RELATED PARTY TRANSACTIONS

3 Months Ended

Sep. 30, 2013

10. RELATED PARTY TRANSACTIONS

On June 27, 2013, the Company signed a 5-year global logistic service agreement with TEWOO Chemical & Light Industry Zhiyuan Trade Co., Ltd. and TianJin Zhi Yuan Investment Group Co., Ltd. (together "Zhiyuan"). TianJin Zhi Yuan Investment Group Co., Ltd. is owned by Mr. Zhang Zhong, the largest shareholder of the Company. During September 2013, the Company executed its first logistic service agreement with Zhiyuan whereby it would deliver certain logistic and shipping agency services to Zhiyuan in connection with the transportation of its chromite ore from South Africa to China. Such services are handled primarily by Sino-Global HK. As of September 30, 2013, the amount due from Zhiyuan was approximately $612,000.

The Company is owed $541,377 from Sino-G Trading Inc. (“Sino-G”), an entity that is owned by the brother-in-law of the Company’s CEO as of September 30, 2013. Sino-G acted as a funds transfer agent for the Company’s services in Tianjin, PRC. In accordance with a repayment agreement between the Company and Sino-G, the amount due will be repaid in three installments of approximately $170,000 each. The first repayment of approximately $170,000 was received in October 2013.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details