0001144204-13-028918.txt : 20130515 0001144204-13-028918.hdr.sgml : 20130515 20130514192839 ACCESSION NUMBER: 0001144204-13-028918 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130515 DATE AS OF CHANGE: 20130514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sino-Global Shipping America, Ltd. CENTRAL INDEX KEY: 0001422892 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 261241372 STATE OF INCORPORATION: VA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34024 FILM NUMBER: 13843369 BUSINESS ADDRESS: STREET 1: 136-56 39TH AVENUE, STREET 2: ROOM #305 CITY: FLUSHING STATE: NY ZIP: 11354 BUSINESS PHONE: 718-888-1814 MAIL ADDRESS: STREET 1: 136-56 39TH AVENUE, STREET 2: ROOM #305 CITY: FLUSHING STATE: NY ZIP: 11354 10-Q 1 v343533_10q.htm FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the three month period ended March 31, 2013

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ___________ to ___________.

Commission File Number 001-34024

Sino-Global Shipping America, Ltd.

(Exact name of registrant as specified in its charter)

Virginia	11-3588546
(State or other jurisdiction of	(I.R.S. employer
Incorporation or organization)	identification number)

136-56 39th Avenue, Room #305

Flushing, New York 11354

(Address of principal executive offices and zip code)

(718) 888-1814

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The Company is authorized to issue 10,000,000 shares of common stock, without par value per share, and 1,000,000 shares of preferred stock, without par value per share. As of the date of this report, the Company has 2,903,841 issued shares of common stock and no shares of preferred stock.

SINO-GLOBAL SHIPPING AMERICA, LTD.

FORM 10-Q

INDEX

PART I. FINANCIAL INFORMATION		1

	Item 1. Financial Statements	1

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	1

	Item 3. Quantitative and Qualitative Disclosures about Market Risk	9

	Item 4/4T. Controls and Procedures	9

PART II. OTHER INFORMATION		10

	Item 1. Legal Proceedings	10

	Item 1A. Risk Factors	10

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	10

	Item 3. Defaults upon Senior Securities	10

	Item 4. Mine Safety Disclosures	10

	Item 5. Other Information	10

	Item 6. Exhibits	10

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains certain statements of a forward-looking nature. Such forward-looking statements, including but not limited to projected growth, trends and strategies, future operating and financial results, financial expectations and current business indicators are based upon current information and expectations and are subject to change based on factors beyond the control of the Company. Forward-looking statements typically are identified by the use of terms such as “look,” “may,” “will,” “should,” “might,” “believe,” “plan,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently. The accuracy of such statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including but not limited to the following:

	·	the ability to timely and accurately provide shipping agency services;

	·	its dependence on a limited number of larger customers;

	·	political and economic factors in the Peoples’ Republic of China (“PRC”);

	·	the Company’s ability to expand and grow its lines of business;

	·	unanticipated changes in general market conditions or other factors, which may result in cancellations or reductions in the need for the Company’s services;

	·	a weakening of economic conditions which would reduce demand for services provided by the Company and could adversely affect profitability;

	·	the effect of terrorist acts, or the threat thereof, on consumer confidence and spending, or the production and distribution of product and raw materials which could, as a result, adversely affect the Company’s shipping agency services, operations and financial performance;

	·	the acceptance in the marketplace of the Company’s new lines of services;

	·	foreign currency exchange rate fluctuations;

	·	hurricanes or other natural disasters;

	·	the Company’s ability to identify and successfully execute cost control initiatives;

	·	the impact of quotas, tariffs, or safeguards on the importation or exportation of the Company’s customer’s products; or

	·	other risks outlined above and in the Company’s other filings made periodically by the Company.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update this forward-looking information. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this Report. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

See the financial statements following the signature page of this report, which are incorporated herein by reference.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our company’s financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors.

Overview

We are a shipping agency service provider for ships coming to and departing from Chinese ports. Our company was incorporated in New York in February 2001. On September 18, 2007, we amended the Articles of Incorporation and Bylaws of our New York corporation to merge into a new Virginia corporation, Sino-Global Shipping America, Ltd.

Our principal geographic market is in the People’s Republic of China (“PRC”). As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, we operate our business in the PRC through Sino-Global Shipping Agency, Ltd. (“Sino-China”), a PRC limited liability company wholly owned by our founder and Chief Executive Officer, Cao Lei, and Chief Financial Officer, Zhang Mingwei, both of whom are PRC citizens. Sino-China holds the licenses and permits necessary to provide shipping services in the PRC. Headquartered in Beijing with branches in Qingdao, Qinhuangdao and Fangchenggang, we provide general shipping agency services in all commercial ports in China.

On November 13, 2007, we formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), which invested in one 90%-owned subsidiary on May 31, 2009, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”. Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”).

Trans Pacific Beijing and Sino-China do not have a parent-subsidiary relationship. Trans Pacific Beijing has contractual arrangements with Sino-China and its shareholders that enable us to substantially control Sino-China.

For the purpose of building up an international shipping agency service network, we formed a wholly-owned subsidiary, Sino-Global Shipping Australia Pty Ltd. (“Sino-Global AUS”) in Perth, Australia on July 3, 2008, which serves the needs of customers shipping into and out of Western Australia. The Company also signed an agreement with Monson Agencies Australia (“Monson”), one of the largest shipping agency service providers in Australia. Through our relationship with Monson, we are able to provide general shipping agency services to all ports in Australia.

We established another wholly-owned subsidiary, Sino-Global Shipping (HK) Limited (“Sino-Global HK”) on September 22, 2008. Sino-Global HK is our control and management center for southern Chinese ports and enables our company to extend its offering of comprehensive shipping agency services to vessels going to and from one of the world’s busiest ports. On July 27, 2009, Sino-Global HK signed an exclusive partnership agreement with Forbes & Company Limited (“Forbes”), which is a listed company on the Bombay Stock Exchange (BOM: 502865) and one of the largest shipping and logistic service providers in India. Through our relationship with Forbes, we are able to provide general shipping agency services to all ports in India.

We established a new wholly-owned subsidiary, Sino-Global Shipping Canada Inc. (“Sino-Global Canada”) at the end of 2012, to provide services for ships loading commodities at Canadian ports. Sino-Global Canada has already commenced providing services to Baosteel's vessels in Canada.

Revenues

China’s economy has slowed down since the second half of 2012 resulting in reduced volume of iron ore import. The number of ships we served decreased from 351 to 322 and 129 to 99 for the nine months and the three months ended March 31, 2012 and 2013, respectively. In addition, our major customer, Beijing Shourong Forwarding Co. Ltd. (“Shourong”), has changed its service arrangement with our Company since January 2013, from the lump sum fix rate discharging agency services to the protective agency services, for its ships discharging at a Chinese port. Because protective services generate much less agency revenues, our total revenues decreased from $25.73 million down to $16.65 million for the nine months and from $9.11 million down to $2.34 million for the three months ended March 31, 2012 and 2013, respectively.

	For the nine months ended March 31,										For the three months ended March 31,
	2013		2012		Diff.			%			2013		2012		Diff.			%
Number of ships served
Loading/discharging		150		283		(133	)		(47.00	)		18		94		(76	)		(80.85	)
Protective		172		68		104			152.94			81		35		46			131.43
Total		322		351		(29	)		(8.26	)		99		129		(30	)		(23.26	)

The revenues recorded in Sino-China are subject to a 5% business tax as well as an additional 0.5% surcharge after deducting the costs of services. We deduct these business taxes and related surcharges from our gross revenues to arrive at our total revenues.

The Chinese Ministry of Finance and the State Administration of Taxation jointly set out the Value Added Tax (VAT) reform plan, which will see the business taxes replaced by VAT commencing from Shanghai on January 1, 2012, and then be extended to all other provinces and autonomies in mainland China. As we recorded most of our revenues outside of China, there is little effect of ongoing VAT reform to our operating results.

In general, we provide two types of shipping agency services, namely loading/discharging services and protective services. For protective agency services, we charge fixed fees while our customers are responsible for the payment of port costs and expenses. For loading/discharging agency services, we receive the total amount from our customers and pay the port charges on our customers’ behalf. Under these circumstance, we charge shipping agency fees in two ways: (1) the lump sum amount is predetermined with a customer, and (2) the cost-plus fees are calculated based on the actual costs incurred plus a markup. We generally require payments in advance from customers and bill them the balances within 30 days after the transactions are completed.

We believe the most significant factors that directly or indirectly affect our shipping agency service revenues are:

the number of ships to which we provide port loading/discharging services;

the size and types of ships we serve;

the type of services we provide, for example loading/discharging, protective, owner’s affairs;

the rate of service fees we charge;

the number of ports at which we provide services; and

the number of customers we serve.

Historically, our services have primarily been driven by the increase in the number of ships and customers, provided that the rate of service fees is determined by market competition. We believe that an increase in the number of ports served generally leads to an increase in the number of ships and customers. We expect that we will continue to earn a substantial majority of our revenues from our shipping agency services. As a result, we plan to continue to focus most of our resources on expanding our business to cover more ports in the PRC and overseas. In addition, we will allocate our resources in marketing our brand to customers, including ship owners and charters, which transport goods from all ports around the world to China. We believe that our diversified focus on loading and discharging cargo in both Chinese and overseas ports will enable us to grow and manage the exchange rate risk associated with the trend of the U.S. dollar’s devaluation against the RMB because our overseas revenues and port charges are normally paid in foreign currencies. To the extent these other foreign currencies devalue against the RMB, of course, we would still face exchange rate risks.

Operating Costs and Expenses

Our operating costs and expenses consist of costs of revenues, general and administrative expenses, selling expenses. Our total operating costs and expenses decreased in absolute amount for the nine and three months ended March 31, 2013 compared to the same periods ended March 31, 2012, and as a percentage of total revenues for the nine month period, mainly due to our budget control efforts on general and administrative expenses. The following table sets forth the components of our Company’s costs and expenses for the periods indicated.

	For the nine months ended March 31,
	2013				2012				Change
	US$		%		US$		%		US$			%

Revenues		16,650,903		100.00		25,725,311		100.00		(9,074,408	)		(35.27	)

Costs and expenses
Cost of revenues		15,118,150		90.79		23,840,881		92.67		(8,722,731	)		(36.59	)

General and administrative expense		2,543,959		15.28		3,976,137		15.46		(1,432,178	)		(36.02	)
Selling expense		213,032		1.28		296,353		1.15		(83,321	)		(28.12	)
Total costs and expenses		17,875,141		107.35		28,113,371		109.28		(10,238,230	)		(36.42	)

	For the three months ended March 31,
	2013				2012				Change
	US$		%		US$		%		US$			%

Revenues		2,339,074		100.00		9,110,006		100.00		(6,770,932	)		(74.32	)

Costs and expenses
Cost of revenues		1,993,924		85.24		8,634,188		94.78		(6,640,264	)		(76.91	)

General and administrative expense		539,348		23.06		1,149,522		12.62		(610,174	)		(53.08	)
Selling expense		29,606		1.27		83,547		0.92		(53,941	)		(64.56	)
Total costs and expenses		2,562,878		109.57		9,867,257		108.32		(7,304,379	)		(74.03	)

Costs of Revenues. Costs of revenues represent the expenses incurred in the periods when a ship docks in a harbor to load and discharge cargo. We believe the most significant factors that directly or indirectly affect our costs of revenues are:

the number of ships to which we provide port loading/discharging services;

the size of ships we serve, as large ship requires more towboats to park at harbor;

the nationality of ships we serve, as a foreign ship pays different tonnage taxes;

the complexity of service processing;

the operating condition of a particular port for ships loading or discharging;

the number of days a ship loading or discharging; and

the number of days ships loading or discharging during overtime period and public holidays.

We typically pay the costs of revenues on behalf of our customers. Except for Australia and Canada where our revenues and costs are settled in the local currencies, we receive most revenues from our clients in U.S. dollars and pay most costs of revenues to the local port agents in local currency, for example RMB in China. As such, the costs of revenues will change if the foreign currency exchange rates change.

Our costs of revenues as a percentage of our total revenues decreased from 92.67% to 90.79% for the nine months and from 94.78% to 85.24% for the three months ended on March 31, 2013 and 2012, respectively. Consequently, our gross margin increased from 7.33% to 9.21% for the nine months and from 5.22% to 14.76% for the three months ended on March 31, 2013 and 2012, respectively. The gross margin increased because we provided protective services to more ships, which had high gross margin compared to loading/discharging services.

	For the nine months ended March 31,							For the three months ended March 31,
	2013		2012		Diff.			2013		2012		Diff.
Revenues ($)		16,650,903		25,725,311		(9,074,408	)		2,339,074		9,110,006		(6,770,932	)
Loading/discharging		16,320,424		25,656,242		(9,335,818	)		2,130,407		9,071,098		(6,940,691	)
Protective		330,479		69,069		261,410			208,667		38,908		169,759

Costs of revenues ($)		15,118,150		23,840,881		(8,722,731	)		1,993,924		8,634,188		(6,640,264	)
Loading/discharging		14,969,077		23,816,359		(8,847,282	)		1,899,257		8,629,939		(6,730,682	)
Protective		149,073		24,522		124,551			94,667		4,249		90,418

Gross profits ($)		1,532,753		1,884,430		(351,677	)		345,150		475,818		(130,668	)
Loading/discharging		1,351,347		1,839,883		(488,536	)		231,150		441,159		(210,009	)
Protective		181,406		44,547		136,859			114,000		34,659		79,341

Gross margin (%)		9.21		7.33		1.88			14.76		5.22		9.54
Loading/discharging		8.28		7.17		1.11			10.85		4.86		5.99
Protective		54.89		64.50		(9.61	)		54.63		89.08		(34.45	)

General and Administrative Expenses. Our general and administrative expenses primarily consist of salaries and benefits for our staff (both operating and administrative personnel), business promotion, depreciation expenses, office rental expenses and expenses for legal, accounting and other professional services. For the nine months ended March 31, 2013, our general and administrative expenses as a percentage of our total revenues decreased slightly from 15.46% to 15.28% compared to the same periods ended March 31, 2012, mainly due to our cuts in business expansion, office expenditure and travelling expenses. For the three months ended March 31, 2013, our general and administrative expenses as a percentage of our total revenues increased from 12.62% to 23.06% compared to the same period ended March 31, 2012, mainly due to the material decrease in revenues.

Selling Expenses. Our selling expenses primarily consist of commissions and traveling expenses for our operating staff to the ports at which we provide services. In line with the decrease in our revenues, our selling expenses decreased in absolute amount and increased as a percentage of our total net revenues for the nine and three months ended March 31, 2013.

Critical Accounting Policies

We prepare the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). These accounting principles require us to make judgments, estimates and assumptions on the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. We continually evaluate these judgments and estimates based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information and assumptions that we believe to be reasonable.

There have been no material changes during 2013 in the Company’s significant accounting policies to those previously disclosed in the 2012 annual report.

