Income Taxes (Tables)

6 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Group’s deferred tax assets and liabilities as of December 31, 2014 and June 30, 2014 are as follows:

	December 31, 2014			June 30, 2014
Deferred tax assets and liabilities:
Net operating loss carried forward	$	34,307,532		$	32,002,368
Temporary differences resulting from allowances		3,551,456			2,709,471
Net deferred income tax asset	$	37,858,988		$	34,711,839
Valuation allowance		(37,858,988	)		(34,711,839	)
	$	-		$	-

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes with amounts determined by the PRC income tax rate to income tax expense per books is as follows:

	Six Months ended December 31,
	2014			2013
Computed tax at the PRC statutory rate of 25%	$	(3,136,678	)	$	(5,652,843	)
Valuation allowance		3,147,149			5,666,692
Income not subject to tax		(10,471	)		(13,863	)
Expenses not deductible for tax		-			14
Income tax expense per books	$	-		$	-

Components of Income Tax (Benefit)

Income tax (benefit) consists of:

	Six Months ended December 31,
	2014		2013
Income tax (benefit) for the year – PRC	$	-	$	(5,868,318	)
Deferred income tax benefit – PRC		-		-
Income tax (benefit) per books	$	-	$	(5,868,318	)