XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES:    
Net income $ 434,765 $ 3,959,293
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 739,498 779,065
Deferred income tax (14,734) 1,499,201
Bad debts written off 3,831,205 148,141
Common stock issued for services 19,200 241,283
Equity in loss of joint venture, net of tax 4,107 63,051
Net loss attributable to non-controlling interests 67,440 247,785
Changes in operating assets and liabilities:    
Change in accounts receivable (7,628,847) (3,629,981)
Change in inventories 339,070 (688,065)
Change in prepaid expenses and other current assets (5,073,660) (4,220,230)
Change in accounts payable 1,648,434 (2,444,751)
Change in accrued expenses and other current liabilities 2,857,941 2,079,362
Change in deferred income (18,847)  
NET CASH USED IN OPERATING ACTIVITIES (2,794,428) (1,965,846)
INVESTING ACTIVITIES:    
Acquisition of property and equipment (8,852) (96,447)
NET CASH USED IN INVESTING ACTIVITIES (8,852) (96,447)
FINANCING ACTIVITIES:    
Repayment of bank loan   (469,794)
Proceeds from/(Repayment of) short - term borrowings 3,183,152 (350,257)
Proceeds from loans from related party   1,348,510
Sale of common stock   2,739,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,183,152 3,267,460
EFFECT OF EXCHANGE RATE ON CASH (211,512) (530,385)
INCREASE IN CASH 168,360 674,781
CASH - BEGINNING OF PERIOD 6,912,100 5,371,545
CASH - END OF PERIOD 7,080,460 6,046,326
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 665,554 2,223,281
Debt extinguishment using stock   $ 2,662,597