2013 Trends

The slowdown of China’s economy has brought it with a negative impact to Chinese steel manufacturing industry. Because our shipping agency business focus on cargos carrying iron ore from overseas to China, our revenues decreased significantly in line with the downturn trend. Our revenues decreased 35.27% for the nine months and 74.32% for the three months ended March 31, 2013. This is largely attributed to the reduced number of ships we served for Shourong, our major customer from which we have generated more than 60% of total revenues. In addition, Shourong has changed its service arrangement with us, appointing us as a protective agent instead of a general agent since January 2013. This further reduced our revenues generated from Shourong in this quarter. Although Shourong has not signed a definite service agreement with us, we have continued to receive its agency appointments. Compared to a general agent who will bear with the port charge fluctuations and foreign exchange risk, a protective agent role is more cost effective for us. Our general and administrative expenses reduced 36.02% and 53.08% for the respective nine months and three months ended March 31, 2013, compared to the same periods in 2012. We believe our business relationship with Shourong will continue, at least in our fiscal 2013 and the management is working to obtain a favorable service arrangement with Shourong. Meanwhile, we have leveraged our efforts in maintaining our current clients and attracting new clients. Our operating activities are doing well at the loading ports in Australia, Canada, South Africa, Brazil and other countries to which China has major trading activities.

We have received shareholder approval to issue 1,800,000 shares of our common stock to Mr. Zhang Zhong in return for $3,078,000 in cash. As Mr. Zhang is a 90% shareholder of Tianjin Zhiyuan Investment Group Ltd. (the “Zhiyuan Group”), the successful completion of the transaction will provide us with the new opportunities to cooperate with Zhiyuan Group in a wider service range including shipping agency, ship management, ship operating and forwarding. We expect our services to Zhiyuan Group will generate significant revenues in the near future.

In accordance with our budget control efforts, our general and administrative expenses decreased significantly for the nine and three months ended March 31, 2013. In the 2013 fiscal year, we will continue our combined effort to control our budget and promote business growth.

Compliance with Listing Rule 5550((b)(1)

We received a notification letter from NASDAQ dated November 21, 2012, regarding the noncompliance with the NASDAQ Capital Market Listing Rule 5550(b)(1) of maintaining a minimum of $2,500,000 in shareholders’ equity. In accordance with the instruction provided in the notification latter, we responded to NASDAQ, applying for a full extension together with a plan to regain compliance with the Listing Rule 5550(b)(1). The application for the 180 day full extension was granted by NASDAQ on January 24, 2013, allowing us to implement our plan on or before May 20, 2013. On April 19, 2013, our shareholders general meeting voted and approved the issuance of 1,800,000 new shares at price $1.71 to Mr. Zhang Zhong. We have received the proceeds from the equity financing in April and are in the process of issuing the shares to Mr. Zhang Zhong as of this filing. If these proceeds were reflected in our financial statements for the quarter ended March 31, 2013, our shareholder equity would have been $4,370,974. In light of this financing, we believe that we have returned compliance with NASDAQ Capital Market Listing Rule 5550(b)(1); however, we do not believe we will receive notice of compliance until the first quarterly or annual report that demonstrates our return to compliance with this rule.

Results of Operations

Nine Months Ended March 31, 2013 Compared to Nine Months Ended March 31, 2012

Revenues. Our total revenues decreased by 35.27% from $25,725,311 for the nine months ended March 31, 2012 to $16,650,903 in the comparable nine months in 2013. The number of ships that generated revenues for us decreased from 351 for the nine month period of fiscal 2012 to 322 for the comparable period of fiscal 2013. Moreover, we provided protective services for more ships which generated significantly lower revenues per ship. For the nine months ended March 31, 2013, we provided protective services to 172 ships, compared to 68 ships for the nine month period of 2012. In contrast, we provided loading/discharging service to 150 and 283 ships for the nine months ended March 31, 2013 and 2012, respectively.

Total Operating Costs and Expenses. Our total operating costs and expenses decreased by 36.42% from $28,113,371 for the nine months ended March 31, 2012 to $17,875,141 for the nine months ended March 31, 2013. This decrease was primarily due to decreases in our costs of revenues and general and administrative expenses, as discussed below.

	Ÿ	*Costs of Revenues.* Our cost of revenues decreased by 36.59% from $23,840,881 for the nine months ended March 31, 2012 to $15,118,150 for the nine months ended March 31, 2013. The revenues decreased more slowly than costs of revenues and the gross margins increased from 7.33% to 9.21% for the comparative nine months ended March 31, 2012 and 2013, respectively. The increase in gross margins was mainly due from the protective service. However, the devaluation of the U.S. dollar against the Chinese currency resulted in 0.78% decrease in gross margin. The average foreign exchange rate was $1.00 to RMB6.2757 for the nine months ended March 31, 2013 compared to $1.00 to RMB6.3605 for the nine months ended March 31, 2012, a 1.33% increase during the period.

	Ÿ	General and Administrative Expenses. Our general and administrative expenses decreased by 36.02% from $3,976,137 for the nine months ended March 31, 2012 to $2,543,959 for the nine months ended March 31, 2013. This mainly due to (1) decreased bad debts provision of $88,621, (2) a decrease of $552,750 in business promotion, (3) decreased listing expense of $186,970, (4) decreased salaries and benefits for our staff of $235,145, (5) decreased travelling expense of $89,184. We will continue our budget control efforts to reduce the general and administrative expenses as a percentage of total revenues.

	Ÿ	Selling Expenses. Our selling expenses decreased by 28.12% from $296,353 for the nine months ended March 31, 2012 to $213,032 for the period ended March 31, 2013. Most selling expenses are commissions paid to business partners who refer shipping agency business to us.

Operating Loss. We had an operating loss of $1,224,238 for the nine months ended March 31, 2013, compared to an operating loss of $2,388,060 for the comparable nine months in 2012. The operating loss for the nine month period of fiscal 2013 was decreased primarily due to the reduced costs of revenues and general and administrative expenses.

Financial Income, Net. Our net financial income was $22,674 for the nine months ended March 31, 2013, compared to our net financial income of $58,705 for the nine months ended March 31, 2012. The net financial income was derived largely from the foreign exchange income recognized in the financial statement consolidation. Foreign exchange losses resulting from the settlement of foreign exchange transactions are recognized in the condensed consolidated statements of operations.

Taxation. Our income tax expense was $64,500 for the nine months ended March 31, 2013, compared to income tax benefits of $31,232 for the nine months ended March 31, 2012. The income tax expense of $64,500 was deferred tax expense resulted from an increase of valuation allowance of deferred tax assets.

Net Loss. As a result of the foregoing, we had a net loss of $1,219,051 for the nine months ended March 31, 2013, compared to net loss of $2,424,480 for the nine months ended March 31, 2012. After deduction of non-controlling interest in loss, net loss attributable to Sino-Global Shipping America, Ltd. was $648,329 for the nine months ended March 31, 2013, compared to net loss of $1,538,176 for the nine months ended March 31, 2012. With other comprehensive loss foreign currency translation, comprehensive loss was $635,442 for the nine months ended March 31, 2013, compared to comprehensive loss of $1,510,966 for the nine months ended March 31, 2012.

Three Months Ended March 31, 2013 Compared to Three Months Ended March 31, 2012

Revenues. Our total revenues decreased by 74.32% from $9,110,006 for the three months ended March 31, 2013 to $2,339,074 in the comparable three months in 2012. The number of ships that generated revenues for us decreased from 129 for the three months ended March 31, 2012 to 99 for the comparable quarter of fiscal 2013. Accordingly, our revenues decreased. In addition, we provided protective services for more ships which generated significantly lower revenues per ship. For the three months ended March 31, 2013, we provided protective services to 81 ships, compared to 35 ships for the same quarter of 2012. We provided loading/discharging service to 18 and 94 ships for the three months ended March 31, 2013 and 2012, respectively.

Total Operating Costs and Expenses. Our total operating costs and expenses decreased by 74.03% from $9,867,257 for the three months ended March 31, 2012 to $2,562,878 for the three months ended March 31, 2013. This decrease was primarily due to decreases in our costs of revenues and general and administrative expenses, as discussed below.

	Ÿ	*Costs of Revenues.* Our cost of revenues decreased by 76.91% from $8,634,188 for the three months ended March 31, 2012 to $1,993,924 for the three months ended March 31, 2013. Revenues decreased more slowly than costs of revenues, and the gross margins increased from 5.22% to 14.76% for the comparative three months ended March 31, 2012 and 2013, respectively. The increase was mainly because we provided more protective services, which resulted in higher gross margin. However, the devaluation of the U.S. dollar against the Chinese currency resulted in a 1.22% decrease in gross margin. The average foreign exchange rate was $1.00 to RMB6.2254 for the three months ended March 31, 2013compared to $1.00 to RMB6.3084 for the three months ended March 31, 2012, a 1.32% increase during the period.

	Ÿ	General and Administrative Expenses. Our general and administrative expenses decreased by 53.08% from $1,149,522 for the three months ended March 31, 2012 to $539,348 for the three months ended March 31, 2013. This decrease was mainly due to (1) decreased salaries and benefits for our staff of $194,489, (2) a decrease of $184,388 in business promotion, (3) decreased listing expense of $78,443. We will continue our budget control efforts to reduce the general and administrative expenses as a percentage of total revenues.

	Ÿ	Selling Expenses. Our selling expenses decreased by 64.56% from $83,547 for the three months ended March 31, 2012 to $29,606 for the three months ended March 31, 2013, mainly due to lower commission payments related to the sales decrease.

Operating Loss. We had an operating loss of $223,804 for the three months ended March 31, 2013, compared to operating loss of $757,251 for the comparable three months in 2012. The operating loss for the third quarter of fiscal 2013 was primarily due to the decrease in costs of revenues and general and administrative expenses.

Financial Expense, Net. Our net financial expense was $7,060 for the three months ended March 31, 2013, compared to our net financial income of $42,152 for the three months ended March 31, 2012. The net financial income was derived largely from the foreign exchange gains recognized in the financial statement consolidation. Foreign exchange losses resulting from the settlement of foreign exchange transactions are recognized in the condensed consolidated statements of operations.

Taxation. Our income tax benefits were $14,600 for the three months ended March 31, 2013, compared to income tax benefits of $7,111 for the three months ended March 31, 2012. As we had a tax benefit of $24,100 and deferred tax expense of $9,500, the income tax benefits of the three months ended March 31, 2013 was $14,600.

Net Loss. As a result of the foregoing, we had a net loss of $211,040 for the three months ended March 31, 2013, compared to net loss of $770,155 for the three months ended March 31, 2012. After deduction of non-controlling interest in loss, net loss attributable to Sino-Global Shipping America, Ltd. was $166,510 for the three months ended March 31, 2013, compared to net loss of $477,388 for the three months ended March 31, 2012. With other comprehensive loss foreign currency translation, comprehensive loss was $151,175 for the three months ended March 31, 2013, compared to comprehensive loss of $461,984 for the three months ended March 31, 2012.

Liquidity and Capital Resources

Cash Flows and Working Capital

We have financed our operations primarily through cash flows from operations. As of March 31, 2013, we had $331,020 in cash and cash equivalents. Our cash and cash equivalents primarily consist of cash on hand and cash in banks. We deposited approximately 80.66% of our cash in banks in the USA, Australia and Hong Kong.

The following table sets forth a summary of our cash flows for the periods indicated:

	For the nine months ended March 31,
	2013			2012

Net cash (used in) provided by operating activities	$	(4,043,279	)	$	1,644,160
Net cash used in investing activities		(50,198	)		(42,874	)
Net cash used in financing activities		(9,866	)		(15,151	)
Net (decrease) increase in cash and cash equivalents		(4,102,313	)		1,538,627
Cash and cash equivalents at the beginning of Period		4,433,333			4,878,828
Cash and cash equivalents at the end of Period		331,020			6,417,455

Operating Activities

Net cash used in operating activities was $4,043,279 for the nine months ended March 31, 2013, compared to net cash provided by operating activities of $1,644,160 for the comparable period in 2012. The increased use in operating cash flows is mainly attributable to a net loss of $1,219,051, an increase in account receivable of $1,825,731, a decrease in accounts payable of $1,536,468, offset by an increase in advances to suppliers of $96,151. According to the Agreement signed with Shourong, we should receive our fixed lump sum agency fees prior to our services to be provided. This important term has been breached and Shourong had not paid our fees since September 2012. As at March 31, 2013, our accounts receivable to Shourong amounted to approximately $3.5 million. Since Shourong is state-owned, we leverage these uncollected agency fees with the accounts payable to local port agents for the shipping services related to Shourong. Most of the balance due from Shourong represents port charges. As such, the unpaid amount from Shourong will not severely damage our solvency. Up to this report date, we are still coordinating between Shourong and local port agents on an acceptable settlement solution for all parties involved. Local port agents are seeking payments directly from Beijing Shourong. We don’t expect any bad debt on these receivables based on our experience with Shourong and local port agents. On the other hand, under the tightened financing policies imposed by the Chinese government, we had to accelerate our payments to local port agents for their services provided to our other customers. Thus, our accounts payable balance was significantly reduced.

Since we collect most of our revenues in U.S. dollars and pay most of our costs and expenses in RMB, the increase in the valuation of RMB against U.S. dollar has caused a decline in gross margin and higher expenses for our Company for the period ended March 31, 2013.

We expect we will be substantially dependent on the value of the U.S. dollar for the foreseeable future, even where the revenues are not paid in U.S. dollars.

Investing Activities

Net cash used in investing activities was $50,198 compared to net cash used in investing activities of $42,874 for the nine months ended March 31, 2013 and 2012, respectively. We made capital expenditures of $50,198 and $42,874 for the nine months ended March 31, 2013 and 2012, representing 0.64% and 0.39% of our total assets, respectively.

Financing Activities

Net cash used in financing activities was $9,866 for the nine months ended March 31, 2013 from the decrease of non-controlling interest in majority-owned subsidiary.

Working Capital

Total working capital amounted to $601,793 as at March 31, 2013 compared to $1,753,974 as at June 30, 2012. Total current assets decreased by $2,599,175 from $9,786,401 as at June 30, 2012 to $7,187,226 as at March 31, 2013. Decrease in total current assets is principally a result of decrease in cash of approximately $4 million as we paid down accounts payable, offset by increase in accounts receivable of approximately $2 million as a result of nonpayment by Shourong.

Current liabilities amounted to $6,585,433 as at March 31, 2013, in comparison to $8,032,427 as at June 30, 2012. The decrease was attributable mainly to a decrease in accounts payable of $1,536,468 resulting from payments made to port agents in the first two quarters of 2013, offset by an increase in other current liabilities of $79,878.

The current ratio decreased from 1.22 at June 30, 2012 to 1.09 at March 31, 2013. The change in our current ratio was primarily due to the decrease in our current assets, and the decrease in current ratio reflects a reduction of approximately $4 million in cash during the quarter.

As mentioned above, NASDAQ Listing Rule 5550(b)(1) requires us to maintain a minimum of $2,500,000 in shareholders’ equity. To maintain compliance and to protect our company against potential future insolvency, we requested shareholder approval to issue shares of our common stock in return for cash. On April 17, 2013, we received $3,078,000 from Mr. Zhang Zhong for 1,800,000 new common shares issued to him. We believe that additional cash from the plan implementation together with current cash, cash equivalents, and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including cash needs for working capital and capital expenditures, for at least the next 12 months. However, financing from this plan was dilutive to our shareholders, as the price per share was set at a discount to the closing price of our common stock on the date we signed an agreement to issue the shares to Mr. Zhang Zhong (subject to shareholder approval).

The incurrence of debt would divert cash from working capital and capital expenditures to service debt obligations and could result in operating and financial covenants that would restrict our operations and our ability to pay dividends to our shareholders.

