Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | China Green Agriculture, Inc. | |
Entity Central Index Key | 857,949 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | CGA | |
Entity Common Stock, Shares Outstanding | 36,978,605 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 90,470,157 | $ 92,982,564 |
Accounts receivable, net | 74,730,414 | 68,528,598 |
Amount due from related parties | 613,452 | 0 |
Inventories | 108,506,803 | 101,302,947 |
Prepaid expenses and other current assets | 482,232 | 459,400 |
Advances to suppliers, net | 37,331,983 | 40,910,837 |
Total Current Assets | 312,135,041 | 304,184,346 |
Plant, Property and Equipment, Net | 39,578,484 | 44,634,194 |
Other Receivables, Net of current portion | 0 | 0 |
Deferred Asset, Net | 21,661,860 | 51,527,209 |
Other Assets | 122,353 | 185,480 |
Intangible Assets, Net | 21,433,707 | 23,805,746 |
Goodwill | 4,970,063 | 5,245,643 |
Total Assets | 399,901,508 | 429,582,618 |
Current Liabilities | ||
Accounts payable | 2,599,720 | 2,372,130 |
Customer deposits | 5,380,817 | 19,129,853 |
Accrued expenses and other payables | 5,334,105 | 4,952,977 |
Amount due to related parties | 2,206,144 | 2,068,102 |
Taxes payable | 3,850,312 | 4,504,542 |
Short term loans | 4,808,100 | 23,605,540 |
Total Current Liabilities | $ 24,179,198 | $ 56,633,144 |
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, 36,978,605 and 35,905,198 shares issued and outstanding as of March 31, 2016 and June 30, 2015, respectively | 36,978 | 35,905 |
Additional paid-in capital | 126,373,464 | 123,360,384 |
Statutory reserve | 26,708,547 | 25,030,688 |
Retained earnings | 216,901,378 | 198,814,259 |
Accumulated other comprehensive income | 5,701,943 | 25,708,238 |
Total Stockholders' Equity | 375,722,310 | 372,949,474 |
Total Liabilities and Stockholders' Equity | $ 399,901,508 | $ 429,582,618 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Jun. 30, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 115,197,165 | 115,197,165 |
Common stock, shares issued | 36,978,605 | 35,905,198 |
Common stock, shares, outstanding | 36,978,605 | 35,905,198 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Sales | ||||
Net sales | $ 78,638,474 | $ 79,487,215 | $ 189,788,745 | $ 184,840,179 |
Cost of goods sold | ||||
Cost of goods sold | 53,904,185 | 51,296,698 | 118,230,726 | 109,066,234 |
Gross profit | 24,734,289 | 28,190,517 | 71,558,019 | 75,773,945 |
Operating expenses | ||||
Selling expenses | 3,441,511 | 2,054,025 | 11,070,369 | 4,770,727 |
Selling expenses - amortization of deferred asset | 8,780,893 | 10,604,586 | 27,158,360 | 31,587,102 |
General and administrative expenses | 2,204,771 | 2,606,749 | 7,864,395 | 8,920,360 |
Total operating expenses | 14,427,175 | 15,265,360 | 46,093,124 | 45,278,189 |
Income from operations | 10,307,114 | 12,925,157 | 25,464,895 | 30,495,756 |
Other income (expense) | ||||
Other income (expense) | (2,473) | 10,651 | (6,307) | 57,355 |
Interest income | 263,768 | 161,625 | 416,700 | 229,979 |
Interest expense | (211,734) | (363,958) | (943,413) | (1,179,617) |
Total other income (expense) | 49,561 | (191,682) | (533,020) | (892,283) |
Income before income taxes | 10,356,675 | 12,733,475 | 24,931,875 | 29,603,473 |
Provision for income taxes | 2,104,904 | 2,817,281 | 5,166,897 | 6,372,760 |
Net income | 8,251,771 | 9,916,194 | 19,764,978 | 23,230,713 |
Other comprehensive income (loss) | ||||
Foreign currency translation gain (loss) | 2,722,073 | 1,534,901 | (20,006,295) | 2,161,055 |
Comprehensive income (loss) | $ 10,973,844 | $ 11,451,095 | $ (241,317) | $ 25,391,768 |
Basic weighted average shares outstanding (in shares) | 36,962,166 | 34,783,456 | 36,610,131 | 33,471,214 |
Basic net earnings per share (in dollars per share) | $ 0.22 | $ 0.29 | $ 0.54 | $ 0.69 |
Diluted weighted average shares outstanding (in shares) | 36,962,166 | 34,783,456 | 36,610,131 | 33,471,214 |
Diluted net earnings per share (in dollars per share) | $ 0.22 | $ 0.29 | $ 0.54 | $ 0.69 |
Jinong [Member] | ||||
Sales | ||||
Net sales | $ 31,602,239 | $ 33,289,393 | $ 97,612,604 | $ 98,946,251 |
Cost of goods sold | ||||
Cost of goods sold | 13,353,222 | 13,623,964 | 41,328,293 | 39,318,627 |
Operating expenses | ||||
Income from operations | 5,854,750 | 7,263,622 | 17,509,024 | 23,322,997 |
Other income (expense) | ||||
Net income | 5,023,016 | 6,202,243 | 15,023,381 | 19,849,731 |
Gufeng [Member] | ||||
Sales | ||||
Net sales | 43,762,058 | 45,022,730 | 85,576,564 | 82,787,611 |
Cost of goods sold | ||||
Cost of goods sold | 38,109,311 | 36,814,676 | 72,567,833 | 67,448,840 |
Operating expenses | ||||
Income from operations | 4,805,591 | 6,999,283 | 10,468,423 | 12,126,494 |
Other income (expense) | ||||
Interest expense | (211,734) | (363,958) | (943,413) | (1,179,617) |
Net income | 3,577,278 | 5,048,243 | 7,247,542 | 8,223,840 |
Yuxing [Member] | ||||
Sales | ||||
Net sales | 3,274,177 | 1,175,092 | 6,599,577 | 3,106,317 |
Cost of goods sold | ||||
Cost of goods sold | 2,441,652 | 858,058 | 4,334,600 | 2,298,767 |
Operating expenses | ||||
Income from operations | 543,855 | 125,021 | 1,461,365 | 535,592 |
Other income (expense) | ||||
Net income | $ 548,559 | $ 128,397 | $ 1,467,943 | $ 646,347 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 19,764,978 | $ 23,230,713 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Issuance of common stock and stock options for compensation | 3,014,153 | 4,344,098 |
Depreciation and amortization | 31,245,614 | 35,902,903 |
Loss on disposal of property, plant and equipment | 1,375 | 26,152 |
Changes in operating assets | ||
Accounts receivable | (9,877,811) | 17,421,141 |
Amount due from related parties | (618,198) | 0 |
Other current assets | (52,579) | (122,023) |
Inventories | (12,622,730) | (47,471,638) |
Advances to suppliers | 1,440,660 | 16,603,898 |
Other assets | 53,797 | (96,445) |
Changes in operating liabilities | ||
Accounts payable | 343,579 | 938,026 |
Customer deposits | (12,842,647) | 248,937 |
Tax payables | (420,814) | 6,385,762 |
Accrued expenses and other payables | 456,970 | 505,846 |
Amount due to related parties | 0 | 0 |
Net cash provided by operating activities | 19,886,347 | 57,917,370 |
Cash flows from investing activities | ||
Purchase of plant, property, and equipment | (16,608) | (415,768) |
Proceeds from other receivables | 0 | 1,968,670 |
Deferred assets | 0 | (9,228,043) |
Net cash used in investing activities | (16,608) | (7,675,141) |
Cash flows from financing activities | ||
Proceeds from the sale of common stock | 0 | 1,872,593 |
Proceeds from loans | 5,626,800 | 19,702,970 |
Repayment of loans | (23,319,960) | (22,403,790) |
Payment of dividends | 0 | (2,161,904) |
Advance from related party | 200,000 | 300,400 |
Net cash used in financing activities | (17,493,160) | (2,689,731) |
Effect of exchange rate change on cash and cash equivalents | (4,888,986) | 343,032 |
Net increase in cash and cash equivalents | (2,512,407) | 47,895,530 |
Cash and cash equivalents, beginning balance | 92,982,564 | 26,890,321 |
Cash and cash equivalents, ending balance | 90,470,157 | 74,785,851 |
Supplement disclosure of cash flow information | ||
Interest expense paid | 943,413 | 1,179,637 |
Income taxes paid | $ 583,304 | $ 836,913 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Mar. 31, 2016 | |
