UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
|
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the quarterly period ended December
31, 2015
|
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the transition period from ____________
to ____________
Commission File Number 001-34260
CHINA GREEN AGRICULTURE, INC.
(Exact name of registrant as specified in its
charter)
Nevada |
36-3526027 |
(State or other jurisdiction of |
(IRS Employer |
incorporation or organization) |
Identification No.) |
|
3rd floor, Borough A, Block A. No.
181, South Taibai |
|
|
Road,Xi’an, Shaanxi province,
PRC 710065 |
|
|
(Address of principal executive offices)
(Zip Code) |
|
|
+86-29-88266368 |
|
|
(Issuer's telephone number, including area code) |
|
Indicate
by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes x
No ¨
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x
No ¨
Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨ |
Accelerated filer ¨ |
Non-accelerated filer ¨ |
Smaller reporting company x |
( Do not check if a smaller reporting company ) |
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨
No x
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number
of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 36,969,618 shares of
common stock, $.001 par value, as of February 2, 2016.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CHINA GREEN AGRICULTURE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| |
December 31, 2015 | | |
June 30, 2015 | |
| |
| | | |
| | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 99,567,375 | | |
$ | 92,982,564 | |
Accounts receivable, net | |
| 65,730,552 | | |
| 68,528,598 | |
Amount due from related parties | |
| 150,396 | | |
| - | |
Inventories | |
| 118,320,621 | | |
| 101,302,947 | |
Prepaid expenses and other current assets | |
| 340,493 | | |
| 459,400 | |
Advances to suppliers, net | |
| 47,334,873 | | |
| 40,910,837 | |
Total Current Assets | |
| 331,444,310 | | |
| 304,184,346 | |
| |
| | | |
| | |
Plant, Property and Equipment, Net | |
| 40,221,147 | | |
| 44,634,194 | |
Other Receivables, Net of current portion | |
| - | | |
| - | |
Deferred Asset, Net | |
| 30,096,510 | | |
| 51,527,209 | |
Other Assets | |
| 135,128 | | |
| 185,480 | |
Intangible Assets, Net | |
| 21,652,844 | | |
| 23,805,746 | |
Goodwill | |
| 4,934,814 | | |
| 5,245,643 | |
| |
| | | |
| | |
Total Assets | |
$ | 428,484,753 | | |
$ | 429,582,618 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 2,371,069 | | |
$ | 2,372,130 | |
Customer deposits | |
| 34,228,083 | | |
| 19,129,853 | |
Accrued expenses and other payables | |
| 5,097,097 | | |
| 4,952,977 | |
Amount due to related parties | |
| 2,198,219 | | |
| 2,068,102 | |
Taxes payable | |
| 1,658,436 | | |
| 4,504,542 | |
Short term loans | |
| 18,818,800 | | |
| 23,605,540 | |
Total Current Liabilities | |
| 64,371,704 | | |
| 56,633,144 | |
| |
| | | |
| | |
Commitment and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders' Equity | |
| | | |
| | |
Preferred Stock, $.001 par value, 20,000,000 shares authorized, zero shares issued and outstanding | |
| - | | |
| - | |
Common stock, $.001 par value, 115,197,165 shares authorized, 36,936,088 and 35,905,198 shares issued and outstanding as of December 31, 2015 and June 30, 2015, respectively | |
| 36,936 | | |
| 35,905 | |
Additional paid-in capital | |
| 125,738,089 | | |
| 123,360,384 | |
Statutory reserve | |
| 26,145,838 | | |
| 25,030,688 | |
Retained earnings | |
| 209,212,316 | | |
| 198,814,259 | |
Accumulated other comprehensive income | |
| 2,979,870 | | |
| 25,708,238 | |
Total Stockholders' Equity | |
| 364,113,049 | | |
| 372,949,474 | |
| |
| | | |
| | |
Total Liabilities and Stockholders' Equity | |
$ | 428,484,753 | | |
$ | 429,582,618 | |
The accompanying notes are an integral part of these unaudited condensed
consolidated financial statements.
CHINA GREEN AGRICULTURE INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| |
Three Months Ended December
31, | | |
Six Months Ended December
31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Sales | |
| | | |
| | | |
| | | |
| | |
Jinong | |
$ | 31,302,561 | | |
$ | 31,192,693 | | |
$ | 66,010,365 | | |
$ | 65,656,858 | |
Gufeng | |
| 23,579,674 | | |
| 21,778,807 | | |
| 41,814,506 | | |
| 37,764,881 | |
Yuxing | |
| 2,083,765 | | |
| 1,079,674 | | |
| 3,325,400 | | |
| 1,931,225 | |
Net sales | |
| 56,966,000 | | |
| 54,051,174 | | |
| 111,150,271 | | |
| 105,352,964 | |
Cost of goods sold | |
| | | |
| | | |
| | | |
| | |
Jinong | |
| 13,434,686 | | |
| 12,314,040 | | |
| 27,975,071 | | |
| 25,694,663 | |
Gufeng | |
| 19,712,848 | | |
| 18,034,979 | | |
| 34,458,522 | | |
| 30,634,164 | |
Yuxing | |
| 1,182,898 | | |
| 792,161 | | |
| 1,892,948 | | |
| 1,440,709 | |
Cost of goods sold | |
| 34,330,432 | | |
| 31,141,180 | | |
| 64,326,541 | | |
| 57,769,536 | |
Gross profit | |
| 22,635,568 | | |
| 22,909,994 | | |
| 46,823,730 | | |
| 47,583,428 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Selling expenses | |
| 5,285,103 | | |
| 1,981,065 | | |
| 7,628,858 | | |
| 2,716,702 | |
Selling expenses - amortization of deferred asset | |
| 8,664,752 | | |
| 10,651,432 | | |
| 18,377,467 | | |
| 20,982,516 | |
General and administrative expenses | |
| 2,905,982 | | |
| 3,193,979 | | |
| 5,659,624 | | |
| 6,313,611 | |
Total operating expenses | |
| 16,855,837 | | |
| 15,826,476 | | |
| 31,665,949 | | |
| 30,012,829 | |
Income from operations | |
| 5,779,731 | | |
| 7,083,518 | | |
| 15,157,781 | | |
| 17,570,599 | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| 729 | | |
| 4,749 | | |
| (3,834 | ) | |
| 46,704 | |
Interest income | |
| 74,270 | | |
| 38,969 | | |
| 152,932 | | |
| 68,354 | |
Interest expense | |
| (302,644 | ) | |
| (359,915 | ) | |
| (731,679 | ) | |
| (815,659 | ) |
Total other income (expense) | |
| (227,645 | ) | |
| (316,197 | ) | |
| (582,581 | ) | |
| (700,601 | ) |
Income before income taxes | |
| 5,552,086 | | |
| 6,767,321 | | |
| 14,575,200 | | |
| 16,869,998 | |
Provision for income taxes | |
| 1,284,551 | | |
| 1,551,884 | | |
| 3,061,993 | | |
| 3,555,479 | |
Net income | |
| 4,267,535 | | |
| 5,215,437 | | |
| 11,513,207 | | |
| 13,314,519 | |
Other comprehensive income (loss) | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation gain (loss) | |
| (7,616,129 | ) | |
| 619,865 | | |
| (22,728,368 | ) | |
| 626,154 | |
Comprehensive income (loss) | |
$ | (3,348,594 | ) | |
$ | 5,835,302 | | |
$ | (11,215,161 | ) | |
$ | 13,940,673 | |
| |
| | | |
| | | |
| | | |
| | |
Basic weighted average shares outstanding | |
| 36,933,002 | | |
| 33,281,464 | | |
| 36,436,026 | | |
| 32,829,357 | |
Basic net earnings per share | |
$ | 0.12 | | |
$ | 0.16 | | |
$ | 0.32 | | |
$ | 0.41 | |
Diluted weighted average shares outstanding | |
| 36,933,002 | | |
| 33,281,464 | | |
| 36,436,026 | | |
| 32,829,357 | |
Diluted net earnings per share | |
| 0.12 | | |
| 0.16 | | |
| 0.32 | | |
| 0.41 | |
The accompanying notes are an integral part of these
unaudited condensed consolidated financial statements.
