0001144204-12-055800.txt : 20121012 0001144204-12-055800.hdr.sgml : 20121012 20121012075946 ACCESSION NUMBER: 0001144204-12-055800 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20121012 DATE AS OF CHANGE: 20121012 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sino-Global Shipping America, Ltd. CENTRAL INDEX KEY: 0001422892 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 261241372 STATE OF INCORPORATION: VA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34024 FILM NUMBER: 121141042 BUSINESS ADDRESS: STREET 1: 136-56 39TH AVENUE, STREET 2: ROOM #305 CITY: FLUSHING STATE: NY ZIP: 11354 BUSINESS PHONE: 718-888-1814 MAIL ADDRESS: STREET 1: 136-56 39TH AVENUE, STREET 2: ROOM #305 CITY: FLUSHING STATE: NY ZIP: 11354 10-K/A 1 v325418_10ka.htm FORM 10-KA

 

 

U. S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-K/A

(Amendment No. 1)

 

  x Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
     
    For the fiscal year ended June 30, 2012

 

Commission File Number 001-34024

 

Sino-Global Shipping America, Ltd.

 

(Exact name of registrant as specified in its charter)

 

Virginia 11-3588546
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)

 

136-56 39th Avenue,

Room #305

Flushing, NY 11354

(Address of principal executive offices and zip code)

 

(718) 888-1814

(Registrant’s telephone number, including area code)

 

Securities registered under Section 12(b) of the Exchange Act:

 

Title of each class Name of each exchange on which registered
Common Stock, without par value per share NASDAQ Capital Market

 

Securities registered under Section 12(g) of the Exchange Act:

None.

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ¨ No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes ¨ No x

 

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x    No  ¨

 

Indicate by check mark if there is disclosure of delinquent filers in response to Item 405 of Regulation S-K contained in this form, and no disclosure will be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ¨

 

 
 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ¨   Accelerated filer   ¨
       
Non-accelerated filer   ¨ (Do not check if a smaller reporting company)   Smaller reporting company   x

  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  x

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.45 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  x    No  .

 

The Company is authorized to issue 10,000,000 shares of common stock, without par value per share, and 1,000,000 shares of preferred stock, without par value per share.  As of September 28, 2012, the Company had issued and outstanding 2,903,841 shares of common stock and no shares of preferred stock.

 

The aggregate market value of the shares of common stock, without par value (“Common Stock”), of the registrant held by non-affiliates on December 31, 2011 was approximately $3,224,762, based on the closing sales price of $2.20 per share, as reported on the NASDAQ Capital Market, multiplied by the number of outstanding shares held by non-affiliates on that date (1,465,801 shares).

 

 

 
 

 

Explanatory Note

 

Sino-Global Shipping America, Ltd. is filing this Amendment No. 1 (the “Form 10-K/A”) to our Annual Report on Form 10-K for the year ended June 30, 2012 (the “Form 10-K”), filed with the U.S. Securities and Exchange Commission (“SEC”) on September 28, 2012, for the sole purpose of furnishing the Interactive Data File as Exhibit 101 in accordance with Rule 405(a)(2) of Regulation S-T.

 

No other changes have been made to the Form 10-K. This Form 10-K/A continues to speak as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update any related disclosures made in the Form 10-K.

 

 
 

 

PART III — OTHER INFORMATION

 

Item 15. Exhibits, Financial Statement Schedules.

 

Number   Exhibit
3.1   Articles of Incorporation of Sino-Global Shipping America, Ltd.(1)
3.2   Bylaws of Sino-Global Shipping America, Ltd. (1)
4.1   Specimen Certificate for Common Stock (1)
10.1   Exclusive Management Consulting and Technical Services Agreement by and between Trans Pacific and Sino-China. (1)
10.2   Exclusive Marketing Agreement by and between Trans Pacific and Sino-China. (1)
10.3   Proxy Agreement by and among Cao Lei, Zhang Mingwei, the Company and Sino-China. (1)
10.4   Equity Interest Pledge Agreement by and among Trans Pacific, Cao Lei and Zhang Mingwei. (1)
10.5   Exclusive Equity Interest Purchase Agreement by and among the Company, Cao Lei, Zhang Mingwei and Sino-China. (1)
10.6   First Amended and Restated Exclusive Management Consulting and Technical Services Agreement by and between Trans Pacific and Sino-China. (1)
10.7   First Amended and Restated Exclusive Marketing Agreement by and between Trans Pacific and Sino-China. (1)
10.8   Agency Agreement by and between the Company and Beijing Shou Rong Forwarding Service Co., Ltd. (1)
14.1   Code of Ethics of the Company.(2)
21.1   List of subsidiaries of the Company.(3)
31.1   Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(4)
31.2   Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(4)
32.1   Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(4)
32.2   Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(4)
101.INS   XBRL Instance Document.(5)
101.SCH   XBRL Taxonomy Extension Schema Document.(5)
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document.(5)
101.LAB   XBRL Taxonomy Extension Label Linkbase Document.(5)
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document.(5)
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document.(5)

 

(1) Incorporated by reference to the Company’s Registration Statement on Form S-1, Registration Nos. 333-150858 and 333-148611.
(2) Incorporated by reference to the Company’s Form 10-KSB filed on September 29, 2008, File No. 001-34024.
(3) Incorporated by reference to the Company’s Form 10-K filed on September 22, 2009, File No. 001-34024.
(4) Previously filed/furnished.
(5) Furnished herewith. In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

 

 
 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the Company caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  SINO-GLOBAL SHIPPING AMERICA, LTD.
     
October 12, 2012 By: /s/ Zhang Mingwei
    Zhang Mingwei
    Chief Financial Officer
    (Principal Financial and Accounting Officer)
     
October 12, 2012 By: /s/ Cao Lei
    Cao Lei
    Chief Executive Officer
    (Principal Executive Officer)
     
October 12, 2012 By: /s/ Wang Jing
    Wang Jing
    Independent Director
     
October 12, 2012 By: /s/ Dennis Laing
    Dennis Laing
    Independent Director
     
October 12, 2012 By: /s/ Joseph Jhu
    Joseph Jhu
    Independent Director

 

 
 

 

Exhibit Index

 

Number   Exhibit
3.1   Articles of Incorporation of Sino-Global Shipping America, Ltd.(1)
3.2   Bylaws of Sino-Global Shipping America, Ltd. (1)
4.1   Specimen Certificate for Common Stock (1)
10.1   Exclusive Management Consulting and Technical Services Agreement by and between Trans Pacific and Sino-China. (1)
10.2   Exclusive Marketing Agreement by and between Trans Pacific and Sino-China. (1)
10.3   Proxy Agreement by and among Cao Lei, Zhang Mingwei, the Company and Sino-China. (1)
10.4   Equity Interest Pledge Agreement by and among Trans Pacific, Cao Lei and Zhang Mingwei. (1)
10.5   Exclusive Equity Interest Purchase Agreement by and among the Company, Cao Lei, Zhang Mingwei and Sino-China. (1)
10.6   First Amended and Restated Exclusive Management Consulting and Technical Services Agreement by and between Trans Pacific and Sino-China. (1)
10.7   First Amended and Restated Exclusive Marketing Agreement by and between Trans Pacific and Sino-China. (1)
10.8   Agency Agreement by and between the Company and Beijing Shou Rong Forwarding Service Co., Ltd. (1)
14.1   Code of Ethics of the Company.(2)
21.1   List of subsidiaries of the Company.(3)
31.1   Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(4)
31.2   Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(4)
32.1   Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(4)
32.2   Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(4)
101.INS   XBRL Instance Document.(5)
101.SCH   XBRL Taxonomy Extension Schema Document.(5)
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document.(5)
101.LAB   XBRL Taxonomy Extension Label Linkbase Document.(5)
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document.(5)
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document.(5)

 

(1) Incorporated by reference to the Company’s Registration Statement on Form S-1, Registration Nos. 333-150858 and 333-148611.
(2) Incorporated by reference to the Company’s Form 10-KSB filed on September 29, 2008, File No. 001-34024.
(3) Incorporated by reference to the Company’s Form 10-K filed on September 22, 2009, File No. 001-34024.
(4) Previously filed/furnished.
(5) Furnished herewith. In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

 

 

 

