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<div><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS</b></font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">China Green Agriculture, Inc. (the “Company”, “Parent Company” or “Green Nevada”), through its subsidiaries, is engaged in the research, development, production, distribution and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly-concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production and distribution of agricultural products.</font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Unless the context indicates otherwise, as used in the notes to the financial statements of the Company, the following are the references herein of all the subsidiaries of the Company (i) Green Agriculture Holding Corporation (“Green New Jersey”), a wholly-owned subsidiary of Green Nevada, incorporated in the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (“Yuxing”), a Variable Interest Entity (“VIE”) in the in the People’s Republic of China (the “PRC”) controlled by Jinong through a series of contractual agreements; (iv) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (“Gufeng”), and (v) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng’s wholly-owned subsidiary in the PRC (“Tianjuyuan”). </font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On June 30, 2016 the Company, through its wholly-owned subsidiary Jinong, entered into strategic acquisition agreements and a series of contractual agreements with the shareholders of the following six companies that are organized under the laws of the PRC and would be deemed VIEs: Shaanxi Lishijie Agrochemical Co., Ltd. (“Lishijie”), Songyuan Jinyangguang Sannong Service Co., Ltd. (“Jinyangguang”), Shenqiu County Zhenbai Agriculture Co., Ltd. (“Zhenbai”), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. (“Wangtian”), Aksu Xindeguo Agricultural Materials Co., Ltd. (“Xindeguo”), and Xinjiang Xinyulei Eco-agriculture Science and Technology co., Ltd. (“Xinyulei”). On January 1, 2017, the Company, through its wholly-owned subsidiary Jinong, entered into strategic acquisition agreements and a series of contractual agreements with the shareholders of the following six companies that are organized under the laws of the PRC and would be deemed VIEs Sunwu County Xiangrong Agricultural Materials Co., Ltd. (“Xiangrong”), and Anhui Fengnong Seed Co., Ltd. (“Fengnong”).</font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><i>Yuxing, Lishijie, Jinyangguang, Zhenbai, Wangtian, Xindeguo, Xinyulei, Xiangrong and Fengnong may also collectively be referred to as the “the VIE Companies”; Lishijie, Jinyangguang, Zhenbai, Wangtian, Xindeguo, Xinyulei, Xiangrong and Fengnong may also collectively be referred to as “the sales VIEs”.</i></font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b> </b></font></p>
<font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"></font></font>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s current corporate structure as of is set forth in the diagram below:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><br /></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><img alt="image_01.jpg" src="image_01.jpg" /><br /></font><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><br /></font></p>
</div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Principle of consolidation</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan, and the VIE Companies. All significant inter-company accounts and transactions have been eliminated in consolidation.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Effective June 16, 2013, Yuxing was converted from being a wholly-owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned one natural person, who is not affiliated to the Company (“Yuxing’s Owner”). Effective the same day, Yuxing’s Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became the VIE of Jinong.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>VIE assessment</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. To determine if an entity is considered a VIE, the Company first perform a qualitative analysis, which requires certain subjective decisions regarding its assessments, including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties, and the purpose of the arrangement. If the Company cannot conclude after a qualitative analysis whether an entity is a VIE, it performs a quantitative analysis. The qualitative analysis considered the design of the entity, the risks that cause variability, the purpose for which the entity was created, and the variability that the entity was designed to pass along to its variable interest holders. When the primary beneficiary could not be identified through a qualitative analysis, we used internal cash flow models to compute and allocate expected losses or expected residual returns to each variable interest holder based upon the relative contractual rights and preferences of each interest holder in the VIE’s capital structure.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform:
none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Use of estimates</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Cash and cash equivalents and concentration of cash</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For statement of cash flows purposes, the Company considers all cash on hand and in banks, certificates of deposit with state owned banks in the Peoples Republic of China (“PRC”) and banks in the United States, and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums of cash in three major banks in China. The aggregate cash in such accounts and on hand as of June 30, 2017 and 2016 was $122,907,629 and $102,728,991, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $142,919 and $167,495 in cash in two banks in the United States as of June 30, 2017 and 2016, respectively. Cash overdraft as of balance sheet date will be reflected as liabilities in the balance sheet. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Accounts receivable</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s policy is to maintain reserves for potential credit losses on accounts receivable. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves at each year-end. Accounts considered uncollectible are written off through a charge to the valuation allowance. As of June 30, 2017, and 2016, the Company had accounts receivable of $151,122,602 and $118,418,228, net of allowance for doubtful accounts of $9,457,423 and $1,362,852, respectively. The Company adopts no policy to accept product returns post to the sales delivery.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size:
10pt;"> <font style="color: black;"> </font></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Other receivable</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other receivable relates to the amount due from party other than the counterparties of the business contracts and trades that the Company and the subsidiaries entered. The Company had none other receivable during the year ended Jun 30, 2017 and the year ended June 30, 2016.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Inventories</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Inventory is valued at the lower of cost (determined on a weighted average basis) or market. Inventories consist of raw materials, work in process, finished goods and packaging materials. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. At June 30, 2017 and 2016, the Company had no reserve for obsolete goods.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Property, plant and equipment</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Property, plant and equipment are recorded at cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of plant, property, and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures. All ordinary repair and maintenance costs are expensed as incurred.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 1.5pt; background-color: white;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; background-color: white;"><font
style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; background-color: white;"><font style="color: black;">Estimated<br />Useful<br />Life</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1379px;"><font style="color: black;">Building</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 172px; text-align: center;"><font style="color: black;">10-25 years</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Agricultural assets</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;"><font style="color: black;">8 years</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;"><font style="color: black;">Machinery and equipment</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;"><font style="color: black;">5-15 years</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="color: black;">Vehicles</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;"><font style="color: black;">3-5 years</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Construction in Progress</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Construction in progress represents the costs incurred relating to the construction of buildings or new additions to the Company’s plant facilities. Costs classified to construction in progress include all costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. No depreciation is provided for construction in progress until the assets are completed and are placed into service. Interest incurred during construction is capitalized into construction in progress.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Long-Lived Assets</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. At June 30, 2017 and 2016, the Company determined that there were no impairments of its long-lived assets.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Deferred asset</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal;
-webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Deferred assets represent amounts that the distributors owed to the Company in their marketing efforts and developing standard stores to expand the Company’s products’ competitiveness and market shares. The amount owed to the Company to assist its distributors will be expensed over three years which is the term as stated in the cooperation agreement, if the distributors are actively selling the Company’s products. For the years ended June 30, 2017 and 2016, the Company amortized $12,567,551 and $35,068,272, respectively, of the deferred assets. If a distributor breaches, defaults, or terminates the agreement with the Company within the three-year period, the outstanding unamortized portion of the amount owed will become payable to the Company immediately. The Company’s Chairman, Mr. Li, guaranteed to the Company of amounts remaining unpaid due from distributors. These deferred assets are subject to annual impairment testing. The estimated amortization expense of the deferred assets for the twelve months ending June 30, 2018 is $864,070.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The deferred assets consist of items inside the distributors’ stores such as furniture, racks, cabinets, and display units, and items outside or attached to the distributors’ stores such as signage and billboards. These types of assets would be capitalized as fixed assets if the Company owned the stores or utilized the assets for its own operations. These assets would also be capitalized as leasehold improvements if the Company leased these stores from the distributors. Therefore, the Company believes that under the U.S. generally accepted accounting principles, these types of assets purchases are properly capitalized. In addition, the Company believes that these assets are properly classified as deferred assets because if a distributor breaches, defaults, or terminates the agreement with the Company within a three-year period, a proportionate amount expended by the Company is to be repaid by the distributor. The Chairman of the Board of directors of the Company guaranteed to the Company of amounts remaining unpaid due from distributors.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The assets inside the distributors’ stores are custom made to fit the layout of each individual store and the signage and billboards are also custom designed to fit the specific location. The assets were purchased by the Company directly from the manufacturers and installed in the distributors’ stores. The Company wants to maintain control over the quality of the items being purchased as well as making them uniform among all the distributor locations.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td>
<td><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px; text-align: left;"><font style="color: black;">Total Deferred Assets</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">11,580,304</font></td>
<td style="width: 16px;
text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">130,086,315</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Less: accumulated amortization</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(10,716,234</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(116,654,694</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 4pt;"><font style="color: black;">Total</font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">864,070</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">13,431,621</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Intangible Assets</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company records intangible assets acquired individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity’s future cash flows. The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of June 30, 2017 and 2016 respectively.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Goodwill</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Goodwill is reviewed for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. The goodwill impairment test is a two-step test. Under the first step, the fair value of the reporting unit is compared with its carrying value including goodwill. If the fair value of the reporting
unit exceeds its carrying value, step two does not need to be performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test. Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner comparable to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. As of June 30, 2017, and 2016, the Company performed the required impairment review which resulted in no impairment adjustment.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Summary of changes in goodwill by reporting segments is as follows:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">Balance at</font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">Foreign</font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">Balance at</font></td>
<td><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">Currency</font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td>
<td><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">Segment</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Adjustment</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 815px;"><font style="color: black;">Gufeng</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">4,822,659</font></td>
<td style="width: 16px; text-align: left;"><font
style="color: black;"> </font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">(8,460</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">)</font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">4,814,199</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Acquisition of VIE Companies</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">3,158,179</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">684,399</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(5,540</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">3,837,038</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">7,980,838</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">684,399</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">(14,000</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">)</font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">8,651,237</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fair Value Measurement and Disclosures</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Our accounting for Fair Value Measurement and Disclosures,
defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level one — Quoted market prices in active markets for identical assets or liabilities;</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level two — Inputs other than level one inputs that are either directly or indirectly observable; and</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The following table presents the Company’s assets and liabilities required to be reflected within the fair value hierarchy as of June 30, 2017.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="2"><font style="color: black;">Fair Value</font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="10"><font style="color: black;">Fair Value Measurements at</font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td
style="padding: 0px; text-align: center; text-indent: 0px;" colspan="2"><font style="color: black;">As of<br />June 30,</font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="10"><font style="color: black;">June 30,<br />2017</font></td>
<td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">Description</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10"><font style="color: black;">Using Fair Value Hierarchy</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Level 1</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Level 2</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Level 3</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding: 0px; width: 815px; text-align: left; text-indent: 0px;"><font style="color: black;">Derivative liability</font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td>
<td style="padding: 0px; width: 142px; text-align: right; text-indent: 0px;"><font style="color: black;">195,812</font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td>
<td style="padding: 0px; width: 142px; text-align: right; text-indent: 0px;"><font style="color: black;">       </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td>
<td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">195,812</font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td>
<td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their fair values due to the short maturities of these instruments.</font></p>
<p style="font:
10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Derivative financial instruments</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The Company uses a binomial option pricing model to value the derivative instruments. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.  </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At June 30, 2017, the only derivative financial instrument is the variable conversion feature embedded in the convertible notes payable (See Note 9). The fair value of the embedded conversion of $195,812 is recorded as a derivative liability at June 30, 2017. The fair value was determined using a binomial option pricing model with the following assumptions:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1379px; text-align: left;"><font style="color: black;">Risk-free rate</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">2.5</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="color: black;">Volatility</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">51.2</font></td>
<td style="text-align: left;"><font style="color: black;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;"><font style="color: black;">Dividend yield</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">0.0</font></td>
<td style="text-align: left;"><font style="color: black;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Country risk premium</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">90.0</font></td>
<td style="text-align: left;"><font style="color: black;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;"><font style="color: black;">Liquidity risk premium</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">3.0</font></td>
<td style="text-align: left;"><font style="color: black;">%</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal;
-webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Revenue recognition</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Sales revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s revenue consists of invoiced value of goods, net of a value-added tax (VAT). No product return or sales discount allowance are made as products delivered and accepted by customers are not returnable and sales discounts are not granted after products are delivered.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Customer deposits</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Payments received before all the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits are recognized as revenue. As of June 30, 2017, and 2016, the Company had customer deposits of $7,046,570 and $8,578,341, respectively.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Stock-Based Compensation</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The costs of all employee stock options, as well as other equity-based compensation arrangements, are reflected in the consolidated financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Income taxes</u></font></p>
<p style="font: 10pt/normal 'times new roman', times,
serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2017, and 2016. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Foreign currency translation</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The reporting currency of the Company is the US dollar. The functional currency of the Company and Green New Jersey is the US dollar. The functional currency of the Chinese subsidiaries is the Chinese Yuan or Renminbi (“RMB”). For the subsidiaries whose functional currencies are other than the US dollar, all asset and liability accounts were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at the historical rates and items in the income statement and cash flow statements are translated at the average rate in each applicable period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of shareholders’ equity. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency is included in the results of operations as incurred.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black;
font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Segment reporting</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company utilizes the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other way management disaggregates a company.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As of June 30, 2017, the Company, through its subsidiaries is engaged into four main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production) and the eight sales VIEs that the Company acquired on June 30, 2016 and January 1, 2017. As of June 30, 2017, the Company maintained four main business segments.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fair values of financial instruments</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, other receivables, advances to suppliers, accounts payable, other payables, tax payable, and related party advances and borrowings.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is attributed to the short maturities of the instruments and that interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective balance sheet dates.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black;
font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Statement of cash flows</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s cash flows from operations are calculated based on the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Earnings per share</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The components of basic and diluted earnings per share consist of the following:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Years Ended June 30,</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px; text-align: left;"><font style="color: black;">Net Income for Basic Earnings Per Share</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">25,152,154</font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">24,704,193</font></td>
<td
style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="color: black;">Basic Weighted Average Number of Shares</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">38,093,028</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">36,703,576</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="color: black;">Net Income Per Share – Basic</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;">$</font></td>
<td style="text-align: right;"><font style="color: black;">0.66</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;">$</font></td>
<td style="text-align: right;"><font style="color: black;">0.67</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Net Income for Diluted Earnings Per Share</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;">$</font></td>
<td style="text-align: right;"><font style="color: black;">25,152,154</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;">$</font></td>
<td style="text-align: right;"><font style="color: black;">24,704,193</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="color: black;">Diluted Weighted Average Number of Shares</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">38,093,028</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">36,703,576</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="color: black;">Net Income Per Share – Diluted</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;">$</font></td>
<td style="text-align: right;"><font style="color: black;">0.66</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;">$</font></td>
<td style="text-align: right;"><font style="color: black;">0.67</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Reclassification</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2017 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Recent accounting pronouncements</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px;
text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Revenue Recognition:     </i></b>In May 2014, the FASB issued Accounting Standards Update No. 2014-09, <i>Revenue from Contracts with Customers: Topic </i>606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for us in our first quarter of fiscal 2018 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09 (full retrospective method); or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09 (modified retrospective method). We are currently assessing the impact to our consolidated financial statements, and have not yet selected a transition approach.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Disclosure of Going Concern Uncertainties</i></b>:     In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for us in our fourth quarter of fiscal 2017 with early adoption permitted. We do not believe the impact of our pending adoption of ASU 2014-15 on the Company’s financial statements will be material.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Financial instrument</i></b>: In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted. Accordingly, the standard is effective for us on September 1, 2018. We are currently evaluating the impact that the standard will have on our consolidated financial statements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Leases</i></b>: In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-2”), which provides guidance on lease amendments to the FASB Accounting Standard Codification. This ASU will be effective for us beginning in May 1, 2019. We are currently in the process of evaluating the impact of the adoption of ASU 2016-2 on our consolidated financial statements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Stock-based Compensation</i></b>:  In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 changes how companies account for certain aspects of stock-based awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for us in the first quarter of 2018, and earlier adoption is permitted. We
are still evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Financial Instruments - Credit Losses: </i></b>In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. ASU 2016-13 is effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is allowed as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is still evaluating the effect that this guidance will have on the Company’s consolidated financial statements and related disclosures.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Statement of Cash Flows: </i></b>In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): The amendments in this Update apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under Topic 230. The amendments in this Update provide guidance on the following eight specific cash flow issues. The amendments are an improvement to GAAP because they provide guidance for each of the eight issues, thereby reducing the current and potential future diversity in practice described above. ASU 2016-15 is effective for the Company for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is still evaluating the effect that this guidance will have on the Company’s consolidated financial statements and related disclosures.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Statement of Cash Flows: </i></b>In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): “Restricted Cash”(“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017 and early adoption is permitted. The adoption of this guidance will result in the inclusion of the restricted cash balances within the overall cash balance and removal of the changes in restricted cash activity, which are currently recognized in Other financing activities, on the Statements of Consolidated Cash Flows. Furthermore, an additional reconciliation will be required to reconcile Cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to sum to the total shown in the Statements of Consolidated Cash Flows. The Company anticipates adopting this new guidance effective January 1, 2018. The Company is currently evaluating this guidance and the impact it will have on the Consolidated Financial Statements and disclosures. </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Business Combination</i></b>: In January 2017, the FASB issued Accounting Standards Update No. 2017-01, <i>Business Combinations (Topic 805): Clarifying the Definition of a Business </i>(ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. This guidance will be effective for us in the first quarter of 2018 on a prospective basis, and early adoption is permitted. We do not expect the standard to have a material impact on our consolidated financial statements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"><b> </b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000;
text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Stock-based Compensation</i></b>:   <font style="background-color: white;">In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock compensation (Topic 718): Scope of modification accounting” (“ASU 2017-09”). The purpose of the amendment is to clarify which changes to the terms or condition of a share-based payment award require an entity to apply modification accounting. For all entities that offer share based payment awards, ASU 2017-09 are effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently assessing the impact of ASU 2017-09 on its condensed consolidated financial statements.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.</p>
</div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 3 – INVENTORIES</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Inventories consisted of the following:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">June 30,</td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2">June 30,</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td>
<td style="padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px; text-align: left;">Raw materials</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 142px; text-align: right;">39,397,711</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">29,926,762</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Supplies and packing materials</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">540,151</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">444,373</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Work in progress</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">421,496</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">408,820</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;">Finished goods</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">37,655,533</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">56,656,360</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 4pt;">Total</td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">78,013,891</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">87,436,315</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">During the year ended June 30, 2017, the Company sold compound fertilizers (finished goods) to certain parties at market price, and purchased equivalent amount of simple fertilizers (raw material) from the same parties also at market price. The simple fertilizers purchased, along with other materials were used in the Company’s production facility to manufacture compound fertilizers.