Contractual Obligations and Commercial Commitments

We have leased certain office premises and apartments for employees under operating leases through September 30, 2014. Below is a summary of our company’s contractual obligations and commitments as of March 31, 2013:

	Payment Due by Period
	Total		Less than 1 year		1-3 years		More than 3 years
Contractual Obligations
Operating leases	$	141,893	$	111,197	$	30,696	$	--

Company Structure

We conduct our operations primarily through our wholly-owned subsidiaries, Trans Pacific, Sino-AUS and Sino-HK and our variable interest entity, Sino-China. As a result, our ability to pay dividends and to finance any debt we may incur depends upon dividends paid by our subsidiaries and management fees paid by Sino-China. If our subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, Trans Pacific is permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, wholly foreign-owned enterprises like Trans Pacific are required to set aside at least 10% of their after-tax profit each year to fund a statutory reserve until the amount of the reserve reaches 50% of such entity’s registered capital.

To the extent Trans Pacific does not generate sufficient after-tax profits to fund this statutory reserve, its ability to pay dividends to us may be limited. Although these statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, these reserve funds are not distributable as cash dividends except in the event of a solvent liquidation of the companies. Other than as described in the previous sentences, China’s State Administration of Foreign Exchange (“SAFE”) has approved the company structure between our company and Trans Pacific, and Trans Pacific is permitted to pay dividends to our company.

Off-Balance Sheet Commitments and Arrangements

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholders’ equity or that are not reflected in our condensed consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serve as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

This Item is not applicable because we are a smaller reporting company.

Item 4/4T. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our Company maintains a system of controls and procedures designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

As of March 31, 2013, our Company carried out an evaluation, under the supervision of and with the participation of management, including our company’s chief executive officer and chief financial officer, of the effectiveness of the design and operation of our company’s disclosure controls and procedures. Based on the foregoing, the chief executive officer and chief financial officer concluded that our company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) were effective in timely alerting them to information required to be included in the Company’s periodic Securities and Exchange Commission filings.

Changes in Internal Control over Financial Reporting

There were no changes in our company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) during the nine months ended March 31, 2013 that have materially affected, or are reasonably likely to materially affect, our company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are periodically involved in legal proceedings in the ordinary course of business. During the nine months ended March 31, 2013, neither we nor any of our subsidiaries or affiliate was involved in any material pending legal proceedings. Nor was any of our property subject to any such material pending legal proceedings.

Item 1A. Risk Factors

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a)

None.

(b)

None.

(c)

During the three months ended March 31, 2013, the company did not repurchase any shares of common stock.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed herewith:

Number		Exhibit
3.1		Articles of Incorporation of Sino-Global Shipping America, Ltd.(1)
3.2		Bylaws of Sino-Global Shipping America, Ltd.(1)
4.1		Specimen Certificate for Common Stock.(1)
10.1		Exclusive Management Consulting and Technical Services Agreement by and between Trans Pacific and Sino-China.(1)
10.2		Exclusive Marketing Agreement by and between Trans Pacific and Sino-China.(1)
10.3		Proxy Agreement by and among Cao Lei, Zhang Mingwei, the Registrant and Sino-China.(1)
10.4		Equity Interest Pledge Agreement by and among Trans Pacific, Cao Lei and Zhang Mingwei.(1)
10.5		Exclusive Equity Interest Purchase Agreement by and among the Registrant, Cao Lei, Zhang Mingwei and Sino-China.(1)
10.6		First Amended and Restated Exclusive Management Consulting and Technical Services Agreement by and between Trans Pacific and Sino-China.(1)

10.7		First Amended and Restated Exclusive Marketing Agreement by and between Trans Pacific and Sino-China.(1)
10.8		Agency Agreement by and between the Registrant and Beijing Shou Rong Forwarding Service Co., Ltd.(2)
10.9		Lease Agreement dated December 8, 2009.(3)
13.1		Annual report of our company on Form 10-K for the year ended June 30, 2011.(4)
14.1		Code of Ethics of our company.(5)
21.1		List of subsidiaries of our company.(6)
31.1		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(7)
31.2		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(7)
32.1		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(7)
32.2		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(7)
99.1		Press release dated May 14, 2013 titled "Sino-Global Announces Fiscal Third Quarter 2013 Financial Results".(7)

EX-101.INS		XBRL Instance Document. (8)
EX-101.SCH		XBRL Taxonomy Extension Schema Document. (8)
EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document. (8)
EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase Document. (8)
EX-101.LAB		XBRL Taxonomy Extension Label Linkbase Document. (8)
EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document. (8)

(1)	Incorporated by reference to the Company’s Registration Statement on Form S-1, Registration No. 333-148611.
(2)	Incorporated by reference to our company’s Form 8-K filed on January 15, 2010, File No. 001-34024.
(3)	Incorporated by reference to our company’s Form 8-K filed on February 4, 2010, File No. 001-34024.
(4)	Incorporated by reference to our company’s Form 10-K filed on September 26, 2011, File No. 001-34024.
(5)	Incorporated by reference to our company’s Form 10-KSB filed on September 29, 2008, File No. 001-34024.
(6)	Incorporated by reference to our company’s Form 10-K filed on September 22, 2009, File No. 001-34024.
(7)	Filed herewith.
(8)	Furnished herewith.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SINO-GLOBAL SHIPPING AMERICA, LTD.

May 14, 2013	By:	/s/ Zhang Mingwei
		Zhang Mingwei
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

Index to Financial Statements

PAGE

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

Condensed Consolidated Balance Sheets as of March 31, 2013 and June 30, 2012	F-1

Condensed Consolidated Statements of Operations and Comprehensive loss for the nine and three months Ended March 31, 2013 and 2012	F-2

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2013 and 2012	F-3

Notes to the Unaudited Condensed Consolidated Financial Statements	F-4

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	March 31,			June 30,
	2013			2012

Assets
Current assets
Cash and cash equivalents	$	331,020		$	4,433,333
Advances to suppliers		805,503			901,654
Accounts receivable, net		5,614,697			3,788,966
Other receivables, net		293,010			377,835
Other current assets		29,307			82,257
Prepaid taxes		26,189			27,356
Deferred tax assets		87,500			175,000

Total current assets		7,187,226			9,786,401

Property and equipment, net		306,167			415,672
Other long-term assets		18,014			30,457
Deferred tax assets - long term		367,000			344,000

Total Assets		7,878,407			10,576,530

Liabilities and Equity
Current liabilities
Advances from customers		322,285			303,437
Accounts payable		5,930,677			7,467,145
Accrued expenses		82,965			92,217
Other current liabilities		249,506			169,628

Total Current Liabilities		6,585,433			8,032,427

Total Liabilities	$	6,585,433		$	8,032,427

Commitments and Contingency

Equity
Preferred stock, 1,000,000 shares authorized, no par value		-			-
Common stock, 10,000,000 shares authorized, no par value; 3,029,032 shares issued, 2,903,841 outstanding	$	7,709,745		$	7,709,745
Additional paid-in capital		1,191,796			1,191,796
Treasury stock, at cost - 125,191 shares		(372,527	)		(372,527	)
Accumulated deficit		(3,705,186	)		(3,056,858	)
Accumulated other comprehensive loss		7,113			16,709
Unearned Stock-based Compensation		(202,089	)		(202,089	)

Total Sino-Global Shipping America Ltd. Stockholders' equity		4,628,852			5,286,776

Non-Controlling interest		(3,335,878	)		(2,742,673	)

Total equity		1,292,974			2,544,103

Total Liabilities and Equity	$	7,878,407		$	10,576,530

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-1

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)


	For the nine months ended March 31,						For the three months ended March 31,
	2013			2012			2013			2012

Net Revenues	$	16,650,903		$	25,725,311		$	2,339,074		$	9,110,006

Cost of revenues		(15,118,150	)		(23,840,881	)		(1,993,924	)		(8,634,188	)
Gross profit		1,532,753			1,884,430			345,150			475,818

General and administrative expenses		(2,543,959	)		(3,976,137	)		(539,348	)		(1,149,522	)
Selling expenses		(213,032	)		(296,353	)		(29,606	)		(83,547	)
		(2,756,991	)		(4,272,490	)		(568,954	)		(1,233,069	)

Operating Loss		(1,224,238	)		(2,388,060	)		(223,804	)		(757,251	)

Financial income, net		22,674			58,705			(7,060	)		(42,152	)
Other income, net		47,013			63,415			5,224			22,910
Loss from equity investment		-			(189,772	)		-			(773	)
		69,687			(67,652	)		(1,836	)		(20,015	)

Net loss before provision for income taxes		(1,154,551	)		(2,455,712	)		(225,640	)		(777,266	)

Income tax (expense) benefit		(64,500	)		31,232			14,600			7,111

Net loss		(1,219,051	)		(2,424,480	)		(211,040	)		(770,155	)

Net loss attributed to non-controlling interest		(570,722	)		(886,304	)		(44,530	)		(292,767	)

Net loss attributable to Sino-Global Shipping America, Ltd		(648,329	)		(1,538,176	)		(166,510	)		(477,388	)

Net loss	$	(1,219,051	)	$	(2,424,480	)	$	(211,040	)	$	(770,155	)

Other comprehensive income:
Foreign currency translation adjustments		(9,596	)		9,847			7,327			13,836
Comprehensive loss		(1,228,647	)		(2,414,633	)		(203,713	)		(756,319	)

Less: Comprehensive loss attributable to non-controlling interest		(593,205	)		(903,667	)		(52,538	)		(294,335	)

Comprehensive loss attributable to Sino-Global Shipping America Ltd.	$	(635,442	)	$	(1,510,966	)	$	(151,175	)	$	(461,984	)

Loss per share
-Basic and diluted	$	(0.22	)	$	(0.53	)	$	(0.06	)	$	(0.16	)

Weighted average number of common shares used in computation
-Basic and diluted		2,903,841			2,903,841			2,903,841			2,903,841

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-2

SINO-GLOBAL SHIPPING AMERICA LTD. AND AFFILIATES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

	For the nine months ended March 31,
	2013			2012
	US$			US$


Operating Activities

Net loss	$	(1,219,051	)	$	(2,424,480	)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation and amortization		139,859			193,913
Provision for doubtful accounts		-			115,984
Deferred tax expense (benefit)		64,500			(61,000	)
Loss from equity investment		-			189,772
Gain on disposition of property and equipment		(3,398	)		-
Changes in assets and liabilities
Decrease (Increase) in advances to suppliers		96,151			(384,142	)
Increase in accounts receivable		(1,825,731	)		(856,578	)
Decrease in other receivables		84,825			80,229
Decrease in other current assets		52,950			10,820
Decrease in prepaid taxes		1,167			260,303
Decrease in other long-term assets		12,443			5,669
Increase (Decrease) in advances from customers		18,848			(428,970	)
(Decrease) Increase in accounts payable		(1,536,468	)		4,924,359
Decrease in accrued expenses		(9,252	)		(13,898	)
Increase in other current liabilities		79,878			32,179

Net cash (used in) provided by operating activities		(4,043,279	)		1,644,160

Investing Activities
Acquisitions of property and equipment		(50,198	)		(42,874	)

Net cash used in investing activities		(50,198	)		(42,874	)

Financing Activities
Decrease in noncontrolling interest in majority-owned subsidiary		(9,866	)		(15,151	)

Net cash used in financing activities		(9,866	)		(15,151	)

Effect of exchange rate fluctuations on cash and cash equivalents		1,030			(47,508	)

Net (decrease) increase in cash and cash equivalents		(4,102,313	)		1,538,627

Cash and cash equivalents at beginning of period		4,433,333			4,878,828

Cash and cash equivalents at end of period	$	331,020		$	6,417,455

Supplemental information
Income taxes paid	$	19,800		$	19,800

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-3

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND NATURE OF BUSINESS

Sino-Global Shipping America, Ltd. (the “Company”) was incorporated on February 2, 2001 in New York. On September 18, 2007, the Company amended the Articles of Incorporation and Bylaws to merge into a new Corporation, Sino-Global Shipping America, Ltd. in Virginia.

The Company’s principal geographic market is in the People’s Republic of China (“PRC”). As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, the Company provides its services in the PRC through Sino-Global Shipping Agency Ltd. (“Sino-China”), a Chinese legal entity, which holds the licenses and permits necessary to operate shipping services in the PRC. Sino-China is located in Beijing with branches in Qingdao, Qinhuangdao and Fangchenggang and provides general shipping agency services in all commercial ports in the PRC.

On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”; Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”) on May 31, 2009.

To build an international shipping agency service network, the Company formed a wholly-owned subsidiary, Sino-Global Shipping Australia Pty Ltd. (“Sino-Global AUS”) in Perth, Australia on July 3, 2008, which serves the needs of customers shipping into and out of Western Australia. The Company also signed an agreement with Monson Agencies Australia (“Monson”), one of the largest shipping agency service providers in Australia. Through the Company’s relationship with Monson, the Company is able to provide general shipping agency services to all ports in Australia.

The Company established another wholly-owned subsidiary on September 22, 2008, Sino-Global Shipping (HK) Limited ("Sino-Global HK") to perform as a control and management center for southern Chinese ports and enables the Company to extend its offering of comprehensive shipping agency services to vessels going to and from one of the world's busiest ports. On July 27, 2009, Sino-Global HK signed an exclusive partnership agreement with Forbes & Company Limited (“Forbes”), which is a listed company on the Bombay Stock Exchange (BOM: 502865) and one of the largest shipping and logistic service providers in India. Through the Company’s relationship with Forbes, it is able to provide general shipping agency services to all ports in India.

The Company established a new wholly-owned subsidiary, Sino-Global Shipping Canada Inc. in 2012, to provide services for ships loading commodities at Canadian ports and delivering them to China. Sino-Global Shipping Canada is already providing shipping services to Baosteel's vessels in Canada. Baosteel, based in Shanghai, China, is the second largest steel producer in the world with huge demands for iron ore and other commodities.

F-4

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes during fiscal year 2013 in the Company’s significant accounting policies to those previously disclosed in the 2012 annual report. Therefore only those policies considered by management to be most impactful to the reader have been disclosed in this quarterly form 10-Q.

(a) Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”).

(b) Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.

The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.

The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.

F-5

The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:

	March 31,		June 30,
	2013		2012

Total current assets	$	261,910	$	537,068
Total assets		468,316		766,075
Total current liabilities		319,636		298,948
Total liabilities		319,636		298,948

(c) Translation of Foreign Currency

The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.

The exchange rates for the nine months ended March 31, 2013 and the year ended June 30, 2012 are as follows:

	March 31,			June 30,
	2013			2012
Foreign currency		BS	PL		BS	PL
RMB:1USD		6.2689	6.2757		6.3249	6.3520
1AUD:USD		1.0415	1.0387		1.0203	1.0323
1HKD:USD		0.1288	0.1290		0.1289	0.1286
1CAD:USD		0.9829	1.0018		-	-

(d) Accounts receivable

Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as

to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection. As of March 31, 2013 and June 30, 2012, the allowances for doubtful accounts were $357,139 and $357,042, respectively.

F-6

(e) Loss per share

Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.

The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.

(f) Risks and Uncertainties

The operations of the Company are primarily located 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, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.

(g) Recent Accounting Pronouncements

There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form 10-K for the year ended June 30, 2012.