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 TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (“Yuxing”), a Variable Interest Entity (“VIE”) in the PRC controlled by Jinong through contractual agreements; (iv) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (“Gufeng”), and (v) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng’s wholly-owned subsidiary in the PRC (“Tianjuyuan”). The Company’s corporate structure as of March 31, 2016 is set forth in the diagram below: The unaudited consolidated financial statements were prepared by Company pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) were omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K. The results for the nine months ended March 31, 2016, are not necessarily indicative of the results to be expected for the year ending June 30, 2016. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. 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. 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 People’s 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 two banks in China. The aggregate cash in such accounts and on hand as of March 31, 2016 and June 30, 2015 was $ 90,470,157 92,982,564 77,000 500,000 47,972 306,376 500,000 Deferred assets represent amounts that the distributors owed to the Company in their marketing efforts and developing standard stores to expand the competitiveness and market shares of the Company’s products . The amount owed to the Company 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 nine months ended March 31, 2016 and 2015, the Company amortized $ 31,245,614 35,902,903 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 (G.A.A.P), 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. 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. Nine Months Ended March 31, 2016 2015 Net Income for Basic Earnings Per Share $ 19,764,978 $ 13,314,519 Basic Weighted Average Number of Shares 36,610,131 32,829,357 Net Income Per Share Basic $ 0.54 $ 0.41 Net Income for Diluted Earnings Per Share $ 19,764,978 $ 13,314,519 Diluted Weighted Average Number of Shares 36,610,131 32,829,357 Net Income Per Share Diluted $ 0.54 $ 0.41 Three months Ended March 31, 2016 2015 Net Income for Basic Earnings Per Share $ 8,251,771 $ 9,916,194 Basic Weighted Average Number of Shares 36,962,166 34,783,456 Net Income Per Share Basic $ 0.22 $ 0.29 Net Income for Diluted Earnings Per Share $ 8,251,771 $ 9,916,194 Diluted Weighted Average Number of Shares 36,962,166 34,783,456 Net Income Per Share Diluted $ 0.22 $ 0.29 Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2015 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported. 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) FASB Accounting Standards Update No. 2015-01 In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement Extraordinary and Unusual items (Subtopic 225-20) FASB Accounting Standards Update No. 2015-02 In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. FASB Accounting Standards Update No. 2015-14 In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. FASB Accounting Standards Update No. 2015-16 In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805). In November 2015, FASB issued ASU No. 2015-17, Income Taxes-Balance Sheet Classification of Deferred Taxes 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 | 9 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORIES March 31, June 30, 2016 2015 Raw materials $ 77,093,013 $ 48,294,614 Supplies and packing materials $ 618,972 $ 529,398 Work in progress $ 420,671 $ 348,670 Finished goods $ 30,374,147 $ 52,130,265 Total $ 108,506,803 $ 101,302,947 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PROPERTY, PLANT AND EQUIPMENT March 31, June 30, 2016 2015 Building and improvements $ 41,979,732 $ 43,699,066 Auto 603,230 900,562 Machinery and equipment 21,620,797 23,173,209 Agriculture assets 789,395 833,165 Total property, plant and equipment 64,993,155 68,606,002 Less: accumulated depreciation (25,414,671) (23,971,808) Total $ 39,578,484 $ 44,634,194 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 - INTANGIBLE ASSETS March 31, June 30, 2016 2015 Land use rights, net $ 10,760,822 $ 11,554,776 Technology patent, net 59,455 251,008 Customer relationships, net 4,300,860 5,337,372 Trademarks 6,312,570 6,662,590 Total $ 21,433,707 $ 23,805,746 LAND USE RIGHT On September 25, 2009, Yuxing was granted a land use right for approximately 88 73,184,895 11,350,977 50 On August 13, 2003, Tianjuyuan was granted a certificate of Land Use Right for a parcel of land of approximately 11 1,045,950 162,227 50 On August 16, 2001, Jinong received a land use right as a contribution from a shareholder, which was granted by the People’s Government and Land & Resources Bureau of Yangling District, Shaanxi Province. The fair value of the related intangible asset at the time of the contribution was determined to be RMB 7,285,099 1,129,919 50 March 31, June 30, 2016 2015 Land use rights $ 12,643,123 $ 13,344,160 Less: accumulated amortization (1,882,301) ) (1,789,384) Total land use rights, net $ 10,760,822 $ 11,554,776 TECHNOLOGY PATENT On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The fair value on the acquired technology patent was estimated to be RMB 9,200,000 1,426,920 March 31, June 30, 2016 2015 Technology know-how $ 2,338,143 $ 2,467,789 Less: accumulated amortization (2,278,688) ) (2,216,781) Total technology know-how, net $ 59,455 $ 251,008 CUSTOMER RELATIONSHIP On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. 65,000,000 10,081,500 March 31, June 30, 2016 2015 Customer relationships $ 10,081,500 $ 10,640,500 Less: accumulated amortization (5,780,640) ) (5,303,128) Total customer relationships, net $ 4,300,860 $ 5,337,372 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 RMB 40,700,000 6,312,570 AMORTIZATION EXPENSE AMORTIZATION TABLE Year Ends Expense ($) March 31, 2016 1,320,467 March 31, 2017 1,261,012 March 31, 2018 1,261,012 March 31, 2019 1,261,012 March 31, 2020 504,899 |
ACCRUED EXPENSES AND OTHER PAYA
ACCRUED EXPENSES AND OTHER PAYABLES | 9 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Payables Disclosure [Text Block] | NOTE 6 - ACCRUED EXPENSES AND OTHER PAYABLES March 31, June 30, 2016 2015 Payroll payable $ 8,647 $ 18,451 Welfare payable 159,232 168,061 Accrued expenses 4,058,550 3,554,733 Other payables 977,911 1,098,705 Other levy payable 129,765 113,027 Total $ 5,334,105 $ 4,952,977 |
RELATED PARTIES TRANSACTIONS
RELATED PARTIES TRANSACTIONS | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 7 - RELATED PARTIES TRANSACTIONS As of March 31, 2016 and June 30, 2015, the amount due from related parties was $ 613,452 0 613,452 At the end of December 2015, Yuxing entered into a sales agreement with 900LH.com pursuant to which Yuxing is to supply various vegetables to 900LH.com for its incoming seasonal sales at the holidays and year ends (the “Sales Agreement”). The contingent contracted value of the Sales Agreement is RMB 25,500,000 3,955,050 For the nine months ended March 31, 2016, Yuxing has sold approximately $ 613,452 As of March 31, 2016 and June 30, 2015, the amount due to related parties was $ 2,206,144 2,068,102 1,116,743 1,184,643 On June 29, 2014, Jinong signed an office lease with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), where Mr. Tao Li, Chairman and CEO of the Company, serves as its Chairman.. Pursuant to the lease, Jinong rented 612 6,588 July 1, 2014 24,480 3,797 |
LOAN PAYABLES