While nonmonetary, the sales and purchase transactions were consummated independently under separate agreements at different times, and measured at the prevailing market value. The total amount of nonmonetary sales and purchases amounted to $58,205,442 during the year ended June 30, 2017. No gain or loss incurred as the result of the nonmonetary transactions.</p>
</div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 4 – PROPERTY, PLANT AND EQUIPMENT</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Property, plant and equipment consisted of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">Building and improvements</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">40,113,868</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">42,489,975</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Auto</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">3,473,352</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">937,642</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Machinery and equipment</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">18,760,880</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">19,015,420</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Agriculture assets</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">764,660</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">765,983</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color:
#cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total property, plant and equipment</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">63,111,079</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">63,209,020</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Less: accumulated depreciation</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(28,919,747</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(25,639,281</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Total</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">34,191,332</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">37,569,739</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>NOTE 5 – INTANGIBLE ASSETS</b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">Intangible assets consisted of the following:</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1081.81811523438px; text-align: left;"><font style="color: black;">Land use rights, net</font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">10,121,591</font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 127.272727966309px; text-align: right;"><font style="color: black;">10,381,215</font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Technology patent, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Customer relationships, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">5,578,641</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">6,403,343</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Non-compete agreement</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,092,584</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">925,678</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Trademarks</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="border-bottom-color:
black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;"><font style="color: black;">6,119,875</font></td><td style="padding-bottom: 1.5pt; text-align: left;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;"><font style="color: black;">6,129,812</font></td><td style="padding-bottom: 1.5pt; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"><font style="color: black;">Total</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;"><font style="color: black;">22,911,876</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;"><font style="color: black;">23,840,048</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">LAND USE RIGHT</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">On September 25, 2009, Yuxing was granted a land use right for approximately 88 acres (353,000 square meters or 3.8 million square feet) by the People’s Government and Land & Resources Bureau of Hu County, Xi’an, Shaanxi Province. The fair value of the related intangible asset was determined to be the respective cost of RMB73,184,895 (or $10,995,299). The intangible asset is being amortized over the grant period of 50 years using the straight-line method.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">On August 13, 2003, Tianjuyuan was granted a certificate of Land Use Right for a parcel of land of approximately 11 acres (42,726 square meters or 459,898 square feet) at Ping Gu District, Beijing. The purchase cost was recorded at RMB1,045,950 (or $157,144). The intangible asset is being amortized over the grant period of 50 years.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">On August 16, 2001, Jinong received a land use right as a contribution from a shareholder, which was granted by the People’s Government and Land& Resources Bureau
of Yangling District, Shaanxi Province. The fair value of the related intangible asset at the time of the contribution was determined to be RMB7,285,099 (or $1,094,513). The intangible asset is being amortized over the grant period of 50 years.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">The Land Use Rights consisted of the following:</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">June 30,</font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">2017</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 860px; text-align: left;"><font style="color: black;">Land use rights</font></td><td style="width: 13.63636302948px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 123.636360168457px; text-align: right;"><font style="color: black;">12,268,150</font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 123.636360168457px; text-align: right;"><font style="color: black;">           -</font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 124.545448303223px; text-align: right;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 3.63636350631714px;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">$12,246,630</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Less: accumulated amortization</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(1,886,935</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(238,104</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align:
right;"><font style="color: black;">(2,125,039)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Total land use rights, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">10,381,215</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">$10,121,591</font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">TECHNOLOGY PATENT</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">On August 16, 2001, Jinong was issued a technology patent related to a proprietary formula used in the production of humid acid. The fair value of the related intangible asset was determined to be the respective cost of RMB 5,875,068 (or $884,198) and is being amortized over the patent period of 10 years using the straight-line method. This technology patent has been fully amortized.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The fair value on the acquired technology patent was estimated to be RMB9,200,000 (or $1,384,600) and is amortized over the remaining useful life of six years using the straight-line method. As of June 30, 2016, this technology patent is fully amortized.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">The technology know-how consisted of the following:</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"
colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 740px; text-align: left;"><font style="color: black;">Technology know-how</font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">2,268,798</font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">-</font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">              </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 127.272727966309px; text-align: right;"><font style="color: black;">2,264,818</font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Less: accumulated amortization</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(2,268,798</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(2,264,818</font></td><td style="text-align: left;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Total technology know-how, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family:
'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">CUSTOMER RELATIONSHIP</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The fair value on the acquired customer relationships was estimated to be RMB65,000,000 (or $9,765,600) and is amortized over the remaining useful life of ten years. On June 30, 2016, and January 1, 2017 the Company acquired the eight sales VIEs. The fair value of the acquired customer relationships was estimated to be RMB19,917,253 (or $2,992,368) and is amortized over the remaining useful life of from three years up to ten years.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">June 30,</font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">2017</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 860px; text-align: left;"><font style="color: black;">Customer relationships</font></td><td style="width: 13.63636302948px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 123.636360168457px; text-align: right;"><font style="color: black;">12,257,101</font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 123.636360168457px; text-align: right;"><font style="color: black;">522,028</font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 124.545448303223px; text-align: right;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 3.63636350631714px;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">$12,757,628</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Less: accumulated amortization</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(5,853,758</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td
style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(1,325,229</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(7,178,987)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Total customer relationships, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">6,403,343</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">$5,578,641</font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">NON-COMPETE AGREEMENT</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The fair value on the acquired non-compete agreement was estimated to be RMB1,320,000 (or $198,264) and is amortized over the remaining useful life of five years using the straight-line method.  On June 30, 2016, the Company acquired the sales VIEs. The fair value on the acquired non-compete agreements were estimated to be RMB8,765,582 (or $1,316,906) and is amortized over the remaining useful life of five years using the straight-line method.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font
style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 740px; text-align: left;"><font style="color: black;">Non-compete agreement</font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">1,124,338</font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">390,080</font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">            </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 127.272727966309px; text-align: right;"><font style="color: black;">1,124,338</font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Less: accumulated amortization</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(198,660</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(422,634</font></td><td style="text-align: left;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Total non-compete agreement, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">925,678</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">1,092,584</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">TRADEMARKS</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> </font></p><p
style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;">On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired trademarks was estimated to be RMB40,700,000 (or $6,119,059) and is subject to an annual impairment test.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> </p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">AMORTIZATION EXPENSE</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">Estimated amortization expenses of intangible assets for the next five twelve months periods ended June 30, are as follows:</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="color: black;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: justify;"><font style="color: black;">Years Ending June 30,</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Expense ($)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1252.72729492188px; text-align: justify;"><font style="color: black;">2018</font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 127.272727966309px; text-align: right;"><font style="color: black;">1,894,275</font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;"><font style="color: black;">2019</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,894,275</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;"><font style="color: black;">2020</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,855,439</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;"><font style="color: black;">2021</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">747,663</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;"><font style="color: black;">2022</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">576,687</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr></table><div> </div>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><b>NOTE 6 – OTHER NON-CURRENT ASSETS</b></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"> </p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">Other non-current assets mainly include advance payments related to lease the land use for the Company. As of June 30, 2017, the balance of other non-current assets was $17,829,621, which was the lease fee advances for agriculture lands that the Company engaged in Shiquan County from 2018 to 2027.</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"> </p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">In March 2017, Jinong entered into the lease agreement for approximately 3,400 mu, and 2600 hectare agriculture lands in Shiquan County, Shaanxi Province. The lease was from April 2017 and was renewable for every ten-year period up to 2066. The aggregate leasing fee was approximately RMB 13 million per annum, The Company had made 10-year advances of leasing fee per lease terms. The Company has amortized $0.5 million as expenses for the three months ended June 30, 2017.</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"> </p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"><b> </b>Estimated amortization expenses of the lease advance payments herein for the next four twelve-month periods ended June 30 and thereafter are as follows:</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Years ending June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td colspan="2"> </td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: justify;">2018</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,016,918</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">2019</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,016,918</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">2020</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,016,918</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">2021</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,016,918</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">2022 and thereafter</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">11,778,867</td><td style="text-align: left;"> </td></tr></table><div> </div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"><b>NOTE 8 – ACCRUED EXPENSES AND OTHER PAYABLES</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;">Accrued expenses and other payables consisted of the following:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p>
<table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2">June 30,</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2">June 30,</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2017</td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2016</td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; width: 1191px; text-align: left; font-stretch: normal;">Payroll payable</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">103,412</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">58,704</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Welfare payable</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">154,239</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">154,510</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Accrued expenses</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left;
font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">4,863,988</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">4,450,306</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Acquisitions payable</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">-</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">5,568,500</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Other payables</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">3,887,676</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">6,037,764</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Other levy payable</td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">125,998</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">126,219</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;">Total</td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">9,135,313</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">16,396,003</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td>
</tr>
</table>
</div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 7 – RELATED PARTIES TRANSACTIONS</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> At the end of December 2015, Yuxing entered into a sales agreement with the Company’s affiliate, 900LH.com Food Co., Ltd. (“900LH.com”, previously announced as Xi’an Gem Grain Co., Ltd) pursuant to which Yuxing is to supply various vegetables to 900LH.com for its incoming seasonal sales at the holidays and year ends (the “Sales Agreement”). The contingent contracted value of the Sales Agreement is RMB 25,500,000 (approximately $3,965,250). During the year ended June 30, 2017 and 2016, Yuxing has sold approximately $2,472,165 and $1,383,787 products to 900LH.com.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The amount due from 900LH.com to Yuxing was $1,412,844 and $481,886 as of June 30, 2017 and 2016, respectively.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2017, and 2016, the amount due to related parties was $3,071,102 and $2,473,004, respectively.  As of June 30, 2017, and 2016, $1,051,652 and $1,092,243, respectively were amounts that Gufeng borrowed from a related party, Xi’an Techteam Science & Technology Industry (Group) Co. Ltd., a company controlled by Mr. Tao Li, Chairman and CEO of the Company, representing unsecured, non-interest-bearing loans that are due on demand.  These loans are not subject to written agreements. As of June 30, 2017, the Company owed Mr. Tao Li, Chairman and CEO of the Company unsecured, non-interest-bearing advances of $1,950,000. These advances are not subject to written agreements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As of June 30, 2017, the Company’s subsidiary, Jinong, owed 900LH.com. $30,707.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">On June 29, 2016, Jinong signed an office lease with Kingtone Information Technology Co., Ltd. (“Kingtone Information”), where Mr. Tao Li, Chairman and CEO of the Company, serves as its Chairman. Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provided for a two-year term effective as of July 1, 2016 with monthly rent of RMB24,480 (approximately $3,678).</p>
</div>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>NOTE 9 – LOAN PAYABLES</b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b> </b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">As of June 30, 2017, the short-term loan payables consisted of three loans which mature on dates ranging from July 28, 2017 through June 8, 2018 with interest rates ranging from 5.22% to 6.31%. The loans No. 1 to 3 are guaranteed with parent company’s credit from Jinong; the loans No. 2 and 3 4 below are collateralized by Tianjuyan’s land use right and building ownership right.</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">  </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">No.</td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Payee</td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Loan period per agreement</td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Interest Rate</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30,<br />2017</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="width: 123.636360168457px; text-align: center;">1</td><td nowrap="nowrap" style="width: 13.63636302948px;"> </td><td nowrap="nowrap" style="width: 739.090881347656px; text-align: left;">Bank of Beijing-Pinggu Branch</td><td nowrap="nowrap" style="width: 13.63636302948px;"> </td><td nowrap="nowrap" style="width: 199.090911865234px; text-align: center;">June 28,  2016 -July 28, 2017</td><td nowrap="nowrap" style="width: 13.63636302948px;"> </td><td nowrap="nowrap" style="width: 13.63636302948px; text-align: left;"> </td><td nowrap="nowrap" style="width: 126.363632202148px; text-align: right;">5.22</td><td nowrap="nowrap" style="width: 13.63636302948px; text-align: left;">%</td><td nowrap="nowrap" style="width: 13.63636302948px;"> </td><td nowrap="nowrap" style="width: 13.63636302948px; text-align: left;">$</td><td nowrap="nowrap" style="width: 125.454544067383px; text-align: right;">1,502,360</td><td nowrap="nowrap" style="width: 13.63636302948px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td nowrap="nowrap" style="text-align: center;">2</td><td nowrap="nowrap"> </td><td nowrap="nowrap" style="text-align: left;">Postal Saving Bank of China - Pinggu Branch</td><td nowrap="nowrap"> </td><td nowrap="nowrap" style="text-align: center;">March 24, 2017 – March 5, 2018</td><td nowrap="nowrap"> </td><td nowrap="nowrap" style="text-align: left;"> </td><td nowrap="nowrap" style="text-align: right;">6.31</td><td nowrap="nowrap" style="text-align: left;">%</td><td nowrap="nowrap"> </td><td nowrap="nowrap" style="text-align: left;"> </td><td nowrap="nowrap" style="text-align: right;">4,507,080</td><td nowrap="nowrap" style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="text-align: center; padding-bottom: 1.5pt;">3</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: left; padding-bottom: 1.5pt;">Bank of Beijing - Pinggu Branch</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: center; padding-bottom: 1.5pt;">June 9, 2017-June 8, 2018</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="padding-bottom: 1.5pt; text-align: left;"> </td><td nowrap="nowrap" style="padding-bottom: 1.5pt; text-align: right;">5.22</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; text-align: left;">%</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td
nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">1,502,360</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td nowrap="nowrap" style="text-align: center; padding-bottom: 1.5pt;">4</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="padding-bottom: 1.5pt;">Bank of China-Anhui</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: center; padding-bottom: 1.5pt;">November 25, 2016-October25, 2017</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="padding-bottom: 1.5pt; text-align: left;"> </td><td nowrap="nowrap" style="padding-bottom: 1.5pt; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">LPR</font></td><td nowrap="nowrap" style="padding-bottom: 1.5pt; text-align: left;">*</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;">$</td><td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">166,311</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="text-align: center; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt;">Total</td><td nowrap="nowrap" style="padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="text-align: center; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt; text-align: left;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt; text-align: right;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt; text-align: left;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">7,678,111</td><td nowrap="nowrap" style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">  </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">*LPR stands for Loan Prime Rate. The LPR rate is a 1-year lending rate used by commercial banks to their top grade borrowers whose credit are comparable to the interbank borrowing credit worthiness in China. The LPR rate is a variable rate and was published along with Shanghai Interbank Offer Rates daily.</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">As of June 30, 2016, the short-term loan payables consisted of three loans which mature on dates ranging from May 18, 2016 through March 17, 2017 with interest rates ranging from 4.87% to 5.82%. The loans No. 1 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 2 is guaranteed by Jinong’s</font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">  </font></p><table style="width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap" style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">No.</td><td nowrap="nowrap" style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-weight: bold; font-style: normal; font-variant: normal;
font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Payee</td><td nowrap="nowrap" style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Loan period per agreement</td><td nowrap="nowrap" style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Interest Rate</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td nowrap="nowrap" style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30,<br />2016</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="width: 128.18180847168px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center;">1</td><td nowrap="nowrap" style="width: 14.5454540252686px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td nowrap="nowrap" style="width: 754.54541015625px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;">Agriculture Bank of China-Pinggu Branch</td><td nowrap="nowrap" style="width: 14.5454540252686px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td nowrap="nowrap" style="width: 170.909088134766px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center;">May. 18, 2016 - Mar. 17, 2017</td><td nowrap="nowrap" style="width: 14.5454540252686px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td nowrap="nowrap" style="width: 14.5454540252686px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td><td nowrap="nowrap" style="width: 128.18180847168px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">4.87</td><td nowrap="nowrap" style="width: 14.5454540252686px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;">%</td><td nowrap="nowrap" style="width: 13.63636302948px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td nowrap="nowrap" style="width: 13.63636302948px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;">$</td><td nowrap="nowrap" style="width: 127.272727966309px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">1,953,068</td><td nowrap="nowrap" style="width: 13.63636302948px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center;">2</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;">Beijing Bank - Pinggu Branch</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center;">Aug. 11, 2015- Aug. 2, 2016</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal;
font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">5.82</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;">%</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">1,502,360</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt;">3</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt;">Agriculture Bank of China-Pinggu Branch</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt;">Jan. 19, 2016 – Jan. 17, 2017</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">5.00</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;">%</td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td><td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;">1,201,888</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td nowrap="nowrap" style="font-size: 10pt; text-align: center; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 4pt;">Total</td><td nowrap="nowrap" style="font-size: 10pt; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="font-size: 10pt; text-align: center; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="font-size: 10pt; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt; font-size: 10pt; text-align: left;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt; font-size: 10pt; text-align: right;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt; font-size: 10pt; text-align: left;"> </td><td nowrap="nowrap" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;">$</td><td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal;
font-family: 'times new roman', times, serif; text-align: right;">4,657,316</td><td nowrap="nowrap" style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">The interest expense from short-term loans was $549,650 and $995,959 for the years ended June 30, 2017 and 2016, respectively.</font></p>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 10 – CONVERTIBLE NOTES PAYABLE</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Relating to the acquisition of the VIE Companies, the Company subsidiary, Jinong, issued to the VIE Companies shareholders convertible notes payable twice, in the aggregate notional amount of RMB 63,000,000 ($9,462,600) with a term of three years and an annual interest rate of 3%.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">No.</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Related Acquisitions of Sales VIEs</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Issuance Date</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Maturity Date</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Notional Interest Rate</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Conversion Price</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Notional Amount (in RMB)</td>
<td style="padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 189px; text-align: center;">1</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 220px; text-align: left;">Wangtian, Lishijie, Shenqiu, Xindeguo, Xinyulei, Jinyangguang</td>
<td style="width: 16px;"> </td>
<td style="width: 212.81px; text-align: right; padding-left: 5.4pt;">June 30, 2016</td>
<td style="width: 16px;"> </td>
<td style="width: 196.81px; text-align: right; padding-left: 5.4pt;">June 30, 2019</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 173px; text-align: right;">3</td>