3. OTHER RECEIVABLES / OTHER CURRENT LIABILITIES

(a) Other Receivables

Other receivables represent mainly amounts to be received from customers for advance payments made to the port agent for reimbursed charges to be incurred in connection with the costs of services as well as loans to employees. As of March 31, 2013 and June 30, 2012, the allowances for doubtful accounts totaled $80,000.

F-7

(b) Other Current Liabilities

Other current liabilities represent mainly advance payments received from customers for reimbursed port agent charges to be incurred and miscellaneous accrued liabilities.

4. PROPERTY AND EQUIPMENT, AT COST.

Property and equipment are as follows:

	March 31,		June 30,
	2013		2012

Land and building	$	79,303	$	78,601
Motor vehicles		720,502		918,451
Computer equipment		120,901		126,729
Office equipment		45,659		46,359
Furniture and Fixtures		52,193		53,440
System software		121,616		120,539
Leasehold improvement		67,989		67,387

Total		1,208,163		1,411,506

Less : Accumulated depreciation and amortization		901,996		995,834

Property and equipment, net	$	306,167	$	415,672

5. NON-CONTROLLING INTEREST

Non-controlling interest in Sino-China consists of the following:

	March 31,			June 30,
	2013			2012

Sino-China:
Original paid-in capital	$	356,400		$	356,400
Additional paid-in capital		1,044			1,044
Accumulated other comprehensive loss		(58,130	)		(45,514	)
Accumulated deficit		(3,615,826	)		(3,050,234	)
Other adjustments		(27,395	)		(22,265	)
		(3,343,907	)		(2,760,569	)
Trans Pacific Logistics Shanghai Ltd.		8,029			17,896
Total	$	(3,335,878	)	$	(2,742,673	)

6. COMMITMENTS

Office leases

The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:

	Amount

Twelve months ending March 31,

2013	$	111,197
2014		30,696
	$	141,893

Rent expense for the nine months ended March 31, 2013 and 2012 was $173,075 and $256,413, respectively. Rent expense for the three months ended March 31, 2013 and 2012 was $39,858 and $74,017, respectively.

F-8

7. INCOME TAXES

The income tax (provision) benefit for the nine months ended March 31, 2013 and 2012 and the three months ended March 31, 2013 and 2012 are as follows:

	For the nine months ended March 31,						For the three months ended March 31,
	2013			2012			2013			2012

Current
USA	$	-		$	(29,768	)	$	24,100		$	(2,889	)
China		-			-			-			-
		-			(29,768	)		24,100			(2,889	)
Deferred
USA		(64,500	)		61,000			(9,500	)		10,000
China		-			-			-			-
		(64,500	)		61,000			(9,500	)		10,000
Total	$	(64,500	)	$	31,232		$	14,600		$	7,111

Deferred tax assets are comprised of the following:

	March 31,		June 30,
	2013		2012

Allowance for doubtful accounts	$	175,000	$	175,000
Stock-based compensation		346,000		385,000
Net operating loss		388,000		240,000
Total deferred tax assets		909,000		800,000
Valuation allowance		454,500		281,000
Deferred tax assets, net		454,500		519,000
- Current		87,500		175,000
- Long term		367,000		344,000

Operations in the USA have incurred a cumulative net operating loss of approximately $824,000 as of March 31, 2013, which may be available to reduce future taxable income. This carry-forward will expire if not utilized by 2033. Other deferred tax assets relating to the allowance for doubtful accounts and stock compensation expenses amounting to $175,000 and $346,000 have been recorded respectively. 50% of the deferred tax assets balance has been provided as valuation allowance as of March 31, 2013 based on management’s estimate.

8. CONCENTRATIONS

Major Customer

For the nine months ended March 31, 2013 and 2012, approximately 65% and 60%, respectively, of the Company’s revenues were from one customer.

Major Suppliers

For the nine months ended March 31, 2013, three suppliers accounted for 25%, 12% and 10% of the total cost of revenues, respectively. For the nine months ended March 31, 2012, two suppliers accounted for 14% and 11% of the cost of revenues, respectively.

9. SUBSEQUENT EVENT

On April 19, 2013, the Company’s shareholders at the 2013 Annual Meeting of Shareholders voted and approved the issuance of 1,800,000 shares at price $1.71 per share to Zhang Zhong, a 90% shareholder in Tianjin Zhiyuan Investment Group Ltd. The proceeds for stock issuance has been received by the Company.

F-9

EX-31.1 2 v343533_ex31-1.htm EX-31.1

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Cao Lei, certify that:

(1) I have reviewed this Form 10-Q of Sino-Global Shipping America, Ltd.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5) The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 14, 2013	/s/ Cao Lei
	Cao Lei
	Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 v343533_ex31-2.htm EX-31.2

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Zhang Mingwei, certify that:

(1) I have reviewed this Form 10-Q of Sino-Global Shipping America, Ltd.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 14, 2013	/s/ Zhang Mingwei
	Zhang Mingwei
	Chief Financial Officer (Principal Financial Officer)

EX-32.1 4 v343533_ex32-1.htm EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Form 10-Q report of Sino-Global Shipping America, Ltd. for the period ended March 31, 2013 as filed with the Securities and Exchange Commission on the date hereof and pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Cao Lei, certify that:

(1) This report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the this period report fairly presents, in all material respects, the financial condition and results of operations of Sino-Global Shipping America, Ltd..

Date: May 14, 2013	/s/ Cao Lei
	Cao Lei
	Chief Executive Officer (Principal Executive Officer)

EX-32.2 5 v343533_ex32-2.htm EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1) This report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the this period report fairly presents, in all material respects, the financial condition and results of operations of Sino-Global Shipping America, Ltd..

Date: May 14, 2013	/s/ Zhang Mingwei
	Zhang Mingwei
	Chief Financial Officer (Principal Financial Officer)

EX-99.1 6 v343533_ex99-1.htm EX-99.1

Exhibit 99.1

SINO-GLOBAL ANNOUNCES FISCAL THIRD QUARTER 2013 FINANCIAL RESULTS

- Revenues experience major decline for the third quarter ended March 31, 2013 due to reduced

number of ships served for major customer -

- Company reduces general and administrative expenses by 53% for the third quarter ended

March 31, 2013, limiting losses and cash burn –

- After third quarter’s end, Company strengthened balance sheet by issuing 1.8 million shares

for approximately $3.1 million -

Beijing, China - May 14, 2013 – Sino-Global Shipping America, Ltd. (Nasdaq: SINO), a leading, non-state-owned provider of shipping agency services operating primarily in China, today announced its selected financial results for its third fiscal quarter ended March 31, 2013.

Financial Highlights for the Third Fiscal Quarter Ended March 31, 2013

Total revenues decreased 74.32% to US$2.34 million, from US$9.11 million in the third fiscal quarter ended March 31, 2013.

The devaluation of the US dollar against the Chinese Renminbi (“RMB”) resulted in a very slight impact on gross margin, which expanded in the quarter to 14.76% up from 5.22% in the third fiscal quarter of 2012, due to providing more protective services, which carry higher margins.

Strong internal budget controls reduced general and administrative expenses in absolute amount by 53%.

Net loss improved to US$211,040 from net loss of US$770,155 in the third fiscal quarter of 2012.

Basic and diluted losses per share were US$0.06 and US$0.16 for the third fiscal quarters of 2013 and 2012, respectively. Earnings and losses per share are adjusted for the non-controlling interest.

Mr. Cao Lei, Sino-Global’s Chief Executive Officer, stated, “The difficult economic environment continued into the third quarter, stemming from the reduced volume of iron ore imports. As a result, we saw a reduction in the number of ships we service. In addition, one of our major customers, Beijing Shourong Forwarding Company (“Shourong”), has changed its service arrangement with us, to protective agency services versus the lump sum fixed rate discharging agency services. As a result of this change, our revenue base declined significantly. While this is extremely disappointing, we have managed to streamline our business in light of this change by cutting expenses, which limited our losses in the quarter. On a positive note, our gross margin improved to nearly 15% in the quarter as we provided protective agency services to more ships, which carries a higher gross margin compared to the loading and discharging services.”

Mr. Cao added, “Subsequent to the third quarter’s end, we managed to improve the Company’s balance sheet as shareholders approved the issuance of 1.8 million shares for $3.078 million, or $1.71 a share, to Mr. Zhang Zhong, who owns 90% of Tianjin Zhiyuan Investment Group. We are pleased to have Mr. Zhong as a shareholder and hope this transaction will provide us not only with the necessary capital to manage the business going forward, but also provide Sino Global with new opportunities in a wider service range including shipping agency, ship management, ship operating and forwarding.”

Mr. Cao concluded, “Looking to the future, we will continue to emphasize expanding our international marketing effort to position us for strong growth as economies around the world improve. We also believe that our business relationship with Shourong will continue this year and we are working diligently in obtaining a favorable service arrangement with them. Our position has been strengthened by the actions that we have taken and Sino-Global will continue to seek additional international business from loading ports in Australia, Canada, South Africa and Brazil as well as other countries with which China has major trading activities.”

Select Financial Highlights for the Three and Nine Months Periods Ended March 31, 2013

Revenues

Total revenues decreased by 74.32% from $9,110,006 for the three months ended March 31, 2012 to $2,339,074 in the comparable three months in 2013. The number of ships that generated revenues decreased from 129 for the three months ended March 31, 2012 to 99 for the comparable quarter of fiscal 2013. Accordingly, revenues decreased. In addition, the Company provided protective services for more ships which generated significantly lower revenues per ship. For the three months ended March 31, 2013, the Company provided protective services to 81 ships, compared to 35 ships for the same quarter of 2012. The Company provided loading/discharging service to 18 and 94 ships for the three months ended March 31, 2013 and 2012, respectively. Total revenues decreased by 35.27% from $25,725,311 for the nine months ended March 31, 2012 to $16,650,903 in the comparable nine months in 2013. The number of ships that generated revenues for the Company decreased from 351 for the nine-month period of fiscal 2012 to 322 for the comparable period of fiscal 2013. Moreover, the Company provided protective services for more ships which generated significantly lower revenues per ship. For the nine months ended March 31, 2013, the Company provided protective services to 172 ships, compared to 68 ships for the nine-month period of 2012. In contrast, the Company provided loading/discharging service to 150 and 283 ships for the nine months ended March 31, 2013 and 2012, respectively.

General and Administrative Expenses

General and administrative expenses decreased by 53.08% from $1,149,522 for the three months ended March 31, 2012 to $539,348 for the three months ended March 31, 2013. This decrease was mainly due to (1) decreased salaries and benefits for our staff of $194,489, (2) a decrease of $184,388 in business promotion, (3) decreased listing expense of $78,443. The Company will continue with its budget control efforts to reduce the general and administrative expenses as a percentage of total revenues. General and administrative expenses decreased by 36.02% from $3,976,137 for the nine months ended March 31, 2012 to $2,543,959 for the nine months ended March 31, 2013. This mainly due to (1) decreased bad debts provision of $88,621, (2) a decrease of $552,750 in business promotion, (3) decreased listing expense of $186,970, (4) decreased salaries and benefits for our staff of $235,145, (5) decreased travelling expense of $89,184. The Company will continue with its budget control efforts to reduce the general and administrative expenses as a percentage of total revenues.

Selling Expenses

Selling expenses decreased by 64.56% from $83,547 for the three months ended March 31, 2012 to $29,606 for the three months ended March 31, 2013, mainly due to lower commission payments related to the sales decrease. Selling expenses primarily consist of commissions and traveling expenses for operating staff to the ports at which the Company provide services. In line with the decrease in revenues, selling expenses decreased in absolute amount and increased as a percentage of our total net revenues for the nine and three months ended March 31, 2013. Selling expenses decreased by 28.12% from $296,353 for the nine months ended March 31, 2012 to $213,032 for the period ended March 31, 2013. Most selling expenses are commissions paid to business partners who refer shipping agency business to the Company

Operating Loss

The Company had an operating loss of $223,804 for the three months ended March 31, 2013, compared to operating loss of $757,251 for the comparable three months in 2012. The operating loss for the third quarter of fiscal 2013 was primarily due to the decrease in costs of revenues and general and administrative expenses. The Company reported an operating loss of $1,224,238 for the nine months ended March 31, 2013, compared to an operating loss of $2,388,060 for the comparable nine months in 2012. The operating loss for the nine-month period of fiscal 2013 decreased primarily due to the reduced costs of revenues and general and administrative expenses.

Financial Income, Net

The net financial expense was $7,060 for the three months ended March 31, 2013, compared to the net financial income of $42,152 for the three months ended March 31, 2012. The net financial income was derived largely from the foreign exchange gains recognized in the financial statement consolidation. Foreign exchange losses resulting from the settlement of foreign exchange transactions are recognized in the condensed consolidated statements of operations. The net financial income was $22,674 for the nine months ended March 31, 2013, compared to our net financial income of $58,705 for the nine months ended March 31, 2012. The net financial income was derived largely from the foreign exchange income recognized in the financial statement consolidation. Foreign exchange losses resulting from the settlement of foreign exchange transactions are recognized in the condensed consolidated statements of operations.

Taxation

Income tax benefits were $14,600 for the three months ended March 31, 2013, compared to income tax benefits of $7,111 for the three months ended March 31, 2012. As the Company had a tax benefit of $24,100 and deferred tax expense of $9,500, the income tax benefits of the three months ended March 31, 2013 was $14,600. Income tax expense was $64,500 for the nine months ended March 31, 2013, compared to income tax benefits of $31,232 for the nine months ended March 31, 2012. The income tax expense of $64,500 was deferred tax expense resulted from an increase of valuation allowance of deferred tax assets.

Net Loss

As a result of the foregoing, the Company had a net loss of $211,040 for the three months ended March 31, 2013, compared to net loss of $770,155 for the three months ended March 31, 2012. After deduction of non-controlling interest in loss, net loss attributable to Sino-Global Shipping America, Ltd. was $166,510 for the three months ended March 31, 2013, compared to net loss of $477,388 for the three months ended March 31, 2012. With other comprehensive loss foreign currency translation, comprehensive loss was $151,175 for the three months ended March 31, 2013, compared to comprehensive loss of $461,984 for the three months ended March 31, 2012. The Company also had a net loss of $1,219,051 for the nine months ended March 31, 2013, compared to net loss of $2,424,480 for the nine months ended March 31, 2012. After deduction of non-controlling interest in loss, net loss attributable to Sino-Global Shipping America, Ltd. was $648,329 for the nine months ended March 31, 2013, compared to net loss of $1,538,176 for the nine months ended March 31, 2012. With other comprehensive loss foreign currency translation, comprehensive loss was $635,442 for the nine months ended March 31, 2013, compared to comprehensive loss of $1,510,966 for the nine months ended March 31, 2012.

Basic and diluted losses per share

Basic and diluted losses per share were US$0.06 and US$0.16 for the third fiscal quarter of 2013 and 2012, respectively. Basic and diluted losses per share for the nine months ended March 31, 2013 and 2012 were US$0.22 and US$0.53, respectively. Losses per share are adjusted for the non-controlling interest.

Other selected Data

The Company has financed its operations primarily through cash flows from operations. As of March 31, 2013, we had $331,020 in cash and cash equivalents. Cash and cash equivalents primarily consist of cash on hand and cash in banks. Sino Global deposited approximately 80.66% of its cash in banks in the USA, Australia and Hong Kong.

About Sino-Global Shipping America, Ltd.