LOAN PAYABLES | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | NOTE 8- LOAN PAYABLES 5.00 5.82 No. Payee Loan Period per agreement Interest Rate March 31, 2016 1 Agriculture Bank of China-Pinggu Branch May 12, 2015 Apr. 29, 2016 5.80 % $ 2,016,300 2 Bank of Tianjin- Beijing Branch Aug. 11, 2015 Aug. 2, 2016 5.82 % 1,551,000 3 Agriculture Bank of China-Pinggu Branch Jan. 19, 2016 Jan. 17, 2017 5 % 1,240,800 Total $ 4,808,100 As of June 30, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from August 5, 2015 through April 29, 2016 with interest rates ranging from 5.60 7.80 No. Payee Loan period per agreement Interest Rate June 30, 2015 1 Beijing Bank Pinggu Branch Aug. 6, 2014 Aug. 5, 2015 6.72 % $ 1,637,000 2 China Merchants Bank Chaoyang Branch Aug. 27, 2014 Aug. 26, 2015 7.80 % 1,637,000 3 Beijing International Trust Co., Ltd Sep. 24, 2014 Sep. 23, 2015 7.80 % 1,637,000 4 Beijing International Trust Co., Ltd Oct. 28, 2014 Oct. 27, 2015 7.80 % 1,637,000 5 Beijing International Trust Co., Ltd Dec. 26, 2014 Dec. 15, 2015 7.28 % 1,637,000 6 Agriculture Bank of China-Pinggu Branch Jan. 21, 2015 Jan. 20, 2016 6.16 % 1,309,600 7 Tianjin Bank Beijing Branch Feb. 3, 2015 Jan. 27, 2016 6.16 % 6,548,000 8 Tianjin Bank Beijing Branch Feb. 11, 2015 Feb. 10, 2016 5.60 % 4,616,340 9 China Merchants Bank Chaoyang Branch Mar. 16, 2015 Mar. 15, 2016 6.96 % 818,500 10 Agriculture Bank of China-Pinggu Branch May 12, 2015 Apr. 29, 2016 5.89 % 2,128,100 Total $ 23,605,540 The interest expense from short-term loans were $ 943,413 1,179,617 |
TAXES PAYABLE
TAXES PAYABLE | 9 Months Ended |
Mar. 31, 2016 | |
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 33 50 15 2,701,887 3,581,931 25 2,465,010 2,790,829 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 Exemption of VAT for Organic Fertilizer Products Reinstatement of VAT for Fertilizer Products Supplementary Reinstatement of VAT for Fertilizer Products Income Taxes and Related Payables March 31, June 30, 2016 2015 VAT provision $ 48,938 $ 27,251 Income tax payable 3,123,472 3,778,339 Other levies 677,902 698,952 Total $ 3,850,312 $ 4,504,542 Tax Rate Reconciliation Our effective tax rates were approximately 24.7 23.3 34 March 31, 2016 China United States 15% - 25% 34% Total Pretax income (loss) $ 24,931,875 $ (3,973,888) $ 20,957,987 Expected income tax expense (benefit) 6,232,969 25 % (1,351,122) 34.0 % 4,881,847 High-tech income benefits on Jinong (1,729,430) (6.94) % - - (1,729,430) Losses from subsidiaries in which no benefit is recognized 663,358 2.66 % - - 663,358 Change in valuation allowance on deferred tax asset from US tax benefit - 1,351,122 (34.0) % 1,351,122 Actual tax expense $ 5,166,897 21 % $ - - % $ 3,061,993 24.7 % March 31, 2015 China United States 15% - 25% 34% Total Pretax income (loss) $ 35,186,323 $ (7,472,676) $ 27,713,647 Expected income tax expense (benefit) 8,796,581 25.0 % (2,540,710) 34.0 % 6,255,871 High-tech income benefits on Jinong (2,305,732) (6.6) % - - (2,305,732) Losses from subsidiaries in which no benefit is recognized (40,527) (0.1) % - - (40,527) Change in valuation allowance on deferred tax asset from US tax benefit - 2,540,170 (34.0) % 2,540,710 Actual tax expense $ 6,450,322 18.3 % $ - - % $ 6,540,322 23.3 % |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Mar. 31, 2016 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 STOCKHOLDERS’ EQUITY Common Stock On September 12, 2014, the Company’ Compensation Committee, approved the issuance of 87,719 200,000 2.28 On September 30, 2014, the Company granted an aggregate of 1,750,000 240,000 100,000 40,000 30,000 20,000 1,320,000 3,675,000 On September 28, 2015, the Company granted an aggregate of 1,000,000 1,660,000 Grant Date Number of Fair Value of Fair Value Shares Shares Per share Outstanding (unvested) at June 30, 2015 1,708,000 $ 1,797,992 Granted 1,000,000 1,660,000 $ 1.66 Forfeited - - Vested (1,716,000) (2,899,390) Outstanding (unvested) at March 31, 2016 992,000 $ 558,602 As of March 31, 2016, the unamortized expense related to the grant of restricted shares of common stock of $ 558,602 Dividend On October 1, 2014, the Company's Board of Directors declared a cash dividend of $ 0.10 3,296,156 2,161,904 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 As of March 31, 2016, 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. |
CONCENTRATIONS AND LITIGATION
CONCENTRATIONS AND LITIGATION | 9 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration and Litigation [Text Block] | NOTE 11 CONCENTRATIONS AND LITIGATION 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 was one vendor from which the Company purchased 14.2 11,174,000 There were three vendors from which the Company purchased 17.0 12.4 11.6 9,322,106 There was one customer accounted for 37.8 There was one customer accounted over 28.0 |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 12 SEGMENT REPORTING Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Revenues from unaffiliated customers: Revenues from unaffiliated customers: Jinong $ 31,602,239 $ 33,289,393 Jinong $ 97,612,604 $ 98,946,251 Gufeng 43,762,058 45,022,730 Gufeng 85,576,564 82,787,611 Yuxing 3,274,177 1,175,092 Yuxing 6,599,577 3,106,317 Consolidated $ 78,638,474 $ 79,487,215 Consolidated $ 189,788,745 $ 184,840,179 Operating income : Operating income : Jinong $ 5,854,750 $ 7,263,622 Jinong $ 17,509,024 $ 23,322,997 Gufeng 4,805,591 6,999,283 Gufeng 10,468,423 12,126,494 Yuxing 543,855 125,021 Yuxing 1,461,365 535,592 Reconciling item (1) 0 0 Reconciling item (1) 0 0 Reconciling item (2) (41,454) (381,644) Reconciling item (2) (261,208) (1,338,332) Reconciling item (2)stock compensation (855,628) (1,081,125) Reconciling item (2)stock compensation (3,712,709) (4,150,995) Consolidated $ 10,307,114 $ 12,925,157 Consolidated $ 25,464,895 $ 30,495,756 Net income: Net income: Jinong $ 5,023,016 $ 6,202,243 Jinong $ 15,023,381 $ 19,849,731 Gufeng 3,577,278 5,048,243 Gufeng 7,247,542 8,223,840 Yuxing 548,559 128,397 Yuxing 1,467,943 646,347 Reconciling item (1) 0 80 Reconciling item (1) 29 122 Reconciling item (2) (897,082) (1,462,769) Reconciling item (2) (3,973,917) (5,489,327) Consolidated $ 8,251,771 $ 9,916,194 Consolidated $ 19,764,978 $ 23,230,713 Depreciation and Amortization: Depreciation and Amortization: Jinong $ 8,723,607 $ 10,831,046 Jinong $ 28,015,696 $ 32,319,450 Gufeng 747,160 840,225 Gufeng 2,221,221 2,539,935 Yuxing 328,956 349,952 Yuxing 1,008,697 1,043,518 Consolidated $ 9,799,723 $ 12,021,223 Consolidated $ 31,245,614 $ 35,902,903 Interest expense: Interest expense: Gufeng 211,734 363,958 Gufeng 943,413 1,179,617 Consolidated $ 211,734 $ 363,958 Consolidated $ 943,413 $ 1,179,617 Capital Expenditure: Capital Expenditure: Jinong $ 616 $ 9,893 Jinong $ 7,259 $ 9,232,410 Gufeng 1,962 544 Gufeng 1,962 13,578 Yuxing 938 27,630 Yuxing 7,387 397,823 Consolidated $ 3,516 $ 38,067 Consolidated $ 16,608 $ 9,643,811 As of As of March 31, June 30, 2016 2015 Identifiable assets: Jinong $ 200,739,190 $ 219,259,401 Gufeng 152,211,833 165,267,975 Yuxing 46,902,443 44,745,889 Reconciling item (1) 50,921 312,198 Reconciling item (2) (2,879) (2,845) Consolidated $ 399,901,508 $ 348,728,342 (1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. (2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | NOTE 13 - COMMITMENTS AND CONTINGENCIES On June 29, 2014, Jinong signed an office lease with Kingtone Information. Pursuant to the lease, Jinong rented 612 6,588 July 1, 2014 3,797 24,480 In February 2004, Tianjuyuan signed a fifty-year lease with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District, at a monthly rent of $ 480 3,119 Accordingly, the Company recorded an aggregate of $ 16,898 5,505 Years ending March 31, 2017 $ 16,896 2018 5,505 2019 5,505 2020 5,505 2021 5,505 |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | NOTE 14 VARIABLE INTEREST ENTITIES In accordance with accounting standards regarding consolidation of variable interest entities, VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. All VIEs with which a company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. 