PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Mar. 31, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses Disclosure [Text Block]

Note 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS

The Company’s prepaid expenses and other current assets are as follows:

	March 31,		June 30,
	2017		2016
Consultant fees (1)	$	247,687	$	845,420
Advance to employees		74,731		105,137
Other		82,723		55,056
Total		405,141		1,005,613
Less current portion		355,442		826,631
Total noncurrent portion	$	49,699	$	178,982

(1) The Company entered into a management consulting services agreement with a consulting company on November 12, 2015, pursuant to which the consulting company shall assist the Company with its regulatory filings during the period from July 1, 2016 to June 30, 2018. In return for its services, as approved by the Board, a total of RMB 2,100,000 ($316,298) was paid to the consulting company.

The above-mentioned consulting fees have been and will be ratably charged to expense over the terms of the above-mentioned agreements.