RESTRICTED NET ASSETS

12 Months Ended

Jun. 30, 2012

Restricted Net Assets [Abstract]

Restricted Assets Disclosure [Text Block]

NOTE 18 – RESTRICTED NET ASSETS

The Company’s operations are primarily conducted through its PRC subsidiaries, which can only pay dividends out of their retained earnings determined in accordance with the accounting standards and regulations in the PRC and after it has met the PRC requirements for appropriation to statutory reserves. In addition, the Company’s businesses and assets are primarily denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. These currency exchange control procedures imposed by the PRC government authorities may restrict the ability of the Company’s PRC subsidiaries to transfer their net assets to the Parent Company through loans, advances or cash dividends.

The Company’s PRC subsidiaries net assets amounted to $229,383,600 as of June 30, 2012, and thus exceeded 25% of the Company’s consolidated net assets. Accordingly, condensed Parent Company financial statements have been prepared in accordance with Rule 5-04 and Rule 12-04 of SEC Regulation S-X, and are as follows.

Parent Company Financial Statements

PARENT COMPANY FINANCIAL INFORMATION OF CHINA GREEN AGRICULTURE, INC.

Condensed Balance Sheets	As of June 30,
	2012		2011
ASSETS
Current Assets:
Cash and cash equivalents	$	277,538	$	964,149
Other current assets		1,908		8,575
Total Current Assets		279,446		972,724
Long-term equity investment		243,711,250		192,634,559
Total long term assets		243,711,250		192,634,559
Total Assets	$	243,990,696	$	193,607,283
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	64,520	$	64,520
Amount due to related parties		38,343		38,343
Other payables and accrued expenses		1,631,179		1,631,179
Total Current Liabilities		1,734,042		1,734,042
Stockholders' Equity
Common stock, $.001 par value, 115,197,165 shares authorized, 27,455,722 and 26,845,860, shares issued and outstanding as of June 30, 2012 and 2011, respectively		27,456		26,846
Additional paid in capital		102,175,709		98,627,482
Accumulated other comprehensive income		15,780,507		10,903,756
Retained earnings		124,272,982		82,315,157
Total Stockholders' Equity		242,256,654		191,873,241
Total Liabilities and Stockholders' Equity	$	243,990,696	$	193,607,283

PARENT COMPANY FINANCIAL INFORMATION OF CHINA GREEN AGRICULTURE, INC

Condensed Statements of Operations	Year ended June 30,
	2012		2011		2010
Revenue	$	-	$	-	$	-
General and administrative expenses		5,707,065		6,835,360		2,646,338
Interest income		347		4,178		21,342
Equity investment in subsidiaries		47,664,543		39,745,283		23,914,754
Net income	$	41,957,825	$	32,914,101	$	21,289,758

Condensed Statements of Cash Flows	Year ended June 30,
	2012			2011			2010
Net cash provided by (used in) operating activities	$	(1,286,612	)	$	(2,341,980	)	$	(1,156,400	)
Net cash provided by (used in) investing activities		-			(6,720,539	)		86,457
Net cash provided by financing activities		600,001			6,717,632			4,350,480
Cash and cash equivalents, beginning balance		964,149			3,309,036			28,499
Cash and cash equivalents, ending balance	$	277,538		$	964,149		$	3,309,036

Notes to Condensed Parent Company Financial Information

As of June 30, 2012, 2011 and 2010, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Consolidated Financial Statements, if any. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.