CHINA GREEN AGRICULTURE INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(UNAUDITED)
| |
Six Months Ended December 31, | |
| |
2015 | | |
2014 | |
Cash flows from operating activities | |
| | | |
| | |
Net income | |
$ | 11,513,207 | | |
$ | 13,314,519 | |
Adjustments to reconcile net income to net cash provided by operating activities | |
| | | |
| | |
Issuance of common stock and stock options for compensation | |
| 2,378,736 | | |
| 3,206,945 | |
Depreciation and amortization | |
| 21,445,891 | | |
| 23,881,680 | |
Loss on disposal of property, plant and equipment | |
| 345 | | |
| 25,240 | |
Changes in operating assets | |
| | | |
| | |
Accounts receivable | |
| (1,295,393 | ) | |
| 17,868,983 | |
Amount due from related parties | |
| (154,303 | ) | |
| - | |
Other current assets | |
| 88,817 | | |
| (9,654 | ) |
Inventories | |
| (23,618,284 | ) | |
| (71,309,766 | ) |
Advances to suppliers | |
| (9,078,019 | ) | |
| 23,947,858 | |
Other assets | |
| 40,385 | | |
| (77,842 | ) |
Changes in operating liabilities | |
| | | |
| | |
Accounts payable | |
| 130,081 | | |
| (680,569 | ) |
Customer deposits | |
| 16,653,368 | | |
| 24,018,709 | |
Tax payables | |
| (2,646,182 | ) | |
| 3,529,113 | |
Accrued expenses and other payables | |
| 228,171 | | |
| 1,193,263 | |
Amount due to related parties | |
| - | | |
| - | |
Net cash provided by operating activities | |
| 15,686,820 | | |
| 38,908,479 | |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Purchase of plant, property, and equipment | |
| (15,665 | ) | |
| (383,373 | ) |
Proceeds from other receivables | |
| - | | |
| 1,967,460 | |
Deferred assets | |
| - | | |
| (9,222,371 | ) |
Net cash used in investing activities | |
| (15,665 | ) | |
| (7,638,284 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Proceeds from the sale of common stock | |
| - | | |
| 1,245,746 | |
Proceeds from loans | |
| 4,424,000 | | |
| 8,130,000 | |
Repayment of loans | |
| (7,900,000 | ) | |
| (8,536,500 | ) |
Advance from related party | |
| 200,000 | | |
| 300,400 | |
Net cash used in financing activities | |
| (3,276,000 | ) | |
| 1,139,646 | |
| |
| | | |
| | |
Effect of exchange rate change on cash and cash equivalents | |
| (5,810,344 | ) | |
| 64,284 | |
Net increase in cash and cash equivalents | |
| 6,584,811 | | |
| 32,474,125 | |
| |
| | | |
| | |
Cash and cash equivalents, beginning balance | |
| 92,982,564 | | |
| 26,890,321 | |
Cash and cash equivalents, ending balance | |
$ | 99,567,375 | | |
$ | 59,364,446 | |
| |
| | | |
| | |
Supplement disclosure of cash flow information | |
| | | |
| | |
Interest expense paid | |
$ | 731,679 | | |
$ | 815,659 | |
Income taxes paid | |
$ | 2,763,253 | | |
$ | 26,366 | |
The accompanying notes are an integral part of these unaudited condensed
consolidated financial statements.
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
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, such as top-grade fruits, vegetables, flowers and colored
seedlings.
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 PRC controlled by Jinong through 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”).
The Company’s corporate structure as of December 31, 2015
is set forth in the diagram below:
The unaudited consolidated financial statements
were prepared by Company pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The information
furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of
management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures
normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted
in the United States of America (“US GAAP”) were omitted pursuant to such rules and regulations. These consolidated
financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in
the Company’s Annual Report on Form 10-K. The results for the six months ended December 31, 2015, are not necessarily indicative
of the results to be expected for the year ending June 30, 2016.
NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Principle of consolidation
The accompanying consolidated financial statements
include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan and VIE Yuxing.
All significant inter-company accounts and transactions have been eliminated in consolidation.
Use of estimates
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.
Cash and cash equivalents and concentration
of cash
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 People’s 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 two banks in China. The aggregate
cash in such accounts and on hand as of December 31, 2015 and June 30, 2015 was $99,567,375 and $92,676,188, respectively. There
is no insurance securing these deposits in China over $77,000 (RMB 500,000). In addition, the Company also had $107,189 and
$306,376 in cash in two banks in the United States as of December 31, 2015 and June 30, 2015, respectively, with $500,000
secured by the U.S. Federal Deposit Insurance Corporation. 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.
Deferred assets
Deferred assets represent amounts that the
distributors owed to the Company in their marketing efforts and developing standard stores to expand the competitiveness and market
shares of the Company’s products . The amount owed to the Company will be expensed over three years which is the term as
stated in the cooperation agreement, as long as the distributors are actively selling the Company’s products. For the six
months ended December 31, 2015 and 2014, the Company amortized $21,430,699 and $32,153,216, 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 an annual impairment testing.
The estimated amortization expense of the deferred assets for the twelve months ending December 31, 2016 and 2017 is $26,315,270
and $3,781,241, respectively.
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 actually 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 (G.A.A.P), 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.
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.
Earnings per share
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.
The components of basic and diluted earnings per share consist of
the following:
| |
Three Months Ended December 31, | |
| |
2015 | | |
2014 | |
Net Income for Basic Earnings Per Share | |
$ | 4,267,535 | | |
$ | 5,215,437 | |
Basic Weighted Average Number of Shares | |
| 36,933,002 | | |
| 33,281,464 | |
Net Income Per Share – Basic | |
$ | 0.12 | | |
$ | 0.16 | |
Net Income for Diluted Earnings Per Share | |
$ | 4,267,535 | | |
$ | 5,215,437 | |
Diluted Weighted Average Number of Shares | |
| 36,933,002 | | |
| 33,281,464 | |
Net Income Per Share – Diluted | |
$ | 0.12 | | |
$ | 0.16 | |
| |
Six Months Ended December 31, | |
| |
2015 | | |
2014 | |
Net Income for Basic Earnings Per Share | |
$ | 11,513,207 | | |
$ | 13,314,519 | |
Basic Weighted Average Number of Shares | |
| 36,436,026 | | |
| 32,829,357 | |
Net Income Per Share – Basic | |
$ | 0.32 | | |
$ | 0.41 | |
Net Income for Diluted Earnings Per Share | |
$ | 11,513,207 | | |
$ | 13,314,519 | |
Diluted Weighted Average Number of Shares | |
| 36,436,026 | | |
| 32,829,357 | |
Net Income Per Share – Diluted | |
$ | 0.32 | | |
$ | 0.41 | |
Reclassification
Certain reclassifications have been made to
the prior year consolidated financial statements to conform to the 2015 consolidated financial statement presentation. Such reclassifications
did not affect total revenues, operating income or net income or cash flows as previously reported.
Recent accounting pronouncements
FASB Accounting Standards Update No. 2014-09
In May 2014, the FASB issued Accounting Standards Update No. 2014-09,
Revenue from Contracts with Customers (ASU 2014-09) , which supersedes 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 to which an entity expects to be entitled for those goods or services. ASU
2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required
within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods
beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective
approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients,
or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption
(which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the impact
of the pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which
it will adopt the standard beginning January 1, 2017.
FASB Accounting Standards Update No. 2015-01
In January 2015, the FASB issued Accounting Standards Update No.
2015-01, Income Statement – Extraordinary and Unusual items (Subtopic 225-20), Simplifying Income Statement Presentation
by Eliminating the Concept of Extraordinary Items (ASU 2015-01). The amendment eliminates from U.S. GAAP the concept
of extraordinary items. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption
is permitted and allows the Company to apply the amendment prospectively or retrospectively. The adoption of this guidance
is not expected to have a material impact on the Company’s consolidated financial statements.
