |||||||||||||
Capital Expenditure: | ||||||||||||||||
Capital Expenditure Consolidated | 0 | 0 | 0 | |||||||||||||
Identifiable assets: | ||||||||||||||||
Identifiable assets Consolidated | 0 | 0 | 0 | 0 | ||||||||||||
Yuxing [Member] | ||||||||||||||||
Revenues from unaffiliated customers: | ||||||||||||||||
Revenues from unaffiliated customers Consolidated | 3,684,822 | 3,397,520 | 2,082,520 | |||||||||||||
Operating income : | ||||||||||||||||
Operating income Consolidated | 48,879 | -32,265 | -352,996 | |||||||||||||
Net income: | ||||||||||||||||
Net income Consolidated | 106,059 | 533,722 | -170,996 | |||||||||||||
Depreciation and Amortization: | ||||||||||||||||
Depreciation and Amortization Consolidated | 1,660,990 | 1,399,407 | 638,736 | |||||||||||||
Capital Expenditure: | ||||||||||||||||
Capital Expenditure Consolidated | 1,423,163 | 1,037,272 | 3,948,849 | |||||||||||||
Identifiable assets: | ||||||||||||||||
Identifiable assets Consolidated | 44,003,970 | 43,021,886 | 44,003,970 | 43,021,886 | ||||||||||||
Green New Jersey [Member] | Segment Reconciling Items [Member] | ||||||||||||||||
Operating income : | ||||||||||||||||
Operating income Consolidated | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||
Net income: | ||||||||||||||||
Net income Consolidated | 20 | [1] | 142 | [1] | 347 | [1] | ||||||||||
Identifiable assets: | ||||||||||||||||
Identifiable assets Consolidated | 123,753 | [1] | 68,113 | [1] | 123,753 | [1] | 68,113 | [1] | ||||||||
Parent Company [Member] | ||||||||||||||||
Revenues from unaffiliated customers: | ||||||||||||||||
Revenues from unaffiliated customers Consolidated | 0 | 0 | 0 | |||||||||||||
Parent Company [Member] | Segment Reconciling Items [Member] | ||||||||||||||||
Operating income : | ||||||||||||||||
Operating income Consolidated | -1,078,398 | [2] | -840,511 | [2] | -2,482,232 | [2] | ||||||||||
Stock compensation | -8,054,189 | [2] | -3,100,685 | [2] | -3,224,835 | [2] | ||||||||||
Net income: | ||||||||||||||||
Net income Consolidated | -9,132,587 | [2] | -3,941,195 | [2] | -5,707,065 | [2] | ||||||||||
Identifiable assets: | ||||||||||||||||
Identifiable assets Consolidated | ($3,906) | [2] | ($3,906) | [2] | ($3,906) | [2] | ($3,906) | [2] | ||||||||
[1] | Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. | |||||||||||||||
[2] | Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. |
SEGMENT_REPORTING_Details_1
SEGMENT REPORTING (Details 1) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues, Total | $325,923 | $332,941 | $31,544,822 |
INDIA | Gufeng [Member] | Forty Percent Humic Acid Organic Or Inorganic Fertilizer [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues, Total | 0 | 0 | 31,330,724 |
INDIA | Jinong [Member] | Liquid Fertilizer [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues, Total | 129,351 | 174,150 | 77,576 |
INDIA | Jinong [Member] | Solid Fertilizer [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues, Total | 196,572 | 158,791 | 60,538 |
GHANA | Jinong [Member] | Liquid Fertilizer [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues, Total | $75,984 |
SEGMENT_REPORTING_Details_Text
SEGMENT REPORTING (Details Textual) (Sales Revenue, Net [Member]) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Sales Revenue, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 0.10% | 14.70% | 15.00% |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Jun. 30, 2014 |
