VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Dec. 31, 2013

Variable Interest Entities [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of December 31, 2013 and June 30, 2013 and for the three and six months respectively ended December 31, 2013 and 2012:

	December 31,		June 30,
	2013		2013

ASSETS
Current Assets
Cash and cash equivalents	$	30,238	$	42,975
Accounts receivable, net		171,502		209,194
Inventories		15,900,308		15,478,654
Other current assets		5,699		7,061
Advances to suppliers		102,219		101,555
Total Current Assets		16,209,966		15,839,439

Plant, Property and Equipment, Net		16,831,726		16,180,551
Construction In Progress		49,274		68,414
Intangible Assets, Net		10,942,068		10,933,482
Total Assets	$	44,033,034	$	43,021,886

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	718,335	$	533,773
Accrued expenses and other payables		2,581		8,673
Amount due to related parties		43,191,371		42,466,210
Total Current Liabilities		43,912,287		43,008,656

Stockholders' equity		120,747		13,230

Total Liabilities and Stockholders' Equity	$	44,033,034	$	43,021,886

	Three Months Ended December 31,				Six Months Ended December 31,
	2013		2012		2013		2012
Revenue	$	863,963	$	791,288	$	1,649,226	$	1,516,081
Expenses		861,067		194,744		1,542,520		864,445
Net income	$	2,896	$	596,544	$	106,706	$	651,636

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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