FASB Accounting Standards Update No. 2015-02
In February 2015, the FASB issued ASU No. 2015-02, Consolidation
(Topic 810): Amendments to the Consolidation Analysis. This amendment provides guidance on the consolidation evaluation for
reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships,
limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations,
and mortgage-backed security transactions). ASU 2015-02 is effective for periods beginning December 15, 2015. The adoption of ASU
2015-02 is not expected to have a material effect on the Company’s consolidated financial statements. Early adoption is permitted.
FASB Accounting Standards Update No.
2015-14
In August 2015, the FASB issued ASU No. 2015-14,
Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendment defers the effective date
of ASU No. 2014-09 for all entities for one year. The guidance in ASU 2014-09 will now apply to public business entities, certain
not-for-profit entities, and certain employee benefit plans from annual reporting periods beginning December 15, 2017, including
interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods after
December 31, 2016, including interim reporting periods with that reporting period.
FASB Accounting Standards Update No.
2015-16
In September 2015, the FASB issued ASU No.
2015-16, Business Combinations (Topic 805). ASU No. 2015-16 requires that an acquirer retrospectively adjust provisional
amounts recognized in a business combination, during the measurement period. To simplify the accounting for adjustments made to
provisional amounts, the amendments in the Update require that the acquirer recognize adjustments to provisional amounts that are
identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is
required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization,
or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been
completed at the acquisition date. In addition an entity is required to present separately on the face of the income statement
or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item
that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as
of the acquisition date. The adoption of ASU 2015-016 is not expected to have a material effect on the Company’s consolidated
financial statements.
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.
NOTE 3 – INVENTORIES
Inventories consisted of the following:
| |
December 31, | | |
June 30, | |
| |
2015 | | |
2015 | |
Raw materials | |
$ | 79,023,607 | | |
$ | 48,294,614 | |
Supplies and packing materials | |
$ | 601,112 | | |
$ | 529,398 | |
Work in progress | |
$ | 435,906 | | |
$ | 348,670 | |
Finished goods | |
$ | 38,259,995 | | |
$ | 52,130,265 | |
Total | |
$ | 118,320,621 | | |
$ | 101,302,947 | |
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consisted of the following:
| |
December 31, | | |
June 30, | |
| |
2015 | | |
2015 | |
Building and improvements | |
$ | 41,645,549 | | |
$ | 43,699,066 | |
Auto | |
| 618,465 | | |
| 900,562 | |
Machinery and equipment | |
| 21,503,631 | | |
| 23,173,209 | |
Agriculture assets | |
| 783,797 | | |
| 833,165 | |
Total property, plant and equipment | |
| 64,551,441 | | |
| 68,606,002 | |
Less: accumulated depreciation | |
| (24,330,294 | ) | |
| (23,971,808 | ) |
Total | |
$ | 40,221,147 | | |
$ | 44,634,194 | |
NOTE 5 - INTANGIBLE ASSETS
Intangible assets consisted of the following:
| |
December 31, | | |
June 30, | |
| |
2015 | | |
2015 | |
Land use rights, net | |
$ | 10,746,369 | | |
$ | 11,554,776 | |
Technology patent, net | |
| 118,067 | | |
| 251,008 | |
Customer relationships, net | |
| 4,520,608 | | |
| 5,337,372 | |
Trademarks | |
| 6,267,800 | | |
| 6,662,590 | |
Total | |
$ | 21,652,844 | | |
$ | 23,805,746 | |
LAND USE RIGHT
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 $11,270,474). The intangible asset is being amortized over the grant period of 50
years using the straight line method.
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 $161,076). The intangible asset is being amortized over the grant period of
50 years using the straight line method.
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 $1,121,905). The intangible asset is being amortized over the grant period of 50 years.
The Land Use Rights consisted of the following:
| |
December 31, | | |
June 30, | |
| |
2015 | | |
2015 | |
Land use rights | |
$ | 12,553,455 | | |
$ | 13,344,160 | |
Less: accumulated amortization | |
| (1,807,086 | ) | |
| (1,789,384 | ) |
Total land use rights, net | |
$ | 10,746,369 | | |
$ | 11,554,776 | |
TECHNOLOGY PATENT
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 RMB 9,200,000
(or $1,416,800) and is amortized over the remaining useful life of six years using the straight line method.
The technology know-how consisted of the following:
| |
December 31, | | |
June 30, | |
| |
2015 | | |
2015 | |
Technology know-how | |
$ | 2,321,561 | | |
$ | 2,467,789 | |
Less: accumulated amortization | |
| (2,203,494 | ) | |
| (2,216,781 | ) |
Total technology know-how, net | |
$ | 118,067 | | |
$ | 251,008 | |
CUSTOMER RELATIONSHIP
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 $10,010,000) and is amortized over the remaining useful life of ten years.
| |
December 31, | | |
June 30, | |
| |
2015 | | |
2015 | |
Customer relationships | |
$ | 10,010,000 | | |
$ | 10,640,500 | |
Less: accumulated amortization | |
| (5,489,392 | ) | |
| (5,303,128 | ) |
Total customer relationships, net | |
$ | 4,520,608 | | |
$ | 5,337,372 | |
TRADEMARKS
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 $6,398,040)
and is subject to an annual impairment test.
AMORTIZATION EXPENSE
Estimated amortization expenses of intangible assets for the next
five twelve months periods ended December 31, 2015, are as follows:
AMORTIZATION TABLE
Year Ends | |
Expense ($) | |
December 31, 2016 | |
| 1,370,136 | |
December 31, 2017 | |
| 1,252,069 | |
December 31, 2018 | |
| 1,252,069 | |
December 31, 2019 | |
| 1,252,069 | |
December 31, 2020 | |
| 751,569 | |
NOTE 6 - ACCRUED EXPENSES AND OTHER PAYABLES
Accrued expenses and other payables consisted of the following:
| |
December 31, | | |
June 30, | |
| |
2015 | | |
2015 | |
Payroll payable | |
$ | 7,552 | | |
$ | 18,451 | |
Welfare payable | |
| 158,103 | | |
| 168,061 | |
Accrued expenses | |
| 3,884,299 | | |
| 3,554,733 | |
Other payables | |
| 918,299 | | |
| 1,098,705 | |
Other levy payable | |
| 128,844 | | |
| 113,027 | |
Total | |
$ | 5,097,097 | | |
$ | 4,952,977 | |
NOTE 7 - RELATED PARTY TRANSACTIONS
AND BALANCES
As of December 31, 2015 and June 30, 2015,
the amount due from related parties was $150,396 and $0, respectively. As of December 31, 2015, $150,396 were due from
the Company’s affiliate, 900LH.com Food Co., Ltd. ("900LH.com", previously announced as Xi'an Gem Grain Co., Ltd)
to Yuxing, representing a balance that 900LH.com would pay to Yuxing according to the Sales Agreement (as defined below) between
Yuxing and 900LH.com.
At the end of September 2015, Yuxing entered
into a sales agreement with 900LH.com 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 4,500,000 (approximately $693,000). As of December 31, 2015, the contract had been fulfilled with an exceeded sales amount
of $732,947. 900LH.com had paid Yuxing a total of $582,551 with an amount due of $150,396 as of December 31, 2015.
As of December 31, 2015 and June 30, 2015,
the amount due to related parties was $2,198,219 and $2,068,102, respectively. As of December 31, 2015 and June 30,
2015, $1,116,743 and $1,184,643, 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.
On June 29, 2014, Jinong signed an office lease with Xi’an
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, 2014 with monthly rent of RMB24,480 (approximately
$3,770).
NOTE 8- LOAN PAYABLES
As of December 31, 2015, the short-term loan payables consisted
of ten loans which mature on dates ranging from January 21, 2015 through August 2, 2016 with interest rates ranging from 5.20%
to 6.96%. The loans No. 1 and 5 below are collateralized by Tianjuyan’s land use right and building ownership right. The
loan No.3 is collateralized by deposit. The loan No. 2 is collateralized by Jinong’s land use right and Jinong’s credit.
The loans No. 4, 6 and 7 are guaranteed by Jinong’s credit. The loan No.8 are guaranteed by a bonding company in Zhongguancun
Beijing, and counter guaranteed by Jinong’s credit.