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 Company has concluded, based on the contractual arrangements, that Yuxing is a VIE and that the Company’s wholly-owned subsidiary, Jinong, absorbs a majority of the risk of loss from the activities of Yuxing, thereby enabling the Company, through Jinong, to receive a majority of Yuxing expected residual returns. As a result of the VIE Agreements, Green Nevada is able to exercise control over Yuxing and is 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. March 31 June 30, 2016 2015 ASSETS Current Assets Cash and cash equivalents $ 235,350 $ 79,867 Accounts receivable, net 135,092 72,748 Inventories 18,677,259 18,138,137 Other current assets 665,289 48,845 Advances to suppliers 3,222,535 61,739 Total Current Assets 22,935,525 18,401,336 Plant, Property and Equipment, Net 14,045,185 15,692,975 Construction In Progress 65,301 68,921 Intangible Assets, Net 9,856,432 10,582,657 Total Assets $ 46,902,443 $ 44,745,889 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 280,490 $ 159,730 Accrued expenses and other payables 311,108 222,871 Amount due to related parties 44,305,540 43,488,198 Total Current Liabilities 44,616,648 43,870,799 Stockholders' equity 2,285,795 875,090 Total Liabilities and Stockholders' Equity $ 46,902,443 $ 44,745,889 Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Revenue $ 3,274,177 $ 1,175,092 $ 6,599,577 $ 3,106,317 Expenses 2,725,619 1,046,695 5,131,634 2,459,970 Net income (loss) $ 548,558 $ 128,397 $ 1,467,943 $ 646,347 |
BASIS OF PRESENTATION AND SUM20
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principle of consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan and VIE Yuxing. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. |
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 People’s 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 two banks in China. The aggregate cash in such accounts and on hand as of March 31, 2016 and June 30, 2015 was $ 90,470,157 92,982,564 77,000 500,000 47,972 306,376 500,000 |
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 competitiveness and market shares of the Company’s products . The amount owed to the Company 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 nine months ended March 31, 2016 and 2015, the Company amortized $ 31,245,614 35,902,903 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 (G.A.A.P), 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. |
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. Nine Months Ended March 31, 2016 2015 Net Income for Basic Earnings Per Share $ 19,764,978 $ 13,314,519 Basic Weighted Average Number of Shares 36,610,131 32,829,357 Net Income Per Share Basic $ 0.54 $ 0.41 Net Income for Diluted Earnings Per Share $ 19,764,978 $ 13,314,519 Diluted Weighted Average Number of Shares 36,610,131 32,829,357 Net Income Per Share Diluted $ 0.54 $ 0.41 Three months Ended March 31, 2016 2015 Net Income for Basic Earnings Per Share $ 8,251,771 $ 9,916,194 Basic Weighted Average Number of Shares 36,962,166 34,783,456 Net Income Per Share Basic $ 0.22 $ 0.29 Net Income for Diluted Earnings Per Share $ 8,251,771 $ 9,916,194 Diluted Weighted Average Number of Shares 36,962,166 34,783,456 Net Income Per Share Diluted $ 0.22 $ 0.29 |
Reclassification, Policy [Policy Text Block] | Reclassification Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2015 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements FASB Accounting Standards Update No. 2014-09 In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09) FASB Accounting Standards Update No. 2015-01 In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement Extraordinary and Unusual items (Subtopic 225-20) FASB Accounting Standards Update No. 2015-02 In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. FASB Accounting Standards Update No. 2015-14 In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. FASB Accounting Standards Update No. 2015-16 In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805). In November 2015, FASB issued ASU No. 2015-17, Income Taxes-Balance Sheet Classification of Deferred Taxes 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 SUM21
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The components of basic and diluted earnings per share consist of the following: Nine Months Ended March 31, 2016 2015 Net Income for Basic Earnings Per Share $ 19,764,978 $ 13,314,519 Basic Weighted Average Number of Shares 36,610,131 32,829,357 Net Income Per Share Basic $ 0.54 $ 0.41 Net Income for Diluted Earnings Per Share $ 19,764,978 $ 13,314,519 Diluted Weighted Average Number of Shares 36,610,131 32,829,357 Net Income Per Share Diluted $ 0.54 $ 0.41 Three months Ended March 31, 2016 2015 Net Income for Basic Earnings Per Share $ 8,251,771 $ 9,916,194 Basic Weighted Average Number of Shares 36,962,166 34,783,456 Net Income Per Share Basic $ 0.22 $ 0.29 Net Income for Diluted Earnings Per Share $ 8,251,771 $ 9,916,194 Diluted Weighted Average Number of Shares 36,962,166 34,783,456 Net Income Per Share Diluted $ 0.22 $ 0.29 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following: March 31, June 30, 2016 2015 Raw materials $ 77,093,013 $ 48,294,614 Supplies and packing materials $ 618,972 $ 529,398 Work in progress $ 420,671 $ 348,670 Finished goods $ 30,374,147 $ 52,130,265 Total $ 108,506,803 $ 101,302,947 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consisted of the following: March 31, June 30, 2016 2015 Building and improvements $ 41,979,732 $ 43,699,066 Auto 603,230 900,562 Machinery and equipment 21,620,797 23,173,209 Agriculture assets 789,395 833,165 Total property, plant and equipment 64,993,155 68,606,002 Less: accumulated depreciation (25,414,671) (23,971,808) Total $ 39,578,484 $ 44,634,194 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impaired Intangible Assets [Table Text Block] | Intangible assets consisted of the following: March 31, June 30, 2016 2015 Land use rights, net $ 10,760,822 $ 11,554,776 Technology patent, net 59,455 251,008 Customer relationships, net 4,300,860 5,337,372 Trademarks 6,312,570 6,662,590 Total $ 21,433,707 $ 23,805,746 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expenses of intangible assets for the next five twelve months periods ended March 31, 2016, are as follows: AMORTIZATION TABLE Year Ends Expense ($) March 31, 2016 1,320,467 March 31, 2017 1,261,012 March 31, 2018 1,261,012 March 31, 2019 1,261,012 March 31, 2020 504,899 |
Use Rights [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impaired Intangible Assets [Table Text Block] | The Land Use Rights consisted of the following: March 31, June 30, 2016 2015 Land use rights $ 12,643,123 $ 13,344,160 Less: accumulated amortization (1,882,301) ) (1,789,384) Total land use rights, net $ 10,760,822 $ 11,554,776 |
Developed Technology Rights [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impaired Intangible Assets [Table Text Block] | The technology know-how consisted of the following: March 31, June 30, 2016 2015 Technology know-how $ 2,338,143 $ 2,467,789 Less: accumulated amortization (2,278,688) ) (2,216,781) Total technology know-how, net $ 59,455 $ 251,008 |
Customer Relationships [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impaired Intangible Assets [Table Text Block] | The fair value on the acquired customer relationships was estimated to be RMB 65,000,000 10,081,500 March 31, June 30, 2016 2015 Customer relationships $ 10,081,500 $ 10,640,500 Less: accumulated amortization (5,780,640) ) (5,303,128) Total customer relationships, net $ 4,300,860 $ 5,337,372 |
ACCRUED EXPENSES AND OTHER PA25
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accrued expenses and other payables consisted of the following: March 31, June 30, 2016 2015 Payroll payable $ 8,647 $ 18,451 Welfare payable 159,232 168,061 Accrued expenses 4,058,550 3,554,733 Other payables 977,911 1,098,705 Other levy payable 129,765 113,027 Total $ 5,334,105 $ 4,952,977 |
LOAN PAYABLES (Tables)