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As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, the Company provides its services in the PRC through Sino-Global Shipping Agency Ltd. (&#8220;Sino-China&#8221;), a Chinese legal entity, which holds the licenses and permits necessary to operate shipping services in the PRC. Sino-China is located in Beijing with branches in Qingdao, Tianjin, Qinhuangdao and Fangchenggang and provides general shipping agency services in all commercial ports in the PRC.</p> <p style="text-align: justify; text-indent: 21pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 21pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (&#8220;Trans Pacific Beijing&#8221;), which invested one 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (&#8220;Trans Pacific Shanghai&#8221;, Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as &#8220;Trans Pacific&#8221;) on May 31, 2009. Trans Pacific invested another 40%-owned subsidiary, Sino-Global Shipping Agency Development Co., Limited (&#8220;Sino-Global Development&#8221;), on November 6, 2009. On October 31, 2011, Trans Pacific Beijing reduced its investment in Sino-Global Development from 40% to 19.8% by transferring 20.2% of its interest to the other shareholder due to successive operating losses on Sino-Global Development. On February 7, 2012, Trans Pacific Beijing transferred its remaining 19.8% of interest to a new shareholder due to successive operating losses on Sino-Global Development.</p> <p style="text-align: justify; text-indent: 21pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 21pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Trans Pacific Beijing and Sino-China do not have a parent-subsidiary relationship. 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CONCENTRATIONS (Details Textual)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member]
    
Concentration Risk, Percentage 54.00% 64.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
    
Concentration Risk, Percentage 10.00% 14.00%
Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier One [Member]
    
Concentration Risk, Percentage 13.00% 16.00%
Supplier Concentration Risk [Member] | Cost Of Sales [Member] | Major Supplier Two [Member]
    
Concentration Risk, Percentage 10.00% 10.00%
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NON-CONTROLLING INTEREST (Details) (USD $)
Jun. 30, 2012
Jun. 30, 2011
Original paid-in capital $ 7,709,745 $ 7,709,745
Additional paid-in capital 1,191,796 1,191,796
Accumulated other comprehensive loss 16,709 (9,023)
Accumulated deficit (3,056,858) (1,288,783)
Non-Controlling interest (2,742,673) (1,658,559)
Sino Global Shipping Agency Ltd [Member]
    
Original paid-in capital 356,400 356,400
Additional paid-in capital 1,044 1,044
Accumulated other comprehensive loss (45,514) (34,390)
Accumulated deficit (3,050,234) (2,004,046)
Other adjustments (22,265) (23,559)
Non-Controlling interest (2,760,569) (1,704,551)
Trans Pacific Logistics Shanghai Ltd [Member]
    
Non-Controlling interest $ 17,896 $ 45,992
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)
Jun. 30, 2012
Jun. 30, 2011
RMB [Member] | Balance Sheet [Member]
    
Foreign Currency Exchange Rate, Translation1 6.3249 6.4716
RMB [Member] | Income Statement [Member]
    
Foreign Currency Exchange Rate, Translation1 6.3520 6.6260
AUD [Member] | Balance Sheet [Member]
    
Foreign Currency Exchange Rate, Translation1 1.0203 1.0718
AUD [Member] | Income Statement [Member]
    
Foreign Currency Exchange Rate, Translation1 1.0323 0.9897
HKD [Member] | Balance Sheet [Member]
    
Foreign Currency Exchange Rate, Translation1 0.1289 0.1285
HKD [Member] | Income Statement [Member]
    
Foreign Currency Exchange Rate, Translation1 0.1286 0.1286
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INCOME TAXES (Details 1)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
U.S. expected federal income tax benefit (35.00%) (35.00%)
U.S. state, local tax net of federal (benefit) expense (10.87%) 15.95%
U.S. permanent difference 0.78% 0.60%
U.S. temporary difference 28.89% 15.35%
Permanent difference related to other countries 9.50% 3.15%
Other 2.60% (5.87%)
Total tax benefit (4.10%) (5.82%)
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OTHER RECEIVABLES / OTHER CURRENT LIABILITIES
 12 Months Ended
Jun. 30, 2012
Other Assets and Other Liabilities Disclosure Current [Abstract]  
Other Assets and Other Liabilities Disclosure Current [Text Block]

3. OTHER RECEIVABLES / OTHER CURRENT LIABILITIES

 

(a) Other Receivables

 

Other receivables represent mainly amounts to be received from customers for advance payments made to the port agent for reimbursed charges to be incurred in connection with the costs of services as well as loans to employees.

 

(b) Other Current Liabilities

 

Other current liabilities represent mainly advance payments received from customers for reimbursed port agent charges to be incurred and miscellaneous accrued liabilities.
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STOCK-BASED COMPENSATION (Details 1) (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2012
Exercise Price Range One [Member]
Jun. 30, 2012
Exercise Price Range Two [Member]
OutstandingOptions, ExercisePrice $ 7.43 $ 7.43 $ 7.43 $ 7.75 $ 3.37
OutstandingOptions, Number 138,000 138,000 138,000 128,000 10,000
OutstandingOptions, Average Remaining ContractualLife       1 year 2 years
ExercisableOptions, AverageExercise Price $ 7.49 $ 7.53   $ 7.75 $ 3.37
ExercisableOptions, Number 100,400 80,800   94,400 6,000
ExercisableOptions, Average Remaining ContractualLife       1 year 2 years
XML 16 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK-BASED COMPENSATION (Details) (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Shares, Options outstanding, beginning of year 138,000 138,000
Shares, Granted 0 0
Shares, Canceled, forfeited or expired 0 0
Shares, Options outstanding, end of year 138,000 138,000
Shares, Options exercisable, end of year 100,400 80,800
Weighted Average Exercise Price, Options outstanding, beginning of year $ 7.43 $ 7.43
Weighted Average Exercise Price, Granted $ 0 $ 0
Weighted Average Exercise Price, Canceled, forfeited or expired $ 0 $ 0
Weighted Average Exercise Price, Options outstanding, end of year $ 7.43 $ 7.43
Weighted Average Exercise Price, Options exercisable, end of year $ 7.49 $ 7.53
XML 17 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK-BASED COMPENSATION (Details 2) (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2012
Stock Incentive Plan 2008 [Member]
Jun. 30, 2012
Stock Incentive Plan 2009 [Member]
Assumptions:          
Stock Price       $ 7.75 $ 3.31
Strike Price       $ 7.75 $ 3.37
Volatility       173.84% 408.84%
Risk-free Rate       3.02% 2.35%
Expected life       5 years 5 years
Dividend Yield       0.00% 0.00%
Number of Options 138,000 138,000 138,000 128,000 10,000
XML 18 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK-BASED COMPENSATION (Details 3) (USD $)
 12 Months Ended
Jun. 30, 2012
Warrants Outstanding 139,032
Warrants Exercisable 139,032
Weighted Aaverage ExercisePrice $ 9.30
Average Remaining ContractualLife 6 years
XML 19 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

(a) Basis of presentation

 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.

 

(b) Basis of consolidation

 

The consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.

 

The accounts of Sino-China are consolidated in the accompanying consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.

 

The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.

 

The carrying amount and classification of Sino-China's assets and liabilities included in the Consolidated Balance Sheets are as follows:

 

    June 30,  
    2012     2011  
             
Total current asstes   $ 537,068     $ 958,934  
Total assets     766,075       1,324,636  
Total current liabilities     298,948       308,737  
Total liabilities     298,948       308,737  

 

(c) Fair Value of Financial Instruments

 

We adopted the provisions of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

 

Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Level 2 — Inputs other than quoted prices that are observable for the asset or liability in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

Level 3 — Inputs are unobservable inputs which reflect managements’ assumptions based on the best available information.

 

The carrying value of accounts receivable, other receivables, other current assets, and current liabilities approximate their fair values because of the short-term nature of these instruments. We are of the opinion that we are not exposed to significant interest or credit risks arising from these financial instruments.

 

(d) Use of Estimates and Assumptions

 

The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company’s consolidated financial statements include revenue recognition, cost of revenues, allowance for doubtful accounts, and the useful lives of property and equipment.

 

Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates.

 

(e) Translation of Foreign Currency

 

The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“$”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.