No. | | |
Payee | |
Loan period per
agreement | |
Interest Rate | | |
December 31, 2015 | |
| 1 | | |
Agriculture Bank of China-Pinggu Branch | |
Jan 21, 2015 - Jan 20, 2016 | |
| 6.16 | % | |
$ | 1,232,000 | |
| 2 | | |
Bank of Tianjin- Beijing Branch | |
Feb 3, 2015 - Jan 27, 2016 | |
| 6.16 | % | |
| 6,160,000 | |
| 3 | | |
Bank of Tianjin- Beijing Branch | |
Feb 11, 2015 - Feb 10, 2016 | |
| 5.60 | % | |
| 4,342,800 | |
| 4 | | |
China Merchants Bank- Chaoyangmen Branch | |
Mar 16, 2015 - Mar 15, 2016 | |
| 6.96 | % | |
| 770,000 | |
| 5 | | |
Agriculture Bank of China-Pinggu Branch | |
May 12, 2015 - Apr 29, 2016 | |
| 5.89 | % | |
| 2,002,000 | |
| 6 | | |
Bank of Beijing- Pinggu Branch | |
Aug 11, 2015- Aug 2, 2016 | |
| 5.82 | % | |
| 1,540,000 | |
| 7 | | |
China Merchants Bank- Cahoyangmen Branch | |
Sep 9, 2015- Mar 8, 2016 | |
| 5.20 | % | |
| 1,540,000 | |
| 8 | | |
Beijing International Trust Co., Ltd | |
Nov 17, 2015- Feb 13, 2016 | |
| 5.22 | % | |
| 1,232,000 | |
| | | |
| |
| |
| | | |
| | |
| | | |
Total | |
| |
| | | |
$ | 18,818,800 | |
As of June 30, 2015, the short-term loan payables
consisted of ten loans which mature on dates ranging from August 6, 2014 through April 29, 2016 with interest rates ranging from
5.60% to 7.80%. The loans No. 6 and 10 were collateralized by Tianjuyuan’s land use right and building ownership right. The
loan No. 8 was collateralized by Gufeng’s deposit. The loan No.7 was collateralized by Jinong’s land use right and
Jinong’s credit. The loans No. 2 and 9 were guaranteed by Jinong’s credit. The loans No. 3, 4 and 5 were guaranteed
by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 1 was guaranteed by
Jinong and Tianjuyuan’s deposit.
No. | | |
Payee | |
Loan period per agreement | |
Interest Rate | | |
June 30, 2015 | |
| 1 | | |
Beijing Bank – Pinggu Branch | |
Aug 6, 2014 – Aug 5, 2015 | |
| 6.72 | % | |
$ | 1,637,000 | |
| 2 | | |
China Merchants Bank – Chaoyang Branch | |
Aug 27, 2014 – Aug 26, 2015 | |
| 7.80 | % | |
| 1,637,000 | |
| 3 | | |
Beijing International Trust Co., Ltd | |
Sep 24, 2014 – Sep 23, 2015 | |
| 7.80 | % | |
| 1,637,000 | |
| 4 | | |
Beijing International Trust Co., Ltd | |
Oct 28, 2014 – Oct 27, 2015 | |
| 7.80 | % | |
| 1,637,000 | |
| 5 | | |
Beijing International Trust Co., Ltd | |
Dec 26, 2014 – Dec 15, 2015 | |
| 7.28 | % | |
| 1,637,000 | |
| 6 | | |
Agriculture Bank of China-Pinggu Branch | |
Jan 21, 2015 – Jan 20, 2016 | |
| 6.16 | % | |
| 1,309,600 | |
| 7 | | |
Tianjin Bank – Beijing Branch | |
Feb 3, 2015 – Jan 27, 2016 | |
| 6.16 | % | |
| 6,548,000 | |
| 8 | | |
Tianjin Bank – Beijing Branch | |
Feb 11, 2015 – Feb 10, 2016 | |
| 5.60 | % | |
| 4,616,340 | |
| 9 | | |
China Merchants Bank – Chaoyang Branch | |
Mar 16, 2015 – Mar 15, 2016 | |
| 6.96 | % | |
| 818,500 | |
| 10 | | |
Agriculture Bank of China-Pinggu Branch | |
May 12, 2015 – Apr 29, 2016 | |
| 5.89 | % | |
| 2,128,100 | |
| | | |
Total | |
| |
| | | |
$ | 23,605,540 | |
The interest expense from short-term loans
were $731,679 and $815,659 for the six months ended December 31, 2015 and 2014, respectively.
NOTE 9 – TAXES PAYABLE
Enterprise Income Tax
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, as a result of the expiration of its tax
exemption on December 31, 2007. Accordingly, it made provision for income taxes for the six months ended December 31, 2015 and
2014 of $1,805,667 and $2,462,055, 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 $1,256,325 and $1,093,424 for the six months ended December 31, 2015
and 2014, respectively.
Value-Added Tax
All of the Company’s 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, “ Exemption of VAT for Organic Fertilizer
Products ”, 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.
On August 10, 2015 and August 28, 2015, the SAT released Notice #90. “ Reinstatement of VAT for Fertilizer Products
”, and Notice #97, “ Supplementary Reinstatement of VAT for Fertilizer Products ”, which restore the VAT
of 13% of the gross sales price on certain fertilizer products starting from September 1, 2015, but granted tax payers a reduced
rate of 3% from September 1, 2015 through June 30, 2016.
Income Taxes and Related Payables
Taxes payable consisted of the following:
| |
December 31, | | |
June 30, | |
| |
2015 | | |
2015 | |
VAT provision | |
$ | 7,046 | | |
$ | 27,251 | |
Income tax payable | |
| 994,928 | | |
| 3,778,339 | |
Other levies | |
| 656,461 | | |
| 698,952 | |
Total | |
$ | 1,658,436 | | |
$ | 4,504,542 | |
Tax Rate Reconciliation
Our effective tax rates were approximately
26.7% and 21.1% for the six months ended December 31, 2015 and 2014, respectively. Substantially all of 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 six months ended December 31, 2015 and 2014, for the following reasons:
December 31, 2015
| |
China | | |
United States | | |
| | |
| |
| |
15% - 25% | | |
34% | | |
Total | | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Pretax income (loss) | |
$ | 14,575,200 | | |
| | | |
$ | (3,107,045 | ) | |
| | | |
$ | 11,468,155 | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Expected income tax expense (benefit) | |
| 3,643,800 | | |
| 25 | % | |
| (1,056,395 | ) | |
| 34.0 | % | |
| 2,587,405 | | |
| | |
High-tech income benefits on Jinong | |
| (1,145,841 | ) | |
| (7.86 | )% | |
| - | | |
| - | | |
| (1,145,841 | ) | |
| | |
Losses from subsidiaries in which no benefit is recognized | |
| 564,034 | | |
| 3.87 | % | |
| - | | |
| - | | |
| 564,034 | | |
| | |
Change in valuation allowance on deferred tax asset from US tax benefit | |
| - | | |
| - | | |
| 1,056,395 | | |
| (34.0 | )% | |
| 1,056,395 | | |
| | |
Actual tax expense | |
$ | 3,061,993 | | |
| 21 | % | |
$ | - | | |
| - | % | |
$ | 3,061,993 | | |
| 26.7 | % |
December 31, 2014
| |
China | | |
United States | | |
| | |
| |
| |
15% - 25% | | |
34% | | |
Total | | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Pretax income (loss) | |
$ | 20,896,514 | | |
| | | |
$ | (4,026,516 | ) | |
| | | |
$ | 16,869,998 | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Expected income tax expense (benefit) | |
| 5,224,129 | | |
| 25.0 | % | |
| (1,369,015 | ) | |
| 34.0 | % | |
| 3,855,114 | | |
| | |
High-tech income benefits on Jinong | |
| (1,565,331 | ) | |
| (7.5 | )% | |
| - | | |
| - | | |
| (1,565,331 | ) | |
| | |
Losses from subsidiaries in which no benefit is recognized | |
| (103,319 | ) | |
| (0.5 | )% | |
| - | | |
| - | | |
| (103,319 | ) | |
| | |
Change in valuation allowance on deferred tax asset from US tax benefit | |
| - | | |
| - | | |
| 1,369,015 | | |
| (34.0 | )% | |
| 1,369,015 | | |
| | |
Actual tax expense | |
$ | 3,555,479 | | |
| 17.0 | % | |
$ | - | | |
| - | % | |
$ | 3,555,479 | | |
| 21.1 | % |
NOTE 10 – STOCKHOLDERS’ EQUITY
Common Stock
On September 12, 2014, the Company’ Compensation
Committee, approved the issuance of 87,719 shares of common stock to its ten employees under the Company’s Amended and Restated
2012 Employee Stock Purchase Plan for a cash contribution of a total of $200,000. The issuance is at the closing price $2.28 per
share on September 11, 2014.