Registered in the United States in 2001 and operating primarily in mainland China, Sino-Global is a leading, non-state-owned provider of high-quality shipping agency services. With local branches in most of China's main ports and contractual arrangements in all those where it does not have branch offices, Sino-Global is able to offer efficient, high-quality shipping agency services to shipping companies entering Chinese ports. With a subsidiary in Perth, Australia, where it has a contractual relationship with a local shipping agency, Sino-Global provides complete shipping agent services to companies involved in trades between Chinese and Australian ports. Sino-Global also cooperates with companies in Hong Kong, China, India, and South Africa to offer comprehensive shipping agent services to vessels going to and from some of the world's busiest ports.

Sino-Global provides ship owners, operators and charters with comprehensive yet customized shipping agency services including intelligence, planning, real-time analysis and on-the-ground implementation and logistics support. Sino-Global has achieved both ISO9001 and UKAS certifications.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in Sino-Global's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. Sino-Global undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

For More Information

For a more detailed review of Sino-Global’s financial results for fiscal third quarter ended March 31, 2013, please refer to the company’s filing on Form 10-Q filing or Sino-Global’s web site: www.sino-global.com.

- Tables to Follow -–

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)



	For the nine months ended March 31,						For the three months ended March 31,
	2013			2012			2013			2012

Net Revenues	$	16,650,903		$	25,725,311		$	2,339,074		$	9,110,006

Cost of revenues		(15,118,150	)		(23,840,881	)		(1,993,924	)		(8,634,188	)
Gross profit		1,532,753			1,884,430			345,150			475,818

General and administrative expenses		(2,543,959	)		(3,976,137	)		(539,348	)		(1,149,522	)
Selling expenses		(213,032	)		(296,353	)		(29,606	)		(83,547	)
		(2,756,991	)		(4,272,490	)		(568,954	)		(1,233,069	)

Operating Loss		(1,224,238	)		(2,388,060	)		(223,804	)		(757,251	)

Financial income, net		22,674			58,705			(7,060	)		(42,152	)
Other income, net		47,013			63,415			5,224			22,910
Loss from equity investment		-			(189,772	)		-			(773	)
		69,687			(67,652	)		(1,836	)		(20,015	)

Net loss before provision for income taxes		(1,154,551	)		(2,455,712	)		(225,640	)		(777,266	)

Income tax (expense) benefit		(64,500	)		31,232			14,600			7,111

Net loss		(1,219,051	)		(2,424,480	)		(211,040	)		(770,155	)

Net loss attributed to non-controlling interest		(570,722	)		(886,304	)		(44,530	)		(292,767	)

Net loss attributable to Sino-Global Shipping America, Ltd		(648,329	)		(1,538,176	)		(166,510	)		(477,388	)

Net loss	$	(1,219,051	)	$	(2,424,480	)	$	(211,040	)	$	(770,155	)

Other comprehensive income:
Foreign currency translation adjustments		(9,596	)		9,847			7,327			13,836
Comprehensive loss		(1,228,647	)		(2,414,633	)		(203,713	)		(756,319	)

Less: Comprehensive loss attributable to non-controlling interest		(593,205	)		(903,667	)		(52,538	)		(294,335	)

Comprehensive loss attributable to Sino-Global Shipping America Ltd.	$	(635,442	)	$	(1,510,966	)	$	(151,175	)	$	(461,984	)

Loss per share
-Basic and diluted	$	(0.22	)	$	(0.53	)	$	(0.06	)	$	(0.16	)

Weighted average number of common shares used in computation
-Basic and diluted		2,903,841			2,903,841			2,903,841			2,903,841

SINO-GLOBAL SHIPPING AMERICA, LTD. AND AFFILIATES

CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	March 31,			June 30,
	2013			2012

Assets
Current assets
Cash and cash equivalents	$	331,020		$	4,433,333
Advances to suppliers		805,503			901,654
Accounts receivable, net		5,614,697			3,788,966
Other receivables, net		293,010			377,835
Other current assets		29,307			82,257
Prepaid taxes		26,189			27,356
Deferred tax assets		87,500			175,000

Total current assets		7,187,226			9,786,401

Property and equipment, net		306,167			415,672
Other long-term assets		18,014			30,457
Deferred tax assets - long term		367,000			344,000

Total Assets		7,878,407			10,576,530

Liabilities and Equity
Current liabilities
Advances from customers		322,285			303,437
Accounts payable		5,930,677			7,467,145
Accrued expenses		82,965			92,217
Other current liabilities		249,506			169,628

Total Current Liabilities		6,585,433			8,032,427

Total Liabilities	$	6,585,433		$	8,032,427

Commitments and Contingency

Equity
Preferred stock, 1,000,000 shares authorized, no par value		-			-
Common stock, 10,000,000 shares authorized, no par value; 3,029,032 shares issued, 2,903,841 outstanding	$	7,709,745		$	7,709,745
Additional paid-in capital		1,191,796			1,191,796
Treasury stock, at cost - 125,191 shares		(372,527	)		(372,527	)
Accumulated deficit		(3,705,186	)		(3,056,858	)
Accumulated other comprehensive loss		7,113			16,709
Unearned Stock-based Compensation		(202,089	)		(202,089	)

Total Sino-Global Shipping America Ltd. Stockholders' equity		4,628,852			5,286,776

Non-Controlling interest		(3,335,878	)		(2,742,673	)

Total equity		1,292,974			2,544,103

Total Liabilities and Equity	$	7,878,407		$	10,576,530

###

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1. ORGANIZATION AND NATURE OF BUSINESS   Sino-Global Shipping America, Ltd. (the “Company”) was incorporated on February 2, 2001 in New York. On September 18, 2007, the Company amended the Articles of Incorporation and Bylaws to merge into a new Corporation, Sino-Global Shipping America, Ltd. in Virginia.   The Company’s principal geographic market is in the People’s Republic of China (“PRC”). As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, the Company provides its services in the PRC through Sino-Global Shipping Agency Ltd. (“Sino-China”), a Chinese legal entity, which holds the licenses and permits necessary to operate shipping services in the PRC. Sino-China is located in Beijing with branches in Qingdao, Qinhuangdao and Fangchenggang and provides general shipping agency services in all commercial ports in the PRC.   On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”; Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”) on May 31, 2009.   Trans Pacific Beijing and Sino-China do not have a parent-subsidiary relationship. Trans Pacific Beijing has contractual arrangements with Sino-China and its shareholders that enable the Company to substantially control Sino-China.   To build an international shipping agency service network, the Company formed a wholly-owned subsidiary, Sino-Global Shipping Australia Pty Ltd. (“Sino-Global AUS”) in Perth, Australia on July 3, 2008, which serves the needs of customers shipping into and out of Western Australia. The Company also signed an agreement with Monson Agencies Australia (“Monson”), one of the largest shipping agency service providers in Australia. Through the Company’s relationship with Monson, the Company is able to provide general shipping agency services to all ports in Australia.   The Company established another wholly-owned subsidiary on September 22, 2008, Sino-Global Shipping (HK) Limited ("Sino-Global HK") to perform as a control and management center for southern Chinese ports and enables the Company to extend its offering of comprehensive shipping agency services to vessels going to and from one of the world's busiest ports. On July 27, 2009, Sino-Global HK signed an exclusive partnership agreement with Forbes & Company Limited (“Forbes”), which is a listed company on the Bombay Stock Exchange (BOM: 502865) and one of the largest shipping and logistic service providers in India. Through the Company’s relationship with Forbes, it is able to provide general shipping agency services to all ports in India.   The Company established a new wholly-owned subsidiary, Sino-Global Shipping Canada Inc. in 2012, to provide services for ships loading commodities at Canadian ports and delivering them to China. Sino-Global Shipping Canada is already providing shipping services to Baosteel's vessels in Canada. Baosteel, based in Shanghai, China, is the second largest steel producer in the world with huge demands for iron ore and other commodities.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   There have been no material changes during fiscal year 2013 in the Company’s significant accounting policies to those previously disclosed in the 2012 annual report. Therefore only those policies considered by management to be most impactful to the reader have been disclosed in this quarterly form 10-Q.   (a) Basis of presentation   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.   In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”).   (b) Basis of consolidation   The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.   The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.   The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.   The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Total current assets</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">261,910</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">537,068</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total assets</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">468,316</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">766,075</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total current liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">319,636</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">319,636</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   (c) Translation of Foreign Currency   The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.   The exchange rates for the nine months ended March 31, 2013 and the year ended June 30, 2012 are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt; font-weight: bold;">Foreign currency</td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="width: 44%; font-size: 10pt;">RMB:1USD</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.2689</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.2757</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3249</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3520</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">1AUD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0415</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0387</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0203</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0323</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">1HKD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1288</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1290</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1289</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1286</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">1CAD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.9829</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0018</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   (d) Accounts receivable   Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection. As of March 31, 2013 and June 30, 2012, the allowances for doubtful accounts were $357,139 and $357,042, respectively.   (e) Loss per share   Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.   The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.   (f) Risks and Uncertainties   The operations of the Company are primarily located 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, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.   (g) Recent Accounting Pronouncements   There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form 10-K for the year ended June 30, 2012.

3. OTHER RECEIVABLES / OTHER CURRENT LIABILITIES   (a) Other Receivables   Other receivables represent mainly amounts to be received from customers for advance payments made to the port agent for reimbursed charges to be incurred in connection with the costs of services as well as loans to employees. As of March 31, 2013 and June 30, 2012, the allowances for doubtful accounts totaled $80,000.   (b) Other Current Liabilities   Other current liabilities represent mainly advance payments received from customers for reimbursed port agent charges to be incurred and miscellaneous accrued liabilities.

4. PROPERTY AND EQUIPMENT, AT COST.   Property and equipment are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Land and building</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">79,303</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">78,601</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Motor vehicles</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">720,502</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">918,451</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Computer equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">120,901</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">126,729</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Office equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">45,659</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">46,359</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Furniture and Fixtures</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">52,193</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">53,440</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">System software</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">121,616</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">120,539</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Leasehold improvement</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">67,989</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">67,387</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,208,163</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,411,506</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Less : Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">901,996</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">995,834</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Property and equipment, net</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">306,167</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">415,672</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

5. NON-CONTROLLING INTEREST   Non-controlling interest in Sino-China consists of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;">Sino-China:</td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Original paid-in capital</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">356,400</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">356,400</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Additional paid-in capital</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,044</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,044</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Accumulated other comprehensive loss</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(58,130</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(45,514</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Accumulated deficit</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(3,615,826</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(3,050,234</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Other adjustments</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(27,395</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(22,265</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(3,343,907</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,760,569</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Trans Pacific Logistics Shanghai Ltd.</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">8,029</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">17,896</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(3,335,878</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,742,673</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> </table>

6. COMMITMENTS   Office leases   The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Twelve months ending March 31,</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 86%; font-size: 10pt;">2013</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">111,197</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">2014</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">30,696</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">141,893</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> </table>   Rent expense for the nine months ended March 31, 2013 and 2012 was $173,075 and $256,413, respectively. Rent expense for the three months ended March 31, 2013 and 2012 was $39,858 and $74,017, respectively.

7. INCOME TAXES   The income tax (provision) benefit for the nine months ended March 31, 2013 and 2012 and the three months ended March 31, 2013 and 2012 are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">For the nine months ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">For the three months ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Current</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.25in; width: 44%; font-size: 10pt;">USA</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">(29,768</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">24,100</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">(2,889</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 0.25in; font-size: 10pt;">China</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(29,768</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">24,100</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,889</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Deferred</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.25in; font-size: 10pt;">USA</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(64,500</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">61,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(9,500</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">10,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 0.25in; font-size: 10pt;">China</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(64,500</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">61,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(9,500</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">10,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(64,500</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">31,232</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">14,600</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">7,111</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> </table>   Deferred tax assets are comprised of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Allowance for doubtful accounts</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">175,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">175,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Stock-based compensation</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">346,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">385,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Net operating loss</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">388,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">240,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total deferred tax assets</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">909,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">800,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Valuation allowance</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">454,500</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">281,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Deferred tax assets, net</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">454,500</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">519,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.375in; font-size: 10pt;">- Current</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">87,500</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">175,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.375in; font-size: 10pt;">- Long term</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">367,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">344,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   Operations in the USA have incurred a cumulative net operating loss of approximately $824,000 as of March 31, 2013, which may be available to reduce future taxable income. This carry-forward will expire if not utilized by 2033. Other deferred tax assets relating to the allowance for doubtful accounts and stock compensation expenses amounting to $175,000 and $346,000 have been recorded respectively. 50% of the deferred tax assets balance has been provided as valuation allowance as of March 31, 2013 based on management’s estimate.

<div> 8. CONCENTRATIONS   Major Customer   For the nine months ended March 31, 2013 and 2012, approximately 65% and 60%, respectively, of the Company’s revenues were from one customer.   Major Suppliers   <div style="text-align: justify; text-indent: 21pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">For the nine months ended March 31, 2013, three suppliers accounted for 25%, 12% and 10% of the total cost of revenues, respectively. For the nine months ended March 31, 2012, two suppliers accounted for 14% and 11% of the cost of revenues, respectively.</div> </div>

9. SUBSEQUENT EVENT   On April 19, 2013, the Company’s shareholders at the 2013 Annual Meeting of Shareholders voted and approved the issuance of 1,800,000 shares at price $1.71 per share to Zhang Zhong, a 90% shareholder in Tianjin Zhiyuan Investment Group Ltd. The proceeds for stock issuance has been received by the Company.

(a) Basis of presentation   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.   In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”).

(b) Basis of consolidation   The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.   The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.   The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.   The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Total current assets</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">261,910</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">537,068</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total assets</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">468,316</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">766,075</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total current liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">319,636</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">319,636</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"></td> </tr> </table>

(c) Translation of Foreign Currency   The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.   The exchange rates for the nine months ended March 31, 2013 and the year ended June 30, 2012 are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt; font-weight: bold;">Foreign currency</td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="width: 44%; font-size: 10pt;">RMB:1USD</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.2689</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.2757</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3249</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 10%; font-size: 10pt;">6.3520</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">1AUD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0415</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0387</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0203</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0323</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">1HKD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1288</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1290</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1289</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.1286</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">1CAD:USD</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">0.9829</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1.0018</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"></td> </tr> </table>

(d) Accounts receivable   Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection. As of March 31, 2013 and June 30, 2012, the allowances for doubtful accounts were $357,139 and $357,042, respectively.

(e) Loss per share   Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.   The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.

(f) Risks and Uncertainties   The operations of the Company are primarily located 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, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.

(g) Recent Accounting Pronouncements   There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form 10-K for the year ended June 30, 2012.