 

The exchange rates for the years ended June 30, 2012 and June 30, 2011 are as follows:

 

    June 30,  
    2012     2011  
Foreign currency   BS     PL     BS     PL  
RMB:1USD     6.3249       6.3520       6.4716       6.6260  
1AUD:USD     1.0203       1.0323       1.0718       0.9897  
1HKD:USD     0.1289       0.1286       0.1285       0.1286  

 

(f) Cash and Cash Equivalents

 

Cash and cash equivalents consist of cash on hand, and other highly liquid investments which are unrestricted as to withdrawal or use, and which have maturities of three months or less when purchased. The Company maintains cash and cash equivalents with various financial institutions mainly in the PRC, Australia, Hong Kong and the United States. Cash balances of $759,182 are not insured by the Federal Deposit Insurance Corporation or other programs.

 

(g) Accounts receivable

 

Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Management has determined that an allowance of $357,042 was appropriate at June 30, 2012, and $194,955 at June 30, 2011. Accounts are written off after exhaustive efforts at collection.

 

(h) Property and Equipment

 

Property and equipment are stated at historical cost less accumulated depreciation. Historical cost comprises its purchase price and any directly attributable costs of bringing the assets to its working condition and location for its intended use. Depreciation is calculated on a straight-line basis over the following estimated useful lives:

 

Buildings 20 years
Motor vehicles 5-10 years
Furniture and office equipment 3-5 years

 

The carrying value of a long-lived asset is considered impaired by the Company when the anticipated undiscounted cash flows from such asset is less than its carrying value. If impairment is identified, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved or based on independent appraisals. Management has determined that there were no impairments at the balance sheet dates.

 

(i) Equity Investment

 

Investments in companies that are owned 20% to 50% for which the Company has significant influence but no control are accounted for by the equity method. Under the equity method, the Company recognizes in earnings its proportionate share of the income or loss of the investee.

 

Trans Pacific Beijing transferred its 40% investment of Sino-Global Development to a new shareholder and recognized corresponding investment loss.

 

(j) Revenue recognition

 

The Company charges shipping agency fees in two ways: (1) fixed fees that are predetermined with the customer, and (2) cost-plus fees that are calculated based on the actual costs incurred plus a markup. The Company generally requires payments in advance from customers and bills them on the balance within 30 days after the transactions are completed.

 

Revenues are recognized from shipping agency services upon completion of services, which coincides with the date of departure of the relevant vessel from port. Advance payments and deposits received from customers prior to the provision of services and recognition of the related revenues are presented as advances from customers.

 

Some contracts provide that revenues are recognized as a mark up of actual costs incurred. In a situation where the services are completed but the information on the actual expenses is not available at the end of the fiscal year, the Company estimates revenues and costs based on its previous experience for the revenues of the same kind of vessels, port charges on the vessel’s particulars/movement and cost rate of the port. The estimated revenues and costs also incorporate additional costs incurred, such as extra weight taxes because of extended parking time at a harbor, additional tow boats used because of inclement weather, overtime during public holidays, etc. The estimated costs of revenue are based on the cost information provided by the local port and /or our historical experience of similar transactions.

 

The Company reports its revenue on the amounts billed to customers based on several criteria: (1) the Company assumes all credit risk for the amounts billed to customers, (2) the Company has multiple suppliers for services ordered by customers and discretion to select the supplier that provides the services, and (3) the Company determines the nature, type or specifications of the services ordered by customers and the Company is responsible for fulfilling these services.

 

(k) Taxation

 

Because the Company and its subsidiaries and Sino-China are incorporated in different jurisdictions, they file separate income tax returns. The Company uses the liability method of accounting for income taxes in accordance with US GAAP. Deferred taxes, if any, are recognized for the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. A valuation allowance is provided against deferred tax assets if it is more likely than not that the asset will not be utilized in the future.

 

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company had no uncertain tax positions as of June 30, 2012 and 2011, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense.

 

Income tax returns for the years prior to 2009 are no longer subject to examination by US tax authorities.

 

PRC Enterprise Income Tax

 

PRC enterprise income tax is calculated based on taxable income determined under PRC GAAP at 25%. Sino-China and Trans Pacific are registered in PRC and governed by the Enterprise Income Tax Laws of the PRC.

 

PRC Business Tax and Surcharges

 

Revenues from services provided by Sino-China and Trans Pacific are subject to the PRC business tax of 5%. Business tax and surcharges are paid on gross revenues generated from shipping agency services minus the costs of services which are paid on behalf of the customers.

 

In addition, under the PRC regulations, Sino-China is required to pay the city construction tax (7%) and education surcharges (3%) based on the calculated business tax payments.

 

Sino-China reports its revenues net of PRC’s business tax and surcharges for all the periods presented in the consolidated statements of operations.

 

(l) Loss per share

 

Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.

 

The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.

 

(m) Comprehensive Income (Loss)

 

The Company reports comprehensive income in accordance with the FASB issued authoritative guidance which establishes standards for reporting comprehensive income and its component in financial statements. Comprehensive income, as defined, includes all changes in equity during a period from non-owner sources.

 

(n) Stock-based compensation

 

Valuations are based upon highly subjective assumptions about the future, including stock price volatility and exercise patterns. The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model. Expected volatilities are based on the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee terminations. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant.

 

(O) Risks and Uncertainties

 

The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.

 

(p) Recent Accounting Pronouncements

 

In December 2011, the Financial Accounting Standards Board (FASB) issued accounting standards “Comprehensive Income (Topic 220)”, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This standard became effective for the Company in fiscal years, and interim periods within those years, beginning after December 15, 2011 and applied retrospectively. The implementation of this standard did not have a material impact on its financial position, results of operation and cash flows.
XML 20 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK-BASED COMPENSATION (Details Textual) (USD $)
 12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2010
May 31, 2008
Underwriter [Member]
Ipo [Member]
Jun. 30, 2012
Stock Incentive Plan 2008 [Member]
Jun. 30, 2009
Stock Incentive Plan 2008 [Member]
Management [Member]
Jun. 30, 2012
Stock Incentive Plan 2008 [Member]
Management [Member]
Jun. 30, 2012
Stock Incentive Plan 2009 [Member]
Jun. 30, 2010
Stock Incentive Plan 2009 [Member]
Audit Committee [Member]
Jun. 30, 2012
Stock Incentive Plan 2009 [Member]
Audit Committee [Member]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross 0 0       174,000     10,000  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights     The Options will vest at a rate of 20% per year, with 20% vesting initially on May 19, 2010.              
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period     10 years              
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price $ 7.43 $ 7.43 $ 7.43       $ 7.75     $ 3.37
Deferred Compensation Equity $ 202,089 $ 397,558                
Allocated Share-based Compensation Expense 195,469 195,469                
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number 138,000 138,000 138,000   128,000     10,000    
Warrants Issued Number       139,032            
Warrants Exercise Terms       Each warrant has the right to purchase one share of common stock            
Weighted Aaverage ExercisePrice $ 9.30     $ 9.30            
Warrants Expiration Period       10 years            
Warrants Outstanding Fair Value       $ 214,451            
XML 21 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2012
Jun. 30, 2011
Assets    
Cash and cash equivalents $ 4,433,333 $ 4,878,828
Advances to suppliers 901,654 338,307
Accounts receivable, less allowance for doubtful accounts of $357,042 and $194,955 as of June 30, 2012 and June 30, 2011, respectively 3,788,966 1,847,990
Other receivables, less allowance for doubtful accounts of $80,000 and $80,000 as of June 30, 2012 and June 30, 2011, respectively 377,835 417,853
Other current assets 82,257 99,000
Prepaid taxes 27,356 286,492
Deferred tax assets 175,000 117,000
Total current assets 9,786,401 7,985,470
Property and equipment, net 415,672 587,024
Other long-term assets 30,457 42,922
Deferred tax assets - long term 344,000 252,000
Equity investment 0 186,514
Total Assets 10,576,530 9,053,930
Liabilities and Equity    
Advances from customers 303,437 710,891
Accounts payable 7,467,145 2,913,553
Accrued expenses 92,217 81,146
Other current liabilities 169,628 173,249
Total Current Liabilities 8,032,427 3,878,839
Total Liabilities 8,032,427 3,878,839
Commitments and Contingency      
Equity    
Preferred stock, 1,000,000 shares authorized, no par value; 0 0
Common stock, 10,000,000 shares authorized, no par value; 3,029,032 shares issued, 2,903,841 outstanding as of June 30, 2012 and June 30, 2011 7,709,745 7,709,745
Additional paid-in capital 1,191,796 1,191,796
Treasury stock, at cost - 125,191 shares (372,527) (372,527)
Accumulated deficit (3,056,858) (1,288,783)
Accumulated other comprehensive loss 16,709 (9,023)
Unearned Stock-based Compensation (202,089) (397,558)
Total Sino-Global Shipping America Ltd. Stockholders' equity 5,286,776 6,833,650
Non-Controlling interest (2,742,673) (1,658,559)
Total equity 2,544,103 5,175,091
Total Liabilities and Equity $ 10,576,530 $ 9,053,930
XML 22 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)
Common Stock [Member]
Additional Paid-In Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Deferred Compensation, Share-Based Payments [Member]
Stockholders' Equity, Total [Member]
Noncontrolling Interest [Member]
Total
Balance at Jun. 30, 2010 $ 7,709,745 $ 1,191,796 $ (372,527) $ (425,446) $ (4,624) $ (593,027) $ 7,505,917 $ (1,243,575) $ 6,262,342
Amortization of stock options           195,469 195,469   195,469
Foreign currency translation         (4,399)   (4,399) (24,583) (28,982)
Net loss       (863,337)     (863,337) (390,401) (1,253,738)
Balance at Jun. 30, 2011 7,709,745 1,191,796 (372,527) (1,288,783) (9,023) (397,558) 6,833,650 (1,658,559) 5,175,091
Amortization of stock options           195,469 195,469   195,469
Foreign currency translation         25,732   25,732 (39,220) (13,488)
Net loss       (1,768,075)     (1,768,075) (1,044,894) (2,812,969)
Balance at Jun. 30, 2012 $ 7,709,745 $ 1,191,796 $ (372,527) $ (3,056,858) $ 16,709 $ (202,089) $ 5,286,776 $ (2,742,673) $ 2,544,103
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COMMITMENTS AND CONTINGENCY (Details Textual) (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating Leases, Rent Expense, Net $ 354,265 $ 311,169
Severance Costs $ 156,100  
XML 25 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The income tax benefit for the years ended June 30, 2012 and June 30, 2011 are as follows:

 

    For the years ended June 30,  
    2012     2011  
             
Current                
USA   $ (29,768 )   $ 5,412  
China     -       -  
      (29,768 )     5,412  
Deferred                
Allowance for doubtful accounts     58,000       (12,000 )
Stock-based compensation     92,000       84,000  
Net operating loss carryforward     240,000       41,000  
Valuation allowance     (240,000 )     (41,000 )
Net deferred     150,000       72,000  
Total   $ 120,232     $ 77,412
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation between the expected federal income tax rate using the federal statutory tax rate of 35 percent to the Company’s effective income tax rate is as follows:

 

    For the years ended June 30,  
    2012     2011  
    %     %  
             
U.S. expected federal income tax benefit     (35.00 )     (35.00 )
                 
U.S. state, local tax net of federal (benefit) expense     (10.87 )     15.95  
                 
U.S. permanent difference     0.78       0.60  
                 
U.S. temporary difference     28.89       15.35  
                 
Permanent difference related to other countries     9.50       3.15  
                 
Other     2.60       (5.87 )
                 
Total tax benefit     (4.10 )     (5.82 )
XML 26 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Details) (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Current    
USA $ (29,768) $ 5,412
China 0 0
Current Income Tax Expense (Benefit) (29,768) 5,412
Deferred    
Allowance for doubtful accounts 58,000 (12,000)
Stock-based compensation 92,000 84,000
Net operating loss carryforward 240,000 41,000
Valuation allowance (240,000) (41,000)
Net deferred 150,000 105,000
Income tax benefit $ 120,232 $ 77,412
XML 27 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
Jun. 30, 2012
Jun. 30, 2011
Total current asstes $ 9,786,401 $ 7,985,470
Total assets 10,576,530 9,053,930
Total current liabilities 8,032,427 3,878,839
Total liabilities 8,032,427 3,878,839
Sino - China [Member]
    
Total current asstes 537,068 958,934
Total assets 766,075 1,324,636
Total current liabilities 298,948 308,737
Total liabilities $ 298,948 $ 308,737
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ORGANIZATION AND NATURE OF BUSINESS
 12 Months Ended
Jun. 30, 2012
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
Organization Consolidation and Presentation Of Financial Statements Disclosure [Text Block]

1. ORGANIZATION AND NATURE OF BUSINESS

 

Sino-Global Shipping America, Ltd. (the “Company”) was incorporated on February 2, 2001 in New York. On September 18, 2007, the Company amended the Articles of Incorporation and Bylaws to merge into a new Corporation, Sino-Global Shipping America, Ltd. in Virginia.

 

The Company’s principal geographic market is in the People’s Republic of China (“PRC”). As PRC laws and regulations restrict foreign ownership of shipping agency service businesses, the Company provides its services in the PRC through Sino-Global Shipping Agency Ltd. (“Sino-China”), a Chinese legal entity, which holds the licenses and permits necessary to operate shipping services in the PRC. Sino-China is located in Beijing with branches in Qingdao, Tianjin, Qinhuangdao and Fangchenggang and provides general shipping agency services in all commercial ports in the PRC.

 

On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (“Trans Pacific Beijing”), which invested one 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (“Trans Pacific Shanghai”, Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as “Trans Pacific”) on May 31, 2009. Trans Pacific invested another 40%-owned subsidiary, Sino-Global Shipping Agency Development Co., Limited (“Sino-Global Development”), on November 6, 2009. On October 31, 2011, Trans Pacific Beijing reduced its investment in Sino-Global Development from 40% to 19.8% by transferring 20.2% of its interest to the other shareholder due to successive operating losses on Sino-Global Development. On February 7, 2012, Trans Pacific Beijing transferred its remaining 19.8% of interest to a new shareholder due to successive operating losses on Sino-Global Development.

 

Trans Pacific Beijing and Sino-China do not have a parent-subsidiary relationship. Trans Pacific Beijing has contractual arrangements with Sino-China and its shareholders that enable the Company to substantially control Sino-China.

 

To build an international shipping agency service network, the Company formed a wholly-owned subsidiary, Sino-Global Shipping Australia Pty Ltd. (“Sino-Global AUS”) in Perth, Australia on July 3, 2008, which serves the needs of customers shipping into and out of Western Australia. The Company also signed an agreement with Monson Agencies Australia (“Monson”), one of the largest shipping agency service providers in Australia. Through the Company’s relationship with Monson, the Company is able to provide general shipping agency services to all ports in Australia.

 

The Company established another wholly-owned subsidiary, Sino-Global Shipping (HK) Limited ("Sino-Global HK") to perform as a control and management center for southern Chinese ports and enables the Company to extend its offering of comprehensive shipping agency services to vessels going to and from one of the world's busiest ports. Sino-Global HK has signed an exclusive partnership agreement with Forbes & Company Limited (“Forbes”), which is a listed company on the Bombay Stock Exchange (BOM: 502865) and one of the largest shipping and logistic service providers in India. Through the Company’s relationship with Forbes, it is able to provide general shipping agency services to all ports in India.
XML 30 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Jun. 30, 2012
Jun. 30, 2011
Accounts receivable, allowance for doubtful accounts $ 357,042 $ 194,955
Other receivables, allowance for doubtful accounts $ 80,000 $ 80,000
Preferred stock, shares authorized 1,000,000 1,000,000
Common stock, shares authorized 10,000,000 10,000,000
Common stock, shares issued 3,029,032 3,029,032
Common stock, shares outstanding 2,903,841 2,903,841
Treasury stock,shares 125,191 125,191
XML 31 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Schedule of Condensed Balance Sheet [Table Text Block]

The carrying amount and classification of Sino-China's assets and liabilities included in the Consolidated Balance Sheets are as follows:

  

    June 30,  
    2012     2011  
             
Total current asstes   $ 537,068     $ 958,934  
Total assets     766,075       1,324,636  
Total current liabilities     298,948       308,737  
Total liabilities     298,948       308,737  
Schedule of Differences between Reported Amount and Reporting Currency Denominated Amount [Table Text Block]