Operating Leased Assets [Line Items] | |
2015 | $15,898 |
2016 | 15,898 |
2017 | 15,898 |
2018 | 10,831 |
2019 | $5,765 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Textual) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jan. 31, 2008 | Jan. 31, 2008 | Feb. 29, 2004 | Feb. 29, 2004 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2012 | |
USD ($) | USD ($) | USD ($) | Xian Jinong Hi Tech Agriculture Demonstration Zone [Member] | Xian Jinong Hi Tech Agriculture Demonstration Zone [Member] | Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] | Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | Kingtone Information [Member] | |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | ||||
sqft | sqft | sqft | sqft | ||||||||
sqm | sqm | sqm | sqm | ||||||||
Operating Leased Assets [Line Items] | |||||||||||
Date of New Lease Agreement Entered | 1-Jul-14 | 1-Jul-14 | 1-Jul-12 | 1-Jul-12 | |||||||
Operating Leases, Rent Expense | $63,606 | $63,371 | $433,612 | $844 | 5,200 | $480 | 2,958 | $4,000 | 24,480 | $3,976 | 24,480 |
Lease Term | 10 years | 10 years | 50 years | 50 years | 2 years | 2 years | |||||
Land Subject to Ground Leases | 612 | 612 | 612 | 612 |
VARIABLE_INTEREST_ENTITIES_Det
VARIABLE INTEREST ENTITIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Current Assets | ||||||||||||
Cash and cash equivalents | $26,890,321 | $75,031,489 | $26,890,321 | $75,031,489 | $71,978,630 | $65,606,413 | ||||||
Accounts receivable, net | 88,781,608 | 85,323,442 | 88,781,608 | 85,323,442 | ||||||||
Inventories | 75,486,898 | 34,511,167 | 75,486,898 | 34,511,167 | ||||||||
Advances to suppliers | 32,630,865 | 20,224,206 | 32,630,865 | 20,224,206 | ||||||||
Total Current Assets | 228,212,666 | 227,164,937 | 228,212,666 | 227,164,937 | ||||||||
Plant, Property and Equipment, Net | 48,061,611 | 50,660,989 | 48,061,611 | 50,660,989 | ||||||||
Intangible Assets, Net | 25,225,143 | 26,608,013 | 25,225,143 | 26,608,013 | ||||||||
Total Assets | 393,110,210 | 348,728,342 | 393,110,210 | 348,728,342 | ||||||||
Current Liabilities | ||||||||||||
Accounts payable | 3,378,248 | 3,375,333 | 3,378,248 | 3,375,333 | ||||||||
Amount due to related parties | 1,758,336 | 1,304,013 | 1,758,336 | 1,304,013 | ||||||||
Total Current Liabilities | 61,070,418 | 51,875,050 | 61,070,418 | 51,875,050 | ||||||||
Stockholders' equity | 332,039,792 | 296,853,292 | 332,039,792 | 296,853,292 | 242,256,654 | 191,873,241 | ||||||
Total Liabilities and Stockholders' Equity | 393,110,210 | 348,728,342 | 393,110,210 | 348,728,342 | ||||||||
Revenue | 325,923 | 332,941 | 31,544,822 | |||||||||
Expenses | 55,881,113 | 23,998,392 | 25,350,223 | |||||||||
Net income (loss) | 4,251,370 | 7,209,131 | 3,675,737 | 10,378,457 | 14,260,661 | 13,410,659 | 8,241,328 | 8,861,400 | 25,514,695 | 44,774,048 | 41,957,825 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | 102,777 | 42,975 | 102,777 | 42,975 | ||||||||
Accounts receivable, net | 61,248 | 209,194 | 61,248 | 209,194 | ||||||||
Inventories | 16,538,621 | 15,478,654 | 16,538,621 | 15,478,654 | ||||||||
Other current assets | 12,745 | 7,061 | 12,745 | 7,061 | ||||||||
Advances to suppliers | 53,168 | 101,555 | 53,168 | 101,555 | ||||||||