<td style="width: 15px; text-align: left;">%</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 172px; text-align: right;">5.00</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 172px; text-align: right;">51,000,000</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"> </td>
<td style="text-align: center;">2</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">Fengnong, Xiangrong</td>
<td> </td>
<td style="text-align: right; padding-left: 5.4pt;">January 1, 2017</td>
<td> </td>
<td style="text-align: right; padding-left: 5.4pt;">December 31, 2019</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3</td>
<td style="text-align: left;">%</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">5.00</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,000,000</td>
<td style="text-align: left;">
<p style="margin-top: 0px; margin-bottom: 0px;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"> </p>
</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial;
text-decoration-color: initial;">The convertible notes take priority over the preferred stock and common stock of Jinong, and any other class or series of capital stocks Jinong issues in the future in terms of interests and payments in the event of any liquidation, dissolution or winding up of Jinong. On or after the third anniversary of the issuance date of the note, noteholders may request Jinong to process the note conversion to convert the note into shares of the Company’s common stock. The notes cannot be converted prior to the mature date. The per share conversion price of the notes is the higher of the following: (i) $5.00 per share or (ii) 75% of the closing price of the Company’s common stock on the date the noteholder delivers the conversion notice.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif;"><br /></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif;">The Company determined that the fair value of the convertible notes payable was RMB 56,124,446 ($8,431,912) and RMB 44,330,692 ($6,671,769) as of June 30, 2017 and June 30, 2016, respectively, which was mainly due to the additional issuance of RMB 12,000,000 in the Xiangrong and Fengnong acquisition on Jan 1, 2017. The difference between the fair value of the notes and the face amount of the notes will be amortized to accretion interest expense over the three-year life of the notes. As of June 30, 2017, the amortization of this discount into accretion interest expenses was $369,401. As these notes were issued on and after June 30, 2016, there was no amortization of this discount into interest expense in fiscal year 2016.</font></p>
</div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"><b>NOTE 11 – TAXES PAYABLE</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Enterprise Income Tax</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Effective January 1, 2008, the Enterprise Income Tax (“EIT”) law of the PRC replaced the tax laws for Domestic Enterprises (“DEs”) and Foreign Invested Enterprises (“FIEs”). The EIT rate of 25% replaced the 33% rate that was applicable to both DEs and FIEs. The two-year tax exemption and three-year 50% tax reduction tax holiday for production-oriented FIEs was eliminated. Since January 1, 2008, Jinong became subject to income tax in China at a rate of 15% as a high-tech company, because of the expiration of its tax exemption on December 31, 2007. Accordingly, it made provision for income taxes for the years ended June 30, 2017 and 2016 of $3,521,978 and $3,592,823, respectively, which is mainly due to the operating income from Jinong. Gufeng is subject to 25% EIT rate and thus it made provision for income taxes of $2,148,326 and $3,584,006 for the year ended June 30, 2017 and 2016, respectively.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Value-Added Tax</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Certain fertilizer products that are produced and sold in the PRC were subject to a Chinese Value-Added Tax (VAT) of 13% of the gross sales price. On April 29, 2008, the PRC State of Administration of Taxation (SAT) released Notice #56, “<i>Exemption of VAT for Organic Fertilizer Products</i>”, which allows certain fertilizer products to be exempt from VAT beginning June 1, 2008. The Company submitted the application for exemption in May 2009, which was granted effective September 1, 2009, continuing through December 31, 2015. </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Income Taxes and Related Payables</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Taxes payable consisted of the following:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000;
text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td>
<td><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px; text-align: left;"><font style="color: black;">VAT provision</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">(575,872</font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">)</font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">2,218</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Income tax payable</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">2,229,735</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">3,445,480</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Other levies</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">1,036,544</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">656,520</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 4pt;"><font style="color: black;">Total</font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">2,690,407</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">4,104,218</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The provision for income taxes consists of the following:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse:
collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Years Ended June 30,</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px; text-align: left;"><font style="color: black;">Current tax - foreign</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">6,511,880</font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">7,371,967</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Deferred tax</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">6,511,880</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">7,371,967</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The components of deferred income tax assets and liabilities are as follows:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td>
<td><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color:
black;"> </font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Deferred tax assets:</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1177.67px; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Net operating loss</font></td>
<td style="width: 16px; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">14,607,802</font></td>
<td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="width: 15px; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">13,803,943</font></td>
<td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Total deferred tax assets</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">14,607,802</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">13,803,943</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Less valuation allowance</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(14,607,802</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(13,803,943</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b> </b></font></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company periodically evaluates the likelihood of the realization of deferred tax assets, and adjusts the carrying amount of the deferred tax assets by the valuation allowance to the extent the future realization of the deferred tax assets is not judged to be more likely than not. The Company considers many factors when assessing the likelihood of future realization of its deferred tax assets, including its recent cumulative earnings experience by taxing jurisdiction, expectations of future taxable income or loss, the carryforward periods available to the Company for tax reporting purposes, and other relevant factors.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin:
0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At June 30, 2017, based on the weight of available evidence, including cumulative losses in recent years and expectations of future taxable income, the Company determined that it was more likely than not that its deferred tax assets would not be realized and have a $14.6 million valuation allowance associated with its deferred tax assets.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Tax Rate Reconciliation</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Our effective tax rates were approximately 20.6% and 21.6% for years ended June 30, 2017 and 2016, respectively. Substantially all the Company’s income before income taxes and related tax expense are from PRC sources. Actual income tax benefit reported in the consolidated statements of income and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 34% to income before income taxes for the years ended June 30, 2017 and 2016 for the following reasons:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>June 30, 2017</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding: 0px; text-align: center;" colspan="25"><font style="color: black;">Tax Rate Reconciliation</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px;
text-align: center;" colspan="6"><font style="color: black;">China</font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="6"><font style="color: black;">United States</font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px 0px 1.5pt; text-align: left;"><font style="color: black;"></font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td nowrap="nowrap" style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="5"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">15% - 25%</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="5"><font style="color: black;">34%</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Total</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px; width: 627px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 110px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 110px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 110px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 110px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 109px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 109px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;">Pretax income (loss)</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style:
double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">34,028,617</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">(2,364,584</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">31,664,033</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">Expected income tax expense (benefit)</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">8,507,154</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">25</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent:
0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(803,958</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">34</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">7,703,196</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">High-tech income benefits on Jinong</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(2,033,489</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">-6.0</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(2,033,489</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: -10pt;"><font style="color: black;">Gains from subsidiaries in which additional benefit is recognized</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">38,215</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">0.1</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">38,215</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color:
black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px 0px 1.5pt 10pt; text-align: left; text-indent: -10pt;"><font style="color: black;">Change in valuation allowance on deferred tax asset from US tax benefit</font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">0</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">803,958</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(34)</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">803,958</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;">Actual tax expense</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">6,511,880</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">19.1</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">0</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td>
<td
style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">0</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">6,511,880</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">20.6</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>June 30, 2016</b></font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif;
vertical-align: bottom; font-stretch: normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; font-stretch: normal;" colspan="6"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">China</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; font-stretch: normal;" colspan="6"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">United States</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal
'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">15% - 25%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">34%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Total</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"
colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 627px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pretax income (loss)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 110px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">32,076,160</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 110px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 110px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(5,768,770</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px 0px 4pt; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 110px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 109px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">26,307,390</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 109px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px;
text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Expected income tax expense (benefit)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif;
padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">8,019,040</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">25.0</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1,961,382</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">34.0</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">6,062,571</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">High-tech income benefits on Jinong</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2,214,672</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times
new roman', times, serif; font-size: 10pt;">(5.7</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2,214,672</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: -10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Losses from subsidiaries in which no benefit is recognized</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">1,567,599</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(0.8</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px;
font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">1,567,599</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;">
<td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: -10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Change in valuation allowance on deferred tax asset from US tax benefit</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">1,961,382</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;
font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(34.0)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">1,961,382</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Actual tax expense</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">7,371,967</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">23</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new
roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">7,371,967</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">21.6</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
</tr>
</table>
</div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 12 – STOCKHOLDERS’ EQUITY</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Common Stock</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On September 30, 2014, the Company granted an aggregate of 1,750,000 shares of restricted stock under the 2009 Plan to certain executive officers, directors and employees, among which were (i) 240,000 shares of restricted stock to Mr. Tao Li, the CEO; (ii) 100,000 shares of restricted stock to Mr. Ken Ren, the CFO, (iii) 40,000 shares of restricted stock to Mr. Yizhao Zhang, (iv) 30,000 shares of restricted stock to Ms. Yiru Shi, and (v) 20,000 shares of restricted stock to Mr. Lianfu Liu, each an independent director of the Company; and (vi) 1,320,000 shares of restricted stock to key employees.   The stock grants are subject to time-based vesting schedules, vesting in various installments until March 31, 2015 for the CFO and the three independent directors, until June 30, 2015 for the CEO and until March 31, 2017 for the employees. The value of the restricted stock awards was $3,675,000 and is based on the fair value of the Company’s common stock on the grant date. This amount has been amortized to compensation expense over the vesting periods for the various awards.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On September 28, 2015, the Company granted an aggregate of 1,000,000 shares of restricted stock under the 2009 Plan to certain key employees. The stock grants are subject to time-based vesting schedules, vesting in various installments until June 30, 2016. The value of the restricted stock awards was $1,660,000 and is based on the fair value of the Company’s common stock on the grant date. This amount is being amortized to compensation expense over the vesting periods for the various awards.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On June 26, 2016, the Company granted an aggregate of 670,000 shares of restricted stock under the 2009 Plan to certain key employees. The stock grants vest immediately. The value of the restricted stock awards was $897,800 and is based on the fair value of the Company’s common stock on the grant date.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">On December 30, 2016, the
Company granted an aggregate of 870,000 shares of restricted stock under the 2009 Plan to certain key employees. The stock grants vest immediately. The value of the restricted stock awards was $1,044,000 and is based on the fair value of the Company’s common stock on the grant date.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The following table sets forth changes in compensation-related restricted stock awards during the twelve-month periods ended June 2017 and 2016:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Fair</b></font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; font-weight: bold; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; font-weight: bold; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; font-weight: bold; background-color: white;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Grant Date</b></font></td><td style="padding: 0px; text-align: center; font-weight: bold; background-color: white;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Number of</b></font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Value of</b></font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; font-weight: bold; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; font-weight: bold; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; font-weight: bold; background-color: white;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Fair Value</b></font></td><td style="padding: 0px; text-align: center; font-weight: bold; background-color: white;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; background-color: white;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Shares </b> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center;
background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; background-color: white;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Shares</b></font></td><td style="padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; font-weight: bold; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; background-color: white;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>Per share </b> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; font-weight: bold; background-color: white;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; text-indent: 0px;"><font style="color: black;">Outstanding (unvested) at June 30, 2016</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 0px 10pt; width: 989.67px; text-indent: 0px;"><font style="color: black;">Granted</font></td><td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 142px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Forfeited</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 1.5pt 10pt; text-indent: 0px;"><font style="color: black;">Vested</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color:
black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; text-indent: 0px;"><font style="color: black;">Outstanding (unvested) at June 30, 2017</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As of June 30, 2017, the unamortized expense related to the grant of restricted shares of common stock was nil. The fair value of the restricted common stock awards was based on the closing price of the Company’s common stock on the grant date. The fair value of the common stock awarded is amortized over the various vesting terms of each grant.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The following table sets forth changes in compensation-related restricted stock awards during years ended June 30, 2017 and 2016:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;" colspan="2"><font style="color: black;">Fair</font></td><td style="text-align: center; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;" colspan="2"><font style="color: black;">Grant Date</font></td><td style="text-align: center; font-weight: bold;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;" colspan="2"><font style="color: black;">Number of</font></td><td style="text-align: center;
font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;" colspan="2"><font style="color: black;">Value of</font></td><td style="text-align: center; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold;" colspan="2"><font style="color: black;">Fair Value</font></td><td style="text-align: center; font-weight: bold;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Shares</font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Shares</font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Per share</font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;"><font style="color: black;">Outstanding (unvested) at June 30, 2015</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 142px; text-align: right;"><font style="color: black;">1,708,000</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">1,797,992</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 10pt;"><font style="color: black;">Granted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,000,000</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,660,000</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">1.66</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-left: 10pt;"><font style="color: black;">Granted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">670,000</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">897,800</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">1.34</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 10pt;"><font style="color: black;">Forfeited</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Vested</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(2,790,000</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color:
black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(4,120,528</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Outstanding (unvested) at June 30, 2016</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">588,000</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">235,264</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Granted</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">870,000</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">1,044,000</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">1.20</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"><font style="color: black;">Forfeited</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Vested</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(1,458,000</td><td style="text-align: left; padding-bottom: 4pt;">)<font style="color: black;"></font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">(1,279,264</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"><font style="color: black;">Outstanding (unvested) at June 30, 2017</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width:
4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b> </b></font></b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">During the year ended June 30, 2017, the Company issued 32,660 shares of common stock for consulting services valued at $41,212. The shares were valued at the market price on the date of issuance.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">During the year ended June 30, 2016, the Company issued 73,407 shares of common stock for consulting services valued at $114,763. The shares were valued at the market price on the date of issuance.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Preferred Stock</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Under the Company’s Articles of Incorporation, the Board has the authority, without further action by stockholders, to designate up to 20,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be greater than the rights of the common stock. If the Company sells preferred stock under its registration statement on Form S-3, it will fix the rights, preferences, privileges, qualifications and restrictions of the preferred stock of each series in the certificate of designation relating to that series and will file the certificate of designation that describes the terms of the series of preferred stock the Company offers before the issuance of the related series of preferred stock.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As of June 30, 2017, the Company has 20,000,000 shares of preferred stock authorized, with a par value of $.001 per share, of which no shares are issued or outstanding.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 13 – STOCK OPTIONS</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">There were no issuances of stock options during the years ended June 30, 2017 and 2016.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Options outstanding and related weighted average price and intrinsic value are as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Weighted</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Average</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Aggregate</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Number</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Exercise</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Intrinsic</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">of Shares</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Price</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Value</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;"><font style="color: black;">Outstanding, June 30, 2014</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 142px; text-align: right;"><font style="color: black;">115,099</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 16px;"><font style="color:
black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">14.66</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">        -</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Granted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Forfeited/Canceled</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(115,099</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Exercised</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Outstanding, June 30, 2015</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Granted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Forfeited/Canceled</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td
style="padding-bottom: 1.5pt;"><font style="color: black;">Exercised</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Outstanding, June 30, 2016</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Granted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Forfeited/Canceled</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Exercised</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Outstanding, June 30, 2017</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color:
black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 14 – CONCENTRATIONS AND LITIGATION</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i>Market Concentration</i></b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">All the Company’s revenue-generating operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC’s economy.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among other things, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by, among other things, changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i>Vendor and Customer Concentration</i></b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i> </i></b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">There were two vendors, from which the Company purchased 14.1% and 12.2% of its raw materials for fertilizer manufacturing during the year ended June 30, 2017. Total purchase from these two vendors was amounted to $21,033,713 as June 30, 2017. </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i> </i></b></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">There were two vendors, , from which the Company purchased 18.8% and 17.4% of
