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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating Activities    
Net income (loss) $ 2,729,592 $ (2,335,838)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of stock-based compensation to consultants 547,138 922,542
Amortization of stock option expense 77,320 0
Depreciation and amortization 36,432 44,017
Provision for (recovery of) doubtful accounts (107,608) 73,746
Provision for doubtful accounts on related party receivable 174,604
Deferred tax provision (benefit) (387,900) 280,600
Changes in assets and liabilities    
Decrease in accounts receivable 517,463 1,145,529
Decrease (increase) in other receivables 184,753 (124,631)
Decrease in advances to suppliers 816,715 44,768
Decrease in prepaid expenses 82,210 310,824
Increase in other current assets (16,931) (32,453)
Increase in other long-term assets (14,185) (644)
(Increase) decrease in due from related parties (2,843,131) 1,721,904
Increase (decrease) in advances from customers 324,476 (101,825)
Increase (decrease) in accounts payable 312,883 (379,579)
Increase in taxes payable 201,259 743,580
Increase in due to related parties 156,841 0
Increase (decrease) in accrued expenses and other current liabilities 514,445 (16,144)
Net cash provided by operating activities 3,131,772 2,471,000
Investing Activities    
Acquisition of property and equipment (55,474) (18,662)
Cash collected from the termination of vessel acquisition 0 327,570
Net cash provided by (used in) investing activities (55,474) 308,908
Financing Activities    
Proceeds from issuance of common stock, net 4,319,988 691,600
Proceeds from exercise of stock options 82,500 0
Repurchase of common stock 0 (43,451)
Net cash provided by financing activities 4,402,488 648,149
Effect of exchange rate fluctuations on cash and cash equivalents (24,591) (82,272)
Net increase in cash and cash equivalents 7,454,195 3,345,785
Cash and cash equivalents at beginning of period 1,385,994 730,322
Cash and cash equivalents at end of period 8,840,189 4,076,107
Supplemental information    
Income taxes paid 89,324 0
Non-cash investing and financing activities:    
Common stock issued for vessel acquisition 0 2,220,000
Return of common stock issued for vessel acquisition 0 (2,220,000)
Issuance of common stock to pay for professional services $ 632,500 $ 255,000