XML 53 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Operating Activities    
Net income (loss) $ 111,739 $ (1,008,011)
Adjustment to reconcile net income (loss) to net cash used in operating activities    
Depreciation and amortization 73,632 93,096
Recovery of doubtful accounts (54,037)  
Deferred tax (benefit) expense (13,700) 55,000
Gain on disposition of property and equipment (612) (3,389)
Changes in assets and liabilities    
Decrease (increase) in advances to suppliers 226,908 (43,672)
Decrease (increase) in accounts receivable 371,494 (2,045,593)
(Increase) decrease in other receivables (149,373) 31,590
(Increase) decrease in other current assets and prepaid taxes (9,246) 59,982
Decrease in employee loan receivables 5,338  
Decrease in security deposits 1,339 10,743
Increase in due from related parties (96,445)  
(Decrease) increase in advances from customers (563,637) 646,819
Decrease in accounts payable (203,964) (1,366,222)
Increase (decrease) in accrued expenses 11,215 (9,123)
(Decrease) increase in other current liabilities (53,186) 85,916
Net cash used in operating activities (342,535) (3,492,864)
Investing Activities    
Acquisitions of property and equipment (193,369) (50,066)
Net cash used in investing activities (193,369) (50,066)
Financing Activities    
Increase in noncontrolling interest in majority-owned subsidiary 0 (4,776)
Net cash used in financing activities 0 (4,776)
Effect of exchange rate fluctuations on cash and cash equivalents (47,585) 179
Net decrease in cash and cash equivalents (583,489) (3,547,527)
Cash and cash equivalents at beginning of period 3,048,831 4,433,333
Cash and cash equivalents at end of period 2,465,342 885,806
Supplemental information:    
Income taxes paid 4,855 13,200
Non-cash transactions of operating activities:    
Settlement of related accounts receivable and payable $ 2,283,641 $ 0