On September 30, 2014, the Company granted
an aggregate of 1,750,000 shares of restricted stock under the 2009 Equity Incentive Plan (the “2009 Plan”) to certain
executive officers, directors and employees, among which (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, 30,000 shares
of restricted stock to Ms. Yiru Shi, and 20,000 shares of restricted stock to Mr. Lianfu Liu, each an independent director of the
Company; and (iv) 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 December 31, 2016 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 is being amortized to compensation expense over the
vesting periods for the various awards.
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.
The following table sets forth changes in compensation-related
restricted stock awards during six months ended December 31, 2015:
| |
| | |
| | |
Grant Date | |
| |
Number of | | |
Fair Value of | | |
Fair Value | |
| |
Shares | | |
Shares | | |
Per share | |
Outstanding (unvested) at June 30, 2015 | |
| 1,708,000 | | |
$ | 1,797,992 | | |
| | |
Granted | |
| 1,000,000 | | |
| 1,660,000 | | |
$ | 1.66 | |
Forfeited | |
| - | | |
| - | | |
| | |
Vested | |
| (1,312,000 | ) | |
| (1,732,236 | ) | |
| | |
Outstanding (unvested) at December 31, 2015 | |
| 1,396,000 | | |
$ | 1,725,756 | | |
| | |
As of December 31, 2015, the unamortized expense
related to the grant of restricted shares of common stock of $1,725,756 will be amortized into expense through December 31, 2016. 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.
On November 6, 2015, the Company issued
7,675 shares of common stock for consulting services valued at $14,000. As of December 31, 2015, the Company issued 30,890 shares
of common stock for professional fees valued at $59,734. The shares were valued at the market price per corresponding services
agreements.
Dividend
On October 1, 2014,
the Company's Board of Directors declared a cash dividend of $0.10 per share to the Company's stockholders of common stock. The
dividend payable represented a total payment to the stockholders of $3,296,156. The cash dividend of $2,161,904 was paid on January
30, 2015 to stockholders of record as of the close of business on the record date of October 31, 2014. Certain stockholders, including
the Company’s Chairman, Mr. Li, elected to waive the dividend payment due to them and directed the Company to retain the
funds for working capital purposes.
Preferred Stock
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.
As of December 31, 2015, the Company had 20,000,000
shares of preferred stock authorized, with a par value of $.001 per share, of which no shares are issued or outstanding.
NOTE 11 –CONCENTRATIONS AND LITIGATION
Market Concentration
All of 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.
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.
Vendor and Customer
Concentration
There were two vendors from which the Company
purchased 29.8% and 16.4% of its raw materials for the six months ended December 31, 2015. Total purchase from these two vendors
amounted to $40,065,118 as of December 31, 2015.
There were three vendors from which the
Company purchased 19.4%, 13.6% and 10.4% of its raw materials for the six months ended December 31, 2014. Total purchase from these
three venders amounted to $45,141,568 as of December 31, 2014.
One customer was accounted for 26.6% of the
Company’s sales for the six months ended December 31, 2015. One customer was accounted for 15.6% of the Company’s sales
for the six months ended December 31, 2014.
Litigation
On October 15, 2010, a class action lawsuit
was filed against the Company and certain of its current and former officers in the United States District Court for the District
of Nevada (the "Nevada Federal Court") on behalf of purchasers of the Company’s common stock between November 12,
2009 and September 1, 2010. The last version of the complaint alleges that the Company and certain current and former officers
and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2), and 15 of the
Securities Act of 1933, as amended, by making material misstatements and omissions in the Company’s financial statements,
securities offering documents, and related disclosures during the class period. On October 7, 2011, the defendants moved to
dismiss the amended complaint and to strike portions of it. On November 2, 2012, the Court issued an order dismissing the claims
for violation of sections 11, 12(a)(2) and 15 of the Securities Act of 1933 as to all defendants and dismissing two individual
defendants from the complaint but allowing the claims for violations of section 10(b) and 20(a) of the Securities Exchange Act
of 1934 to continue with respect to the Company and the remaining of the individual defendants. The Nevada Federal Court also
denied the defendants’ motion to strike. The parties to the securities class action held mediation on March 7, 2013, which
led to an agreement in principle to settle the case for a payment of $ 2.5 million by the Company’s insurers in exchange
for a release of all claims against all defendants. On August 12, 2014, the Nevada Federal Court entered an order and final judgment
granting final approval to the settlement and dismissing all claims in accordance with the settlement agreement. The Company’s
insurers funded the full amount of the settlement of $2.5 million.
NOTE 12 – SEGMENT REPORTING
As of December 31, 2015, the Company was organized
into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production),
and Yuxing (agricultural products production). Each of the three operating segments referenced above has separate and distinct
general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross
margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources
and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment.
| |
Three months ended December 31, | | |
Six months ended December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Revenues from unaffiliated customers: | |
| | |
| | |
| | |
| |
Jinong | |
$ | 31,302,561 | | |
$ | 31,192,693 | | |
$ | 66,010,365 | | |
$ | 65,656,858 | |
Gufeng | |
| 23,579,674 | | |
| 21,778,807 | | |
| 41,814,506 | | |
| 37,764,881 | |
Yuxing | |
| 2,083,765 | | |
| 1,079,674 | | |
| 3,325,400 | | |
| 1,931,225 | |
Consolidated | |
$ | 56,966,000 | | |
$ | 54,051,174 | | |
$ | 111,150,271 | | |
$ | 105,352,964 | |
| |
| | | |
| | | |
| | | |
| | |
Operating income : | |
| | | |
| | | |
| | | |
| | |
Jinong | |
$ | 3,698,620 | | |
$ | 6,125,611 | | |
$ | 11,654,274 | | |
$ | 16,059,375 | |
Gufeng | |
| 3,052,879 | | |
| 2,731,233 | | |
| 5,662,832 | | |
| 5,127,211 | |
Yuxing | |
| 511,213 | | |
| 147,578 | | |
| 917,510 | | |
| 410,571 | |
Reconciling item (1) | |
| 0 | | |
| 0 | | |
| 0 | | |
| - | |
Reconciling item (2) | |
| 297,606 | | |
| (271,754 | ) | |
| (219,754 | ) | |
| (956,688 | ) |
Reconciling item (2)—stock compensation | |
| (1,780,587 | ) | |
| (1,649,150 | ) | |
| (2,857,081 | ) | |
| (3,069,870 | ) |
Consolidated | |
$ | 5,779,731 | | |
$ | 7,083,518 | | |
$ | 15,157,781 | | |
$ | 17,570,599 | |
| |
| | | |
| | | |
| | | |
| | |
Net income: | |
| | | |
| | | |
| | | |
| | |
Jinong | |
$ | 3,187,514 | | |
$ | 5,215,522 | | |
$ | 10,000,365 | | |
$ | 13,647,488 | |
Gufeng | |
| 2,049,897 | | |
| 1,764,886 | | |
| 3,670,264 | | |
| 3,175,597 | |
Yuxing | |
| 513,099 | | |
| 155,911 | | |
| 919,384 | | |
| 517,950 | |
Reconciling item (1) | |
| 5 | | |
| 22 | | |
| 29 | | |
| 42 | |
Reconciling item (2) | |
| (1,477,980 | ) | |
| (1,920,904 | ) | |
| (3,076,835 | ) | |
| (4,026,558 | ) |
Consolidated | |
$ | 4,272,535 | | |
$ | 5,215,437 | | |
$ | 11,513,207 | | |
$ | 13,314,519 | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation and Amortization: | |
