Note 13 - Variable Interest Entities ("VIEs") (Tables)

3 Months Ended

Aug. 31, 2013

Tables/Schedules

Schedule of VIE Consolidated Assets and Liabilities Table Textblock

The total consolidated VIE assets and liabilities reflected on the Company’s balance sheet are as follows:

	August 31, 2013	May 31, 2013
Assets
Cash and cash equivalents	$2,153,394	$1,945,614
Inventories	10,656	10,621
Accounts receivable	2,351,926	2,392,819
Tax recoverable	23,400	23,323
Other receivables and deposits	377,798	283,603
Goodwill	610,386	610,386
Property, plant and equipment, net	213,323	285,823
Available-for-sale investment
Total assets (not include amount due from intra-group companies)	$5,740,883	$5,552,189
Liabilities
Deferred income	$1,309,492	$867,804
Accounts payable	3,279,516	3,730,907
Accrued expenses and other payables	392,673	379,035
Tax payables	34,934	31,188
Total liabilities	$5,016,615	$5,008,934

Schedule of VIE Consolidated Statements of Income

	Three months ended August 31, 2013	Three months ended August 31, 2012
Revenue	$ 1,385,146	$1,961,932
Other income and gains	-	(3,071)
Service costs	(815,907)	(1,460,892)
Administrative and other expenses	(125,306)	(134,617)
Personnel cost	(176,507)	(181,555)
Depreciation expense	(54,520)	(55,049)
Income before provision for income taxes (Not including service costs payable to intra-group companies)	212,906	126,748
Income tax income/(provision for income taxes)	706	(3,303)
Net income	$213,612	$123,445