XML 24 R6.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income/(loss) $ 11,590,395 $ (6,931,225)
Income from discontinued operating activities, net of income taxes 40,394
Income from continuing operating activities, net of income taxes 11,590,395 (6,971,619)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities    
Issuance of common stock and stock options for compensation 130,000 421,730
Gain/loss on discontinuing sales VIE 0 331,995
Depreciation and amortization 4,920,779 6,200,506
Provision for losses on accounts receivable 9,906,681 15,322,962
Gain (Loss) on disposal of property, plant and equipment 4,525 66,482
Amortization of debt discount 411,743 601,510
Change in fair value of derivative liability (45,917) (119,713)
Changes in operating assets    
Accounts receivable 13,277,343 (50,114,067)
Amount due from related parties 228,629 724,456
Other current assets 63,973 1,762,732
Inventories (110,880,651) 25,068,160
Advances to suppliers 731,013 25,533,988
Other assets 1,977,942 2,072,008
Changes in operating liabilities    
Accounts payable (7,209,214) 7,522,043
Customer deposits (481,166) 212,342
Tax payables 1,448,673 (1,794,827)
Accrued expenses and other payables 2,237,401 1,017,164
Interest payable 277,003 290,638
Net cash provided by (used in) continuing operating activities 28,148,489
Net cash provided by (used in) discontinued operating activities (10,952)
Net cash provided by (used in) operating activities (71,410,847) 28,137,537
Cash flows from investing activities    
Purchase of plant, property, and equipment (63,610) (41,114)
Cash paid for acquisition, net 0 0
Accrued expenses and other payables 0 0
Change in construction in process 16,215 (14,359)
Net cash provided by (used in) continuing investing activities (47,395) (55,473)
Net cash provided by (used in) discontinued investing activities 0 (8,273)
Net cash provided by (used in) investing activities (47,395) (63,746)
Cash flows from financing activities    
Proceeds from the sale of common stock 8,270,000 0
Proceeds from loans 3,640,000 3,129,812
Repayment of loans (4,557,280) (6,179,300)
Advance from related party 409,230 195,013
Net cash provided by (used in) continuing financing activities 7,761,950 (2,854,475)
Net cash provided by (used in) discontinued financing activities 0 19,011
Net cash provided by (used in) financing activities 7,761,950 (2,835,464)
Effect of exchange rate change on cash and cash equivalents (14,849,542) 2,535,774
Net increase in cash and cash equivalents (78,545,834) 27,774,102
Cash and cash equivalents, beginning balance 150,805,639 123,031,537
Cash and cash equivalents, ending balance 72,259,804 150,805,639
Supplement disclosure of cash flow information    
Interest expense paid 318,122 303,651
Income taxes paid 5,129,686 7,227,660
Supplement non-cash activities    
Common stock issued to repay accrued expense 240,500 0
Convertible note issued for acquisitions 0 0
Derivative liability issued for acquisitions 0 0
Nonmonetary sales and purchases $ 134,655,878 $ 54,434,270