| | | |
| | | |
| | | |
| | |
Jinong | |
$ | 9,358,107 | | |
$ | 10,919,835 | | |
$ | 19,292,089 | | |
$ | 21,488,404 | |
Gufeng | |
| 728,466 | | |
| 863,195 | | |
| 1,474,061 | | |
| 1,699,710 | |
Yuxing | |
| 336,433 | | |
| 349,456 | | |
| 679,741 | | |
| 693,566 | |
Consolidated | |
$ | 10,423,006 | | |
$ | 12,132,486 | | |
$ | 21,445,891 | | |
$ | 23,881,680 | |
| |
| | | |
| | | |
| | | |
| | |
Interest expense: | |
| | | |
| | | |
| | | |
| | |
Gufeng | |
| 302,644 | | |
| 359,915 | | |
| 731,679 | | |
| 815,659 | |
Consolidated | |
$ | 302,644 | | |
$ | 359,915 | | |
$ | 731,679 | | |
$ | 815,659 | |
| |
| | | |
| | | |
| | | |
| | |
Capital Expenditure: | |
| | | |
| | | |
| | | |
| | |
Jinong | |
$ | 6,643 | | |
$ | 4,968,047 | | |
$ | 6,643 | | |
$ | 9,222,517 | |
Gufeng | |
| 0 | | |
| 13,034 | | |
| 1,770 | | |
| 13,034 | |
Yuxing | |
| 6,449 | | |
| 370,193 | | |
| 7,252 | | |
| 370,193 | |
Consolidated | |
$ | 13,092 | | |
$ | 5,351,274 | | |
$ | 15,665 | | |
$ | 9,605,744 | |
| |
As of December 31, | | |
As of June 30, | |
| |
2015 | | |
2015 | |
Identifiable assets: | |
| | | |
| | |
Jinong | |
$ | 209,144,782 | | |
$ | 219,259,401 | |
Gufeng | |
| 173,218,844 | | |
| 165,267,975 | |
Yuxing | |
| 46,013,868 | | |
| 44,745,889 | |
Reconciling item (1) | |
| 110,138 | | |
| 312,198 | |
Reconciling item (2) | |
| (2,879 | ) | |
| (2,845 | ) |
Consolidated | |
$ | 428,484,753 | | |
$ | 348,728,342 | |
(1) Reconciling amounts refer to the unallocated assets or expenses
of Green New Jersey.
(2) Reconciling amounts refer to the unallocated assets or expenses
of the Parent Company.
NOTE
13 - COMMITMENTS AND CONTINGENCIES
On June 29, 2014, 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, 2014 with monthly rent
of $3,770 (RMB 24,480).
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 $480 (RMB 3,117).
Accordingly, the Company recorded an aggregate
of $28,261 and $14,808 as rent expenses for the six months ended December 31, 2015 and 2014, respectively. Rent expenses for the
next five years months ended December 31, are as follows:
Years ending December 31, |
2016 | |
$ | 28,261 | |
2017 | |
| 5,642 | |
2018 | |
| 5,642 | |
2019 | |
| 5,642 | |
2020 | |
| 5,642 | |
NOTE 14 VARIABLE INTEREST ENTITIES
In accordance with accounting standards regarding consolidation
of variable interest entities, VIEs are generally entities that lack sufficient equity to finance their activities without additional
financial support from other parties or whose equity holders lack adequate decision making ability. All VIEs with which a company
is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary
is required to consolidate the VIE for financial reporting purposes.
Green Nevada through one of its subsidiaries, Jinong, entered into
a series of agreements (the “VIE Agreements”) with Yuxing for it to qualify as a VIE, effective June 16, 2013.
The Company has concluded, based on the contractual arrangements,
that Yuxing is a VIE and that the Company’s wholly-owned subsidiary, Jinong, absorbs a majority of the risk of loss from
the activities of Yuxing, thereby enabling the Company, through Jinong, to receive a majority of Yuxing expected residual returns.
As a result of the VIE Agreements, Green Nevada is able to exercise
control over Yuxing and was entitled to substantially all of the economic benefits of Yuxing through its subsidiary, Jinong. Therefore,
Green Nevada consolidates Yuxing in accordance with ASC 810-10 (“Consolidation of Variable Interest Entities”) since
the date of the VIE Agreements.
The following financial statement amounts and
balances of the VIE were included in the accompanying consolidated financial statements as of December 31, 2015 and June 30, 2015:
| |
December 31 | | |
June 30, | |
| |
2015 | | |
2015 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 180,970 | | |
$ | 79,867 | |
Accounts receivable, net | |
| 192,716 | | |
| 72,748 | |
Inventories | |
| 18,365,531 | | |
| 18,138,137 | |
Other current assets | |
| 29,739 | | |
| 48,845 | |
Advances to suppliers | |
| 3,116,861 | | |
| 61,739 | |
Total Current Assets | |
| 21,885,817 | | |
| 18,401,336 | |
| |
| | | |
| | |
Plant, Property and Equipment, Net | |
| 14,220,333 | | |
| 15,692,975 | |
Construction In Progress | |
| 64,838 | | |
| 68,921 | |
Intangible Assets, Net | |
| 9,842,881 | | |
| 10,582,657 | |
Total Assets | |
$ | 46,013,869 | | |
$ | 44,745,889 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 273,112 | | |
$ | 159,730 | |
Accrued expenses and other payables | |
| 30,091 | | |
| 222,871 | |
Amount due to related parties | |
| 43,991,316 | | |
| 43,488,198 | |
Total Current Liabilities | |
| 44,294,519 | | |
| 43,870,799 | |
| |
| | | |
| | |
Stockholders' equity | |
| 1,719,350 | | |
| 875,090 | |
| |
| | | |
| | |
Total Liabilities and Stockholders' Equity | |
$ | 46,013,869 | | |
$ | 44,745,889 | |
| |
Three months ended December 31, | | |
Six months ended December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Revenue | |
$ | 2,083,765 | | |
$ | 1,079,674 | | |
$ | 3,325,400 | | |
$ | 1,931,225 | |
Expenses | |
| 1,570,665 | | |
| 923,763 | | |
| 2,406,015 | | |
| 1,413,275 | |
Net income (loss) | |
$ | 513,100 | | |
$ | 155,911 | | |
$ | 919,385 | | |
$ | 517,950 | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of
our financial condition and results of operations should be read in conjunction with our consolidated financial statements and
the notes to those financial statements appearing elsewhere in this report. This discussion and analysis contains forward-looking
statements that involve significant risks and uncertainties. As a result of many factors, such as the slow-down of the macro-economic
environment in China and its impact on economic growth in general, the competition in the fertilizer industry and the impact of
such competition on pricing, revenues and margins, the weather conditions in the areas where our customers are based, the cost
of attracting and retaining highly skilled personnel, the prospects for future acquisitions, and the factors set forth elsewhere
in this report, our actual results may differ materially from those anticipated in these forward-looking statements. In light of
these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this report will in fact
occur. You should not place undue reliance on the forward-looking statements contained in this report.
The forward-looking statements speak only
as of the date on which they are made, and, except to the extent required by U.S. federal securities laws, we undertake no obligation
to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events. Further, the information about our intentions contained in this report is
a statement of our intention as of the date of this report and is based upon, among other things, the existing regulatory environment,
industry conditions, market conditions and prices, and our assumptions as of such date. We may change our intentions, at any
time and without notice, based upon any changes in such factors, in our assumptions or otherwise.
Unless the context indicates otherwise,
as used in the following discussion, “Company”, “we,” “us,” and “our,” refer to
(i) China Green Agriculture, Inc. (“Green Nevada”), a corporation incorporated in the State of Nevada; (ii) Green Agriculture
Holding Corporation (“Green New Jersey”), a wholly-owned subsidiary of Green Nevada incorporated in the State of New
Jersey; (iii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), a wholly-owned subsidiary of Green New
Jersey organized under the laws of the PRC; (iv) Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (“Yuxing”),
a Variable Interest Entity (“VIE”) controlled by Jinong in the PRC; (v) Beijing Gufeng Chemical Products Co., Ltd.