its raw materials for fertilizer manufacturing during the year ended June 30, 2016. Total purchase from these two venders amounted to $52,241,454 as June 30, 2016. </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Two customers, accounted for an aggregated amount of $31,379,821 or 7.1% and 7.0% of the Company’s manufactured fertilizer sales for the year ended June 30, 2017. </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">One customer, Sino-agri Holding Co., Ltd., accounted for $59,696,999, or 23.0% of the Company’s manufactured fertilizer sales for the year ended June 30, 2016.</p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 15 – SEGMENT REPORTING</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As of June 30, 2017, the Company was organized into four main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production), Yuxing (agricultural products production) and the sales VIEs. Each of the four 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.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Years Ended June 30,</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;">Revenues from unaffiliated customers:</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; width: 1177.67px; text-indent: 0px;"><font style="color: black;">Jinong</font></td><td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 142px; text-align: right; text-indent: 0px;"><font style="color: black;">106,642,032</font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">125,716,937</font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Gufeng</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">104,446,239</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">134,661,420</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Yuxing</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td
style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">8,517,231</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">8,406,663</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 1.5pt 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Sales VIEs</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">65,607,538</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">0</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;">Consolidated</font></td><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">285,213,040</font></td><td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">268,785,020</font></td><td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">Operating income :</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Jinong</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">22,562,310</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">22,942,976</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color:
black;">Gufeng</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">8,286,761</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">13,952,983</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Yuxing</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(2,376,007</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">1,464,728</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Sales VIEs</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">5,869,291</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">0</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Reconciling item (1)</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">0</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">0</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Reconciling item (2)</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(1,082,505</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(1,648,240</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 1.5pt 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Reconciling item (2) --stock compensation</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(1,282,079</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(4,120,528</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;">Consolidated</font></td><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style:
double;"><font style="color: black;">$</font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">31,977,771</font></td><td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">32,591,919</font></td><td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify;"><font style="color: black;">Net income:</font></td><td><font style="color: black;"> </font></td><td style="text-align: right;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: right;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1177.67px; text-align: justify; padding-left: 10pt;"><font style="color: black;">Jinong</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">18,699,889</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">19,637,155</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">6,264,392</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">9,364,364</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Yuxing</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(2,375,961</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,471,412</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">4,925,927</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Reconciling item (1)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">15</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">30</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Reconciling item (2)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(2,364,598</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td
style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(5,768,768</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 4pt;"><font style="color: black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">25,152,153</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">24,704,193</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;"><font style="color: black;">Depreciation and Amortization:</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Jinong</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><p style="margin: 0pt 0px;">13,358,370</p></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">35,924,393</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><p style="margin: 0pt 0px;">2,302,047</p></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">2,920,960</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Yuxing</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><p style="margin: 0pt 0px;">1,366,840</p></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">1,465,836</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><p style="margin: 0pt 0px;">380,863</p></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 4pt; padding-left: 0pt;"><font style="color:
black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">17,408,120</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">40,311,189</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;"><font style="color: black;">Interest expense:</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">290,126</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">995,959</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">251,064</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">8,460</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 4pt;"><font style="color: black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">549,650</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style:
double;"><font style="color: black;">995,959</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;"><font style="color: black;">Capital Expenditure:</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Jinong</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">9,582</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">7,894</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">12,273</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">3,239</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Yuxing</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">6,210</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">8,059</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">14,217</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 4pt;"><font style="color: black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">42,283</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">19,192</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font:
10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">As of</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"><font style="color: black;">Identifiable assets:</font></td><td><font style="color: black;"> </font></td><td style="text-align: right;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: right;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1177.67px; text-align: justify; padding-left: 10pt;"><font style="color: black;">Jinong</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">213,355,900</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">198,599,977</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">156,648,924</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">149,891,328</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Yuxing</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">40,965,345</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">45,448,157</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">45,063,273</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">24,675,497</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Reconciling item (1)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">142,919</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font
style="color: black;">170,444</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Reconciling item (2)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(2,879</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(2,876</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"><font style="color: black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">456,173,481</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">418,782,527</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Total revenues from exported products currently accounted for less than 1% of the Company’s total fertilizer revenues for the years ended June 30, 2017 and 2016, respectively.</font></p></div>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>NOTE 16 – COMMITMENTS AND CONTINGENCIES</b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b> </b></font></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">On June 29, 2016, Jinong signed an office lease with Kingtone Information.  Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information. The lease provided for a two-year term effective as of July 1, 2016 with monthly rent of $3,678 (approximately RMB 24,480).</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"> </p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">In January 2008, Jintai signed a ten-year land lease with Xi’an Jinong Hi-tech Agriculture Demonstration Zone for a monthly rent of $781 (RMB 5,200).</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify; text-indent: 0.5in;"> </p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">In February 2004, Tianjuyuan signed a fifty-year lease with the village committee of Dong Gao Village and Zhen Nan Zhang Dai Village in the Beijing Ping Gu District, at a monthly rent of $444 (RMB 2,958).</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"> </p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;">Accordingly, the Company recorded an aggregate of $641,330 and $176,796 as rent expenses for the years ended June 30, 2017 and 2016, respectively. The contingent rent expenses herein for the next five years ended June 30, are as follows:</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Years ending June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td colspan="2"> </td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1252.72729492188px; text-align: justify;">2018</td><td style="width: 14.5454540252686px;"> </td><td style="width: 14.5454540252686px; text-align: left;"> </td><td style="width: 127.272727966309px; text-align: right;">148,632</td><td style="width: 13.63636302948px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">2019</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">58,841</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">2020</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">58,841</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">2021</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">58,841</td><td style="text-align: left;"> </td></tr><tr
style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">2022</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">58,841</td><td style="text-align: left;"> </td></tr></table><div> </div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 17 – BUSINESS COMBINATIONS</b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b> </b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On June 30, 2016, the Company, through its wholly-owned subsidiary Jinong, entered into strategic acquisition agreements and also into a series of contractual agreements to qualify as VIEs with the shareholders of Shaanxi Lishijie Agrochemical Co., Ltd., Songyuan Jinyangguang Sannong Service Co., Ltd., Shenqiu County Zhenbai Agriculture Co., Ltd., Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd., Aksu Xindeguo Agricultural Materials Co., Ltd., and Xinjiang Xinyulei Eco-agriculture Science and Technology Co., Ltd.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Subsequently, on January 1, 2017, Jinong entered into similar strategic acquisition agreements and a series of contractual agreements to qualify as VIEs with the shareholders of Sunwu County Xiangrong Agricultural Materials Co., Ltd., and Anhui Fengnong Seed Co., Ltd..</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The series of contractual agreements for the VIE Companies to qualify as VIEs (the “VIE Agreements”) that Jinong, the VIE Companies, and the shareholders of VIE Companies entered into, are as follows:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Entrusted Management Agreements</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Pursuant to the terms of certain Entrusted Management Agreements dated June 30, 2016 and January 1, 2017, between Jinong and the shareholders of the VIE Companies (the “Entrusted Management Agreements”), the VIE Companies and their shareholders agreed to entrust the operations and management of its business to Jinong. According to the Entrusted Management Agreement, Jinong possesses the full and exclusive right to manage the VIE Companies’ operations, assets and personnel, has the right to control all the VIE Companies’ cash flows through an entrusted bank account, is entitled to the VIE Companies’ net profits as a management fee, is obligated to pay all the VIE Companies’ payables and loan
payments, and bears all losses of the VIE Companies. The Entrusted Management Agreements will remain in effect until (i) the parties mutually agree to terminate the agreement; (ii) the dissolution of the VIE Companies; or (iii) Jinong acquires all the assets or equity of the VIE Companies (as more fully described below under “Exclusive Option Agreements”).</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Exclusive Technology Supply Agreements</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Pursuant to the terms of certain Exclusive Technology Supply Agreements dated June 30, 2016 and January 1, 2017, between Jinong and the VIE Companies (the “Exclusive Technology Supply Agreements”), Jinong is the exclusive technology provider to the VIE Companies. The VIE Companies agreed to pay Jinong all fees payable for technology supply prior to making any payments under the Entrusted Management Agreement. The Exclusive Technology Supply Agreements shall remain in effect until (i) the parties mutually agree to terminate the agreement; (ii) the dissolution of the VIE Companies; or (iii) Jinong acquires the VIE Companies (as more fully described below under “Exclusive Option Agreements”).</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">  </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"><u>Shareholder’s Voting Proxy Agreements</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Pursuant to the terms of certain Shareholder’s Voting Proxy Agreements dated June 30, 2016 and January 1, 2017, among Jinong and the shareholders of the VIE Companies (the “Shareholder’s Voting Proxy Agreements”), the shareholders of the VIE Companies irrevocably appointed Jinong as their proxy to exercise on such shareholders’ behalf all of their voting rights as shareholders pursuant to PRC law and the Articles of Association of the VIE Companies, including the appointment and election of directors of the VIE Companies. Jinong agreed that it shall maintain a board of directors, the composition and appointment of which shall be approved by the Board of the Company. The Shareholder’s Voting Proxy Agreements will remain in effect until Jinong acquires all the assets or equity of the VIE Companies.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial;
text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Exclusive Option Agreements</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Pursuant to the terms of certain Exclusive Option Agreements dated June 30, 2016 and January 1, 2017, among Jinong, the VIE Companies, and the shareholders of the VIE Companies (the “Exclusive Option Agreements”), the shareholders of the VIE Companies granted Jinong an irrevocable and exclusive purchase option (the “Option”) to acquire the VIE Companies’ equity interests and/or remaining assets, but only to the extent that the acquisition does not violate limitations imposed by PRC law on such transactions. The Option is exercisable at any time at Jinong’s discretion so long as such exercise and subsequent acquisition of the VIE Companies does not violate PRC law. The consideration for the exercise of the Option is to be determined by the parties and memorialized in the future by definitive agreements setting forth the kind and value of such consideration. Jinong may transfer all rights and obligations under the Exclusive Option Agreements to any third parties without the approval of the shareholders of the VIE Companies so long as a written notice is provided. The Exclusive Option Agreements may be terminated by mutual agreements or by 30 days written notice by Jinong.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Equity Pledge Agreements</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Pursuant to the terms of certain Equity Pledge Agreements dated June 30, 2016 and January 1, 2017, among Jinong and the shareholders of the VIE Companies (the “Pledge Agreements”), the shareholders of the VIE Companies pledged all of their equity interests in the VIE Companies to Jinong, including the proceeds thereof, to guarantee all of Jinong’s rights and benefits under the Entrusted Management Agreements, the Exclusive Technology Supply Agreements, the Shareholder’ Voting Proxy Agreements and the Exclusive Option Agreements. Prior to termination of the Pledge Agreements, the pledged equity interests cannot be transferred without Jinong’s prior written consent. The Pledge Agreements may be terminated only upon the written agreement of the parties.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b> </b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Non-Compete Agreements</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px;
letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Pursuant to the terms of certain Non-Compete Agreements dated June 30, 2016 and January 1, 2017, among Jinong and the shareholders of the VIE Companies (the “Non-Compete Agreements”), the shareholders of the VIE Companies agreed that during the period beginning on the initial date of their services with Jinong, and ending five (5) years after termination of their services with Jinong, without Jinong’s prior written consent, they will not provide services or accept positions including but not limited to partners, directors, shareholders, managers, proxies or consultants, provided by any profit making organizations with businesses that may compete with Jinong. They will not solicit or interfere with any of the Jinong’s customers, or solicit, induce, recruit or encourage any person engaged or employed by Jinong to terminate his or her service or engagement. If the shareholders of the VIE Companies breach the non-compete obligations contained therein, Jinong is entitled to all loss and damages; if the damages are difficult to determine, remedies bore the shareholders of the VIE Companies shall be no less than 50% of the salaries and other expenses Jinong provided in the past.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> <font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"><b> </b></font></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company entered into these VIE Agreements as a way for the Company to have more control over the distribution of its products. The transactions are accounted for as business combinations in accordance with ASC 805. A summary of the purchase price allocations at fair value is below:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">For acquisitions made on June 30, 2016:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1365.67px; text-indent: -10pt; padding-left: 10pt;">Cash</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">708,737</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Accounts receivable</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,422,850</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Advances to suppliers</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,803,180</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Prepaid expenses and other current assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">807,645</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -10pt; padding-left: 10pt;">Inventories</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,787,043</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Machinery and equipment</td><td> </td><td style="text-align: left;"> </td><td style="text-align:
right;">140,868</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Intangible assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">270,900</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Other assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,404,741</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -10pt; padding-left: 10pt;">Goodwill</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,158,179</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Accounts payable</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(3,962,670</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Customer deposits</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(3,486,150</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Accrued expenses and other payables</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(4,653,324</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Taxes payable</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(16,912</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Purchase price</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12,385,087</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b> </b></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A summary of the purchase consideration paid is below:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1365.67px; text-indent: -10pt; padding-left: 10pt;">Cash</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">5,568,500</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Convertible notes</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,671,769</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Derivative liability</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">144,818</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12,385,087</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The cash component of the purchase price for these acquisitions made on June 30, 2016 was paid in July and August 2016.</p><p style="font: 10pt/normal 'times new roman',
times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> </p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">For acquisitions made on January 1, 2017:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1379px; text-align: left; font-stretch: normal;">Working Capital</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">941,192</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Machinery and equipment</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">222,875</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Intangible assets</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">1440</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Goodwill</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">684,400</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Customer  Relationship</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">522,028</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Non-compete Agreement</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">392,852</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;">Purchase price</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">2,764,787</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal;
-webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> <b> </b></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A summary of the purchase consideration paid is below:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">  </font></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1379px; font-stretch: normal;">Cash</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">1,201,888</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Convertible notes</td><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">1,559,350</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Derivative liability</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">3,549</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; font-size: 10pt;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">2,764,787</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The cash component of the purchase price for these acquisitions made on January 1, 2017 was paid during March 2017.</p></div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 18 – VARIABLE INTEREST ENTITIES</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Because of these contractual arrangements, with Yuxing and the VIE Companies the Company is entitled to substantially all the economic benefits of Yuxing and the VIE Companies. The following financial statement amounts and balances of the VIEs were included in the accompanying consolidated financial statements as of June 30, 2017 and 2016:</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td>
<td style="font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;"> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">ASSETS</td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td>Current Assets</td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1177.67px; text-align: left; padding-left: 10pt;">Cash and cash equivalents</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 142px; text-align: right;">374,587</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">1,017,841</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 10pt;">Accounts receivable, net</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">30,687,859</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,050,201</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-left: 10pt;">Inventories</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">21,314,940</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">26,370,202</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 10pt;">Other current assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,195,156</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,839,523</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Advances to suppliers</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,380,812</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,900,524</td>
<td style="text-align: left; padding-bottom:
1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 20pt;">Total Current Assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,953,354</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">41,196,291</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Plant, Property and Equipment, Net</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,418,906</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,377,817</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Other assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">225,508</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">334,264</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Intangible Assets, Net</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,002,818</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,913,776</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 1.5pt;">Goodwill</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,837,038</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,158,179</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 4pt; padding-left: 10pt;">Total Assets</td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">86,437,624</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">70,980,327</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: center; font-weight: bold;">LIABILITIES AND STOCKHOLDERS’ EQUITY</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Current Liabilities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 10pt;">Short-term loan</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">166,311</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"></td>
<td style="text-align: right;">0</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 10pt;">Accounts payable</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">18,355,921</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,840,052</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 10pt;">Customer deposits</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,375,785</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,486,150</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 10pt;">Accrued expenses and other payables</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,833,868</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,562,253</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Amount due to related parties</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td
style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">42,741,043</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">43,478,158</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 20pt;">Total Current Liabilities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">66,472,928</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,366,613</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 10pt;">Long-term Loan</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,549</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">0</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 4pt; padding-left: 10pt;">Total Liabilities</td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">66,476,477</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">0</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Stockholders’ equity</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">19,961,147</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">14,613,714</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 4pt; padding-left: 20pt;">Total Liabilities and Stockholders’ Equity</td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">86,437,624</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">70,980,327</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Years Ended June 30,</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td