The exchange rates for the years ended June 30, 2012 and June 30, 2011 are as follows:

 

    June 30,  
    2012     2011  
Foreign currency   BS     PL     BS     PL  
RMB:1USD     6.3249       6.3520       6.4716       6.6260  
1AUD:USD     1.0203       1.0323       1.0718       0.9897  
1HKD:USD     0.1289       0.1286       0.1285       0.1286  
XML 32 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
DOCUMENT AND ENTITY INFORMATION (USD $)
 12 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Entity Registrant Name Sino-Global Shipping America, Ltd.  
Entity Central Index Key 0001422892  
Current Fiscal Year End Date --06-30  
Entity Filer Category Smaller Reporting Company  
Trading Symbol sino  
Entity Common Stock Shares Outstanding 2,903,841  
Document Type 10-K  
Amendment Flag false  
Document Period End Date Jun. 30, 2012  
Document Fiscal Period Focus FY  
Document Fiscal Year Focus 2012  
Entity Well-Known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Public Float   $ 3,224,762
XML 33 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Jun. 30, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Table Text Block]

Property and equipment are as follows:

 

    June 30,  
    2012     2011  
             
Land and building   $ 78,601     $ 76,819  
Motor vehicles     918,451       893,818  
Computer equipment     126,729       110,479  
Office equipment     46,359       37,059  
Furniture and Fixtures     53,440       36,837  
System software     120,539       117,807  
Leasehold improvement     67,387       65,859  
                 
Total     1,411,506       1,338,678  
                 
Less : Accumulated depreciation and amortization     995,834       751,654  
                 
Property and equipment, net   $ 415,672     $ 587,024
XML 34 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Net Revenues $ 33,881,248 $ 32,935,823
Cost of revenues (31,184,331) (29,619,765)
Gross profit 2,696,917 3,316,058
General and administrative expenses (5,236,167) (4,544,578)
Selling expenses (385,064) (341,665)
Costs and Expenses (5,621,231) (4,886,243)
Operating Loss (2,924,314) (1,570,185)
Financial income, net 46,169 199,035
Other income, net 134,970 100,289
Loss from equity investment (190,026) (60,289)
Nonoperating Income (Expense), Total (8,887) 239,035
Net loss before provision for income taxes (2,933,201) (1,331,150)
Income tax benefit 120,232 77,412
Net loss (2,812,969) (1,253,738)
Net loss attributed to non-controlling interest (1,044,894) (390,401)
Net loss attributable to Sino-Global Shipping America, Ltd (1,768,075) (863,337)
Net loss (2,812,969) (1,253,738)
Other comprehensive income:    
Foreign currency translation adjustments 25,732 (4,399)
Comprehensive loss (2,787,237) (1,258,137)
Less: Comprehensive loss attributable to non-controlling interest (1,084,114) (395,067)
Comprehensive loss attributable to Sino-Global Shipping America Ltd. $ (1,703,123) $ (863,070)
Loss per share    
-Basic and diluted (in dollars per share) $ (0.61) $ (0.30)
Weighted average number of common shares used in computation    
-Basic and diluted (in shares) 2,903,841 2,903,841
XML 35 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
NON-CONTROLLING INTEREST
 12 Months Ended
Jun. 30, 2012
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Disclosure [Text Block]

6. NON-CONTROLLING INTEREST

 

Non-controlling interest consists of the following:

 

    June 30,  
    2012     2011  
             
Sino-China:                
Original paid-in capital   $ 356,400     $ 356,400  
Additional paid-in capital     1,044       1,044  
Accumulated other comprehensive loss     (45,514 )     (34,390 )
Accumulated deficit     (3,050,234 )     (2,004,046 )
Other adjustments     (22,265 )     (23,559 )
      (2,760,569 )     (1,704,551 )
Trans Pacific Logistics Shanghai Ltd.     17,896       45,992  
Total   $ (2,742,673 )   $ (1,658,559 )
XML 36 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK-BASED COMPENSATION
 12 Months Ended
Jun. 30, 2012
Share-Based Compensation [Abstract]  
Compensation and Employee Benefit Plans [Text Block]

5. STOCK-BASED COMPENSATION

 

On May 20, 2008, the Company issued 174,000 stock options (“Options”) to its officers, employees and members of the audit committee to purchase the Company’s common stock. The Options were all issued pursuant to the Company’s 2008 Stock Incentive Plan. On December 15, 2009, the Company issued 10,000 stock options to a member of the audit committee, to purchase the Company’s common stock.

 

A summary of the options issued under the Plan is presented in the table below:

 

    June 30, 2012     June 30, 2011  
    Shares     Weighted
Average
Exercise
Price		     Shares     Weighted
Average
Exercise
Price		  
                         
Options outstanding, beginning of year     138,000     $ 7.43       138,000     $ 7.43  
Granted     -       -       -       -  
Canceled, forfeited or expired     -       -       -       -  
                                 
Options outstanding, end of year     138,000     $ 7.43       138,000     $ 7.43  
                                 
Options exercisable, end of year     100,400     $ 7.49       80,800     $ 7.53  

  

Following is a summary of the status of options outstanding and exercisable at June 30, 2012:

 

Outstanding Options   Exercisable Options
Exercise Price     Number     Average
Remaining
Contractual Life		   Average Exercise
Price		     Number     Average
Remaining
Contractual Life
$ 7.75       128,000     1.0 year   $ 7.75       94,400     1.0 year
$ 3.37       10,000     2.0 year   $ 3.37       6,000     2.0 year
          138,000                   100,400      

 

The issuance of the Options is exempted from registration under the Securities Act of 1933, as amended (the “Act”). The Options will vest at a rate of 20% per year, with 20% vesting initially on May 19, 2010. The Common Stock underlying the Options granted may be sold in compliance with Rule 144 under the Act. The term of the Options is 10 years and the exercise prices of the Options are $7.75 (174,000 options) and $3.37 (10,000 options) separately. Each Option may be exercised to purchase one share of Common Stock. Payment for the Options may be made in cash or by exchanging shares of Common Stock at their Fair Market Value. Provided the Common Stock is then traded on the NASDAQ Capital Market, the Fair Market Value will be equal to the average of the highest and lowest registered sales prices of Company Stock on the date of exercise.

 

The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model. The aggregate fair value of $202,089 and $397,558 at June 30, 2012 and 2011, respectively, is presented as “Unearned Stock-based Compensation”. The Company amortized stock option expenses of $195,469 for each of the years ended June 30, 2012 and 2011.

 

The fair value of 128,000 and 10,000 stock options granted in 2008 and 2009 were calculated at the grant date using the Black−Scholes option−pricing model with the following assumptions:

 

Black-Scholes Option Pricing Model for 2008 options      
Assumptions:        
Stock Price   $ 7.75  
Strike Price   $ 7.75  
Volatility     173.84 %
Risk-free Rate     3.02 %
Expected life     5 yrs  
Dividend Yield     0.00 %
Number of Options     128,000  

 

Black-Scholes Option Pricing Model for 2009 options      
Assumptions:        
Stock Price   $ 3.31  
Strike Price   $ 3.37  
Volatility     408.84 %
Risk-free Rate     2.35 %
Expected life     5 yrs  
Dividend Yield     0.00 %
Number of Options     10,000  

  

In connection with the initial public offering of the Company’s common stock on May 20, 2008, 139,032 warrants were issued to the underwriter as part of their compensation. Each warrant has the right to purchase one share of common stock for an exercise price of $9.30 per share with a term of 10 years. The fair value of these warrants which was netted against the proceeds from the initial public offering, totaled, $214,451. This estimate was based on the NASD Rule 2710 “Valuation of Non-cash Compensation”.