LOAN PAYABLES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | As of March 31, 2016, the short-term loan payables consisted of three loans which mature on dates ranging from April 29, 2016 through January 17, 2017 with interest rates ranging from 5.00 5.82 No. Payee Loan Period per agreement Interest Rate March 31, 2016 1 Agriculture Bank of China-Pinggu Branch May 12, 2015 Apr. 29, 2016 5.80 % $ 2,016,300 2 Bank of Tianjin- Beijing Branch Aug. 11, 2015 Aug. 2, 2016 5.82 % 1,551,000 3 Agriculture Bank of China-Pinggu Branch Jan. 19, 2016 Jan. 17, 2017 5 % 1,240,800 Total $ 4,808,100 As of June 30, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from August 5, 2015 through April 29, 2016 with interest rates ranging from 5.60 7.80 No. Payee Loan period per agreement Interest Rate June 30, 2015 1 Beijing Bank Pinggu Branch Aug. 6, 2014 Aug. 5, 2015 6.72 % $ 1,637,000 2 China Merchants Bank Chaoyang Branch Aug. 27, 2014 Aug. 26, 2015 7.80 % 1,637,000 3 Beijing International Trust Co., Ltd Sep. 24, 2014 Sep. 23, 2015 7.80 % 1,637,000 4 Beijing International Trust Co., Ltd Oct. 28, 2014 Oct. 27, 2015 7.80 % 1,637,000 5 Beijing International Trust Co., Ltd Dec. 26, 2014 Dec. 15, 2015 7.28 % 1,637,000 6 Agriculture Bank of China-Pinggu Branch Jan. 21, 2015 Jan. 20, 2016 6.16 % 1,309,600 7 Tianjin Bank Beijing Branch Feb. 3, 2015 Jan. 27, 2016 6.16 % 6,548,000 8 Tianjin Bank Beijing Branch Feb. 11, 2015 Feb. 10, 2016 5.60 % 4,616,340 9 China Merchants Bank Chaoyang Branch Mar. 16, 2015 Mar. 15, 2016 6.96 % 818,500 10 Agriculture Bank of China-Pinggu Branch May 12, 2015 Apr. 29, 2016 5.89 % 2,128,100 Total $ 23,605,540 |
TAXES PAYABLE (Tables)
TAXES PAYABLE (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Taxes Payable [Abstract] | |
Schedule of Tax Payable [Table Text Block] | Taxes payable consisted of the following: March 31, June 30, 2016 2015 VAT provision $ 48,938 $ 27,251 Income tax payable 3,123,472 3,778,339 Other levies 677,902 698,952 Total $ 3,850,312 $ 4,504,542 |
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 March 31, 2016 China United States 15% - 25% 34% Total Pretax income (loss) $ 24,931,875 $ (3,973,888) $ 20,957,987 Expected income tax expense (benefit) 6,232,969 25 % (1,351,122) 34.0 % 4,881,847 High-tech income benefits on Jinong (1,729,430) (6.94) % - - (1,729,430) Losses from subsidiaries in which no benefit is recognized 663,358 2.66 % - - 663,358 Change in valuation allowance on deferred tax asset from US tax benefit - 1,351,122 (34.0) % 1,351,122 Actual tax expense $ 5,166,897 21 % $ - - % $ 3,061,993 24.7 % March 31, 2015 China United States 15% - 25% 34% Total Pretax income (loss) $ 35,186,323 $ (7,472,676) $ 27,713,647 Expected income tax expense (benefit) 8,796,581 25.0 % (2,540,710) 34.0 % 6,255,871 High-tech income benefits on Jinong (2,305,732) (6.6) % - - (2,305,732) Losses from subsidiaries in which no benefit is recognized (40,527) (0.1) % - - (40,527) Change in valuation allowance on deferred tax asset from US tax benefit - 2,540,170 (34.0) % 2,540,710 Actual tax expense $ 6,450,322 18.3 % $ - - % $ 6,540,322 23.3 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table sets forth changes in compensation-related restricted stock awards during nine months ended March 31, 2016: Grant Date Number of Fair Value of Fair Value Shares Shares Per share Outstanding (unvested) at June 30, 2015 1,708,000 $ 1,797,992 Granted 1,000,000 1,660,000 $ 1.66 Forfeited - - Vested (1,716,000) (2,899,390) Outstanding (unvested) at March 31, 2016 992,000 $ 558,602 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of March 31, 2016, the Company was organized into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production), and Yuxing (agricultural products production). Each of the three operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment. Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Revenues from unaffiliated customers: Revenues from unaffiliated customers: Jinong $ 31,602,239 $ 33,289,393 Jinong $ 97,612,604 $ 98,946,251 Gufeng 43,762,058 45,022,730 Gufeng 85,576,564 82,787,611 Yuxing 3,274,177 1,175,092 Yuxing 6,599,577 3,106,317 Consolidated $ 78,638,474 $ 79,487,215 Consolidated $ 189,788,745 $ 184,840,179 Operating income : Operating income : Jinong $ 5,854,750 $ 7,263,622 Jinong $ 17,509,024 $ 23,322,997 Gufeng 4,805,591 6,999,283 Gufeng 10,468,423 12,126,494 Yuxing 543,855 125,021 Yuxing 1,461,365 535,592 Reconciling item (1) 0 0 Reconciling item (1) 0 0 Reconciling item (2) (41,454) (381,644) Reconciling item (2) (261,208) (1,338,332) Reconciling item (2)stock compensation (855,628) (1,081,125) Reconciling item (2)stock compensation (3,712,709) (4,150,995) Consolidated $ 10,307,114 $ 12,925,157 Consolidated $ 25,464,895 $ 30,495,756 Net income: Net income: Jinong $ 5,023,016 $ 6,202,243 Jinong $ 15,023,381 $ 19,849,731 Gufeng 3,577,278 5,048,243 Gufeng 7,247,542 8,223,840 Yuxing 548,559 128,397 Yuxing 1,467,943 646,347 Reconciling item (1) 0 80 Reconciling item (1) 29 122 Reconciling item (2) (897,082) (1,462,769) Reconciling item (2) (3,973,917) (5,489,327) Consolidated $ 8,251,771 $ 9,916,194 Consolidated $ 19,764,978 $ 23,230,713 Depreciation and Amortization: Depreciation and Amortization: Jinong $ 8,723,607 $ 10,831,046 Jinong $ 28,015,696 $ 32,319,450 Gufeng 747,160 840,225 Gufeng 2,221,221 2,539,935 Yuxing 328,956 349,952 Yuxing 1,008,697 1,043,518 Consolidated $ 9,799,723 $ 12,021,223 Consolidated $ 31,245,614 $ 35,902,903 Interest expense: Interest expense: Gufeng 211,734 363,958 Gufeng 943,413 1,179,617 Consolidated $ 211,734 $ 363,958 Consolidated $ 943,413 $ 1,179,617 Capital Expenditure: Capital Expenditure: Jinong $ 616 $ 9,893 Jinong $ 7,259 $ 9,232,410 Gufeng 1,962 544 Gufeng 1,962 13,578 Yuxing 938 27,630 Yuxing 7,387 397,823 Consolidated $ 3,516 $ 38,067 Consolidated $ 16,608 $ 9,643,811 As of As of March 31, June 30, 2016 2015 Identifiable assets: Jinong $ 200,739,190 $ 219,259,401 Gufeng 152,211,833 165,267,975 Yuxing 46,902,443 44,745,889 Reconciling item (1) 50,921 312,198 Reconciling item (2) (2,879) (2,845) Consolidated $ 399,901,508 $ 348,728,342 (1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. (2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Leases [Abstract] | |
Schedule of Rent Expense [Table Text Block] | Rent expenses for the next five years ended March 31, are as follows: Years ending March 31, 2017 $ 16,896 2018 5,505 2019 5,505 2020 5,505 2021 5,505 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of March 31, 2016 and June 30, 2015: March 31 June 30, 2016 2015 ASSETS Current Assets Cash and cash equivalents $ 235,350 $ 79,867 Accounts receivable, net 135,092 72,748 Inventories 18,677,259 18,138,137 Other current assets 665,289 48,845 Advances to suppliers 3,222,535 61,739 Total Current Assets 22,935,525 18,401,336 Plant, Property and Equipment, Net 14,045,185 15,692,975 Construction In Progress 65,301 68,921 Intangible Assets, Net 9,856,432 10,582,657 Total Assets $ 46,902,443 $ 44,745,889 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 280,490 $ 159,730 Accrued expenses and other payables 311,108 222,871 Amount due to related parties 44,305,540 43,488,198 Total Current Liabilities 44,616,648 43,870,799 Stockholders' equity 2,285,795 875,090 Total Liabilities and Stockholders' Equity $ 46,902,443 $ 44,745,889 Three months ended March 31, Nine months ended March 31, 2016 2015 2016 2015 Revenue $ 3,274,177 $ 1,175,092 $ 6,599,577 $ 3,106,317 Expenses 2,725,619 1,046,695 5,131,634 2,459,970 Net income (loss) $ 548,558 $ 128,397 $ 1,467,943 $ 646,347 |
BASIS OF PRESENTATION AND SUM32
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net Income for Basic Earnings Per Share | $ 8,251,771 | $ 9,916,194 | $ 19,764,978 | $ 23,230,713 |