style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px;"><font style="color: black;">Revenue</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">74,124,754</font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">8,406,663</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1.5pt;"><font style="color: black;">Expenses</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">71,572,295</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">6,935,251</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">Net income</font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">2,552,459</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">1,471,412</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
</div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 19 – RESTRICTED NET ASSETS</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">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.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s PRC subsidiaries net assets as of June 30, 2017 and 2016 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.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i>Parent Company Financial Statements</i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">PARENT COMPANY FINANCIAL INFORMATION OF CHINA GREEN AGRICULTURE, INC.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1.5pt;"><font style="color: black;">Condensed Balance Sheets</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">As of June 30,</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td
style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;">ASSETS</font></td>
<td><font style="color: black;"> </font></td>
<td colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;">Current Assets:</font></td>
<td><font style="color: black;"> </font></td>
<td colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td colspan="2"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px; text-align: left;"><font style="color: black;">Cash and cash equivalents</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">139,969</font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">167,495</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Other current assets</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">71</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">70</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total Current Assets</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">
<p style="margin: 0pt 0px;">140,040</p>
</td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">167,565</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Long-term equity investment</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">
<p style="margin: 0pt 0px;">404,406,925</p>
</td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">376,321,912</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total long-term assets</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">
<p style="margin: 0pt 0px;">404,406,925</p>
</td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color:
black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">376,321,912</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">Total Assets</font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">404,546,965</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">376,489,477</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;"><font style="color: black;">LIABILITIES AND STOCKHOLDERS’ EQUITY</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Current Liabilities:</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;"><font style="color: black;">Accounts payable</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;">$</font></td>
<td style="text-align: right;"><font style="color: black;">214,520</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;">$</font></td>
<td style="text-align: right;"><font style="color: black;">214,520</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Amount due to related parties</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">1,988,743</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">1,388,743</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Other payables and accrued expenses</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">4,815,649</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">4,401,882</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total Current Liabilities</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">7,018,913</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td
style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">6,005,145</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Stockholders’ Equity</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="color: black;">Common stock, $.001 par value, 115,197,165 shares authorized, 37,648,605 and 35,905,198, shares issued and outstanding as of June 30, 2016 and 2015, respectively</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">38,551</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">37,648</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Additional paid in capital</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">128,915,651</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">127,593,932</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;"><font style="color: black;">Accumulated other comprehensive income</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">(5,127,444</font></td>
<td style="text-align: left;"><font style="color: black;">)</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">(5,696,388</font></td>
<td style="text-align: left;">)<font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Retained earnings</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">273,701,295</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">248,549,140</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total Stockholders’ Equity</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">397,528,052</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">370,484,332</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">Total Liabilities and Stockholders’ Equity</font></td>
<td style="padding-bottom: 4pt;"><font style="color:
black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">404,546,965</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">376,489,477</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b> </b></font></font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1.5pt;"><font style="color: black;">Condensed Statements of Operations</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Year ended June 30,</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 1.5pt;"><font style="color: black;">Revenue</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="width: 1191px; text-align: left;"><font style="color: black;">General and administrative expenses</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">2,364,598</font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">5,768,770</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;"><font style="color: black;">Interest income</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">15</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">30</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Equity investment in subsidiaries</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">27,516,737</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font
style="color: black;">30,472,933</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">Net income</font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">25,152,153</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">24,704,193</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1.5pt;"><font style="color: black;">Condensed Statements of Cash Flows</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Year Ended June 30,</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px; text-align: left;"><font style="color: black;">Net cash provided by (used in) operating activities</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">(627,526</font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">)</font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">(138,881</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Net cash provided by investing activities</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">-</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">-</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Net cash provided by financing activities</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">600,000</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Cash and cash equivalents, beginning balance</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">167,495</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td
style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">306,376</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">Cash and cash equivalents, ending balance</font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">139,969</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">167,495</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i>Notes to Condensed Parent Company Financial Information</i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As of June 30, 2017, and 2016, 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.</font></p>
</div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Principle of consolidation</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan, and the VIE Companies. All significant inter-company accounts and transactions have been eliminated in consolidation.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Effective June 16, 2013, Yuxing was converted from being a wholly-owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned one natural person, who is not affiliated to the Company (“Yuxing’s Owner”). Effective the same day, Yuxing’s Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became the VIE of Jinong.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>VIE assessment</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. To determine if an entity is considered a VIE, the Company first perform a qualitative analysis, which requires certain subjective decisions regarding its assessments, including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties, and the purpose of the arrangement. If the Company cannot conclude after a qualitative analysis whether an entity is a VIE, it performs a quantitative analysis. The qualitative analysis considered the design of the entity, the risks that cause variability, the purpose for which the entity was created, and the variability that the entity was designed to pass along to its variable interest holders. When the primary beneficiary could not be identified through a qualitative analysis, we used internal cash flow models to compute and allocate expected losses or expected residual returns to each variable interest holder based upon the relative contractual rights and preferences of each interest holder in the VIE’s capital structure.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Use of estimates</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Cash and cash equivalents and concentration of cash</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">For statement of cash flows purposes, the Company considers all cash on hand and in banks, certificates of deposit with state owned banks in the Peoples Republic of China (“PRC”) and banks in the United States, and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums of cash in three major banks in China. The aggregate cash in such accounts and on hand as of June 30, 2017 and 2016 was $122,907,629 and $102,728,991, respectively. There is no insurance securing these deposits in China. In addition, the Company also had $142,919 and $167,495 in cash in two banks in the United States as of June 30, 2017 and 2016, respectively. Cash overdraft as of balance sheet date will be reflected as liabilities in the balance sheet. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Accounts receivable</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company’s policy is to maintain reserves for potential credit losses on accounts receivable. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves at each year-end. Accounts considered uncollectible are written off through a charge to the valuation allowance. As of June 30, 2017, and 2016, the Company had accounts receivable of $151,122,602 and $118,418,228, net of allowance for doubtful accounts of $9,457,423 and $1,362,852, respectively. The Company adopts no policy to accept product returns post to the sales delivery.</p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Other receivable</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Other receivable relates to the amount due from party other than the counterparties of the business contracts and trades that the Company and the subsidiaries entered. The Company had none other receivable during the year ended Jun 30, 2017 and the year ended June 30, 2016.</p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Inventories</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Inventory is valued at the lower of cost (determined on a weighted average basis) or market. Inventories consist of raw materials, work in process, finished goods and packaging materials. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. At June 30, 2017 and 2016, the Company had no reserve for obsolete goods.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Property, plant and equipment</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Property, plant and equipment are recorded at cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of plant, property, and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures. All ordinary repair and maintenance costs are expensed as incurred.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; background-color: white;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; background-color: white;"><font style="color: black;">Estimated<br />Useful<br />Life</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px;"><font style="color: black;">Building</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 172px; text-align: center;"><font style="color: black;">10-25 years</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Agricultural assets</font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">8 years</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Machinery and equipment</font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">5-15 years</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Vehicles</font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">3-5 years</font></td></tr></table></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Construction in Progress</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Construction in progress represents the costs incurred relating to the construction of buildings or new additions to the Company’s plant facilities. Costs classified to construction in progress include all costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. No depreciation is provided for construction in progress until the assets are completed and are placed into service. Interest incurred during construction is capitalized into construction in progress.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Long-Lived Assets</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. At June 30, 2017 and 2016, the Company determined that there were no impairments of its long-lived assets.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Deferred asset</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Deferred assets represent amounts that the distributors owed to the Company in their marketing efforts and developing standard stores to expand the Company’s products’ competitiveness and market shares. The amount owed to the Company to assist its distributors will be expensed over three years which is the term as stated in the cooperation agreement, if the distributors are actively selling the Company’s products. For the years ended June 30, 2017 and 2016, the Company amortized $12,567,551 and $35,068,272, respectively, of the deferred assets. If a distributor breaches, defaults, or terminates the agreement with the Company within the three-year period, the outstanding unamortized portion of the amount owed will become payable to the Company immediately. The Company’s Chairman, Mr. Li, guaranteed to the Company of amounts remaining unpaid due from distributors. These deferred assets are subject to annual impairment testing. The estimated amortization expense of the deferred assets for the twelve months ending June 30, 2018 is $864,070.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The deferred assets consist of items inside the distributors’ stores such as furniture, racks, cabinets, and display units, and items outside or attached to the distributors’ stores such as signage and billboards. These types of assets would be capitalized as fixed assets if the Company owned the stores or utilized the assets for its own operations. These assets would also be capitalized as leasehold improvements if the Company leased these stores from the distributors. Therefore, the Company believes that under the U.S. generally accepted accounting principles, these types of assets purchases are properly capitalized. In addition, the Company believes that these assets are properly classified as deferred assets because if a distributor breaches, defaults, or terminates the agreement with the Company within a three-year period, a proportionate amount expended by the Company is to be repaid by the distributor. The Chairman of the Board of directors of the Company guaranteed to the Company of amounts remaining unpaid due from distributors.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The assets inside the distributors’ stores are custom made to fit the layout of each individual store and the signage and billboards are also custom designed to fit the specific location. The assets were purchased by the Company directly from the manufacturers and installed in the distributors’ stores. The Company wants to maintain control over the quality of the items being purchased as well as making them uniform among all the distributor locations.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0"
cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">Total Deferred Assets</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">11,580,304</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">130,086,315</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Less: accumulated amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(10,716,234</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(116,654,694</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Total</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">864,070</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">13,431,621</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Intangible Assets</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company records intangible assets acquired individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity’s future cash flows. The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of June 30, 2017 and 2016 respectively.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Goodwill</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Goodwill is reviewed for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. The goodwill impairment test is a two-step test. Under the first step, the fair value of the reporting unit is compared with its carrying value including goodwill. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test. Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner comparable to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. As of June 30, 2017, and 2016, the Company performed the required impairment review which resulted in no impairment adjustment.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Summary of changes in goodwill by reporting segments is as follows:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Balance at</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Foreign</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Balance at</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Currency</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">Segment</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color:
black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Adjustment</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px;"><font style="color: black;">Gufeng</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">4,822,659</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 142px; text-align: right;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">(8,460</font></td><td style="width: 15px; text-align: left;"><font style="color: black;">)</font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right;"><font style="color: black;">4,814,199</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Acquisition of VIE Companies</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">3,158,179</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">684,399</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(5,540</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">3,837,038</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">7,980,838</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">684,399</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">(14,000</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 4pt;"><font style="color:
black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">8,651,237</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fair Value Measurement and Disclosures</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Our accounting for Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level one — Quoted market prices in active markets for identical assets or liabilities;</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level two — Inputs other than level one inputs that are either directly or indirectly observable; and</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2;
font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The following table presents the Company’s assets and liabilities required to be reflected within the fair value hierarchy as of June 30, 2017.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="2"><font style="color: black;">Fair Value</font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="10"><font style="color: black;">Fair Value Measurements at</font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="2"><font style="color: black;">As of<br />June 30,</font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="10"><font style="color: black;">June 30,<br />2017</font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">Description</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10"><font style="color: black;">Using Fair Value Hierarchy</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;" colspan="2"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Level 1</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Level 2</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Level 3</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; width: 815px; text-align: left; text-indent: 0px;"><font style="color: black;">Derivative liability</font></td><td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 142px; text-align: right; text-indent: 0px;"><font style="color: black;">195,812</font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding:
0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 142px; text-align: right; text-indent: 0px;"><font style="color: black;">       </font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">195,812</font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their fair values due to the short maturities of these instruments.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Derivative financial instruments</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The Company uses a binomial option pricing model to value the derivative instruments. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.  </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">At June 30, 2017, the only derivative financial instrument is the variable conversion feature embedded in the convertible notes payable (See Note 9). The fair value of the embedded conversion of $195,812 is recorded as a derivative liability at June 30, 2017. The fair value was determined using a binomial option pricing model with the following assumptions:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: left;"><font style="color: black;">Risk-free rate</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right;"><font style="color: black;">2.5</font></td><td style="width: 15px; text-align: left;"><font style="color: black;">%</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Volatility</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">51.2</font></td><td style="text-align: left;"><font style="color: black;">%</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Dividend yield</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">0.0</font></td><td style="text-align: left;"><font style="color: black;">%</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Country risk premium</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">90.0</font></td><td style="text-align: left;"><font style="color: black;">%</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Liquidity risk premium</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">3.0</font></td><td style="text-align: left;"><font style="color: black;">%</font></td></tr></table></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Revenue recognition</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Sales revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s revenue consists of invoiced value of goods, net of a value-added tax (VAT). No product return or sales discount allowance are made as products delivered and accepted by customers are not returnable and sales discounts are not granted after products are delivered.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Customer deposits</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Payments received before all the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits are recognized as revenue. As of June 30, 2017, and 2016, the Company had customer deposits of $7,046,570 and $8,578,341, respectively.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Stock-Based Compensation</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The costs of all employee stock options, as well as other equity-based compensation arrangements, are reflected in the consolidated financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Income taxes</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2017, and 2016. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Foreign currency translation</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The reporting currency of the Company is the US dollar. The functional currency of the Company and Green New Jersey is the US dollar. The functional currency of the Chinese subsidiaries is the Chinese Yuan or Renminbi (“RMB”). For the subsidiaries whose functional currencies are other than the US dollar, all asset and liability accounts were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at the historical rates and items in the income statement and cash flow statements are translated at the average rate in each applicable period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of shareholders’ equity. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency is included in the results of operations as incurred.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Segment reporting</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company utilizes the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other way management disaggregates a company.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As of June 30, 2017, the Company, through its subsidiaries is engaged into four main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production) and the eight sales VIEs that the Company acquired on June 30, 2016 and January 1, 2017. As of June 30, 2017, the Company maintained four main business segments.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fair values of financial instruments</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, other receivables, advances to suppliers, accounts payable, other payables, tax payable, and related party advances and borrowings.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is attributed to the short maturities of the instruments and that interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective balance sheet dates.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Statement of cash flows</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The Company’s cash flows from operations are calculated based on the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets.</font></p></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Earnings per share</u></font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">The components of basic and diluted earnings per share consist of the following:</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Years Ended June 30,</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">Net Income for Basic Earnings Per Share</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">25,152,154</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">24,704,193</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Basic Weighted Average Number of Shares</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">38,093,028</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">36,703,576</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Net Income Per Share – Basic</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">0.66</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font
style="color: black;">0.67</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Net Income for Diluted Earnings Per Share</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">25,152,154</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">24,704,193</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Diluted Weighted Average Number of Shares</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">38,093,028</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">36,703,576</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Net Income Per Share – Diluted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">0.66</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">0.67</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr></table></div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Reclassification</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2017 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported.</font></p>