 

Following is a summary of the status of warrants outstanding and exercisable at June 30, 2012:

 

Warrants Outstanding     Warrants Exercisable     Weighted
Aaverage
Exercise Price		     Average
Remaining
Contractual Life		  
  139,032       139,032     $ 9.30       6.0 years  
XML 37 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORGANIZATION AND NATURE OF BUSINESS (Details Textual)
 12 Months Ended
Jun. 30, 2012
Entity Incorporation, Date Of Incorporation Feb. 02, 2001
Entity Incorporation, State Country Name New York
Foreign Owned Enterprise Investment Percentage Description On November 13, 2007, the Company formed a wholly owned foreign-owned enterprise, Trans Pacific Shipping Limited (Trans Pacific Beijing), which invested one 90%-owned subsidiary, Trans Pacific Logistics Shanghai Limited (Trans Pacific Shanghai, Trans Pacific Beijing and Trans Pacific Shanghai are referred to collectively as Trans Pacific) on May 31, 2009. Trans Pacific invested another 40%-owned subsidiary, Sino-Global Shipping Agency Development Co., Limited (Sino-Global Development), on November 6, 2009. On October 31, 2011, Trans Pacific Beijing reduced its investment in Sino-Global Development from 40% to 19.8% by transferring 20.2% of its interest to the other shareholder due to successive operating losses on Sino-Global Development. On February 7, 2012, Trans Pacific Beijing transferred its remaining 19.8% of interest to a new shareholder due to successive operating losses on Sino-Global Development.
XML 38 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Jun. 30, 2012
Share-Based Compensation [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the options issued under the Plan is presented in the table below:

 

    June 30, 2012     June 30, 2011  
    Shares     Weighted
Average
Exercise
Price		     Shares     Weighted
Average
Exercise
Price		  
                         
Options outstanding, beginning of year     138,000     $ 7.43       138,000     $ 7.43  
Granted     -       -       -       -  
Canceled, forfeited or expired     -       -       -       -  
                                 
Options outstanding, end of year     138,000     $ 7.43       138,000     $ 7.43  
                                 
Options exercisable, end of year     100,400     $ 7.49       80,800     $ 7.53
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

Following is a summary of the status of options outstanding and exercisable at June 30, 2012:

 

Outstanding Options   Exercisable Options
Exercise Price     Number     Average
Remaining
Contractual Life		   Average Exercise
Price		     Number     Average
Remaining
Contractual Life
$ 7.75       128,000     1.0 year   $ 7.75       94,400     1.0 year
$ 3.37       10,000     2.0 year   $ 3.37       6,000     2.0 year
          138,000                   100,400      
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of 128,000 and 10,000 stock options granted in 2008 and 2009 were calculated at the grant date using the Black−Scholes option−pricing model with the following assumptions:

 

Black-Scholes Option Pricing Model for 2008 options      
Assumptions:        
Stock Price   $ 7.75  
Strike Price   $ 7.75  
Volatility     173.84 %
Risk-free Rate     3.02 %
Expected life     5 yrs  
Dividend Yield     0.00 %
Number of Options     128,000  

 

Black-Scholes Option Pricing Model for 2009 options      
Assumptions:        
Stock Price   $ 3.31  
Strike Price   $ 3.37  
Volatility     408.84 %
Risk-free Rate     2.35 %
Expected life     5 yrs  
Dividend Yield     0.00 %
Number of Options     10,000
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Following is a summary of the status of warrants outstanding and exercisable at June 30, 2012:

 

Warrants Outstanding     Warrants Exercisable     Weighted
Aaverage
Exercise Price		     Average
Remaining
Contractual Life		  
  139,032       139,032     $ 9.30       6.0 years
XML 39 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONCENTRATIONS
 12 Months Ended
Jun. 30, 2012
Risks and Uncertainties [Abstract]  
Concentration Risk Disclosure [Text Block]

9. CONCENTRATIONS

 

Major Customer

 

For the years ended June 30, 2012 and 2011, approximately 54% and 64%, respectively, of the Company’s revenues were from one customer. The Company provides services to one customer under an exclusive agency agreement that expires on December 31, 2012.  At June 30, 2012 and 2011 respectively, the same customer accounted for approximately 10% and 14% of the total accounts receivable balance.

 

Major Suppliers

 

For the year ended June 30, 2012, two suppliers accounted for 13% and 10% of the total cost of revenues, respectively. For the year ended June 30, 2011, two suppliers accounted for 16% and 10% of the cost of revenues, respectively.
XML 40 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCY
 12 Months Ended
Jun. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

7. COMMITMENTS AND CONTINGENCY

 

(a) Office leases

 

The Company leases certain office premises and apartments for employees under operating leases through October 31, 2013. Future minimum lease payments under operating leases agreements are as follows:

 

    Amount  
       
Twevle months ending June 30,        
         
2013   $ 138,437  
2014     17,598  
    $ 156,035  

 

Rent expense for the years ended June 30, 2012 and 2011 was $354,265 and $311,169, respectively.

 

(b) Contingency

 

The Labor Contract Law of the People’s Republic of China requires employers to assure the liability of the severance payments if employees are terminated and have been working for the employers for at least two years prior to January 1, 2008. The employers will be liable for one month for severance pay for each year of the service provided by the employees. As of June 30, 2012, the Company has estimated its severance payments of approximately $156,100, which has not been reflected in its consolidated financial statements, because management cannot predict what the actual payment, if any, will be in the future.
XML 41 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES
 12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

8. INCOME TAXES

 

The income tax benefit for the years ended June 30, 2012 and June 30, 2011 are as follows:

 

    For the years ended June 30,  
    2012     2011  
             
Current                
USA   $ (29,768 )   $ 5,412  
China     -       -  
      (29,768 )     5,412  
Deferred                
Allowance for doubtful accounts     58,000       (12,000 )
Stock-based compensation     92,000       84,000  
Net operating loss carryforward     240,000       41,000  
Valuation allowance     (240,000 )     (41,000 )
Net deferred     150,000       72,000  
Total   $ 120,232     $ 77,412  

  

As of June 30, 2012, the Company recognized deferred tax assets of $800,000 including current deferred tax assets of $175,000 and non-current tax assets of $625,000. The valuation allowance balance increased by $240,000 and $41,000 during the years ended June 30, 2012 and 2011, respectively. The Company has deferred tax assets of approximately $240,000 resulting from operating loss carryforwards of $557,618 for United States taxes in 2012 which may be utilized to reduce future taxable income through 2032. Management believes that the realization of the full deferred tax benefits appears uncertain due to the Company’s recent tax losses in its United States company. Accordingly, the Company has provided partial valuation allowance of $281,000 on the deferred tax asset to reflect the tax effect of the benefit which may not be realizable. Management reviews this valuation allowance periodically and makes adjustments accordingly.

 

Income tax benefit for the years ended June 30, 2012 and 2011 varied from the amount computed by applying the statutory income tax rate to loss before taxes. A reconciliation between the expected federal income tax rate using the federal statutory tax rate of 35 percent to the Company’s effective income tax rate is as follows:

 

    For the years ended June 30,  
    2012     2011  
    %     %  
             
U.S. expected federal income tax benefit     (35.00 )     (35.00 )
                 
U.S. state, local tax net of federal (benefit) expense     (10.87 )     15.95  
                 
U.S. permanent difference     0.78       0.60  
                 
U.S. temporary difference     28.89       15.35  
                 
Permanent difference related to other countries     9.50       3.15  
                 
Other     2.60       (5.87 )
                 
Total tax benefit     (4.10 )     (5.82 )
XML 42 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Basis Of Accounting, Policy [Policy Text Block]

(a) Basis of presentation

 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The agency relationship between the Company and Sino-China and its branches is governed by a series of contractual arrangements pursuant to which the Company has substantial control over Sino-China.
Consolidation, Policy [Policy Text Block]

(b) Basis of consolidation

 

The consolidated financial statements include the accounts of the Company, its subsidiaries, and its affiliates. All significant inter-company transactions and balances are eliminated in consolidation, including Sino-Global AUS, Sino-Global HK, Trans Pacific, and Sino-China. Sino-China is considered a variable interest entity (“VIE”), and the Company is the primary beneficiary. The Company through Trans Pacific Beijing entered into agreements with Sino-China, pursuant to which the Company receives 90% of Sino-China’s net income. The Company does not receive any payment from Sino-China unless Sino-China recognizes net income during its fiscal year. These agreements do not entitle the Company to any consideration if Sino-China incurs a net loss during its fiscal year. In accordance with these agreements, Sino-China pays consulting and marketing fees equal to 85% and 5%, respectively, of its net income to the Company’s wholly owned foreign subsidiary, Trans Pacific Beijing, and Trans Pacific Beijing supplies the technology and personnel needed to service Sino-China. Sino-China was designed to operate in China for the benefit of the Company.

