Intangible asset

9 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

Note 5 – Intangible asset

	March 31,		June 30,
	2015		2014
	(Unaudited)		(Audited)
Intangible asset – Milk Brands	$	10,281,168	$	10,281,168
Accumulated amortization		(1,101,558)		-
Total intangible asset	$	9,179,610	$	10,281,168

Intangible assets are comprised of cost of purchase of milk brands from a third party.

The Company assigned the account receivable of $10,281,168 in June 2014 as a form of consideration to acquire milk brands. The Company had entered a Deed of Assignment among the Customer and the Seller on June 25, 2014. See the fair value valuation disclosure in note 1.

The intangible asset will be amortized for 7 years commencing in July 2014 by straight line method. The amortization expense for the nine months ended March 31, 2015 was $1,101,558. The amortization expense for the three months ended March 31, 2015 was $367,185. There was no amortization for the three and nine months period ended March 31, 2014.