Basic Weighted Average Number of Shares (in shares) | 36,962,166 | 34,783,456 | 36,610,131 | 33,471,214 |
Net Income Per Share - Basic (in dollars per share) | $ 0.22 | $ 0.29 | $ 0.54 | $ 0.69 |
Net Income for Diluted Earnings Per Share (in shares) | $ 8,251,771 | $ 9,916,194 | $ 19,764,978 | $ 13,314,519 |
Diluted Weighted Average Number of Shares (in shares) | 36,962,166 | 34,783,456 | 36,610,131 | 33,471,214 |
Net Income Per Share - Diluted (in dollars per share) | $ 0.22 | $ 0.29 | $ 0.54 | $ 0.69 |
BASIS OF PRESENTATION AND SUM33
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 9 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016CNY (¥) | Jun. 30, 2015USD ($) | |
Amortization of Deferred Assets | $ 31,245,614 | $ 35,902,903 | ||
Deposits, Total | 77,000 | ¥ 500,000 | ||
China Banks [Member] | ||||
Interest-bearing Deposits in Banks and Other Financial Institutions | 90,470,157 | $ 92,982,564 | ||
United States Banks [Member] | ||||
Interest-bearing Deposits in Banks and Other Financial Institutions | 47,972 | $ 306,376 | ||
Cash, FDIC Insured Amount | $ 500,000 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Inventory [Line Items] | ||
Raw materials | $ 77,093,013 | $ 48,294,614 |
Supplies and packing materials | 618,972 | 529,398 |
Work in progress | 420,671 | 348,670 |
Finished goods | 30,374,147 | 52,130,265 |
Total | $ 108,506,803 | $ 101,302,947 |
PROPERTY, PLANT AND EQUIPMENT35
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 64,993,155 | $ 68,606,002 |
Less: accumulated depreciation | (25,414,671) | (23,971,808) |
Total | 39,578,484 | 44,634,194 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 41,979,732 | 43,699,066 |
Auto [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 603,230 | 900,562 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 21,620,797 | 23,173,209 |
Agricultural Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 789,395 | $ 833,165 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 21,433,707 | $ 23,805,746 |
Land use rights, net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 10,760,822 | 11,554,776 |
Technology patent, net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 59,455 | 251,008 |
Customer relationships, net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 4,300,860 | 5,337,372 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 6,312,570 | $ 6,662,590 |
INTANGIBLE ASSETS (Details 1)
INTANGIBLE ASSETS (Details 1) - Use Rights [Member] - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Land use rights | $ 12,643,123 | $ 13,344,160 |
Less: accumulated amortization | (1,882,301) | (1,789,384) |
Total land use rights, net | $ 10,760,822 | $ 11,554,776 |
INTANGIBLE ASSETS (Details 2)
INTANGIBLE ASSETS (Details 2) - Patented Technology [Member] - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Technology know-how | $ 2,338,143 | $ 2,467,789 |
Less: accumulated amortization | (2,278,688) | (2,216,781) |
Total technology know-how, net | $ 59,455 | $ 251,008 |
INTANGIBLE ASSETS (Details 3)
INTANGIBLE ASSETS (Details 3) - Customer Relationships [Member] - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships | $ 10,081,500 | $ 10,640,500 |
Less: accumulated amortization | (5,780,640) | (5,303,128) |
Total customer relationships, net | $ 4,300,860 | $ 5,337,372 |
INTANGIBLE ASSETS (Details 4)
INTANGIBLE ASSETS (Details 4) | Mar. 31, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
March 31, 2016 | $ 1,320,467 |
March 31, 2017 | 1,261,012 |
March 31, 2018 | 1,261,012 |
March 31, 2019 | 1,261,012 |
March 31, 2020 | $ 504,899 |
INTANGIBLE ASSETS (Details Text
INTANGIBLE ASSETS (Details Textual) | 1 Months Ended | |||||||
Sep. 25, 2009USD ($)a | Aug. 13, 2003USD ($)a | Aug. 16, 2001USD ($) | Jul. 02, 2010USD ($) | Jul. 02, 2010CNY (¥) | Sep. 25, 2009CNY (¥)a | Aug. 13, 2003CNY (¥)a | Aug. 16, 2001CNY (¥) | |
Use Rights [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible Assets Land Use Right | 88 | 11 | 88 | 11 | ||||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 11,350,977 | $ 162,227 | $ 1,129,919 | ¥ 73,184,895 | ¥ 1,045,950 | ¥ 7,285,099 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 50 years | 50 years | 50 years | |||||
Patented Technology [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 1,426,920 | ¥ 9,200,000 | ||||||
Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | 10,081,500 | 65,000,000 | ||||||
Trademarks [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 6,312,570 | ¥ 40,700,000 |
ACCRUED EXPENSES AND OTHER PA42
ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Accrued Expenses And Other Payables [Line Items] | ||
Payroll payable | $ 8,647 | $ 18,451 |
Welfare payable | 159,232 | 168,061 |
Accrued expenses | 4,058,550 | 3,554,733 |
Other payables | 977,911 | 1,098,705 |
Other levy payable | 129,765 | 113,027 |
Total | $ 5,334,105 | $ 4,952,977 |
RELATED PARTIES TRANSACTIONS (D
RELATED PARTIES TRANSACTIONS (Details Textual) | 1 Months Ended | 9 Months Ended | ||||
Jun. 29, 2014USD ($)m² | Jun. 29, 2014CNY (¥)m² | Mar. 31, 2016USD ($) | Mar. 31, 2016CNY (¥) | Jun. 30, 2015USD ($) | Jun. 29, 2014ft² | |
Operating Leased Assets [Line Items] | ||||||
Due to Related Parties, Current | $ 2,206,144 | $ 2,068,102 | ||||
Due from Related Parties, Current | 613,452 | 0 | ||||
Revenue from Related Parties | 613,452 | |||||
900LHCom [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Total Contracted Value of Agreement | 3,955,050 | ¥ 25,500,000 | ||||
Yuxing [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Due from Related Parties, Current | 613,452 | |||||
Xian Techteam Science and Technology Industry Group Co [Member] | Gufeng [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Due to Related Parties, Current | $ 1,116,743 | $ 1,184,643 | ||||
Kingtone Information [Member] | ||||||
Operating Leased Assets [Line Items] | ||||||
Date Of New Lease Agreement Entered | Jul. 1, 2014 | Jul. 1, 2014 | ||||
Land Subject to Ground Leases | 612 | 612 | 6,588 | |||
Monthly Rent Expenses | $ 3,797 | ¥ 24,480 |
LOAN PAYABLES (Details)
LOAN PAYABLES (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Short-term Debt [Line Items] | ||
Short term loans | $ 4,808,100 | $ 23,605,540 |
Bank of Beijing Pinggu Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Aug. 6, 2014 | |
Debt Instrument, Maturity Date Range, End | Aug. 5, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.72% | |
Short term loans | $ 1,637,000 | |
China Merchants Bank Chaoyangmen Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Aug. 27, 2014 | |
Debt Instrument, Maturity Date Range, End | Aug. 26, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | |
Short term loans | $ 1,637,000 | |
Beijing International Trust Co Ltd [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Sep. 24, 2014 | |
Debt Instrument, Maturity Date Range, End | Sep. 23, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | |
Short term loans | $ 1,637,000 | |
Beijing International Trust Co Ltd 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Oct. 28, 2014 | |
Debt Instrument, Maturity Date Range, End | Oct. 27, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | |
Short term loans | $ 1,637,000 | |
Beijing International Trust Co Ltd 2 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Dec. 26, 2014 | |
Debt Instrument, Maturity Date Range, End | Dec. 15, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.28% | |
Short term loans | $ 1,637,000 | |
Agriculture Bank of China Pinggu Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | May 12, 2015 | Jan. 21, 2015 |
Debt Instrument, Maturity Date Range, End | Apr. 29, 2016 | Jan. 20, 2016 |
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | 6.16% |
Short term loans | $ 2,016,300 | $ 1,309,600 |