The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Total current assets</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">261,910</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">537,068</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total assets</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">468,316</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">766,075</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total current liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">319,636</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total liabilities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">319,636</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">298,948</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>

The exchange rates for the nine months ended March 31, 2013 and the year ended June 30, 2012 are as follows: <table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"></td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"></td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="text-align: left; font-size: 10pt; font-weight: bold;">Foreign currency</td> <td style="font-size: 10pt; font-weight: bold;"></td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"></td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"></td> <td style="font-size: 10pt; font-weight: bold;"></td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"></td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"></td> <td style="font-size: 10pt; font-weight: bold;"></td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"></td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">BS</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"></td> <td style="font-size: 10pt; font-weight: bold;"></td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"></td> <td style="text-align: center; font-size: 10pt; font-weight: bold;">PL</td> <td style="text-align: left; font-size: 10pt; font-weight: bold;"></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 44%; font-size: 10pt;">RMB:1USD</td> <td style="width: 2%; font-size: 10pt;"></td> <td style="width: 1%; text-align: left; font-size: 10pt;"></td> <td style="width: 10%; text-align: right; font-size: 10pt;">6.2689</td> <td style="width: 1%; text-align: left; font-size: 10pt;"></td> <td style="width: 2%; font-size: 10pt;"></td> <td style="width: 1%; text-align: left; font-size: 10pt;"></td> <td style="width: 10%; text-align: right; font-size: 10pt;">6.2757</td> <td style="width: 1%; text-align: left; font-size: 10pt;"></td> <td style="width: 2%; font-size: 10pt;"></td> <td style="width: 1%; text-align: left; font-size: 10pt;"></td> <td style="width: 10%; text-align: right; font-size: 10pt;">6.3249</td> <td style="width: 1%; text-align: left; font-size: 10pt;"></td> <td style="width: 2%; font-size: 10pt;"></td> <td style="width: 1%; text-align: left; font-size: 10pt;"></td> <td style="width: 10%; text-align: right; font-size: 10pt;">6.3520</td> <td style="width: 1%; text-align: left; font-size: 10pt;"></td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="font-size: 10pt;">1AUD:USD</td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">1.0415</td> <td style="text-align: left; font-size: 10pt;"></td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">1.0387</td> <td style="text-align: left; font-size: 10pt;"></td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">1.0203</td> <td style="text-align: left; font-size: 10pt;"></td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">1.0323</td> <td style="text-align: left; font-size: 10pt;"></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font-size: 10pt;">1HKD:USD</td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">0.1288</td> <td style="text-align: left; font-size: 10pt;"></td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">0.1290</td> <td style="text-align: left; font-size: 10pt;"></td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">0.1289</td> <td style="text-align: left; font-size: 10pt;"></td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">0.1286</td> <td style="text-align: left; font-size: 10pt;"></td> </tr> <tr style="vertical-align: bottom; background-color: #ccffcc;"> <td style="font-size: 10pt;">1CAD:USD</td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">0.9829</td> <td style="text-align: left; font-size: 10pt;"></td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">1.0018</td> <td style="text-align: left; font-size: 10pt;"></td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"></td> <td style="font-size: 10pt;"></td> <td style="text-align: left; font-size: 10pt;"></td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"></td> </tr> </table>

Property and equipment are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Land and building</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">79,303</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">78,601</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Motor vehicles</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">720,502</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">918,451</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Computer equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">120,901</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">126,729</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Office equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">45,659</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">46,359</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Furniture and Fixtures</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">52,193</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">53,440</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">System software</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">121,616</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">120,539</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Leasehold improvement</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">67,989</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">67,387</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,208,163</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,411,506</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Less : Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">901,996</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">995,834</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Property and equipment, net</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">306,167</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">415,672</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"></td> </tr> </table>

Non-controlling interest in Sino-China consists of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;">Sino-China:</td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Original paid-in capital</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">356,400</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">356,400</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Additional paid-in capital</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,044</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,044</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Accumulated other comprehensive loss</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(58,130</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(45,514</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Accumulated deficit</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(3,615,826</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(3,050,234</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Other adjustments</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(27,395</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(22,265</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(3,343,907</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,760,569</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Trans Pacific Logistics Shanghai Ltd.</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">8,029</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">17,896</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(3,335,878</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,742,673</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> </table>

The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Amount</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Twelve months ending March 31,</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 86%; font-size: 10pt;">2013</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">111,197</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">2014</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">30,696</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">141,893</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"></td> </tr> </table>

The income tax (provision) benefit for the nine months ended March 31, 2013 and 2012 and the three months ended March 31, 2013 and 2012 are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">For the nine months ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">For the three months ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Current</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.25in; width: 44%; font-size: 10pt;">USA</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">(29,768</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">24,100</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">(2,889</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 0.25in; font-size: 10pt;">China</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(29,768</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">24,100</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,889</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Deferred</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.25in; font-size: 10pt;">USA</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(64,500</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">61,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(9,500</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">10,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 0.25in; font-size: 10pt;">China</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(64,500</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">61,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(9,500</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">10,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt;">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(64,500</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">31,232</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">14,600</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">7,111</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"></td> </tr> </table>

Deferred tax assets are comprised of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">June 30,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2013</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: right; font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 72%; font-size: 10pt;">Allowance for doubtful accounts</td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">175,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 2%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 10%; font-size: 10pt;">175,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Stock-based compensation</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">346,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">385,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Net operating loss</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">388,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">240,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total deferred tax assets</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">909,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">800,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Valuation allowance</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">454,500</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">281,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Deferred tax assets, net</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">454,500</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">519,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.375in; font-size: 10pt;">- Current</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">87,500</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">175,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.375in; font-size: 10pt;">- Long term</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">367,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">344,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>

2001-02-02 New York On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited ("Trans Pacific Beijing"), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited ("Trans Pacific Shanghai"; Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as "Trans Pacific") on May 31, 2009.

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125,191 shares Retained Earnings (Accumulated Deficit) Accumulated deficit Accumulated deficit Accumulated deficit Accumulated Other Comprehensive Income (Loss), Net Of Tax Accumulated other comprehensive loss Accumulated other comprehensive loss Accumulated other comprehensive loss Deferred Compensation Equity Unearned Stock-based Compensation Unearned Stock-based Compensation Stockholders' Equity Attributable To Parent Total Sino-Global Shipping America Ltd. Stockholders' equity Total Sino-Global Shipping America Ltd. Stockholders' equity Stockholders' Equity Attributable To Noncontrolling Interest Non-Controlling interest Non-Controlling interest Stockholders Equity Including Portion Attributable To Noncontrolling Interest Total equity Total equity Balance Balance Liabilities and Stockholders Equity Total Liabilities and Equity Total Liabilities and Equity Preferred Stock Shares Authorized Preferred stock, shares authorized Preferred stock, shares authorized Preferred Stock, No Par Value Preferred stock par value Preferred stock par value Common Stock Shares Authorized Common stock, shares authorized Common stock, shares authorized Common Stock, No Par Value Common stock par value Common stock par value Common Stock Shares Issued Common stock, shares issued Common stock, shares issued Common Stock Shares Outstanding Common stock, shares outstanding Common stock, shares outstanding Treasury Stock, Shares Treasury stock,shares Income Statement [Abstract] Income Statement [Abstract] Income Statement [Abstract] Revenues Revenues Net Revenues Cost Of Revenue Cost of revenues Cost of revenues Gross Profit Gross profit Gross profit General and Administrative Expense General and administrative expenses General and administrative expenses Selling Expense Selling expenses Selling expenses Costs and Expenses Costs and Expenses Costs and expenses Costs and expenses Operating Income Loss Operating Loss Operating Loss Investment Income Net Financial income (expense), net Financial income, net Other Operating Income Other income Other income, net Income Loss From Equity Method Investments Loss from equity investment Loss from equity investment Loss from equity investment Nonoperating Income Expense Nonoperating Income (Expense), Total Nonoperating Income (Expense), Total Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest Net loss before provision for income taxes Net loss before provision for income taxes Income Tax Expense (Benefit) Income tax benefit Total Income tax (expense) benefit Total Total Profit Loss Net loss Net loss Net loss Net loss Net Income (Loss) Attributable To Noncontrolling Interest Net loss attributed to non-controlling interest Net Income (Loss) Attributable To Parent Net loss Net loss attributable to Sino-Global Shipping America, Ltd Net loss attributable to Sino-Global Shipping America, Ltd Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] Other comprehensive income: Other comprehensive income: Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net Of Tax, Portion Attributable To Parent Foreign currency translation adjustments Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest Comprehensive loss Comprehensive loss Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest Comprehensive loss attributable to non-controlling interest Less: Comprehensive loss attributable to non-controlling interest Comprehensive Income Net Of Tax Comprehensive loss attributable to Sino-Global Shipping America Ltd. Comprehensive loss attributable to Sino-Global Shipping America Ltd. Earnings Per Share Basic and Diluted [Abstract] Loss per share Loss per share Earnings Per Share Basic and Diluted -Basic and diluted -Basic and diluted Weighted Average Number Of Shares Outstanding, Diluted [Abstract] Weighted average number of common shares used in computation Weighted average number of common shares used in computation Weighted Average Number Of Shares Outstanding, Basic and Diluted -Basic and diluted -Basic and diluted Statement Of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By Used In Operating Activities [Abstract] Cash flows from operating activities Operating Activities Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract] Adjustment to reconcile net loss to net cash provided by (used in) operating activities Adjustment to reconcile net loss to net cash used in operating activities Depreciation and Amortization Depreciation and amortization 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CONCENTRATIONS (Details Textual)	9 Months Ended
CONCENTRATIONS (Details Textual)	Mar. 31, 2013	Mar. 31, 2012
Customer Concentration Risk [Member] \| Sales Revenue, Services, Net [Member]
Concentration Risk, Percentage	65.00%	60.00%
Supplier Concentration Risk [Member] \| Cost Of Sales [Member] \| Major Supplier One [Member]
Concentration Risk, Percentage	25.00%	14.00%
Supplier Concentration Risk [Member] \| Cost Of Sales [Member] \| Major Supplier Two [Member]
Concentration Risk, Percentage	12.00%	11.00%
Supplier Concentration Risk [Member] \| Cost Of Sales [Member] \| Major Supplier Three [Member]
Concentration Risk, Percentage	10.00%

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OTHER RECEIVABLES / OTHER CURRENT LIABILITIES (Details Textual) (USD $)	Mar. 31, 2013	Jun. 30, 2012
Allowances for doubtful accounts, Other receivables	$ 80,000	$ 80,000

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PROPERTY AND EQUIPMENT, AT COST

9 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

4. PROPERTY AND EQUIPMENT, AT COST.

Property and equipment are as follows:

	March 31,		June 30,
	2013		2012

Land and building	$	79,303	$	78,601
Motor vehicles		720,502		918,451
Computer equipment		120,901		126,729
Office equipment		45,659		46,359
Furniture and Fixtures		52,193		53,440
System software		121,616		120,539
Leasehold improvement		67,989		67,387

Total		1,208,163		1,411,506

Less : Accumulated depreciation and amortization		901,996		995,834

Property and equipment, net	$	306,167	$	415,672

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

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OTHER RECEIVABLES / OTHER CURRENT LIABILITIES
9 Months Ended

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Other Assets and Other Liabilities Disclosure Current [Abstract]

Other Assets and Other Liabilities Disclosure Current [Text Block]
3. OTHER RECEIVABLES / OTHER CURRENT LIABILITIES

(a) Other Receivables

Other receivables represent mainly amounts to be received from customers for advance payments made to the port agent for reimbursed charges to be incurred in connection with the costs of services as well as loans to employees. As of March 31, 2013 and June 30, 2012, the allowances for doubtful accounts totaled $80,000.

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INCOME TAXES (Details Textual) (USD $)
9 Months Ended

Mar. 31, 2013

Jun. 30, 2012

Operating Loss Carryforwards $ 824,000

Operating Loss Carryforwards, Expiration Dates 2033

Deferred tax assets, net 175,000 175,000

Deferred Tax Assets, Other $ 346,000 $ 385,000

Percentage Of Deferred Tax Asset Valuation Allowance To Approximate 50.00%

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)

Mar. 31, 2013

Jun. 30, 2012

Current assets

Cash and cash equivalents $ 331,020 $ 4,433,333

Advances to suppliers 805,503 901,654

Accounts receivable, net 5,614,697 3,788,966

Other receivables, net 293,010 377,835

Other current assets 29,307 82,257

Prepaid taxes 26,189 27,356

Deferred tax assets 87,500 175,000

Total current assets 7,187,226 9,786,401

Property and equipment, net 306,167 415,672

Other long-term assets 18,014 30,457

Deferred tax assets - long term 367,000 344,000

Total Assets 7,878,407 10,576,530

Current liabilities

Advances from customers 322,285 303,437

Accounts payable 5,930,677 7,467,145

Accrued expenses 82,965 92,217

Other current liabilities 249,506 169,628

Total Current Liabilities 6,585,433 8,032,427

Total Liabilities 6,585,433 8,032,427

Commitments and Contingency

Equity

Preferred stock, 1,000,000 shares authorized, no par value 0 0

Common stock, 10,000,000 shares authorized, no par value; 3,029,032 shares issued, 2,903,841 outstanding 7,709,745 7,709,745

Additional paid-in capital 1,191,796 1,191,796

Treasury stock, at cost - 125,191 shares (372,527) (372,527)

Accumulated deficit (3,705,186) (3,056,858)

Accumulated other comprehensive loss 7,113 16,709

Unearned Stock-based Compensation (202,089) (202,089)

Total Sino-Global Shipping America Ltd. Stockholders' equity 4,628,852 5,286,776

Non-Controlling interest (3,335,878) (2,742,673)

Total equity 1,292,974 2,544,103

Total Liabilities and Equity $ 7,878,407 $ 10,576,530

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ORGANIZATION AND NATURE OF BUSINESS
9 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Organization Consolidation and Presentation Of Financial Statements Disclosure [Text Block]
1. ORGANIZATION AND NATURE OF BUSINESS

Sino-Global Shipping America, Ltd. (the “Company”) was incorporated on February 2, 2001 in New York. On September 18, 2007, the Company amended the Articles of Incorporation and Bylaws to merge into a new Corporation, Sino-Global Shipping America, Ltd. in Virginia.

The Company’s principal geographic market is in the People’s Republic of China (“PRC”). As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, the Company provides its services in the PRC through Sino-Global Shipping Agency Ltd. (“Sino-China”), a Chinese legal entity, which holds the licenses and permits necessary to operate shipping services in the PRC. Sino-China is located in Beijing with branches in Qingdao, Qinhuangdao and Fangchenggang and provides general shipping agency services in all commercial ports in the PRC.

On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”; Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”) on May 31, 2009.

Trans Pacific Beijing and Sino-China do not have a parent-subsidiary relationship. Trans Pacific Beijing has contractual arrangements with Sino-China and its shareholders that enable the Company to substantially control Sino-China.

To build an international shipping agency service network, the Company formed a wholly-owned subsidiary, Sino-Global Shipping Australia Pty Ltd. (“Sino-Global AUS”) in Perth, Australia on July 3, 2008, which serves the needs of customers shipping into and out of Western Australia. The Company also signed an agreement with Monson Agencies Australia (“Monson”), one of the largest shipping agency service providers in Australia. Through the Company’s relationship with Monson, the Company is able to provide general shipping agency services to all ports in Australia.

The Company established another wholly-owned subsidiary on September 22, 2008, Sino-Global Shipping (HK) Limited ("Sino-Global HK") to perform as a control and management center for southern Chinese ports and enables the Company to extend its offering of comprehensive shipping agency services to vessels going to and from one of the world's busiest ports. On July 27, 2009, Sino-Global HK signed an exclusive partnership agreement with Forbes & Company Limited (“Forbes”), which is a listed company on the Bombay Stock Exchange (BOM: 502865) and one of the largest shipping and logistic service providers in India. Through the Company’s relationship with Forbes, it is able to provide general shipping agency services to all ports in India.

