Goodwill

12 Months Ended

Jun. 30, 2013

Intangible Assets and Goodwill [Abstract]

GOODWILL

Note 6 – Goodwill

On November 30, 2012, Chengdu Tianyin completed its acquisition of 100% equity interest in Sichuan Hengshuo for $210,600. Goodwill, which is equal to the excess of cost over the fair value of assets acquired, has been recorded in conjunction with the acquisition. Goodwill is accounted for in accordance with ASC 350 (formerly SFAS 142). The purchase price of $210,600 was assigned to goodwill as the net assets of HSP were minimum at the date of acquisition.