Total Current Assets | 16,768,559 | 15,839,439 | 16,768,559 | 15,839,439 | ||||||||
Plant, Property and Equipment, Net | 16,450,206 | 16,180,551 | 16,450,206 | 16,180,551 | ||||||||
Construction In Progress | 48,883 | 68,414 | 48,883 | 68,414 | ||||||||
Intangible Assets, Net | 10,736,322 | 10,933,482 | 10,736,322 | 10,933,482 | ||||||||
Total Assets | 44,003,970 | 43,021,886 | 44,003,970 | 43,021,886 | ||||||||
Current Liabilities | ||||||||||||
Accounts payable | 739,526 | 533,773 | 739,526 | 533,773 | ||||||||
Accrued expenses and other payables | 3,086 | 8,673 | 3,086 | 8,673 | ||||||||
Amount due to related parties | 43,142,280 | 42,466,210 | 43,142,280 | 42,466,210 | ||||||||
Total Current Liabilities | 43,884,892 | 43,008,656 | 43,884,892 | 43,008,656 | ||||||||
Stockholders' equity | 119,078 | 13,230 | 119,078 | 13,230 | ||||||||
Total Liabilities and Stockholders' Equity | 44,003,970 | 43,021,886 | 44,003,970 | 43,021,886 | ||||||||
Revenue | 3,684,822 | 3,397,520 | 2,082,520 | |||||||||
Expenses | 3,578,763 | 2,863,798 | 2,253,516 | |||||||||
Net income (loss) | $106,059 | $533,722 | ($170,996) |
RESTRICTED_NET_ASSETS_Details
RESTRICTED NET ASSETS (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Current Liabilities: | ||||
Accounts payable | $3,378,248 | $3,375,333 | ||
Amount due to related parties | 1,758,336 | 1,304,013 | ||
Accrued expenses and other payables | 4,309,073 | 3,934,184 | ||
Total Current Liabilities | 61,070,418 | 51,875,050 | ||
Stockholders' Equities | ||||
Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236, shares issued and outstanding as of June 30, 2014 and 2013, respectively | 32,362 | 29,943 | ||
Additional paid-in capital | 114,605,214 | 105,962,909 | ||
Accumulated other comprehensive income | 22,840,491 | 21,813,410 | ||
Retained earnings | 172,021,331 | 148,925,125 | ||
Total Stockholders' Equity | 332,039,792 | 296,853,292 | 242,256,654 | 191,873,241 |
Total Liabilities and Stockholders' Equity | 393,110,210 | 348,728,342 | ||
Parent Company [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 117,939 | 62,299 | ||
Other current assets | 1,908 | 1,908 | ||
Total Current Assets | 119,847 | 64,207 | ||
Long-term equity investment | 335,598,200 | 299,923,857 | ||
Total long term assets | 335,598,200 | 299,923,857 | ||
Total Assets | 335,718,047 | 299,988,064 | ||
Current Liabilities: | ||||
Accounts payable | 214,520 | 394,520 | ||
Amount due to related parties | 588,343 | 138,343 | ||
Accrued expenses and other payables | 2,875,392 | 2,601,909 | ||
Total Current Liabilities | 3,678,255 | 3,134,772 | ||
Stockholders' Equities | ||||
Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236, shares issued and outstanding as of June 30, 2014 and 2013, respectively | 32,362 | 29,943 | ||
Additional paid-in capital | 114,605,214 | 105,962,909 | ||
Accumulated other comprehensive income | 22,840,491 | 21,813,410 | ||
Retained earnings | 194,561,725 | 169,047,030 | ||
Total Stockholders' Equity | 332,039,792 | 296,853,292 | ||
Total Liabilities and Stockholders' Equity | $335,718,047 | $299,988,064 |
RESTRICTED_NET_ASSETS_Details_
RESTRICTED NET ASSETS (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue | $72,168,159 | $70,295,981 | $40,634,601 | $50,303,347 | $69,781,691 | $65,872,533 | $41,730,992 | $39,512,740 | $233,402,088 | $216,897,956 | $217,524,205 |
