SEGMENT REPORTING

6 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 15 – SEGMENT REPORTING

As of December 31, 2013, the Company was organized into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production), and Yuxing (agricultural products production). Each of the three operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment. Jintai’s business is in the migrating process into Yuxing’s.

 

	Three months ended December 31				Six months ended December 31,
	2013		2012		2013		2012
Revenues from unaffiliated customers:
Jinong	$	26,288,622	$	22,954,851	$	58,050,624	$	50,805,827
Gufeng		13,482,016		17,984,853		31,238,098		28,921,824
Yuxing		863,963		791,288		1,649,226		1,516,081
Consolidated	$	40,634,601	$	41,730,992	$	90,937,948	$	81,243,732
Operating income :
Jinong	$	6,575,251	$	8,400,320	$	18,436,979	$	20,011,931
Gufeng		2,026,378		2,489,858		5,703,984		3,178,497
Yuxing		2,896		26,526		106,542		88,655
Reconciling item (1)		0		0		0		0
Reconciling item (2)		(306,282)		119,905		(631,046)		(482,233)
Reconciling item (2)—stock compensation		(2,819,755)		(1,137,631)		(4,804,249)		(1,874,528)
Consolidated	$	5,478,488	$	9,898,978	$	18,812,210	$	20,922,322
Net income:
Jinong	$	5,570,575	$	7,200,086	$	15,659,383	$	17,137,683
Gufeng		1,228,301		1,462,374		3,723,396		1,670,044
Yuxing		2,896		596,544		106,706		651,636
Reconciling item (1)		4		51		4		126
Reconciling item (2)		(3,126,039)		(1,017,727)		(5,435,295)		(2,356,761)
Consolidated	$	3,675,737	$	8,241,328	$	14,054,194	$	17,102,728
Depreciation and Amortization:
Jinong	$	8,866,644	$	2,423,732	$	13,475,325	$	4,459,585
Gufeng		865,335		79,718		1,596,536		925,081
Yuxing		334,365		316,098		661,325		629,563
Consolidated	$	10,066,344	$	2,819,548	$	15,733,186	$	6,014,229
Interest expense:
Gufeng		304,238		366,447		537,424		752,239
Consolidated	$	304,238	$	366,447	$	537,424	$	752,239
Capital Expenditure:
Jinong	$	39,524	$	4,982,678	$	39,524	$	9,326,617
Gufeng		5,879		(954,106)		10,779		(907,953)
Yuxing		330,347		34,173		971,617		236,891
Consolidated	$	375,750	$	4,062,745	$	1,021,920	$	8,655,555

 

	As of		As of
	December 31,		June 30,
	2013		2013
Identifiable assets:
Jinong	$	219,613,275	$	197,232,555
Gufeng		127,338,241		108,409,694
Yuxing		28,132,726		43,021,886
Reconciling item (1)		120,582		68,113
Reconciling item (2)		(3,906)		(3,906)
Consolidated	$	375,200,918	$	348,728,342

(1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey.

(2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company.