</div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Recent accounting pronouncements</u></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Revenue Recognition:     </i></b>In May 2014, the FASB issued Accounting Standards Update No. 2014-09, <i>Revenue from Contracts with Customers: Topic </i>606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for us in our first quarter of fiscal 2018 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09 (full retrospective method); or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09 (modified retrospective method). We are currently assessing the impact to our consolidated financial statements, and have not yet selected a transition approach.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Disclosure of Going Concern Uncertainties</i></b>:     In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for us in our fourth quarter of fiscal 2017 with early adoption permitted. We do not believe the impact of our pending adoption of ASU 2014-15 on the Company’s financial statements will be material.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Financial instrument</i></b>: In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted. Accordingly, the standard is effective for us on September 1, 2018. We are currently evaluating the impact that the standard will have on our consolidated financial statements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Leases</i></b>: In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-2”), which provides guidance on lease amendments to the FASB Accounting Standard Codification. This ASU will be effective for us beginning in May 1, 2019. We are currently in the process of evaluating the impact of the adoption of ASU 2016-2 on our consolidated financial statements.</p>
<p
style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Stock-based Compensation</i></b>:  In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). ASU 2016-09 changes how companies account for certain aspects of stock-based awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for us in the first quarter of 2018, and earlier adoption is permitted. We are still evaluating the effect that this guidance will have on our consolidated financial statements and related disclosures.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; background-color: white; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Financial Instruments - Credit Losses: </i></b>In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. ASU 2016-13 is effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is allowed as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is still evaluating the effect that this guidance will have on the Company’s consolidated financial statements and related disclosures.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Statement of Cash Flows: </i></b>In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): The amendments in this Update apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under Topic 230. The amendments in this Update provide guidance on the following eight specific cash flow issues. The amendments are an improvement to GAAP because they provide guidance for each of the eight issues, thereby reducing the current and potential future diversity in practice described above. ASU 2016-15 is effective for the Company for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is still evaluating the effect that this guidance will have on the Company’s consolidated financial statements and related disclosures.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Statement of Cash Flows: </i></b>In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): “Restricted Cash”(“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update is effective in fiscal years, including interim periods, beginning after December 15, 2017 and early adoption is permitted. The adoption of this guidance will result in the inclusion of the restricted cash balances within the overall cash balance and removal of the changes in restricted cash activity, which are currently recognized in Other financing activities, on the Statements of Consolidated Cash Flows. Furthermore, an additional reconciliation will be required to reconcile Cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to sum to the total shown in the Statements of Consolidated Cash Flows. The Company anticipates adopting this new guidance effective January 1, 2018. The Company is currently evaluating this guidance and the impact it will have on the Consolidated Financial Statements and disclosures. </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal;
-webkit-text-stroke-width: 0px;"><b><i>Business Combination</i></b>: In January 2017, the FASB issued Accounting Standards Update No. 2017-01, <i>Business Combinations (Topic 805): Clarifying the Definition of a Business </i>(ASU 2017-01), which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. This guidance will be effective for us in the first quarter of 2018 on a prospective basis, and early adoption is permitted. We do not expect the standard to have a material impact on our consolidated financial statements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif; color: black; font-stretch: normal;"><b> </b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b><i>Stock-based Compensation</i></b>:   <font style="background-color: white;">In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock compensation (Topic 718): Scope of modification accounting” (“ASU 2017-09”). The purpose of the amendment is to clarify which changes to the terms or condition of a share-based payment award require an entity to apply modification accounting. For all entities that offer share based payment awards, ASU 2017-09 are effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently assessing the impact of ASU 2017-09 on its condensed consolidated financial statements.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> </p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.</p>
</div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; background-color: white;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; background-color: white;"><font style="color: black;">Estimated<br />Useful<br />Life</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px;"><font style="color: black;">Building</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 172px; text-align: center;"><font style="color: black;">10-25 years</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Agricultural assets</font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">8 years</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Machinery and equipment</font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">5-15 years</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Vehicles</font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">3-5 years</font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">Total Deferred Assets</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">11,580,304</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">130,086,315</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Less: accumulated amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(10,716,234</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(116,654,694</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Total</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">864,070</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">13,431,621</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Balance at</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Foreign</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Balance at</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Currency</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">Segment</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Adjustment</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px;"><font style="color: black;">Gufeng</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">4,822,659</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 142px; text-align: right;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">(8,460</font></td><td style="width: 15px; text-align: left;"><font style="color: black;">)</font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right;"><font style="color: black;">4,814,199</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Acquisition of VIE Companies</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">3,158,179</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font
style="color: black;">684,399</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(5,540</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">3,837,038</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">7,980,838</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">684,399</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">(14,000</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">8,651,237</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="2"><font style="color: black;">Fair Value</font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="10"><font style="color: black;">Fair Value Measurements at</font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="2"><font style="color: black;">As of<br />June 30,</font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; text-indent: 0px;" colspan="10"><font style="color: black;">June 30,<br />2017</font></td><td style="padding: 0px; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">Description</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10"><font style="color: black;">Using Fair Value Hierarchy</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;" colspan="2"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Level 1</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Level 2</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Level 3</font></td><td style="padding: 0px 0px 1.5pt; text-align: center; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; width: 815px; text-align: left; text-indent: 0px;"><font style="color: black;">Derivative liability</font></td><td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 142px; text-align: right; text-indent: 0px;"><font style="color: black;">195,812</font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 142px; text-align: right; text-indent: 0px;"><font style="color: black;">       </font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">195,812</font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color:
black;"> </font></td><td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">-</font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: left;"><font style="color: black;">Risk-free rate</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right;"><font style="color: black;">2.5</font></td><td style="width: 15px; text-align: left;"><font style="color: black;">%</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Volatility</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">51.2</font></td><td style="text-align: left;"><font style="color: black;">%</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Dividend yield</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">0.0</font></td><td style="text-align: left;"><font style="color: black;">%</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Country risk premium</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">90.0</font></td><td style="text-align: left;"><font style="color: black;">%</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Liquidity risk premium</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">3.0</font></td><td style="text-align: left;"><font style="color: black;">%</font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Years Ended June 30,</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">Net Income for Basic Earnings Per Share</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">25,152,154</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">24,704,193</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Basic Weighted Average Number of Shares</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">38,093,028</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">36,703,576</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Net Income Per Share – Basic</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">0.66</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">0.67</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Net Income for Diluted Earnings Per Share</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">25,152,154</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">24,704,193</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Diluted Weighted Average Number of Shares</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">38,093,028</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">36,703,576</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Net Income Per Share – Diluted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">0.66</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">0.67</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr></table></div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="2">June 30,</td><td> </td><td> </td><td style="text-align: center;" colspan="2">June 30,</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Raw materials</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">39,397,711</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">29,926,762</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Supplies and packing materials</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">540,151</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">444,373</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Work in progress</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">421,496</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">408,820</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Finished goods</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">37,655,533</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">56,656,360</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">78,013,891</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">87,436,315</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">Building and improvements</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">40,113,868</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">42,489,975</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Auto</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">3,473,352</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">937,642</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Machinery and equipment</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">18,760,880</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">19,015,420</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Agriculture assets</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">764,660</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">765,983</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total property, plant and equipment</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">63,111,079</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">63,209,020</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Less: accumulated depreciation</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(28,919,747</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font
style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(25,639,281</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Total</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">34,191,332</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">37,569,739</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Years ending June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td colspan="2"> </td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: justify;">2018</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,016,918</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">2019</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,016,918</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">2020</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,016,918</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">2021</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,016,918</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">2022 and thereafter</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">11,778,867</td><td style="text-align: left;"> </td></tr></table><div> </div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">Land use rights, net</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">10,121,591</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">10,381,215</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Technology patent, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Customer relationships, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">5,578,641</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">6,403,343</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Non-compete agreement</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,092,584</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">925,678</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Trademarks</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">6,119,875</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">6,129,812</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"><font style="color: black;">Total</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">22,911,876</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">23,840,048</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">June 30,</font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">2017</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 949px; text-align: left;"><font style="color: black;">Land use rights</font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 137px; text-align: right;"><font style="color: black;">12,268,150</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 137px; text-align: right;"><font style="color: black;">           -</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 138px; text-align: right;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 4px;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">$12,246,630</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Less: accumulated amortization</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(1,886,935</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(238,104</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(2,125,039)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Total land use rights, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">10,381,215</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">$10,121,591</font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;"><font style="color: black;">Technology know-how</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">2,268,798</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 142px; text-align: right;"><font style="color: black;">-</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right;"><font style="color: black;">              </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">2,264,818</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Less: accumulated amortization</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(2,268,798</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(2,264,818</font></td><td style="text-align: left;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Total technology know-how, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;">June 30,</font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">2017</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 949px; text-align: left;"><font style="color: black;">Customer relationships</font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 137px; text-align: right;"><font style="color: black;">12,257,101</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 137px; text-align: right;"><font style="color: black;">522,028</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 138px; text-align: right;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 4px;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">$12,757,628</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Less: accumulated amortization</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(5,853,758</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(1,325,229</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(7,178,987)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Total customer relationships, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">6,403,343</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">$5,578,641</font></td></tr></table></div>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; color: black;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Additions</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Amortization</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 740px; text-align: left;"><font style="color: black;">Non-compete agreement</font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">1,124,338</font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">390,080</font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px;"><font style="color: black;"> </font></td><td style="width: 14.5454540252686px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 128.18180847168px; text-align: right;"><font style="color: black;">            </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px;"><font style="color: black;"> </font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 127.272727966309px; text-align: right;"><font style="color: black;">1,124,338</font></td><td style="width: 13.63636302948px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Less: accumulated amortization</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(198,660</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(422,634</font></td><td style="text-align: left;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Total non-compete agreement, net</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">925,678</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color:
black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">1,092,584</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr></table><div> </div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">Years Ending June 30,</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Expense ($)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: justify;"><font style="color: black;">2018</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right;"><font style="color: black;">1,894,275</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;"><font style="color: black;">2019</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,894,275</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;"><font style="color: black;">2020</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,855,439</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;"><font style="color: black;">2021</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">747,663</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;"><font style="color: black;">2022</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">576,687</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr></table></div>
<div>
<table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2">June 30,</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;" colspan="2">June 30,</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2017</td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">2016</td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; width: 1191px; text-align: left; font-stretch: normal;">Payroll payable</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">103,412</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">58,704</td>
<td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Welfare payable</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">154,239</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">154,510</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Accrued expenses</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">4,863,988</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">4,450,306</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Acquisitions payable</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">-</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">5,568,500</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Other payables</td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch:
normal;">3,887,676</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">6,037,764</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Other levy payable</td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">125,998</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">126,219</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;">Total</td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">9,135,313</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">16,396,003</td>
<td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"> </td>
</tr>
</table>
</div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap" style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">No.</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td nowrap="nowrap" style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Payee</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td nowrap="nowrap" style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Loan period per agreement</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td nowrap="nowrap" style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Interest Rate</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td nowrap="nowrap" style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30,<br />2017</td><td nowrap="nowrap" style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="width: 139px; text-align: center;">1</td><td nowrap="nowrap" style="width: 15px;"> </td><td nowrap="nowrap" style="width: 825px; text-align: left;">Bank of Beijing-Pinggu Branch</td><td nowrap="nowrap" style="width: 15px;"> </td><td nowrap="nowrap" style="width: 201px; text-align: center;">June 28,  2016 -July 28, 2017</td><td nowrap="nowrap" style="width: 15px;"> </td><td nowrap="nowrap" style="width: 15px; text-align: left;"> </td><td nowrap="nowrap" style="width: 141px; text-align: right;">5.22</td><td nowrap="nowrap" style="width: 15px; text-align: left;">%</td><td nowrap="nowrap" style="width: 15px;"> </td><td nowrap="nowrap" style="width: 15px; text-align: left;">$</td><td nowrap="nowrap" style="width: 141px; text-align: right;">1,502,360</td><td nowrap="nowrap" style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td nowrap="nowrap" style="text-align: center;">2</td><td nowrap="nowrap"> </td><td nowrap="nowrap" style="text-align: left;">Postal Saving Bank of China - Pinggu Branch</td><td nowrap="nowrap"> </td><td nowrap="nowrap" style="text-align: center;">March 24, 2017 – March 5, 2018</td><td nowrap="nowrap"> </td><td nowrap="nowrap" style="text-align: left;"> </td><td nowrap="nowrap" style="text-align: right;">6.31</td><td nowrap="nowrap" style="text-align: left;">%</td><td nowrap="nowrap"> </td><td nowrap="nowrap" style="text-align: left;"> </td><td nowrap="nowrap" style="text-align: right;">4,507,080</td><td nowrap="nowrap" style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="text-align: center; padding-bottom: 1.5pt;">3</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: left; padding-bottom: 1.5pt;">Bank of Beijing - Pinggu Branch</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: center; padding-bottom: 1.5pt;">June 9, 2017-June 8, 2018</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: left; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: right; padding-bottom: 1.5pt;">5.22</td><td nowrap="nowrap" style="text-align: left; padding-bottom: 1.5pt;">%</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,502,360</td><td nowrap="nowrap" style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td nowrap="nowrap" style="text-align: center; padding-bottom: 1.5pt;">4</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="padding-bottom: 1.5pt;">Bank of China-Anhui</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: center; padding-bottom: 1.5pt;">November 25, 2016-October25, 2017</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: left; padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: right; padding-bottom: 1.5pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">LPR</font></td><td nowrap="nowrap" style="text-align: left; padding-bottom: 1.5pt;">*</td><td nowrap="nowrap" style="padding-bottom: 1.5pt;"> </td><td nowrap="nowrap" style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">166,311</td><td nowrap="nowrap" style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="text-align: center; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt;">Total</td><td nowrap="nowrap" style="padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="text-align: center; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="text-align: left; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="text-align: right; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="text-align: left; padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt;"> </td><td nowrap="nowrap" style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,678,111</td><td
nowrap="nowrap" style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">  </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">*LPR stands for Loan Prime Rate. The LPR rate is a 1-year lending rate for commercial banks to lend for their top graded loan borrowers usually with equivalent interbank credit worthiness in China. The LPR rate is a variable rate and was published along with Shanghai Interbank Offer Rates daily.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">No.</td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">Payee</td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">Loan period per agreement</td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Interest Rate</td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">June 30,<br />2016</td><td nowrap="nowrap" style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: center; font-stretch: normal;">1</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 831px; text-align: left; font-stretch: normal;">Agriculture Bank of China-Pinggu Branch</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 189px; text-align: center; font-stretch: normal;">May. 18, 2016 - Mar. 17, 2017</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">4.87</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">%</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">$</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">1,953,068</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;">2</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">Beijing Bank - Pinggu Branch</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: center; font-stretch: normal;">Aug. 11, 2015- Aug. 2, 2016</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman',