(“Gufeng”), a wholly-owned subsidiary of Jinong in the PRC, and (vi) Beijing Tianjuyuan Fertilizer Co., Ltd. (“Tianjuyuan”),
a wholly-owned subsidiary of Gufeng in the PRC.
Unless the context otherwise requires, all
references to (i) “PRC” and “China” are to the People’s Republic of China; (ii) “U.S. dollar,”
“$” and “US$” are to United States dollars; and (iii) “RMB”, “Yuan” and Renminbi
are to the currency of the PRC or China.
Overview
We are engaged in the research, development,
production and sale of various types of fertilizers and agricultural products in the PRC through our wholly-owned Chinese subsidiaries,
Jinong and Gufeng (including Gufeng’s subsidiary Tianjuyuan), and our VIE, Yuxing. Our primary business is fertilizer products,
specifically humic-acid based compound fertilizer produced by Jinong and compound fertilizer, blended fertilizer, organic compound
fertilizer, slow-release fertilizer, highly-concentrated water-soluble fertilizer and mixed organic-inorganic compound fertilizer
produced by Gufeng. In addition, through Yuxing, we develop and produce various agricultural products, such as top-grade fruits,
vegetables, flowers and colored seedlings. For financial reporting purposes, our operations are organized into three business segments:
fertilizer products (Jinong), fertilizer products (Gufeng) and agricultural products (Yuxing).
The fertilizer business conducted by Jinong
and Gufeng generated approximately 97.0% and 98.2% of our total revenues for the six months ended December 31, 2015 and 2014, respectively.
Yuxing serves as a research and development base for our fertilizer products.
Fertilizer Products
As of December 31, 2015, we had developed and
produced a total of 461 different fertilizer products in use, of which 129 were developed and produced by Jinong and 332 by Gufeng.
Below is a table that shows the metric tons
of fertilizer sold by Jinong and Gufeng and the revenue per ton for the periods indicated:
| |
Three Months Ended December 31, | | |
Change from 2014 to 2015 | |
| |
2015 | | |
2014 | | |
Amount | | |
% | |
| |
(metric tons) | | |
| | | |
| | | |
| | |
Jinong | |
| 9,539 | | |
| 12,484 | | |
| (2,945 | ) | |
| (23.6 | )% |
Gufeng | |
| 62,775 | | |
| 56,031 | | |
| 6,744 | | |
| 12.0 | % |
| |
| 72,314 | | |
| 68,515 | | |
| 3,799 | | |
| | |
| |
Three Months Ended December 31, | | |
| | |
| |
| |
2015 | | |
2014 | | |
| | |
| |
| |
(revenue per ton) | | |
| | |
| |
Jinong | |
$ | 3,374 | | |
$ | 2,499 | | |
| | | |
| | |
Gufeng | |
| 367 | | |
| 385 | | |
| | | |
| | |
| |
Six Months Ended December 31, | | |
Change from 2014 to 2015 | |
| |
2015 | | |
2014 | | |
Amount | | |
% | |
| |
(metric tons) | | |
| | | |
| | | |
| | |
Jinong | |
| 19,603 | | |
| 27,102 | | |
| (7,499 | ) | |
| (27.7 | )% |
Gufeng | |
| 108,397 | | |
| 94,132 | | |
| 14,265 | | |
| 15.2 | % |
| |
| 128,000 | | |
| 121,234 | | |
| 6,766 | | |
| | |
| |
Six Months Ended December 31, | | |
| | |
| |
| |
2015 | | |
2014 | | |
| | |
| |
| |
(revenue per ton) | | |
| | |
| |
Jinong | |
$ | 3,406 | | |
$ | 2,423 | | |
| | | |
| | |
Gufeng | |
| 384 | | |
| 401 | | |
| | | |
| | |
For the three months ended December 31,
2015, we sold approximately 72,314 metric tons of fertilizer products, as compared to 68,515 metric tons for the three months ended
December 31, 2014. For the three months ended December 31, 2015, Jinong sold approximately 9,539 metric tons of fertilizer products,
a decrease of 2,945 metric tons, or 23.6%, as compared to 12,484 metric tons for the three months ended December 31, 2014. The
decrease was due to Jinong’s implementation of its sales strategy that focuses on producing high-margin liquid fertilizer
during the last three months. For the three months ended December 31, 2015, Gufeng sold approximately 62,775 metric tons
of fertilizer products, as compared to 56,031 metric tons for the three months ended December 31, 2014. The increase was mainly
attributable to Gufeng’s expanding of its marketing strategy.
For the six months ended December 31, 2015,
we sold approximately 128,000 metric tons of fertilizer products, as compared to 121,234 metric tons for the six months ended December
31, 2014. For the six months ended December 31, 2015, Jinong sold approximately 19,603 metric tons of fertilizer products, a decrease
of 7,499 metric tons, or 27.7%, as compared to 27,102 metric tons for the six months ended December 31, 2014. The decrease was
due to Jinong’s implementation of its sales strategy that focuses on producing high-margin liquid fertilizer during the last
six months. For the six months ended December 31, 2015, Gufeng sold approximately 108,397 metric tons of fertilizer products,
as compared to 94,132 metric tons for the six months ended December 31, 2014. The increase was mainly attributable to Gufeng’s
expanding of its marketing strategy.
Our sales of fertilizer products to five provinces
accounted for approximately 62.8% of our fertilizer revenue for the three months ended December 31, 2015. Specifically, the
provinces and their respective percentage contributed to our fertilizer revenues were: Beijing (27.8%), Shaanxi (13.4%), Heilongjiang
(9.2%), Anhui (7.4%), and Yunnan (5.0%).
As of December 31, 2015, we had a total of
1,334 distributors covering 27 provinces, four autonomous regions and three central government-controlled municipalities in China.
Jinong had 1,044 distributors in China. Jinong’s sales are not dependent on any single distributor or any group of distributors.
Jinong’s top five distributors accounted for 3.2% of its fertilizer revenues for the three months ended December 31, 2015.
Gufeng had 290 distributors, including some large state-owned enterprises. Gufeng’s top five distributors accounted for 98.3%
of its revenues for the three months ended December 31, 2015. One customer, Sino-agri Group, accounted for 28.3% of the Company’s
sales for the three months ended December 31, 2015.
Agricultural Products
Through Yuxing, we develop, produce and sell
high-quality flowers, green vegetables and fruits to local marketplaces and various horticulture and planting companies. We also
use certain of Yuxing’s greenhouse facilities to conduct research and development activities for our fertilizer products.
The three PRC provinces that accounted for 87.9% of our agricultural products revenue for the three months ended December 31, 2015
were Shaanxi (82.2%), Sichuan (3.7%), and Qinghai (1.9%).
Recent Developments
New products and distributors
During the three months ended December 31,
2015, Jinong launched two new fertilizer products. Jinong’s new products generated approximately $6,591, or 0.02% of Jinong’s
fertilizer revenue for the three months ended December 31, 2015. Jinong added seven new distributors for the three months ended
December 31, 2015. Jinong’s new distributors accounted for approximately $414,059, or 1.3% of Jinong’s fertilizer revenue
for the three months ended December 31, 2015.
During the three months ended December 31,
2015, Gufeng did not launch any new fertilizer products. However, Gufeng added two new distributors during the three months ended
December 31, 2015, which accounted for approximately $472,805, or 2.1%, of Gufeng’s fertilizer revenue.
Business development
Cooperation with Sino-agri Group
In October 2014, the Company's wholly-owned
subsidiaries organized under the laws of the PRC, Gufeng and Jinong, both entered into a strategic cooperation agreement with Sino-agri
Mining Resource Exploration Co., Ltd. ("Sino-agri"), a key subsidiary of Sino-agri Group.