The Company established a new wholly-owned subsidiary, Sino-Global Shipping Canada Inc. in 2012, to provide services for ships loading commodities at Canadian ports and delivering them to China. Sino-Global Shipping Canada is already providing shipping services to Baosteel's vessels in Canada. Baosteel, based in Shanghai, China, is the second largest steel producer in the world with huge demands for iron ore and other commodities.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)

Mar. 31, 2013

Jun. 30, 2012

Total current assets $ 7,187,226 $ 9,786,401

Total assets 7,878,407 10,576,530

Total current liabilities 6,585,433 8,032,427

Total liabilities 6,585,433 8,032,427

Sino - China [Member]

Total current assets 261,910 537,068

Total assets 468,316 766,075

Total current liabilities 319,636 298,948

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Jun. 30, 2012

Mar. 31, 2013

Stock Options [Member]

Mar. 31, 2013

Warrant [Member]

Mar. 31, 2013

Sino - China [Member]

Net Income Percentage 90.00%

Consulting Fees Received Percentage 85.00%

Marketing Fees Received Percentage 5.00%

Net Income Percentage Attributable To Non Controlling Interest 10.00%

Allowances for doubtful accounts $ 357,139 $ 357,042

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 138,000 139,032

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes during fiscal year 2013 in the Company’s significant accounting policies to those previously disclosed in the 2012 annual report. Therefore only those policies considered by management to be most impactful to the reader have been disclosed in this quarterly form 10-Q.

(a) Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”).

(b) Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.

The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.

The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.

The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:

March 31, June 30,

2013 2012

Total current assets $ 261,910 $ 537,068

Total assets 468,316 766,075

Total current liabilities 319,636 298,948

Total liabilities 319,636 298,948

(c) Translation of Foreign Currency

The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.

The exchange rates for the nine months ended March 31, 2013 and the year ended June 30, 2012 are as follows:

March 31, June 30,

2013 2012

Foreign currency BS PL BS PL

RMB:1USD 6.2689 6.2757 6.3249 6.3520

1AUD:USD 1.0415 1.0387 1.0203 1.0323

1HKD:USD 0.1288 0.1290 0.1289 0.1286

1CAD:USD 0.9829 1.0018 - -

(d) Accounts receivable

Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as

to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection. As of March 31, 2013 and June 30, 2012, the allowances for doubtful accounts were $357,139 and $357,042, respectively.

(e) Loss per share

Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.

The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.

(f) Risks and Uncertainties

The operations of the Company are primarily located 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, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.

(g) Recent Accounting Pronouncements

There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form 10-K for the year ended June 30, 2012.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)

Mar. 31, 2013

Jun. 30, 2012

Preferred stock, shares authorized 1,000,000 1,000,000

Preferred stock par value $ 0 $ 0

Common stock, shares authorized 10,000,000 10,000,000

Common stock par value $ 0 $ 0

Common stock, shares issued 3,029,032 3,029,032

Common stock, shares outstanding 2,903,841 2,903,841

Treasury stock,shares 125,191 125,191

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PROPERTY AND EQUIPMENT, AT COST (Tables)
9 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

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March 31, June 30,

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Land and building $ 79,303 $ 78,601

Motor vehicles 720,502 918,451

Computer equipment 120,901 126,729

Office equipment 45,659 46,359

Furniture and Fixtures 52,193 53,440

System software 121,616 120,539

Leasehold improvement 67,989 67,387

Total 1,208,163 1,411,506

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DOCUMENT AND ENTITY INFORMATION
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Mar. 31, 2013

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XML 33 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6

NON-CONTROLLING INTEREST (Tables)
9 Months Ended

Mar. 31, 2013

Noncontrolling Interest [Abstract]

Minority Interest [Table Text Block]
Non-controlling interest in Sino-China consists of the following:

March 31, June 30,

2013 2012

Sino-China:

Original paid-in capital $ 356,400 $ 356,400

Additional paid-in capital 1,044 1,044

Accumulated other comprehensive loss (58,130 ) (45,514 )

Accumulated deficit (3,615,826 ) (3,050,234 )

Other adjustments (27,395 ) (22,265 )

(3,343,907 ) (2,760,569 )

Trans Pacific Logistics Shanghai Ltd. 8,029 17,896

Total $ (3,335,878 ) $ (2,742,673 )

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)
3 Months Ended 9 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Mar. 31, 2013

Mar. 31, 2012

Net Revenues $ 2,339,074 $ 9,110,006 $ 16,650,903 $ 25,725,311

Cost of revenues (1,993,924) (8,634,188) (15,118,150) (23,840,881)

Gross profit 345,150 475,818 1,532,753 1,884,430

General and administrative expenses (539,348) (1,149,522) (2,543,959) (3,976,137)

Selling expenses (29,606) (83,547) (213,032) (296,353)

Costs and expenses (568,954) (1,233,069) (2,756,991) (4,272,490)

Operating Loss (223,804) (757,251) (1,224,238) (2,388,060)

Financial income, net (7,060) (42,152) 22,674 58,705

Other income, net 5,224 22,910 47,013 63,415

Loss from equity investment 0 (773) 0 (189,772)

Nonoperating Income (Expense), Total (1,836) (20,015) 69,687 (67,652)

Net loss before provision for income taxes (225,640) (777,266) (1,154,551) (2,455,712)

Income tax (expense) benefit 14,600 7,111 (64,500) 31,232

Net loss (211,040) (770,155) (1,219,051) (2,424,480)

Net loss attributed to non-controlling interest (44,530) (292,767) (570,722) (886,304)

Net loss attributable to Sino-Global Shipping America, Ltd (166,510) (477,388) (648,329) (1,538,176)

Net loss (211,040) (770,155) (1,219,051) (2,424,480)

Other comprehensive income:

Foreign currency translation adjustments 7,327 13,836 (9,596) 9,847

Comprehensive loss (203,713) (756,319) (1,228,647) (2,414,633)

Less: Comprehensive loss attributable to non-controlling interest (52,538) (294,335) (593,205) (903,667)

Comprehensive loss attributable to Sino-Global Shipping America Ltd. $ (151,175) $ (461,984) $ (635,442) $ (1,510,966)

Loss per share

-Basic and diluted $ (0.06) $ (0.16) $ (0.22) $ (0.53)

Weighted average number of common shares used in computation

-Basic and diluted 2,903,841 2,903,841 2,903,841 2,903,841

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INCOME TAXES
9 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]
7. INCOME TAXES

The income tax (provision) benefit for the nine months ended March 31, 2013 and 2012 and the three months ended March 31, 2013 and 2012 are as follows:

For the nine months ended
March 31, For the three months ended
March 31,

2013 2012 2013 2012

Current

USA $ - $ (29,768 ) $ 24,100 $ (2,889 )

China - - - -

- (29,768 ) 24,100 (2,889 )

Deferred

USA (64,500 ) 61,000 (9,500 ) 10,000

China - - - -

(64,500 ) 61,000 (9,500 ) 10,000

Total $ (64,500 ) $ 31,232 $ 14,600 $ 7,111

Deferred tax assets are comprised of the following:

March 31, June 30,

2013 2012

Allowance for doubtful accounts $ 175,000 $ 175,000

Stock-based compensation 346,000 385,000

Net operating loss 388,000 240,000

Total deferred tax assets 909,000 800,000

Valuation allowance 454,500 281,000

Deferred tax assets, net 454,500 519,000

- Current 87,500 175,000

- Long term 367,000 344,000

Operations in the USA have incurred a cumulative net operating loss of approximately $824,000 as of March 31, 2013, which may be available to reduce future taxable income. This carry-forward will expire if not utilized by 2033. Other deferred tax assets relating to the allowance for doubtful accounts and stock compensation expenses amounting to $175,000 and $346,000 have been recorded respectively. 50% of the deferred tax assets balance has been provided as valuation allowance as of March 31, 2013 based on management’s estimate.

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COMMITMENTS
9 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]
6. COMMITMENTS

Office leases

The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:

Amount

Twelve months ending March 31,

2013 $ 111,197

2014 30,696

$ 141,893

Rent expense for the nine months ended March 31, 2013 and 2012 was $173,075 and $256,413, respectively. Rent expense for the three months ended March 31, 2013 and 2012 was $39,858 and $74,017, respectively.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)

Mar. 31, 2013

Jun. 30, 2012

RMB [Member] | Balance Sheet [Member]

Foreign Currency Exchange Rate, Translation1 6.2689 6.3249

RMB [Member] | Income Statement [Member]

Foreign Currency Exchange Rate, Translation1 6.2757 6.3520

AUD [Member] | Balance Sheet [Member]

Foreign Currency Exchange Rate, Translation1 1.0415 1.0203

AUD [Member] | Income Statement [Member]

Foreign Currency Exchange Rate, Translation1 1.0387 1.0323

HKD [Member] | Balance Sheet [Member]

Foreign Currency Exchange Rate, Translation1 0.1288 0.1289

HKD [Member] | Income Statement [Member]

Foreign Currency Exchange Rate, Translation1 0.1290 0.1286

CAD [Member] | Balance Sheet [Member]

Foreign Currency Exchange Rate, Translation1 0.9829 0

CAD [Member] | Income Statement [Member]

Foreign Currency Exchange Rate, Translation1 1.0018 0

X

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Foreign exchange rate used to translate amounts denominated in functional currency to reporting currency.

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COMMITMENTS (Tables)
9 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]
The Company leases certain office premises and apartments for employees under operating leases through September 30, 2014. Future minimum lease payments under operating leases agreements are as follows:

Amount

Twelve months ending March 31,

2013 $ 111,197

2014 30,696

$ 141,893

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Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Basis Of Accounting, Policy [Policy Text Block]
(a) Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2012, filed on September 28, 2012 (the “Annual Report”).

Consolidation, Policy [Policy Text Block]
(b) Basis of consolidation

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.

The accounts of Sino-China are consolidated in the accompanying unaudited condensed consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.

The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.

The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:

March 31, June 30,

2013 2012

Total current assets $ 261,910 $ 537,068

Total assets 468,316 766,075

Total current liabilities 319,636 298,948

Total liabilities 319,636 298,948

Foreign Currency Transactions and Translations Policy [Policy Text Block]
(c) Translation of Foreign Currency

The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“USD”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the unaudited condensed consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.

The exchange rates for the nine months ended March 31, 2013 and the year ended June 30, 2012 are as follows:

March 31, June 30,

2013 2012

Foreign currency BS PL BS PL

RMB:1USD 6.2689 6.2757 6.3249 6.3520

1AUD:USD 1.0415 1.0387 1.0203 1.0323

1HKD:USD 0.1288 0.1290 0.1289 0.1286

1CAD:USD 0.9829 1.0018 - -

Trade and Other Accounts Receivable, Policy [Policy Text Block]
(d) Accounts receivable

Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as

to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Accounts are written off after exhaustive efforts at collection. As of March 31, 2013 and June 30, 2012, the allowances for doubtful accounts were $357,139 and $357,042, respectively.

Earnings Per Share, Policy [Policy Text Block]
(e) Loss per share

Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.

The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.

Risks and Uncertainties [Policy Text Block]
(f) Risks and Uncertainties

The operations of the Company are primarily located 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, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.

New Accounting Pronouncements, Policy [Policy Text Block]
(g) Recent Accounting Pronouncements

There have been no new significant accounting pronouncements from those disclosed in the Company’s latest annual report on Form 10-K for the year ended June 30, 2012.

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CONCENTRATIONS
9 Months Ended

Mar. 31, 2013

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

8. CONCENTRATIONS

Major Customer

For the nine months ended March 31, 2013 and 2012, approximately 65% and 60%, respectively, of the Company’s revenues were from one customer.

Major Suppliers

For the nine months ended March 31, 2013, three suppliers accounted for 25%, 12% and 10% of the total cost of revenues, respectively. For the nine months ended March 31, 2012, two suppliers accounted for 14% and 11% of the cost of revenues, respectively.

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SUBSEQUENT EVENT
9 Months Ended

Mar. 31, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]
9. SUBSEQUENT EVENT

On April 19, 2013, the Company’s shareholders at the 2013 Annual Meeting of Shareholders voted and approved the issuance of 1,800,000 shares at price $1.71 per share to Zhang Zhong, a 90% shareholder in Tianjin Zhiyuan Investment Group Ltd. The proceeds for stock issuance has been received by the Company.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Schedule Of Condensed Balance Sheet [Table Text Block]
The carrying amount and classification of Sino-China's assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheets are as follows:

March 31, June 30,

2013 2012

Total current assets $ 261,910 $ 537,068

Total assets 468,316 766,075

Total current liabilities 319,636 298,948

Total liabilities 319,636 298,948

Schedule Of Differences Between Reported Amount and Reporting Currency Denominated Amount [Table Text Block]
The exchange rates for the nine months ended March 31, 2013 and the year ended June 30, 2012 are as follows:

March 31, June 30,

2013 2012

Foreign currency BS PL BS PL

RMB:1USD 6.2689 6.2757 6.3249 6.3520

1AUD:USD 1.0415 1.0387 1.0203 1.0323

1HKD:USD 0.1288 0.1290 0.1289 0.1286

1CAD:USD 0.9829 1.0018 - -

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SUBSEQUENT EVENT (Details Textual) (Subsequent Event [Member], Tianjin Zhiyuan Investment Group Ltd [Member], USD $)
1 Months Ended

Apr. 19, 2013

Subsequent Event [Member] | Tianjin Zhiyuan Investment Group Ltd [Member]

Stock Issued During Period, Shares, New Issues 1,800,000

Stock Issued During Period New Issues Price Per Share $ 1.71

Percentage Of Shareholder 90.00%

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ORGANIZATION AND NATURE OF BUSINESS (Details Textual)
9 Months Ended

Mar. 31, 2013

Entity Incorporation, Date Of Incorporation Feb. 02, 2001

Entity Incorporation, State Country Name New York

Foreign Owned Enterprise Investment Percentage Description On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited ("Trans Pacific Beijing"), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited ("Trans Pacific Shanghai"; Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as "Trans Pacific") on May 31, 2009.