Bank of Tianjin Beijing Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Aug. 11, 2015 | Feb. 3, 2015 |
Debt Instrument, Maturity Date Range, End | Aug. 2, 2016 | Jan. 27, 2016 |
Debt Instrument, Interest Rate, Stated Percentage | 5.82% | 6.16% |
Short term loans | $ 1,551,000 | $ 6,548,000 |
Bank of Tianjin Beijing Branch 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Feb. 11, 2015 | |
Debt Instrument, Maturity Date Range, End | Feb. 10, 2016 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |
Short term loans | $ 4,616,340 | |
China Merchants Bank Chaoyangmen Branch 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Mar. 16, 2015 | |
Debt Instrument, Maturity Date Range, End | Mar. 15, 2016 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.96% | |
Short term loans | $ 818,500 | |
Agriculture Bank of China Pinggu Branch 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Jan. 19, 2016 | May 12, 2015 |
Debt Instrument, Maturity Date Range, End | Jan. 17, 2017 | Apr. 29, 2016 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.89% |
Short term loans | $ 1,240,800 | $ 2,128,100 |
LOAN PAYABLES (Details Textual)
LOAN PAYABLES (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | |||
Interest Expense, Short-term Borrowings | $ 943,413 | $ 1,179,617 | |
Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.00% | 5.60% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.82% | 7.80% |
TAXES PAYABLE (Details)
TAXES PAYABLE (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Taxes Payable [Line Items] | ||
VAT provision | $ 48,938 | $ 27,251 |
Income tax payable | 3,123,472 | 3,778,339 |
Other levies | 677,902 | 698,952 |
Total | $ 3,850,312 | $ 4,504,542 |
TAXES PAYABLE (Details 1)
TAXES PAYABLE (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Taxes Payable [Line Items] | ||||
Pretax income (loss) | $ 10,356,675 | $ 12,733,475 | $ 24,931,875 | $ 29,603,473 |
Expected income tax expense (benefit) | 4,881,847 | 6,255,871 | ||
High-tech income benefits on Jinong | (1,729,430) | (2,305,732) | ||
Losses from subsidiaries in which no benefit is recognized | 663,358 | (40,527) | ||
Change in valuation allowance on deferred tax asset from US tax benefit | 1,351,122 | 2,540,710 | ||
Actual tax expense | $ 2,104,904 | $ 2,817,281 | $ 5,166,897 | $ 6,372,760 |
Actual tax expense, Percentage | 24.70% | 23.30% | ||
CHINA | ||||
Taxes Payable [Line Items] | ||||
Pretax income (loss) | $ 24,931,875 | $ 35,186,323 | ||
Expected income tax expense (benefit) | 6,232,969 | 8,796,581 | ||
High-tech income benefits on Jinong | (1,729,430) | (2,305,732) | ||
Losses from subsidiaries in which no benefit is recognized | 663,358 | (40,527) | ||
Change in valuation allowance on deferred tax asset from US tax benefit | 0 | 0 | ||
Actual tax expense | $ 5,166,897 | $ 6,450,322 | ||
Expected income tax expense (benefit), Percentage | 25.00% | 25.00% | ||
High-tech income benefits on Jinong, Percentage | (6.94%) | (6.60%) | ||
Losses from subsidiaries in which no benefit is recognized, Percentage | 2.66% | (0.10%) | ||
Actual tax expense, Percentage | 21.00% | 18.30% | ||
CHINA | Minimum [Member] | ||||
Taxes Payable [Line Items] | ||||
Actual tax expense, Percentage | 15.00% | 15.00% | ||
CHINA | Maximum [Member] | ||||
Taxes Payable [Line Items] | ||||
Actual tax expense, Percentage | 25.00% | 25.00% | ||
UNITED STATES | ||||
Taxes Payable [Line Items] | ||||
Pretax income (loss) | $ (3,973,888) | $ (7,472,676) | ||
Expected income tax expense (benefit) | (1,351,122) | (2,540,710) | ||
High-tech income benefits on Jinong | 0 | 0 | ||
Losses from subsidiaries in which no benefit is recognized | 0 | 0 | ||
Change in valuation allowance on deferred tax asset from US tax benefit | 1,351,122 | 2,540,170 | ||
Actual tax expense | $ 0 | $ 0 | ||
Expected income tax expense (benefit), Percentage | 34.00% | 34.00% | ||
High-tech income benefits on Jinong, Percentage | 0.00% | 0.00% | ||
Losses from subsidiaries in which no benefit is recognized, Percentage | 0.00% | 0.00% | ||
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage | (34.00%) | (34.00%) | ||
Actual tax expense, Percentage | 0.00% | 0.00% |
TAXES PAYABLE (Details Textual)
TAXES PAYABLE (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2008 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Taxes Payable [Line Items] | |||||
Income Tax Expense (Benefit) | $ 2,104,904 | $ 2,817,281 | $ 5,166,897 | $ 6,372,760 | |
Value Added Tax Rate | 13.00% | ||||
Effective Income Tax Rate Reconciliation, Percent | 24.70% | 23.30% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | |||
Enterprise Income Tax [Member] | |||||
Taxes Payable [Line Items] | |||||
New Enterprise Income Tax Rate | 25.00% | ||||
Existing Enterprise Income Tax Rate | 33.00% | ||||
Income Tax Rate Reconciliation Tax Holidays | 50.00% | ||||
High Tech Income Tax Rate | 15.00% | ||||
Enterprise Income Tax [Member] | Jinong [Member] | |||||
Taxes Payable [Line Items] | |||||
Income Tax Expense (Benefit) | $ 2,701,887 | $ 3,581,931 | |||
Enterprise Income Tax [Member] | Gufeng [Member] | |||||
Taxes Payable [Line Items] | |||||
Income Tax Expense (Benefit) | $ 2,465,010 | $ 2,790,829 | |||
Effective Income Tax Rate Reconciliation, Percent | 25.00% |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member] | 9 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Outstanding (unvested) | shares | 1,708,000 |
Granted | shares | 1,000,000 |
Forfeited | shares | 0 |
Vested | shares | (1,716,000) |
Outstanding (unvested) | shares | 992,000 |
Fair Value, Outstanding (unvested) | $ | $ 1,797,992 |
Fair Value, Granted | $ | 1,660,000 |
Fair Value, Forfeited | $ | 0 |
Fair Value, Vested | $ | (2,899,390) |
Fair Value, Outstanding (unvested) | $ | $ 558,602 |
Grand Date Fair Value Per share, Granted | $ / shares | $ 1.66 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | Sep. 30, 2014 | Sep. 12, 2014 | Sep. 28, 2015 | Jan. 30, 2015 | Mar. 31, 2016 | Jun. 30, 2015 | Oct. 01, 2014 |
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 3,675,000 | 1,660,000 | |||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | |||||
Dividends Payable, Amount Per Share | $ 0.10 | ||||||
Dividends Payable | $ 3,296,156 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 558,602 | ||||||
Cash Dividends Paid to Parent Company | $ 2,161,904 | ||||||
Equity Incentive Plan 2009 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,750,000 | 1,000,000 | |||||
Ten Employee [Member] | Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 200,000 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 87,719 | ||||||
Share Price | $ 2.28 | ||||||
Mr Tao Li [Member] | Equity Incentive Plan 2009 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 240,000 | ||||||
Mr Ken Ren [Member] | Equity Incentive Plan 2009 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 100,000 | ||||||
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 | ||||||
Other Employees [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,320,000 |
CONCENTRATIONS AND LITIGATION (
CONCENTRATIONS AND LITIGATION (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplier Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Payable, Trade, Current | $ 11,174,000 | $ 9,322,106 |
Supplier Concentration Risk [Member] | Vendor One [Member] | Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 14.20% | 17.00% |
Supplier Concentration Risk [Member] | Vendor Two [Member] | Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 12.40% | |
Supplier Concentration Risk [Member] | Vendor Three [Member] | Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 11.60% | |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 37.80% | 28.00% |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | ||
Revenues from unaffiliated customers: | ||||||