times, serif; text-align: right; font-stretch: normal;">5.82</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">%</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">1,502,360</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;">3</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">Agriculture Bank of China-Pinggu Branch</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: center; padding-bottom: 1.5pt; font-stretch: normal;">Jan. 19, 2016 – Jan. 17, 2017</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: right; padding-bottom: 1.5pt; font-stretch: normal;">5.00</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">%</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">1,201,888</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td nowrap="nowrap" style="text-align: center; padding-bottom: 4pt; font-size: 10pt;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;">Total</td><td nowrap="nowrap" style="padding-bottom: 4pt; font-size: 10pt;"> </td><td nowrap="nowrap" style="text-align: center; padding-bottom: 4pt; font-size: 10pt;"> </td><td nowrap="nowrap" style="padding-bottom: 4pt; font-size: 10pt;"> </td><td nowrap="nowrap" style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"> </td><td nowrap="nowrap" style="text-align: right; padding-bottom: 4pt; font-size: 10pt;"> </td><td nowrap="nowrap" style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;"> </td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">4,657,316</td><td nowrap="nowrap" style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">VAT provision</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">(575,872</font></td><td style="width: 16px; text-align: left;"><font style="color: black;">)</font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">2,218</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Income tax payable</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">2,229,735</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">3,445,480</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Other levies</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">1,036,544</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">656,520</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"><font style="color: black;">Total</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">2,690,407</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">4,104,218</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Years Ended June 30,</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">Current tax - foreign</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">6,511,880</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">7,371,967</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Deferred tax</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">6,511,880</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">7,371,967</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Deferred tax assets:</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 1177.67px; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Net operating loss</font></td><td style="width: 16px; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">14,607,802</font></td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="width: 15px; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">13,803,943</font></td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Total deferred tax assets</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">14,607,802</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">13,803,943</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Less valuation allowance</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(14,607,802</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(13,803,943</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>June 30, 2017</b></font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding: 0px; text-align: center;" colspan="25"><font style="color: black;">Tax Rate Reconciliation</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="6"><font style="color: black;">China</font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="6"><font style="color: black;">United States</font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;" colspan="2"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: center;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px 0px 1.5pt; text-align: left;"><font style="color: black;"></font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td nowrap="nowrap" style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="5"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">15% - 25%</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="5"><font style="color: black;">34%</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="text-align: center; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Total</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td
style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: center;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px; width: 627px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 110px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 110px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 110px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 110px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 109px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 109px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;">Pretax income (loss)</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">34,028,617</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">(2,364,584</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">31,664,033</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px;
text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">Expected income tax expense (benefit)</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">8,507,154</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">25</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(803,958</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">34</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">7,703,196</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">High-tech income benefits on Jinong</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(2,033,489</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">-6.0</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px;
text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(2,033,489</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: -10pt;"><font style="color: black;">Gains from subsidiaries in which additional benefit is recognized</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">38,215</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">0.1</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">38,215</font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding: 0px 0px 1.5pt 10pt; text-align: left; text-indent: -10pt;"><font style="color: black;">Change in valuation allowance on deferred tax asset from US tax benefit</font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">0</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">803,958</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(34)</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font
style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">803,958</font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;">Actual tax expense</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">6,511,880</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">19.1</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">0</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">0</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">6,511,880</font></td>
<td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td>
<td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td>
<td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">20.6</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"><b>June 30, 2016</b></font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch:
normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
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<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
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<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
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<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
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<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch:
normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; font-stretch: normal;" colspan="6"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">China</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; font-stretch: normal;" colspan="6"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">United States</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">15% - 25%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="6"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">34%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: center; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Total</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new
roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;" colspan="2"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 627px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Pretax income (loss)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 110px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">32,076,160</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 110px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font
style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 110px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(5,768,770</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px 0px 4pt; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 110px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 16px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 109px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">26,307,390</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 109px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 15px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new
roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Expected income tax expense (benefit)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">8,019,040</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">25.0</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1,961,382</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">34.0</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family:
'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">6,062,571</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">High-tech income benefits on Jinong</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2,214,672</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(5.7</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2,214,672</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times,
serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: -10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Losses from subsidiaries in which no benefit is recognized</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">1,567,599</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(0.8</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">1,567,599</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: white;">
<td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: -10pt;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Change in valuation allowance on deferred tax asset from US tax benefit</font></td>
<td style="font: 10pt/normal 'times
new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">1,961,382</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(34.0)</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">1,961,382</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
</tr>
<tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: bottom; font-stretch: normal; background-color: #cceeff;">
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">Actual tax expense</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px;
text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">7,371,967</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">23</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">-</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">$</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">7,371,967</font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></td>
<td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; text-indent: 0px; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-stretch: normal;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">21.6</font></td>
<td style="padding: 0px 0px 3pt; text-align: left; text-indent: 0px;"><font style="color: black;">%</font></td>
</tr>
</table>
</div>
<div> </div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>Fair</b></font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="font-weight: bold; padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center; padding: 0px; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>Grant Date</b></font></td><td style="font-weight: bold; text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>Number of</b></font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>Value of</b></font></td><td style="text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="font-weight: bold; padding: 0px; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center; padding: 0px; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>Fair Value</b></font></td><td style="font-weight: bold; text-align: center; padding: 0px; background-color: white;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px 0px 1.5pt; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>Shares </b> </font></td><td style="text-align: center; padding: 0px 0px 1.5pt; background-color: white;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding: 0px 0px 1.5pt; background-color: white;"><font style="color: black;"> </font></td><td style="text-align: center; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>Shares</b></font></td><td style="text-align: center; padding: 0px 0px 1.5pt; background-color: white;"><font style="color: black;"> </font></td><td style="font-weight: bold; padding: 0px 0px 1.5pt; text-align: center; background-color: white;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; background-color: white;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; background-color: white;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"><b>Per share </b> </font></td><td style="font-weight: bold; text-align: center; padding: 0px 0px 1.5pt; background-color: white;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; text-indent: 0px;"><font style="color: black;">Outstanding (unvested) at June 30, 2016</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td
style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;">$</font></td><td style="text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 989.672px; padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Granted</font></td><td style="width: 16px; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="width: 142px; text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="width: 16px; text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="width: 16px; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="width: 15px; text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="width: 15px; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="width: 15px; text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Forfeited</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 1.5pt 10pt; text-indent: 0px;"><font style="color: black;">Vested</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="text-align: left; padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="text-align: left; padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding-top: 0px; padding-right: 0px; border-bottom: 1.5pt solid black; padding-left: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; text-indent: 0px;"><font style="color: black;">Outstanding (unvested) at June 30, 2017</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;">$</font></td><td style="text-align: right; padding: 0px; text-indent: 0px;"><font style="color: black;">-</font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: right; padding: 0px; text-indent:
0px;"><font style="color: black;"> </font></td><td style="text-align: left; padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0px; text-align: justify;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;"> </font></td><td style="text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;" colspan="2"><font style="color: black;">Fair</font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;" colspan="2"><font style="color: black;">Grant Date</font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;" colspan="2"><font style="color: black;">Number of</font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;" colspan="2"><font style="color: black;">Value of</font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center;" colspan="2"><font style="color: black;">Fair Value</font></td><td style="font-weight: bold; text-align: center;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: center; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2"><font style="color: black;">Shares</font></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2"><font style="color: black;">Shares</font></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt; text-align: center;"><font style="color: black;"> </font></td><td style="font-weight: bold; text-align: center; border-bottom: 1.5pt solid black;" colspan="2"><font style="color: black;">Per share</font></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;"><font style="color: black;">Outstanding (unvested) at June 30, 2015</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 142px; text-align: right;"><font style="color: black;">1,708,000</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">1,797,992</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 10pt;"><font style="color: black;">Granted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,000,000</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,660,000</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">1.66</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-left: 10pt;"><font style="color: black;">Granted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">670,000</font></td><td style="text-align: left;"><font
style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">897,800</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">1.34</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 10pt;"><font style="color: black;">Forfeited</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Vested</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="border-bottom: 1.5pt solid black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 1.5pt solid black; text-align: right;"><font style="color: black;">(2,790,000</font></td><td style="padding-bottom: 1.5pt; text-align: left;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="border-bottom: 1.5pt solid black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 1.5pt solid black; text-align: right;"><font style="color: black;">(4,120,528</font></td><td style="padding-bottom: 1.5pt; text-align: left;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Outstanding (unvested) at June 30, 2016</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">588,000</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">235,264</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Granted</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: right;"><font style="color: black;">870,000</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: right;"><font style="color: black;">1,044,000</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">1.20</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"><font style="color: black;">Forfeited</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: right;"><font style="color: black;">-</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: right;"><font style="color: black;">-</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Vested</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: right;">(1,458,000</td><td style="padding-bottom: 4pt; text-align: left;">)<font style="color: black;"></font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double
black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: right;"><font style="color: black;">(1,279,264</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;">)</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"><font style="color: black;">Outstanding (unvested) at June 30, 2017</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: right;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; color: black;">-</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: left;"><font style="color: black;"> </font></td><td style="border-bottom: 4pt double black; text-align: right;"><font style="color: black;">-</font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt; text-align: left;"><font style="color: black;"> </font></td></tr></table><div> </div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Weighted</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Average</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Aggregate</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Number</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Exercise</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">Intrinsic</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">of Shares</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Price</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">Value</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px;"><font style="color: black;">Outstanding, June 30, 2014</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 142px; text-align: right;"><font style="color: black;">115,099</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">14.66</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">        -</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Granted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Forfeited/Canceled</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(115,099</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Exercised</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color:
black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Outstanding, June 30, 2015</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Granted</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Forfeited/Canceled</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Exercised</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Outstanding, June 30, 2016</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;">Granted</font></td><td><font style="color:
black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;">Forfeited/Canceled</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Exercised</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"><font style="color: black;">Outstanding, June 30, 2017</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"></font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Years Ended June 30,</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;">Revenues from unaffiliated customers:</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: center; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; width: 1177.67px; text-indent: 0px;"><font style="color: black;">Jinong</font></td><td style="padding: 0px; width: 16px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 142px; text-align: right; text-indent: 0px;"><font style="color: black;">106,642,032</font></td><td style="padding: 0px; width: 16px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; width: 141px; text-align: right; text-indent: 0px;"><font style="color: black;">125,716,937</font></td><td style="padding: 0px; width: 15px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Gufeng</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">104,446,239</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">134,661,420</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Yuxing</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">8,517,231</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">8,406,663</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 1.5pt 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Sales VIEs</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">65,607,538</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">0</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;">Consolidated</font></td><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px;
padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">285,213,040</font></td><td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">268,785,020</font></td><td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">Operating income :</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Jinong</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">22,562,310</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">$</font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">22,942,976</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Gufeng</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">8,286,761</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">13,952,983</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 0px 10pt; text-indent: 0px;"><font style="color: black;">Yuxing</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(2,376,007</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">1,464,728</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Sales VIEs</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">5,869,291</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color:
black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">0</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Reconciling item (1)</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">0</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">0</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 0px 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Reconciling item (2)</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(1,082,505</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td><td style="padding: 0px; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px; text-align: right; text-indent: 0px;"><font style="color: black;">(1,648,240</font></td><td style="padding: 0px; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0px 0px 1.5pt 10pt; text-align: left; text-indent: 0px;"><font style="color: black;">Reconciling item (2) --stock compensation</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(1,282,079</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td><td style="padding: 0px 0px 1.5pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(4,120,528</font></td><td style="padding: 0px 0px 1.5pt; text-align: left; text-indent: 0px;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;">Consolidated</font></td><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">31,977,771</font></td><td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td><td style="padding: 0px 0px 4pt; text-indent: 0px;"><font style="color: black;"> </font></td><td style="text-align: left; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">32,591,919</font></td><td style="padding: 0px 0px 4pt; text-align: left; text-indent: 0px;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify;"><font style="color: black;">Net income:</font></td><td><font style="color: black;"> </font></td><td style="text-align: right;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: right;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1177.67px; text-align: justify; padding-left: 10pt;"><font style="color: black;">Jinong</font></td><td style="width: 16px;"><font style="color:
black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">18,699,889</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">19,637,155</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">6,264,392</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">9,364,364</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Yuxing</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(2,375,961</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,471,412</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">4,925,927</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">-</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Reconciling item (1)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">15</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">30</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Reconciling item (2)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(2,364,598</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(5,768,768</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 4pt;"><font style="color: black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">25,152,153</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">24,704,193</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;"><font style="color: black;">Depreciation and Amortization:</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font
style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Jinong</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><p style="margin: 0pt 0px;">13,358,370</p></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">35,924,393</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><p style="margin: 0pt 0px;">2,302,047</p></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">2,920,960</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Yuxing</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><p style="margin: 0pt 0px;">1,366,840</p></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">1,465,836</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><p style="margin: 0pt 0px;">380,863</p></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 4pt; padding-left: 0pt;"><font style="color: black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">17,408,120</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">40,311,189</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;"><font style="color: black;">Interest expense:</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td
style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">290,126</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">995,959</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">251,064</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">8,460</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 4pt;"><font style="color: black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">549,650</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">995,959</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;"><font style="color: black;">Capital Expenditure:</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Jinong</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">9,582</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">7,894</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">12,273</font></td><td style="text-align: left;"><font style="color:
black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">3,239</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Yuxing</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">6,210</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">8,059</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">14,217</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 4pt;"><font style="color: black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">42,283</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">19,192</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">As of</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: center;" colspan="2"><font style="color: black;">June 30,</font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"><font style="color: black;">Identifiable assets:</font></td><td><font style="color: black;"> </font></td><td style="text-align: right;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: right;" colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width:
1177.67px; text-align: justify; padding-left: 10pt;"><font style="color: black;">Jinong</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">213,355,900</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">198,599,977</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Gufeng</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">156,648,924</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">149,891,328</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Yuxing</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">40,965,345</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">45,448,157</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Sales VIEs</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">45,063,273</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">24,675,497</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-left: 10pt;"><font style="color: black;">Reconciling item (1)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">142,919</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">170,444</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 10pt;"><font style="color: black;">Reconciling item (2)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(2,879</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">(2,876</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"><font style="color: black;">Consolidated</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">456,173,481</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">418,782,527</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2;
font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey.</font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">(2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company.</font></p></div>
<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Years ending June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td colspan="2"> </td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1252.72729492188px; text-align: justify;">2018</td><td style="width: 14.5454540252686px;"> </td><td style="width: 14.5454540252686px; text-align: left;"> </td><td style="width: 127.272727966309px; text-align: right;">148,632</td><td style="width: 13.63636302948px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">2019</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">58,841</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">2020</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">58,841</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">2021</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">58,841</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">2022</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">58,841</td><td style="text-align: left;"> </td></tr></table><div> </div>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1365px; text-indent: -10pt; padding-left: 10pt;">Cash</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">708,737</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Accounts receivable</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,422,850</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Advances to suppliers</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,803,180</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Prepaid expenses and other current assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">807,645</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -10pt; padding-left: 10pt;">Inventories</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,787,043</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Machinery and equipment</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">140,868</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Intangible assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">270,900</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Other assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,404,741</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -10pt; padding-left: 10pt;">Goodwill</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,158,179</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Accounts payable</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(3,962,670</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Customer deposits</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(3,486,150</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Accrued expenses and other payables</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(4,653,324</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Taxes payable</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(16,912</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Purchase price</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12,385,087</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1379px; text-align: left; font-size-adjust: none; font-stretch: normal;">Working Capital</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-size-adjust: none; font-stretch: normal;">941,192</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left;
font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Machinery and equipment</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">222,875</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Intangible assets</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">1440</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;">Goodwill</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">684,400</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Customer  Relationship</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">522,028</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;">Non-compete Agreement</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">392,852</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;">Purchase price</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">2,764,787</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td></tr></table>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1365px; text-indent: -10pt; padding-left: 10pt;">Cash</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">5,568,500</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Convertible notes</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,671,769</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">Derivative liability</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">144,818</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">12,385,087</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;">  </font></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1379px; font-size-adjust: none; font-stretch: normal;">Cash</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-size-adjust: none; font-stretch: normal;">1,201,888</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;">Convertible notes</td><td style="font: 10pt/normal 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-size-adjust: none; font-stretch: normal;">1,559,350</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;">Derivative liability</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size-adjust: none; font-stretch: normal;">3,549</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-size-adjust: none; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; font-size: 10pt;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size-adjust: none; font-stretch: normal;">2,764,787</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-size-adjust: none; font-stretch: normal;"> </td></tr></table>
<div>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td> </td>
<td style="font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td>
<td style="font-weight: bold;"> </td>
<td style="font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td>
<td style="font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"> </td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;"> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">ASSETS</td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom;">
<td>Current Assets</td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="text-align: center;" colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1177.67px; text-align: left; padding-left: 10pt;">Cash and cash equivalents</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 142px; text-align: right;">374,587</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">1,017,841</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 10pt;">Accounts receivable, net</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">30,687,859</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">7,050,201</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-left: 10pt;">Inventories</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">21,314,940</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">26,370,202</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 10pt;">Other current assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">2,195,156</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,839,523</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Advances to suppliers</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,380,812</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,900,524</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 20pt;">Total Current Assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,953,354</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">41,196,291</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Plant, Property and Equipment, Net</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,418,906</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,377,817</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Other assets</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">225,508</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">334,264</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;">Intangible Assets, Net</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">13,002,818</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,913,776</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom:
1.5pt;">Goodwill</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,837,038</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,158,179</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 4pt; padding-left: 10pt;">Total Assets</td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">86,437,624</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">70,980,327</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: center; font-weight: bold;">LIABILITIES AND STOCKHOLDERS’ EQUITY</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Current Liabilities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 10pt;">Short-term loan</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">166,311</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"></td>
<td style="text-align: right;">0</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 10pt;">Accounts payable</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">18,355,921</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,840,052</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 10pt;">Customer deposits</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">1,375,785</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,486,150</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 10pt;">Accrued expenses and other payables</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,833,868</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">5,562,253</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt;">Amount due to related parties</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">42,741,043</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">43,478,158</td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-left: 20pt;">Total Current Liabilities</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">66,472,928</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">56,366,613</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 10pt;">Long-term Loan</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3,549</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">0</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 4pt; padding-left: 10pt;">Total Liabilities</td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">66,476,477</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black;
border-bottom-width: 4pt; border-bottom-style: double;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">0</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Stockholders’ equity</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">19,961,147</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">14,613,714</td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td>
<td style="text-align: left; padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 4pt; padding-left: 20pt;">Total Liabilities and Stockholders’ Equity</td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">86,437,624</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
<td style="padding-bottom: 4pt;"> </td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">70,980,327</td>
<td style="text-align: left; padding-bottom: 4pt;"> </td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Years Ended June 30,</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px;"><font style="color: black;">Revenue</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">74,124,754</font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">8,406,663</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1.5pt;"><font style="color: black;">Expenses</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">71,572,295</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">6,935,251</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align:
left; padding-bottom: 4pt;"><font style="color: black;">Net income</font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">2,552,459</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">1,471,412</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
</div>
<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Condensed Balance Sheets</font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">As of June 30,</font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;">ASSETS</font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;">Current Assets:</font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td colspan="2"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;"><font style="color: black;">Cash and cash equivalents</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 142px; text-align: right;"><font style="color: black;">139,969</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; text-align: right;"><font style="color: black;">167,495</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Other current assets</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">71</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">70</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total Current Assets</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><p style="margin: 0pt 0px;">140,040</p></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">167,565</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom:
1.5pt;"><font style="color: black;">Long-term equity investment</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><p style="margin: 0pt 0px;">404,406,925</p></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">376,321,912</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total long-term assets</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><p style="margin: 0pt 0px;">404,406,925</p></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">376,321,912</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">Total Assets</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">404,546,965</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">376,489,477</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">LIABILITIES AND STOCKHOLDERS’ EQUITY</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Current Liabilities:</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Accounts payable</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">214,520</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;">$</font></td><td style="text-align: right;"><font style="color: black;">214,520</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Amount due to related parties</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,988,743</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">1,388,743</font></td><td style="text-align: left;"><font style="color:
black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Other payables and accrued expenses</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">4,815,649</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">4,401,882</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total Current Liabilities</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">7,018,913</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">6,005,145</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Stockholders’ Equity</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="color: black;">Common stock, $.001 par value, 115,197,165 shares authorized, 37,648,605 and 35,905,198, shares issued and outstanding as of June 30, 2016 and 2015, respectively</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">38,551</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">37,648</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;"><font style="color: black;">Additional paid in capital</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">128,915,651</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">127,593,932</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Accumulated other comprehensive income</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(5,127,444</font></td><td style="text-align: left;"><font style="color: black;">)</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">(5,696,388</font></td><td style="text-align: left;">)<font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Retained earnings</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">273,701,295</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color:
black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">248,549,140</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Total Stockholders’ Equity</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">397,528,052</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">370,484,332</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">Total Liabilities and Stockholders’ Equity</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">404,546,965</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">376,489,477</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p></div>
<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Condensed Statements of Operations</font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Year ended June 30,</font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom;"><td><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td><td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;"><font style="color: black;">Revenue</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 1191px; text-align: left;"><font style="color: black;">General and administrative expenses</font></td><td style="width: 16px;"><font style="color: black;"> </font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 142px; text-align: right;"><font style="color: black;">2,364,598</font></td><td style="width: 16px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 15px;"><font style="color: black;"> </font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td><td style="width: 141px; text-align: right;"><font style="color: black;">5,768,770</font></td><td style="width: 15px; text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;"><font style="color: black;">Interest income</font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">15</font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td><font style="color: black;"> </font></td><td style="text-align: left;"><font style="color: black;"> </font></td><td style="text-align: right;"><font style="color: black;">30</font></td><td style="text-align: left;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Equity investment in subsidiaries</font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">27,516,737</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">30,472,933</font></td><td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">Net income</font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">25,152,153</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">24,704,193</font></td><td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td></tr></table></div>
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="color: black; font-family: 'times new roman', times, serif; font-size: 10pt;"> </font></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1.5pt;"><font style="color: black;">Condensed Statements of Cash Flows</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="color: black;">Year Ended June 30,</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2017</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="color: black;">2016</font></td>
<td style="padding-bottom: 1.5pt; font-weight: bold;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 1191px; text-align: left;"><font style="color: black;">Net cash provided by (used in) operating activities</font></td>
<td style="width: 16px;"><font style="color: black;"> </font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 142px; text-align: right;"><font style="color: black;">(627,526</font></td>
<td style="width: 16px; text-align: left;"><font style="color: black;">)</font></td>
<td style="width: 15px;"><font style="color: black;"> </font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">$</font></td>
<td style="width: 141px; text-align: right;"><font style="color: black;">(138,881</font></td>
<td style="width: 15px; text-align: left;"><font style="color: black;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="color: black;">Net cash provided by investing activities</font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">-</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td><font style="color: black;"> </font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
<td style="text-align: right;"><font style="color: black;">-</font></td>
<td style="text-align: left;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Net cash provided by financing activities</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">600,000</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">-</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;">Cash and cash equivalents, beginning balance</font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">167,495</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font style="color: black;">306,376</font></td>
<td style="text-align: left; padding-bottom: 1.5pt;"><font style="color: black;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;">Cash and cash equivalents, ending balance</font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">139,969</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="padding-bottom: 4pt;"><font style="color: black;"> </font></td>
<td style="text-align: left;
border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">$</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font style="color: black;">167,495</font></td>
<td style="text-align: left; padding-bottom: 4pt;"><font style="color: black;"> </font></td>
</tr>
</table>
</div>
P8Y
P25Y
P10Y
P5Y
P15Y
P5Y
P3Y
130086315000
11580304000
116654694000
10716234000
13431621000
864070000
684399
684399
-14000
-5540
-8460
195812
195812
0.025
0.512
0.00
0.900
0.030
24704193
25152154
35068272
12567551
Effective June 16, 2013, Yuxing was converted from being a wholly-owned foreign enterprise 100% owned by Jinong to a domestic enterprise 100% owned one natural person, who is not affiliated to the Company ("Yuxing's Owner"). Effective the same day, Yuxing's Owner entered into a series of contractual agreements with Jinong pursuant to which Yuxing became the VIE of Jinong.
167495
142919
102728991
122907629
118418228
151122602
1362852
9457423
864070
195812
8578341
7046570
29926762
39397711
444373
540151
408820
421496
56656360
37655533
63209020
42489975
937642
19015420
765983
63111079
40113868
3473352
18760880
764660
25639281
28919747
12268150
2268798
12257101
1124338
12246630
2264818
12757628
1124338
522028
390080
1886935
2268798
5853758
198660
2125039
2264818
7178987
422634
238104
1325229
10381215
6403343
925678
10121591
5578641
1092584
1894275
1894275
1855439
747663
576687
11
88
1094513
7285099
884198
5875068
157144
1045950
10995299
73184895
1384600
9200000
9765600
65000000
6119059
40700000
198264
1320000
2992368
19917253
1316906
8765582
19917253
2992368
P50Y
P10Y
P50Y
P50Y
P6Y
P10Y
P5Y
P5Y
Three years up to ten years.
2016918
2016918
2016918
2016918
11778867
P50Y
P10Y
P2Y
P10Y
Pursuant to the lease, Jinong rented 612 square meters (approximately 6,588 square feet) of office space from Kingtone Information.
The lease agreement for approximately 3,400 mu, and 2600 hectare agriculture lands in Shiquan County, Shaanxi Province. The lease was from April 2017 and was renewable for every ten-year period up to 2066.
13000000
500000
58704
103412
154510
154239
4450306
4863988
5568500
6037764
3887676
126219
125998
3965250
25500000
612
24480
3678
1383787
2472165
30707
1950000
2016-05-18
2016-01-19
2015-08-11
2016-06-28
2017-03-24
2017-06-09
2016-11-25
2017-03-17
2017-01-17
2016-08-02
2017-07-28
2018-03-05
2018-06-08
2017-10-25
0.0487
0.0500
0.0582
0.0582
0.0487
0.0631
0.0522
0.0522
0.0631
0.0522
4657316
1953068
1201888
1502360
7678111
1502360
4507080
1502360
166311
2017-03-17
2016-05-18
2018-06-08
2017-07-28
2019-06-30
2019-12-31
995959
549650
P3Y
P1Y
9462600
63000000
51000000
12000000
6671769
44330692
8431912
56124446
0.03
0.03
0.03
The per share conversion price of the notes is the higher of the following: (i) $5.00 per share or (ii) 75% of the closing price of the Company's common stock on the date the noteholder delivers the conversion notice.
12000000
369401
2218
-575872
3445480
2229735
656520
1036544
7371967
6511880
13803943
14607802
13803943
14607802
13803943
14607802
6062571
8019040
-1961382
7703196
8507154
-803958
-2214672
-2214672
-2033489
-2033489
-1567599
-1567599
38215
38215
1961382
1961382
803958
0
803958
0.25
0.340
0.25
0.34
-0.057
-0.060
-0.008
0.001
-0.340
-0.34
0.216
0.23
0.15
0.25
0.206
0.191
0.00
0.15
0.25
0.25
0.33
0.5000
0.15
0.13
0.216
0.25
0.206
0.25
0.34
0.34
1708000
588000
1000000
870000
670000
2790000
1458000
1797992
235264
1660000
1044000
897800
4120528
1279264
1.66
1.20
1.34
1750000
240000
100000
40000
30000
20000
1320000
1000000
670000
870000
3675000
1660000
897800
1044000
The stock grants are subject to time-based vesting schedules, vesting in various installments until March 31, 2015 for the CFO and the three independent directors, until June 30, 2015 for the CEO and until March 31, 2017 for the employees.
The stock grants are subject to time-based vesting schedules, vesting in various installments until June 30, 2016.
The stock grants vest immediately.
The stock grants vest immediately.
To designate up to 20,000,000 shares of preferred stock in one or more series and to fix the rights.
115099
115099
14.66
0.174
0.230
0.188
0.122
0.141
0.071
0.070
2
2
52241454
21033713
1
2
19192
7894
3239
8059
42283
9582
12273
6210
14217
4
4
Total revenues from exported products currently accounted for less than 1% of the Company's total fertilizer revenues.
Total revenues from exported products currently accounted for less than 1% of the Company's total fertilizer revenues.
148632
58841
58841
58841
58841
444
2958
781000
5200000
24480
3678
176796
641330
6588
708737
6422850
1803180
807645
7787043
941192
140868
222875
270900
1440
3404741
3158179
684400
3962670
522028
392852
-3486150
-4653324
-16912
12385087
2764787
5568500
1201888
6671769
1559350
144818
3549
12385087
2764787
1839523
70
2195156
71
5562253
3833868
0
3549
376321912
404406925
376321912
404406925
30472933
27516737
0.25
0.25
481886
1412844
481886
930958
58205442
<div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">No.</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Related Acquisitions of Sales VIEs</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Issuance Date</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Maturity Date</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Notional Interest Rate</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Conversion Price</td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="padding-bottom: 1.5pt;"> </td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Notional Amount (in RMB)</td>
<td style="padding-bottom: 1.5pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 189px; text-align: center;">1</td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 16px;"> </td>
<td style="width: 220px; text-align: left;">Wangtian, Lishijie, Shenqiu, Xindeguo, Xinyulei, Jinyangguang</td>
<td style="width: 16px;"> </td>
<td style="width: 212.81px; text-align: right; padding-left: 5.4pt;">June 30, 2016</td>
<td style="width: 16px;"> </td>
<td style="width: 196.81px; text-align: right; padding-left: 5.4pt;">June 30, 2019</td>
<td style="width: 16px;"> </td>
<td style="width: 16px; text-align: left;"> </td>
<td style="width: 173px; text-align: right;">3</td>
<td style="width: 15px; text-align: left;">%</td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 172px; text-align: right;">5.00</td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 15px;"> </td>
<td style="width: 15px; text-align: left;"> </td>
<td style="width: 172px; text-align: right;">51,000,000</td>
<td style="width: 15px; text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"> </td>
<td style="text-align: center;">2</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;">Fengnong, Xiangrong</td>
<td> </td>
<td style="text-align: right; padding-left: 5.4pt;">January 1, 2017</td>
<td> </td>
<td style="text-align: right; padding-left: 5.4pt;">December 31, 2019</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">3</td>
<td style="text-align: left;">%</td>
<td> </td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">5.00</td>
<td style="text-align: left;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;">12,000,000</td>
<td style="text-align: left;">
<p style="margin-top: 0px; margin-bottom: 0px;"> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"> </p>
</td>
</tr>
</table>
</div>
2016-06-30
2017-01-01
5
5
Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey.
Reconciling amounts refer to the unallocated assets or expenses of the Parent Company.
LPR stands for Loan Prime Rate. The LPR rate is a 1-year lending rate for commercial banks to lend for their top graded loan borrowers usually with equivalent interbank credit worthiness in China. The LPR rate is a variable rate and was published along with Shanghai Interbank Offer Rates daily.