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PROPERTY AND EQUIPMENT, AT COST (Details) (USD $)

Mar. 31, 2013

Jun. 30, 2012

Property, Plant and Equipment, Gross, Total $ 1,208,163 $ 1,411,506

Less : Accumulated depreciation and amortization 901,996 995,834

Property and equipment, net 306,167 415,672

Land and Building [Member]

Property, Plant and Equipment, Gross, Total 79,303 78,601

Vehicles [Member]

Property, Plant and Equipment, Gross, Total 720,502 918,451

Computer Equipment [Member]

Property, Plant and Equipment, Gross, Total 120,901 126,729

Office Equipment [Member]

Property, Plant and Equipment, Gross, Total 45,659 46,359

Furniture and Fixtures [Member]

Property, Plant and Equipment, Gross, Total 52,193 53,440

Software [Member]

Property, Plant and Equipment, Gross, Total 121,616 120,539

Leasehold Improvements [Member]

Property, Plant and Equipment, Gross, Total $ 67,989 $ 67,387

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Operating Activities

Net loss $ (1,219,051) $ (2,424,480)

Adjustment to reconcile net loss to net cash used in operating activities

Depreciation and amortization 139,859 193,913

Provision for doubtful accounts 0 115,984

Deferred tax expense (benefit) 64,500 (61,000)

Loss from equity investment 0 189,772

Gain on disposition of property and equipment (3,398) 0

Changes in assets and liabilities

Decrease (Increase) in advances to suppliers 96,151 (384,142)

Increase in accounts receivable (1,825,731) (856,578)

Decrease in other receivables 84,825 80,229

Decrease in other current assets 52,950 10,820

Decrease in prepaid taxes 1,167 260,303

Decrease in other long-term assets 12,443 5,669

Increase (Decrease) in advances from customers 18,848 (428,970)

(Decrease) Increase in accounts payable (1,536,468) 4,924,359

Decrease in accrued expenses (9,252) (13,898)

Increase in other current liabilities 79,878 32,179

Net cash (used in) provided by operating activities (4,043,279) 1,644,160

Investing Activities

Acquisitions of property and equipment (50,198) (42,874)

Net cash used in investing activities (50,198) (42,874)

Financing Activities

Decrease in noncontrolling interest in majority-owned subsidiary (9,866) (15,151)

Net cash used in financing activities (9,866) (15,151)

Effect of exchange rate fluctuations on cash and cash equivalents 1,030 (47,508)

Net (decrease) increase in cash and cash equivalents (4,102,313) 1,538,627

Cash and cash equivalents at beginning of period 4,433,333 4,878,828

Cash and cash equivalents at end of period 331,020 6,417,455

Supplemental information

Income taxes paid $ 19,800 $ 19,800

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NON-CONTROLLING INTEREST
9 Months Ended

Mar. 31, 2013

Noncontrolling Interest [Abstract]

Noncontrolling Interest Disclosure [Text Block]
5. NON-CONTROLLING INTEREST

Non-controlling interest in Sino-China consists of the following:

March 31, June 30,

2013 2012

Sino-China:

Original paid-in capital $ 356,400 $ 356,400

Additional paid-in capital 1,044 1,044

Accumulated other comprehensive loss (58,130 ) (45,514 )

Accumulated deficit (3,615,826 ) (3,050,234 )

Other adjustments (27,395 ) (22,265 )

(3,343,907 ) (2,760,569 )

Trans Pacific Logistics Shanghai Ltd. 8,029 17,896

Total $ (3,335,878 ) $ (2,742,673 )

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NON-CONTROLLING INTEREST (Details) (USD $)

Mar. 31, 2013

Jun. 30, 2012

Original paid-in capital $ 7,709,745 $ 7,709,745

Additional paid-in capital 1,191,796 1,191,796

Accumulated other comprehensive loss 7,113 16,709

Accumulated deficit (3,705,186) (3,056,858)

Non-Controlling interest (3,335,878) (2,742,673)

Sino Global Shipping Agency Ltd [Member]

Original paid-in capital 356,400 356,400

Additional paid-in capital 1,044 1,044

Accumulated other comprehensive loss (58,130) (45,514)

Accumulated deficit (3,615,826) (3,050,234)

Other adjustments (27,395) (22,265)

Non-Controlling interest (3,343,907) (2,760,569)

Trans Pacific Logistics Shanghai Ltd [Member]

Non-Controlling interest $ 8,029 $ 17,896

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INCOME TAXES (Tables)
9 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Schedule Of Components Of Income Tax Expense (Benefit) [Table Text Block]
The income tax (provision) benefit for the nine months ended March 31, 2013 and 2012 and the three months ended March 31, 2013 and 2012 are as follows:

For the nine months ended
March 31, For the three months ended
March 31,

2013 2012 2013 2012

Current

USA $ - $ (29,768 ) $ 24,100 $ (2,889 )

China - - - -

- (29,768 ) 24,100 (2,889 )

Deferred

USA (64,500 ) 61,000 (9,500 ) 10,000

China - - - -

(64,500 ) 61,000 (9,500 ) 10,000

Total $ (64,500 ) $ 31,232 $ 14,600 $ 7,111

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Deferred tax assets are comprised of the following:

March 31, June 30,

2013 2012

Allowance for doubtful accounts $ 175,000 $ 175,000

Stock-based compensation 346,000 385,000

Net operating loss 388,000 240,000

Total deferred tax assets 909,000 800,000

Valuation allowance 454,500 281,000

Deferred tax assets, net 454,500 519,000

- Current 87,500 175,000

- Long term 367,000 344,000

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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COMMITMENTS (Details Textual) (USD $)	3 Months Ended		9 Months Ended
COMMITMENTS (Details Textual) (USD $)	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Operating Leases, Rent Expense, Net	$ 39,858	$ 74,017	$ 173,075	$ 256,413

COMMITMENTS (Details) (USD $)	Mar. 31, 2013
Twelve months ending March 31,
2013	$ 111,197
2014	30,696
Future minimum lease payments under operating leases agreements	$ 141,893

INCOME TAXES (Details) (USD $)	3 Months Ended		9 Months Ended
INCOME TAXES (Details) (USD $)	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Current
USA	$ 24,100	$ (2,889)	$ 0	$ (29,768)
China	0	0	0	0
Current Income Tax Expense (Benefit)	24,100	(2,889)	0	(29,768)
Deferred
USA	(9,500)	10,000	(64,500)	61,000
China	0	0	0	0
Net deferred	(9,500)	10,000	(64,500)	61,000
Total	$ 14,600	$ 7,111	$ (64,500)	$ 31,232

INCOME TAXES (Details 1) (USD $)	Mar. 31, 2013	Jun. 30, 2012
Allowance for doubtful accounts	$ 175,000	$ 175,000
Stock-based compensation	346,000	385,000
Net operating loss	388,000	240,000
Total deferred tax assets	909,000	800,000
Valuation allowance	454,500	281,000
Deferred tax assets, net	454,500	519,000
- Current	87,500	175,000
- Long term	$ 367,000	$ 344,000

INCOME TAXES (Details Textual) (USD $)	9 Months Ended
INCOME TAXES (Details Textual) (USD $)	Mar. 31, 2013	Jun. 30, 2012
Operating Loss Carryforwards	$ 824,000
Operating Loss Carryforwards, Expiration Dates	2033
Deferred tax assets, net	175,000	175,000
Deferred Tax Assets, Other	$ 346,000	$ 385,000
Percentage Of Deferred Tax Asset Valuation Allowance To Approximate	50.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2013	Jun. 30, 2012
Current assets
Cash and cash equivalents	$ 331,020	$ 4,433,333
Advances to suppliers	805,503	901,654
Accounts receivable, net	5,614,697	3,788,966
Other receivables, net	293,010	377,835
Other current assets	29,307	82,257
Prepaid taxes	26,189	27,356
Deferred tax assets	87,500	175,000
Total current assets	7,187,226	9,786,401
Property and equipment, net	306,167	415,672
Other long-term assets	18,014	30,457
Deferred tax assets - long term	367,000	344,000
Total Assets	7,878,407	10,576,530
Current liabilities
Advances from customers	322,285	303,437
Accounts payable	5,930,677	7,467,145
Accrued expenses	82,965	92,217
Other current liabilities	249,506	169,628
Total Current Liabilities	6,585,433	8,032,427
Total Liabilities	6,585,433	8,032,427
Commitments and Contingency
Equity
Preferred stock, 1,000,000 shares authorized, no par value	0	0
Common stock, 10,000,000 shares authorized, no par value; 3,029,032 shares issued, 2,903,841 outstanding	7,709,745	7,709,745
Additional paid-in capital	1,191,796	1,191,796
Treasury stock, at cost - 125,191 shares	(372,527)	(372,527)
Accumulated deficit	(3,705,186)	(3,056,858)
Accumulated other comprehensive loss	7,113	16,709
Unearned Stock-based Compensation	(202,089)	(202,089)
Total Sino-Global Shipping America Ltd. Stockholders' equity	4,628,852	5,286,776
Non-Controlling interest	(3,335,878)	(2,742,673)
Total equity	1,292,974	2,544,103
Total Liabilities and Equity	$ 7,878,407	$ 10,576,530

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Mar. 31, 2013	Jun. 30, 2012
Total current assets	$ 7,187,226	$ 9,786,401
Total assets	7,878,407	10,576,530
Total current liabilities	6,585,433	8,032,427
Total liabilities	6,585,433	8,032,427
Sino - China [Member]
Total current assets	261,910	537,068
Total assets	468,316	766,075
Total current liabilities	319,636	298,948
Total liabilities	$ 319,636	$ 298,948

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)			9 Months Ended
	Mar. 31, 2013	Jun. 30, 2012	Mar. 31, 2013 Stock Options [Member]	Mar. 31, 2013 Warrant [Member]	Mar. 31, 2013 Sino - China [Member]
Net Income Percentage					90.00%
Consulting Fees Received Percentage					85.00%
Marketing Fees Received Percentage					5.00%
Net Income Percentage Attributable To Non Controlling Interest					10.00%
Allowances for doubtful accounts	$ 357,139	$ 357,042
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			138,000	139,032

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2013	Jun. 30, 2012
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock par value	$ 0	$ 0
Common stock, shares authorized	10,000,000	10,000,000
Common stock par value	$ 0	$ 0
Common stock, shares issued	3,029,032	3,029,032
Common stock, shares outstanding	2,903,841	2,903,841
Treasury stock,shares	125,191	125,191

DOCUMENT AND ENTITY INFORMATION	9 Months Ended
DOCUMENT AND ENTITY INFORMATION	Mar. 31, 2013
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	sino
Entity Registrant Name	Sino-Global Shipping America, Ltd.
Entity Central Index Key	0001422892
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock Shares Outstanding	2,903,841

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	Mar. 31, 2013	Jun. 30, 2012
RMB [Member] \| Balance Sheet [Member]
Foreign Currency Exchange Rate, Translation1	6.2689	6.3249
RMB [Member] \| Income Statement [Member]
Foreign Currency Exchange Rate, Translation1	6.2757	6.3520
AUD [Member] \| Balance Sheet [Member]
Foreign Currency Exchange Rate, Translation1	1.0415	1.0203
AUD [Member] \| Income Statement [Member]
Foreign Currency Exchange Rate, Translation1	1.0387	1.0323
HKD [Member] \| Balance Sheet [Member]
Foreign Currency Exchange Rate, Translation1	0.1288	0.1289
HKD [Member] \| Income Statement [Member]
Foreign Currency Exchange Rate, Translation1	0.1290	0.1286
CAD [Member] \| Balance Sheet [Member]
Foreign Currency Exchange Rate, Translation1	0.9829	0
CAD [Member] \| Income Statement [Member]
Foreign Currency Exchange Rate, Translation1	1.0018	0

CONCENTRATIONS	9 Months Ended
CONCENTRATIONS	Mar. 31, 2013
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	8. CONCENTRATIONS *Major Customer* For the nine months ended March 31, 2013 and 2012, approximately 65% and 60%, respectively, of the Company’s revenues were from one customer. *Major Suppliers* For the nine months ended March 31, 2013, three suppliers accounted for 25%, 12% and 10% of the total cost of revenues, respectively. For the nine months ended March 31, 2012, two suppliers accounted for 14% and 11% of the cost of revenues, respectively.

SUBSEQUENT EVENT (Details Textual) (Subsequent Event [Member], Tianjin Zhiyuan Investment Group Ltd [Member], USD $)	1 Months Ended
	Apr. 19, 2013
Subsequent Event [Member] \| Tianjin Zhiyuan Investment Group Ltd [Member]
Stock Issued During Period, Shares, New Issues	1,800,000
Stock Issued During Period New Issues Price Per Share	$ 1.71
Percentage Of Shareholder	90.00%

ORGANIZATION AND NATURE OF BUSINESS (Details Textual)	9 Months Ended
ORGANIZATION AND NATURE OF BUSINESS (Details Textual)	Mar. 31, 2013
Entity Incorporation, Date Of Incorporation	Feb. 02, 2001
Entity Incorporation, State Country Name	New York
Foreign Owned Enterprise Investment Percentage Description	On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited ("Trans Pacific Beijing"), which invested in a 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited ("Trans Pacific Shanghai"; Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as "Trans Pacific") on May 31, 2009.

PROPERTY AND EQUIPMENT, AT COST (Details) (USD $)	Mar. 31, 2013	Jun. 30, 2012
Property, Plant and Equipment, Gross, Total	$ 1,208,163	$ 1,411,506
Less : Accumulated depreciation and amortization	901,996	995,834
Property and equipment, net	306,167	415,672
Land and Building [Member]
Property, Plant and Equipment, Gross, Total	79,303	78,601
Vehicles [Member]
Property, Plant and Equipment, Gross, Total	720,502	918,451
Computer Equipment [Member]
Property, Plant and Equipment, Gross, Total	120,901	126,729
Office Equipment [Member]
Property, Plant and Equipment, Gross, Total	45,659	46,359
Furniture and Fixtures [Member]
Property, Plant and Equipment, Gross, Total	52,193	53,440
Software [Member]
Property, Plant and Equipment, Gross, Total	121,616	120,539
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross, Total	$ 67,989	$ 67,387

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2013	Mar. 31, 2012
Operating Activities
Net loss	$ (1,219,051)	$ (2,424,480)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation and amortization	139,859	193,913
Provision for doubtful accounts	0	115,984
Deferred tax expense (benefit)	64,500	(61,000)
Loss from equity investment	0	189,772
Gain on disposition of property and equipment	(3,398)	0
Changes in assets and liabilities
Decrease (Increase) in advances to suppliers	96,151	(384,142)
Increase in accounts receivable	(1,825,731)	(856,578)
Decrease in other receivables	84,825	80,229
Decrease in other current assets	52,950	10,820
Decrease in prepaid taxes	1,167	260,303
Decrease in other long-term assets	12,443	5,669
Increase (Decrease) in advances from customers	18,848	(428,970)
(Decrease) Increase in accounts payable	(1,536,468)	4,924,359
Decrease in accrued expenses	(9,252)	(13,898)
Increase in other current liabilities	79,878	32,179
Net cash (used in) provided by operating activities	(4,043,279)	1,644,160
Investing Activities
Acquisitions of property and equipment	(50,198)	(42,874)
Net cash used in investing activities	(50,198)	(42,874)
Financing Activities
Decrease in noncontrolling interest in majority-owned subsidiary	(9,866)	(15,151)
Net cash used in financing activities	(9,866)	(15,151)
Effect of exchange rate fluctuations on cash and cash equivalents	1,030	(47,508)
Net (decrease) increase in cash and cash equivalents	(4,102,313)	1,538,627
Cash and cash equivalents at beginning of period	4,433,333	4,878,828
Cash and cash equivalents at end of period	331,020	6,417,455
Supplemental information
Income taxes paid	$ 19,800	$ 19,800

NON-CONTROLLING INTEREST (Details) (USD $)	Mar. 31, 2013	Jun. 30, 2012
Original paid-in capital	$ 7,709,745	$ 7,709,745
Additional paid-in capital	1,191,796	1,191,796
Accumulated other comprehensive loss	7,113	16,709
Accumulated deficit	(3,705,186)	(3,056,858)
Non-Controlling interest	(3,335,878)	(2,742,673)
Sino Global Shipping Agency Ltd [Member]
Original paid-in capital	356,400	356,400
Additional paid-in capital	1,044	1,044
Accumulated other comprehensive loss	(58,130)	(45,514)
Accumulated deficit	(3,615,826)	(3,050,234)
Other adjustments	(27,395)	(22,265)
Non-Controlling interest	(3,343,907)	(2,760,569)
Trans Pacific Logistics Shanghai Ltd [Member]
Non-Controlling interest	$ 8,029	$ 17,896