 

The accounts of Sino-China are consolidated in the accompanying consolidated financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, Sino-China’s sales are included in the Company’s total sales, and its income (loss) from operations is consolidated with the Company’s. Because of the contractual arrangements, the Company had a pecuniary interest in Sino-China that requires consolidation of the Company’s and Sino-China’s financial statements.

 

The Company has consolidated Sino-China’s income because the entities are under common control in accordance with ASC 805-10, “Business Combinations”. For this reason, the Company has included 90% of Sino-China’s net income in the Company’s net income, and only the 10% of Sino-China’s net income not paid to the Company represents the non-controlling interest in Sino-China’s income. Management makes ongoing reassessments of whether the Company is the primary beneficiary of Sino-China.

 

The carrying amount and classification of Sino-China's assets and liabilities included in the Consolidated Balance Sheets are as follows:

    June 30,  
    2012     2011  
             
Total current asstes   $ 537,068     $ 958,934  
Total assets     766,075       1,324,636  
Total current liabilities     298,948       308,737  
Total liabilities     298,948       308,737  
Fair Value Of Financial Instruments, Policy [Policy Text Block]

(c) Fair Value of Financial Instruments

 

We adopted the provisions of ASC 820, Fair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

 

Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Level 2 — Inputs other than quoted prices that are observable for the asset or liability in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

Level 3 — Inputs are unobservable inputs which reflect managements’ assumptions based on the best available information.

 

The carrying value of accounts receivable, other receivables, other current assets, and current liabilities approximate their fair values because of the short-term nature of these instruments. We are of the opinion that we are not exposed to significant interest or credit risks arising from these financial instruments.
Use Of Estimates, Policy [Policy Text Block]

(d) Use of Estimates and Assumptions

 

The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company’s consolidated financial statements include revenue recognition, cost of revenues, allowance for doubtful accounts, and the useful lives of property and equipment.

 

Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates.
Foreign Currency Transactions and Translations Policy [Policy Text Block]

(e) Translation of Foreign Currency

 

The accounts of the Company and its subsidiaries, including Sino-China and each of its branches are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The Company’s functional currency is the US dollars (“$”) while Sino-China reports its financial position and results of operations in Renminbi (“RMB”). The accompanying consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using the fixed exchange rates in effect at the time of the transaction. Generally foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the consolidated statements of operations. The Company translates foreign currency financial statements of Sino-China, Sino-Global AUS, Sino-Global HK and Trans Pacific in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity of the Company and also included in non-controlling interest.

 

The exchange rates for the years ended June 30, 2012 and June 30, 2011 are as follows:

 

    June 30,  
    2012     2011  
Foreign currency   BS     PL     BS     PL  
RMB:1USD     6.3249       6.3520       6.4716       6.6260  
1AUD:USD     1.0203       1.0323       1.0718       0.9897  
1HKD:USD     0.1289       0.1286       0.1285       0.1286
Cash and Cash Equivalents, Policy [Policy Text Block]

(f) Cash and Cash Equivalents

 

Cash and cash equivalents consist of cash on hand, and other highly liquid investments which are unrestricted as to withdrawal or use, and which have maturities of three months or less when purchased. The Company maintains cash and cash equivalents with various financial institutions mainly in the PRC, Australia, Hong Kong and the United States. Cash balances of $759,182 are not insured by the Federal Deposit Insurance Corporation or other programs.
Trade and Other Accounts Receivable, Policy [Policy Text Block]

(g) Accounts receivable

 

Accounts receivable are presented at net realizable value. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balances, customers’ historical payment history, their current credit-worthiness and current economic trends. Receivables are considered past due after 365 days. Management has determined that an allowance of $357,042 was appropriate at June 30, 2012, and $194,955 at June 30, 2011. Accounts are written off after exhaustive efforts at collection.
Property, Plant and Equipment, Policy [Policy Text Block]

(h) Property and Equipment

 

Property and equipment are stated at historical cost less accumulated depreciation. Historical cost comprises its purchase price and any directly attributable costs of bringing the assets to its working condition and location for its intended use. Depreciation is calculated on a straight-line basis over the following estimated useful lives:

Buildings 20 years
Motor vehicles 5-10 years
Furniture and office equipment 3-5 years

 

The carrying value of a long-lived asset is considered impaired by the Company when the anticipated undiscounted cash flows from such asset is less than its carrying value. If impairment is identified, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved or based on independent appraisals. Management has determined that there were no impairments at the balance sheet dates.
Equity Method Investments, Policy [Policy Text Block]

(i) Equity Investment

 

Investments in companies that are owned 20% to 50% for which the Company has significant influence but no control are accounted for by the equity method. Under the equity method, the Company recognizes in earnings its proportionate share of the income or loss of the investee.

 

Trans Pacific Beijing transferred its 40% investment of Sino-Global Development to a new shareholder and recognized corresponding investment loss.
Revenue Recognition, Policy [Policy Text Block]

(j) Revenue recognition

 

The Company charges shipping agency fees in two ways: (1) fixed fees that are predetermined with the customer, and (2) cost-plus fees that are calculated based on the actual costs incurred plus a markup. The Company generally requires payments in advance from customers and bills them on the balance within 30 days after the transactions are completed.

 

Revenues are recognized from shipping agency services upon completion of services, which coincides with the date of departure of the relevant vessel from port. Advance payments and deposits received from customers prior to the provision of services and recognition of the related revenues are presented as advances from customers.

 

Some contracts provide that revenues are recognized as a mark up of actual costs incurred. In a situation where the services are completed but the information on the actual expenses is not available at the end of the fiscal year, the Company estimates revenues and costs based on its previous experience for the revenues of the same kind of vessels, port charges on the vessel’s particulars/movement and cost rate of the port. The estimated revenues and costs also incorporate additional costs incurred, such as extra weight taxes because of extended parking time at a harbor, additional tow boats used because of inclement weather, overtime during public holidays, etc. The estimated costs of revenue are based on the cost information provided by the local port and /or our historical experience of similar transactions.

 

The Company reports its revenue on the amounts billed to customers based on several criteria: (1) the Company assumes all credit risk for the amounts billed to customers, (2) the Company has multiple suppliers for services ordered by customers and discretion to select the supplier that provides the services, and (3) the Company determines the nature, type or specifications of the services ordered by customers and the Company is responsible for fulfilling these services.
Income Tax, Policy [Policy Text Block]

(k) Taxation

 

Because the Company and its subsidiaries and Sino-China are incorporated in different jurisdictions, they file separate income tax returns. The Company uses the liability method of accounting for income taxes in accordance with US GAAP. Deferred taxes, if any, are recognized for the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. A valuation allowance is provided against deferred tax assets if it is more likely than not that the asset will not be utilized in the future.

 

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company had no uncertain tax positions as of June 30, 2012 and 2011, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense.

 

Income tax returns for the years prior to 2009 are no longer subject to examination by US tax authorities.

 

PRC Enterprise Income Tax

 

PRC enterprise income tax is calculated based on taxable income determined under PRC GAAP at 25%. Sino-China and Trans Pacific are registered in PRC and governed by the Enterprise Income Tax Laws of the PRC.

 

PRC Business Tax and Surcharges

 

Revenues from services provided by Sino-China and Trans Pacific are subject to the PRC business tax of 5%. Business tax and surcharges are paid on gross revenues generated from shipping agency services minus the costs of services which are paid on behalf of the customers.

 

In addition, under the PRC regulations, Sino-China is required to pay the city construction tax (7%) and education surcharges (3%) based on the calculated business tax payments.

 

Sino-China reports its revenues net of PRC’s business tax and surcharges for all the periods presented in the consolidated statements of operations.
Earnings Per Share, Policy [Policy Text Block]

(l) Loss per share

 

Basic earnings (loss) per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-diluted.

