INTANGIBLE ASSETS

9 Months Ended

Mar. 31, 2013

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets Disclosure [Text Block]

NOTE 7 – INTANGIBLE ASSETS

Intangible assets as of March 31, 2013 and June 30, 2012 consisted of the following:

	March 31,			June 30,
	2013			2012
Cost	$	7,281,651		$	3,677,663
Less: Accumulated amortization		(721,248	)		(594,786	)
Intangible Assets, net	$	6,560,403		$	3,082,877

The Company’s intangible assets represented several land use rights (“LUR”), which are amortized using the straight-line method over the lease term. In July 2012, the Company acquired a new LUR related to a land which is located at Ningbo. The lease term of the newly acquired LUR is 40 years.

Amortization expense for the three months ended March 31, 2013 and 2012 was $40,883and $18,867, respectively. Amortization expense for the nine month ended March 31, 2013 and 2012 was $122,147and $55,213, respectively.