Revenues from unaffiliated customers Consolidated | $ 78,638,474 | $ 79,487,215 | $ 189,788,745 | $ 184,840,179 | ||
Operating income : | ||||||
Operating income Consolidated | 10,307,114 | 12,925,157 | 25,464,895 | 30,495,756 | ||
Stock compensation | (3,014,153) | (4,344,098) | ||||
Net income: | ||||||
Net income Consolidated | 8,251,771 | 9,916,194 | 19,764,978 | 23,230,713 | ||
Depreciation and Amortization: | ||||||
Depreciation and Amortization Consolidated | 9,799,723 | 12,021,223 | 31,245,614 | 35,902,903 | ||
Interest expense: | ||||||
Interest expense Consolidated | 211,734 | 363,958 | 943,413 | 1,179,617 | ||
Capital Expenditure: | ||||||
Capital Expenditure Consolidated | 3,516 | 38,067 | 16,608 | 9,643,811 | ||
Identifiable assets: | ||||||
Identifiable assets Consolidated | 399,901,508 | 399,901,508 | $ 429,582,618 | |||
Jinong [Member] | ||||||
Revenues from unaffiliated customers: | ||||||
Revenues from unaffiliated customers Consolidated | 31,602,239 | 33,289,393 | 97,612,604 | 98,946,251 | ||
Operating income : | ||||||
Operating income Consolidated | 5,854,750 | 7,263,622 | 17,509,024 | 23,322,997 | ||
Net income: | ||||||
Net income Consolidated | 5,023,016 | 6,202,243 | 15,023,381 | 19,849,731 | ||
Depreciation and Amortization: | ||||||
Depreciation and Amortization Consolidated | 8,723,607 | 10,831,046 | 28,015,696 | 32,319,450 | ||
Capital Expenditure: | ||||||
Capital Expenditure Consolidated | 616 | 9,893 | 7,259 | 9,232,410 | ||
Identifiable assets: | ||||||
Identifiable assets Consolidated | 200,739,190 | 200,739,190 | 219,259,401 | |||
Gufeng [Member] | ||||||
Revenues from unaffiliated customers: | ||||||
Revenues from unaffiliated customers Consolidated | 43,762,058 | 45,022,730 | 85,576,564 | 82,787,611 | ||
Operating income : | ||||||
Operating income Consolidated | 4,805,591 | 6,999,283 | 10,468,423 | 12,126,494 | ||
Net income: | ||||||
Net income Consolidated | 3,577,278 | 5,048,243 | 7,247,542 | 8,223,840 | ||
Depreciation and Amortization: | ||||||
Depreciation and Amortization Consolidated | 747,160 | 840,225 | 2,221,221 | 2,539,935 | ||
Interest expense: | ||||||
Interest expense Consolidated | 211,734 | 363,958 | 943,413 | 1,179,617 | ||
Capital Expenditure: | ||||||
Capital Expenditure Consolidated | 1,962 | 544 | 1,962 | 13,578 | ||
Identifiable assets: | ||||||
Identifiable assets Consolidated | 152,211,833 | 152,211,833 | 165,267,975 | |||
Yuxing [Member] | ||||||
Revenues from unaffiliated customers: | ||||||
Revenues from unaffiliated customers Consolidated | 3,274,177 | 1,175,092 | 6,599,577 | 3,106,317 | ||
Operating income : | ||||||
Operating income Consolidated | 543,855 | 125,021 | 1,461,365 | 535,592 | ||
Net income: | ||||||
Net income Consolidated | 548,559 | 128,397 | 1,467,943 | 646,347 | ||
Depreciation and Amortization: | ||||||
Depreciation and Amortization Consolidated | 328,956 | 349,952 | 1,008,697 | 1,043,518 | ||
Capital Expenditure: | ||||||
Capital Expenditure Consolidated | 938 | 27,630 | 7,387 | 397,823 | ||
Identifiable assets: | ||||||
Identifiable assets Consolidated | 46,902,443 | 46,902,443 | 44,745,889 | |||
Green New Jersey [Member] | Segment Reconciling Items [Member] | ||||||
Operating income : | ||||||
Operating income Consolidated | [1] | 0 | 0 | 0 | 0 | |
Net income: | ||||||
Net income Consolidated | [1] | 0 | 80 | 29 | 122 | |
Identifiable assets: | ||||||
Identifiable assets Consolidated | [1] | 50,921 | 50,921 | 312,198 | ||
Parent Company [Member] | Segment Reconciling Items [Member] | ||||||
Operating income : | ||||||
Operating income Consolidated | [2] | (41,454) | (381,644) | (261,208) | (1,338,332) | |
Stock compensation | [2] | (855,628) | (1,081,125) | (3,712,709) | (4,150,995) | |
Net income: | ||||||
Net income Consolidated | [2] | (897,082) | $ (1,462,769) | (3,973,917) | $ (5,489,327) | |
Identifiable assets: | ||||||
Identifiable assets Consolidated | [2] | $ (2,879) | $ (2,879) | $ (2,845) | ||
[1] | Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. | |||||
[2] | Reconciling amounts refer to the unallocated assets or expenses of the Parent Company. |
COMMITMENTS AND CONTINGENCIES53
COMMITMENTS AND CONTINGENCIES (Details) | Mar. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 16,896 |
2,018 | 5,505 |
2,019 | 5,505 |
2,020 | 5,505 |
2,021 | $ 5,505 |
COMMITMENTS AND CONTINGENCIES54
COMMITMENTS AND CONTINGENCIES (Details Textual) | 1 Months Ended | 9 Months Ended | |||||
Jun. 29, 2014USD ($)m² | Jun. 29, 2014CNY (¥)m² | Feb. 29, 2004USD ($) | Feb. 29, 2004CNY (¥) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Jun. 29, 2014ft² | |
Operating Leased Assets [Line Items] | |||||||
Operating Leases, Rent Expense | $ 16,898 | $ 5,505 | |||||
Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating Leases, Rent Expense | $ 480 | ¥ 3,119 | |||||
Lease Term | 50 years | 50 years | |||||
Kingtone Information [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating Leases, Rent Expense | $ 3,797 | ¥ 24,480 | |||||
Land Subject to Ground Leases | 612 | 612 | 6,588 | ||||
Lease Term | 2 years | 2 years | |||||
Date Of New Lease Agreement Entered | Jul. 1, 2014 | Jul. 1, 2014 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Current Assets | ||||||
Cash and cash equivalents | $ 90,470,157 | $ 74,785,851 | $ 90,470,157 | $ 74,785,851 | $ 92,982,564 | $ 26,890,321 |
Accounts receivable, net | 74,730,414 | 74,730,414 | 68,528,598 | |||
Inventories | 108,506,803 | 108,506,803 | 101,302,947 | |||
Advances to suppliers | 37,331,983 | 37,331,983 | 40,910,837 | |||
Total Current Assets | 312,135,041 | 312,135,041 | 304,184,346 | |||
Plant, Property and Equipment, Net | 39,578,484 | 39,578,484 | 44,634,194 | |||
Intangible Assets, Net | 21,433,707 | 21,433,707 | 23,805,746 | |||
Total Assets | 399,901,508 | 399,901,508 | 429,582,618 | |||
Current Liabilities | ||||||
Accounts payable | 2,599,720 | 2,599,720 | 2,372,130 | |||
Amount due to related parties | 2,206,144 | 2,206,144 | 2,068,102 | |||
Total Current Liabilities | 24,179,198 | 24,179,198 | 56,633,144 | |||
Stockholders' equity | 375,722,310 | 375,722,310 | 372,949,474 | |||
Total Liabilities and Stockholders' Equity | 399,901,508 | 399,901,508 | 429,582,618 | |||
Revenue | 78,638,474 | 79,487,215 | 189,788,745 | 184,840,179 | ||
Expenses | 14,427,175 | 15,265,360 | 46,093,124 | 45,278,189 | ||
Net income (loss) | 8,251,771 | 9,916,194 | 19,764,978 | 23,230,713 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Current Assets | ||||||
Cash and cash equivalents | 235,350 | 235,350 | 79,867 | |||
Accounts receivable, net | 135,092 | 135,092 | 72,748 | |||
Inventories | 18,677,259 | 18,677,259 | 18,138,137 | |||
Other current assets | 665,289 | 665,289 | 48,845 | |||
Advances to suppliers | 3,222,535 | 3,222,535 | 61,739 | |||
Total Current Assets | 22,935,525 | 22,935,525 | 18,401,336 | |||
Plant, Property and Equipment, Net | 14,045,185 | 14,045,185 | 15,692,975 | |||
Construction In Progress | 65,301 | 65,301 | 68,921 | |||
Intangible Assets, Net | 9,856,432 | 9,856,432 | 10,582,657 | |||
Total Assets | 46,902,443 | 46,902,443 | 44,745,889 | |||
Current Liabilities | ||||||
Accounts payable | 280,490 | 280,490 | 159,730 | |||
Accrued expenses and other payables | 311,108 | 311,108 | 222,871 | |||
Amount due to related parties | 44,305,540 | 44,305,540 | 43,488,198 | |||
Total Current Liabilities | 44,616,648 | 44,616,648 | 43,870,799 | |||
Stockholders' equity | 2,285,795 | 2,285,795 | 875,090 | |||
Total Liabilities and Stockholders' Equity | 46,902,443 | 46,902,443 | $ 44,745,889 | |||
Revenue | 3,274,177 | 1,175,092 | 6,599,577 | 3,106,317 | ||
Expenses | 2,725,619 | 1,046,695 | 5,131,634 | 2,459,970 | ||
Net income (loss) | $ 548,558 | $ 128,397 | $ 1,467,943 | $ 646,347 |