General and administrative expenses | 14,515,884 | 9,632,523 | 13,801,407 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
General and administrative expenses | 9,132,587 | 3,941,195 | 5,707,065 | ||||||||
Interest income (expense) | 20 | 142 | 347 | ||||||||
Equity investment in subsidiaries | 34,647,262 | 48,715,101 | 47,664,543 | ||||||||
Net income | $25,514,695 | $44,774,048 | $41,957,825 |
RESTRICTED_NET_ASSETS_Details_1
RESTRICTED NET ASSETS (Details 2) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $16,612,352 | $32,090,827 | $6,400,398 |
Net cash provided by (used in) investing activities | -73,664,165 | -32,449,255 | -11,883,947 |
Net cash provided by financing activities | 8,513,240 | 1,839,915 | 10,278,376 |
Cash and cash equivalents, beginning balance | 75,031,489 | 71,978,630 | 65,606,413 |
Cash and cash equivalents, ending balance | 26,890,321 | 75,031,489 | 71,978,630 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 55,640 | -215,239 | -1,286,612 |
Net cash provided by (used in) investing activities | 0 | 0 | 0 |
Net cash provided by financing activities | 0 | 0 | 600,001 |
Cash and cash equivalents, beginning balance | 62,299 | 277,538 | 964,149 |
Cash and cash equivalents, ending balance | $117,939 | $62,299 | $277,538 |
RESTRICTED_NET_ASSETS_Details_2
RESTRICTED NET ASSETS (Details Textual) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||
Restricted Investments, Percent of Net Assets | 25.00% | 25.00% |
Common Stock, Par Or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 115,197,165 | 115,197,165 |
Common Stock, Shares, Issued | 32,362,534 | 29,943,236 |
Common Stock, Shares, Outstanding | 32,362,534 | 29,943,236 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common Stock, Par Or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 115,197,165 | 115,197,165 |
Common Stock, Shares, Issued | 32,362,534 | 29,943,236 |
Common Stock, Shares, Outstanding | 32,362,534 | 29,943,236 |
SELECTED_QUARTERLY_DATA_UNAUDI2
SELECTED QUARTERLY DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Selected Quarterly Financial Information [Line Items] | |||||||||||
Net Revenue | $72,168,159 | $70,295,981 | $40,634,601 | $50,303,347 | $69,781,691 | $65,872,533 | $41,730,992 | $39,512,740 | $233,402,088 | $216,897,956 | $217,524,205 |
Gross Profit | 23,716,855 | 26,160,715 | 18,851,515 | 22,469,688 | 24,511,243 | 21,745,705 | 16,193,533 | 16,933,373 | 91,198,773 | 79,383,854 | 79,275,233 |
Income (loss) from operation | 6,588,283 | 9,917,167 | 5,478,488 | 13,333,722 | 17,938,729 | 16,524,411 | 9,898,978 | 11,023,344 | 35,317,660 | 55,385,462 | 53,925,010 |
Other income (expense) | -726,289 | -368,954 | -352,861 | -293,915 | -251,484 | 17,768 | 118,250 | -311,960 | -1,742,019 | -427,426 | -1,165,872 |
Net income (loss) | $4,251,370 | $7,209,131 | $3,675,737 | $10,378,457 | $14,260,661 | $13,410,659 | $8,241,328 | $8,861,400 | $25,514,695 | $44,774,048 | $41,957,825 |
Earnings (loss) per shares - basic (in dollars per share) | $0.11 | $0.23 | $0.12 | $0.35 | $0.51 | $0.48 | $0.30 | $0.32 | $0.81 | $1.61 | $1.56 |
Earnings (loss) per shares - diluted (in dollars per share) | $0.11 | $0.23 | $0.12 | $0.35 | $0.51 | $0.48 | $0.30 | $0.32 | $0.81 | $1.61 | $1.56 |