 

The effect of 138,000 stock options and 139,032 warrants for all periods presented were not included in the calculation of diluted EPS because they would be anti-dilutive.
Comprehensive Income, Policy [Policy Text Block]

(m) Comprehensive Income (Loss)

 

The Company reports comprehensive income in accordance with the FASB issued authoritative guidance which establishes standards for reporting comprehensive income and its component in financial statements. Comprehensive income, as defined, includes all changes in equity during a period from non-owner sources.
Share-Based Compensation, Option and Incentive Plans Policy [Policy Text Block]

(n) Stock-based compensation

 

Valuations are based upon highly subjective assumptions about the future, including stock price volatility and exercise patterns. The fair value of share-based payment awards was estimated using the Black-Scholes option pricing model. Expected volatilities are based on the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee terminations. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant.
Risks and Uncertainties [Policy Text Block]

(O) Risks and Uncertainties

 

The operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by exchanges in the political, regulatory and social conditions in the PRC, and by changes in governmental policies or interpretations with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. In addition, the Company only controls Sino-China through a series of agreements. If such agreements were cancelled, modified or otherwise not complied with, the Company may not be able to retain control of this consolidated entity and the impact could be material to the Company’s operations.
New Accounting Pronouncements, Policy [Policy Text Block]

(p) Recent Accounting Pronouncements

 

In December 2011, the Financial Accounting Standards Board (FASB) issued accounting standards “Comprehensive Income (Topic 220)”, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This standard became effective for the Company in fiscal years, and interim periods within those years, beginning after December 15, 2011 and applied retrospectively. The implementation of this standard did not have a material impact on its financial position, results of operation and cash flows.
XML 43 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCY (Details) (USD $)
Jun. 30, 2012
Twevle months ending June 30,  
2013 $ 138,437
2014 17,598
Future minimum lease payments under operating leases agreements $ 156,035
XML 44 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCY (Tables)
 12 Months Ended
Jun. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

The Company leases certain office premises and apartments for employees under operating leases through October 31, 2013. Future minimum lease payments under operating leases agreements are as follows:

 

    Amount  
       
Twevle months ending June 30,        
         
2013   $ 138,437  
2014     17,598  
    $ 156,035
XML 45 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash, Uninsured Amount $ 759,182  
Accounts receivable, allowance for doubtful accounts $ 357,042 $ 194,955
PRC Income Tax Rate 25.00%  
PRC Business Tax Rate 5.00%  
PRC Business Tax, City Construction Tax Rate 7.00%  
PRC Business Tax, Education Surcharges Rate 3.00%  
Stock Options [Member]
    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 138,000  
Warrant [Member]
    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 139,032  
Minimum [Member]
    
Equity Method Investment, Ownership Percentage 20.00%  
Maximum [Member]
    
Equity Method Investment, Ownership Percentage 50.00%  
Building [Member]
    
Property, Plant and Equipment, Useful Life 20 years  
Vehicles [Member] | Minimum [Member]
    
Property, Plant and Equipment, Useful Life 5 years  
Vehicles [Member] | Maximum [Member]
    
Property, Plant and Equipment, Useful Life 10 years  
Office Equipment [Member] | Minimum [Member]
    
Property, Plant and Equipment, Useful Life 3 years  
Office Equipment [Member] | Maximum [Member]
    
Property, Plant and Equipment, Useful Life 5 years  
Sino - China [Member]
    
Net Income Percentage 90.00%  
Consulting Fees Received Percentage 85.00%  
Marketing Fees Received Percentage 5.00%  
Net Income Percentage Attributable To Non Controlling Interest 10.00%  
XML 46 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating Activities    
Net loss $ (2,812,969) $ (1,253,738)
Adjustment to reconcile net loss to net cash used in operating activities    
Stock option expense 195,469 195,469
Depreciation and amortization 244,180 248,209
Provision for doubtful accounts 162,087 66,973
Deferred tax benefit (150,000) (105,000)
Loss from equity investment 190,026 60,289
Changes in operating assets and liabilities    
Increase in advances to suppliers (563,347) (234,971)
Increase in accounts receivable (2,103,063) (25,998)
Decrease (Increase) in other receivables 40,018 (97,954)
Decrease in other current assets 29,208 168,494
Decrease in prepaid taxes 259,136 191,106
(Decrease) Increase in advances from customers (407,454) 354,955
Increase (Decrease) in accounts payable 4,553,592 (568,720)
Increase in accrued expenses 11,071 5,375
(Decrease) Increase in other current liabilities (3,621) 68,608
Net cash used in operating activities (355,667) (926,903)
Investing Activities    
Capital expenditures and other additions (42,680) (41,126)
Net cash used in investing activities (42,680) (41,126)
Financing Activities    
Decrease in noncontrolling interest in majority-owned susidiary (28,097) (19,917)
Net cash used in financing activities (28,097) (19,917)
Effect of exchange rate fluctuations on cash and cash equivalents (19,051) (59,379)
Net decrease in cash and cash equivalents (445,495) (1,047,325)
Cash and cash equivalents at beginning of year 4,878,828 5,926,153
Cash and cash equivalents at end of year 4,433,333 4,878,828
Supplemental information    
Interest paid 0 764
Income taxes paid $ 26,400 $ 5,000
XML 47 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT
 12 Months Ended
Jun. 30, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

4. PROPERTY AND EQUIPMENT

 

Property and equipment are as follows:

 

 

 

June 30,

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

Land and building

 

$

78,601

 

 

$

76,819

 

Motor vehicles

 

 

918,451

 

 

 

893,818

 

Computer equipment

 

 

126,729

 

 

 

110,479

 

Office equipment

 

 

46,359

 

 

 

37,059

 

Furniture and Fixtures

 

 

53,440

 

 

 

36,837

 

System software

 

 

120,539

 

 

 

117,807

 

Leasehold improvement

 

 

67,387

 

 

 

65,859

 

 

 

 

 

 

 

 

 

 

Total

 

 

1,411,506

 

 

 

1,338,678

 

 

 

 

 

 

 

 

 

 

Less : Accumulated depreciation and amortization

 

 

995,834

 

 

 

751,654

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

$

415,672

 

 

$

587,024

 
XML 48 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY AND EQUIPMENT (Details) (USD $)
Jun. 30, 2012
Jun. 30, 2011
Property, Plant and Equipment, Gross $ 1,411,506 $ 1,338,678
Less : Accumulated depreciation and amortization 995,834 751,654
Property and equipment, net 415,672 587,024
Land and Building [Member]
    
Property, Plant and Equipment, Gross 78,601 76,819
Vehicles [Member]
    
Property, Plant and Equipment, Gross 918,451 893,818
Computer Equipment [Member]
    
Property, Plant and Equipment, Gross 126,729 110,479
Office Equipment [Member]
    
Property, Plant and Equipment, Gross 46,359 37,059
Furniture and Fixtures [Member]
    
Property, Plant and Equipment, Gross 53,440 36,837
Software [Member]
    
Property, Plant and Equipment, Gross 120,539 117,807
Leasehold Improvements [Member]
    
Property, Plant and Equipment, Gross $ 67,387 $ 65,859
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INCOME TAXES (Details Textual) (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Deferred Tax Assets, Net $ 800,000  
Deferred Tax Assets, Net, Current 175,000  
Deferred Tax Assets, Net, Noncurrent 625,000  
Valuation Allowance, Deferred Tax Asset, Change in Amount 240,000 41,000
Deferred Tax Assets, Operating Loss Carryforwards 240,000  
Operating Loss Carryforwards 557,618  
Operating Loss Carryforwards, Expiration Dates Utilized to reduce future taxable income through 2032.  
Deferred Tax Assets, Valuation Allowance $ 281,000  
U.S. expected federal income tax benefit (35.00%) (35.00%)
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NON-CONTROLLING INTEREST (Tables)
 12 Months Ended
Jun. 30, 2012
Noncontrolling Interest [Abstract]  
Minority Interest [Table Text Block]

Non-controlling interest consists of the following:

 

    June 30,  
    2012     2011  
             
Sino-China:                
Original paid-in capital   $ 356,400     $ 356,400  
Additional paid-in capital     1,044       1,044  
Accumulated other comprehensive loss     (45,514 )     (34,390 )
Accumulated deficit     (3,050,234 )     (2,004,046 )
Other adjustments     (22,265 )     (23,559 )
      (2,760,569 )     (1,704,551 )
Trans Pacific Logistics Shanghai Ltd.     17,896       45,992  
Total   $ (2,742,673 )   $ (1,658,559 )