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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income/(loss) $ (6,931,225) $ 25,152,154
Income from discontinued operations, net of income taxes 40,394 451,608
Income from continuing operations, net of income taxes (6,971,619) 24,700,546
Adjustments to reconcile net income/(loss) to net cash provided by operating activities    
Issuance of common stock and stock options for compensation 421,730 1,282,080
Gain/loss on discontinuing sales VIE 331,995 0
Depreciation and amortization 6,200,506 17,275,512
Provision for losses on accounts receivable 15,322,962 8,926,204
Gain (Loss) on disposal of property, plant and equipment 66,482 108,309
Amortization of debt discount 601,510 228,292
Change in fair value of derivative liability (119,713) 29,457
Shares of service 0 41,212
Changes in operating assets    
Accounts receivable (50,114,067) (30,833,382)
Amount due from related parties 724,456 (910,622)
Other current assets 1,762,732 (2,791,737)
Inventories 25,068,160 9,788,313
Advances to suppliers 25,533,988 997,780
Other assets 2,072,008 (17,116,355)
Changes in operating liabilities    
Accounts payable 7,522,043 13,415,112
Customer deposits 212,342 398,009
Tax payables (1,794,827) (1,374,636)
Accrued expenses and other payables 1,017,164 (2,319,251)
Interest payable 290,638 251,064
Net cash provided by continuing operating activities 28,148,489 22,095,907
Net cash provided by (used in) discontinued operation (10,952) (381,943)
Net cash provided by operating activities 28,137,537 21,713,964
Cash flows from investing activities    
Purchase of plant, property, and equipment (41,114) (42,283)
Cash paid for acquisition, net 0 (127,978)
Accrued expenses and other payables 0 (5,432,372)
Change in construction in process (14,359) (210,873)
Net cash used in continuing investing activities (55,473) (5,813,506)
Net cash used in discontinued investing activities (8,273) 0
Net cash used in investing activities (63,746) (5,813,506)
Cash flows from financing activities    
Proceeds from loans 3,129,812 5,948,021
Repayment of loans (6,179,300) (3,154,956)
Advance from related party 195,013 600,000
Net cash provided by continuing financing activities (2,854,475) 3,393,065
Net cash provided by discontinued financing activities 19,011 0
Net cash provided by financing activities (2,835,464) 3,393,065
Effect of exchange rate change on cash and cash equivalents 2,535,774 860,540
Net increase in cash and cash equivalents 27,774,102 20,154,063
Cash and cash equivalents, beginning balance 123,031,537 102,877,475
Cash and cash equivalents, ending balance 150,805,639 123,031,537
Supplement disclosure of cash flow information    
Interest expense paid 303,651 289,869
Income taxes paid 7,227,660 6,899,600
Supplement non-cash activities    
Convertible note issued for acquisitions 0 1,503,277
Derivative liability issued for acquisitions 0 20,626
Nonmonetary sales and purchases $ 54,434,270 $ 58,205,497