Sino-agri Group is a nationwide large-scale
enterprise group that integrates production, circulation and service as well as specializes in the agricultural means of production,
such as chemical fertilizers, pesticides, seeds, agricultural machinery & implements, etc. It is an enterprise with the corresponding
level of the All-China Federation of Supply and Marketing Cooperatives and an exclusively-invested enterprise of China CO-OP Group
(http://www.chinacoop.coop/English/About%20China%20co-ops), which have the total assets of RMB30 billion, sales revenue of more
than RMB72 billion, and the sales volume of more than 25 million tons for the agricultural materials. (For more information, please
visit: http://english.sino-agri.com/show.php?id=10).
The objective of the strategic cooperation
agreement between Sino-argi and Gufeng is for Sino-argi and Gufeng to work together with sales goals in three years. Specifically,
pursuant to the agreement, Sino-agri sold 150,000 metric tons of compound fertilizers produced by Gufeng ("Gufeng Fertilizers")
during the calendar year 2015, and will sell 300,000-metric-ton Gufeng fertilizers during 2016 and 500,000-metric-ton Gufeng
Fertilizers in 2017 to promote Gufeng's flagship products.
To accomplish the sales goals of the agreement,
Sino-agri and Gufeng are committed to strengthen the production and marketing of Gufeng Fertilizers comprehensively. Specifically,
Gufeng will team up with Sino-agri to secure raw materials supplies by leveraging Sino-agri's global access to related raw materials.
With that, Gufeng shall deliver Sino-agri customized Gufeng’s Fertilizers upon the orders from Sino-agri's heterogeneous
customers. In the next three-year period, Gufeng will be able to tap needed financial credit facilities from Sino-agri to
fill the Sino-agri orders. In addition to Gufeng’s Fertilizers, Gufeng is committed to offer product support for Sino-agri's
clients which includes, but not limit to, soil testing, fertilizer comparison and testing, as well as fertilizer solutions. In
parallel, Sino-agri will give priority to purchase Gufeng Fertilizer to replenish its compound fertilizer inventory.
The objective of the strategic cooperation
agreement between Sino-argi and Jinong is to require both parties to achieve the following sales goals in the next three years:
Sino-agri Group sells 10,000 metric tons high-concentrated fertilizer produced by Jinong in the calendar year of 2015; 20,000 metric
tons in 2016 and 50,000 metric tons in 2017. The mission under the agreement is to establish a long-term strategic partnership
that is mutually beneficial to both parties. To take advantage of Sino-agri Group's state-owned advantage in fertilizer distribution
both domestic and overseas, Jinong will work with Sino-agri Group to improve Jinong's supply chain management in the procurement
of raw material, and the sale of concentrated fertilizer products. Specifically, Sino-agri Group will provide quality raw materials
and favorite lead time to Jinong. In return, Jinong will deliver to Sino-agri quality concentrated fertilizer at fair market price.
In addition, Sino-agri Group shall offer large support of working capital and investment to Jinong if Jinong needs liquidity and
capital investment to expand production. In the meantime, Jinong concentrates on differentiating the market demand for Sino-agri
and will customize corresponding product development and production process respectively.
We are very excited for having entered this
partnership with Sino-agri, and the result was satisfactory. Sino-agri has purchased a total of $29,306,030 fertilizer products
during the six months ended December 31, 2015, which accounted for 27.2% of the total sales of fertilizer products from Company.
We believe our partnership with Sino-agri will be extraordinary. These agreements are win-win showcases between us and the large
state-owned enterprise in China.
Cooperation with 900LH.com
The Company’s
affiliate, 900LH.com Food Co., Ltd. ("900LH.com", previously announced as Xi'an Gem Grain Co., Ltd) has entered into
an agreement to jointly build an “Agricultural Comprehensive Development Base Project” (the “Project”)
with the Shiquan County Government in China on January 16, 2015. The total investment on the Project is expected to be three billion
RMB (about 480 million USD). 900LH.com is a subsidiary of Xi'an Techteam Investment Holding (Group) Co., Ltd, ("Techteam
Investment"). Techteam Investment is a holding company owned and controlled by Mr. Tao Li, Chairman and CEO of the Company.
900LH.com focuses on the production and sales of high-end organic agricultural products. It has contracted with more than 200 planting
and breeding bases globally and prefers to utilize and promote the Company's fertilizers. The scope of the Project includes the
development of Panlong Valley farm of 900LH.com, where the Company showcases its products. Panlong Valley is located at Shiquan
County, Shaanxi Province, 150 miles southwest of Xi'an.
During the first phase
of the foregoing project, 900LH.com focused on building an ecological farm base. The base included leisure farming, sightseeing,
and sales of agriculture products. The total investment of the first phase would be one billion RMB (160 million USD approximately)
including the cost of relocating local residents. In the second phase, the ecological farm will develop into a modern agriculture
farm. The modern farm’s operation will include but not limit to, planting, breeding, agricultural products processing, and
tourism. The investment of the second phase would be two billion RMB (320 million USD approximately).
The Company and 900LH.com
have entered into an agreement that the Company’s fertilizers will be exclusively supplied to all plants and agricultural
products in the Project and 900LH.com will promote the Company’s fertilizers to all its affiliated farms. In the Project,
900LH.com, the Company, and the government in Shaanxi Province collaborate closely.
A New Business
Model
The Company has made progress on its proprietary
online sales platform of agriculture basic materials. The link to the online sales platform is www.900nong.com (“900nong”).
The business model of 900nong is to provide a platform for the distributors of the Company to set up online shops and to promote
the Company's products as well as other kinds of products, such as pesticides and seeds they distribute for various manufacturers.
900nong began operating in March 2015.
Results of Operations
Three months ended December 31, 2015
Compared to the Three months ended December 31, 2014.
| |
For the Three Months Ended December 31, | |
| |
2015 | | |
2014 | | |
change $ | | |
change % | |
Sales | |
| | | |
| | | |
| | | |
| | |
Jinong | |
$ | 31,302,561 | | |
$ | 31,192,693 | | |
$ | 109,868 | | |
| 0.4 | % |
Gufeng | |
| 23,579,674 | | |
| 21,778,807 | | |
| 1,800,867 | | |
| 8.3 | % |
Yuxing | |
| 2,083,765 | | |
| 1,079,674 | | |
| 1,004,091 | | |
| 93.0 | % |
Net sales | |
| 56,966,000 | | |
| 54,051,174 | | |
| 2,914,826 | | |
| 5.4 | % |
Cost of goods sold | |
| | | |
| | | |
| - | | |
| | |
Jinong | |
| 13,434,686 | | |
| 12,314,040 | | |
| 1,120,646 | | |
| 9.1 | % |
Gufeng | |
| 19,712,848 | | |
| 18,034,979 | | |
| 1,677,869 | | |
| 9.3 | % |
Yuxing | |
| 1,182,898 | | |
| 792,161 | | |
| 390,737 | | |
| 49.3 | % |
Cost of goods sold | |
| 34,330,432 | | |
| 31,141,180 | | |
| 3,189,252 | | |
| 10.2 | % |
Gross profit | |
| 22,635,568 | | |
| 22,909,994 | | |
| (274,426 | ) | |
| -1.2 | % |
Operating expenses | |
| | | |
| | | |
| - | | |
| | |
Selling expenses | |
| 5,285,103 | | |
| 1,981,065 | | |
| 3,304,038 | | |
| 166.8 | % |
Selling expenses - amortization of deferred assets | |
| 8,664,752 | | |
| 10,651,432 | | |
| (1,986,680 | ) | |
| -18.7 | % |
General and administrative expenses | |
| 2,905,982 | | |
| 3,193,979 | | |
| (287,997 | ) | |
| -9.0 | % |
Total operating expenses | |
| 16,855,837 | | |
| 15,826,476 | | |
| 1,029,361 | | |
| 6.5 | % |
Income from operations | |
| 5,779,731 | | |
| 7,083,518 | | |
| (1,303,787 | ) | |
| -18.4 | % |
Other income (expense) | |
| | | |
| | | |
| - | | |
| | |
Other income (expense) | |
| 729 | | |
| 4,749 | | |
| (4,020 | ) | |
| -84.6 | % |
Interest income | |
| 74,270 | | |
| 38,969 | | |
| 35,301 | | |
| 90.6 | % |
Interest expense | |
| (302,644 | ) | |
| (359,915 | ) | |
| 57,271 | | |
| -15.9 | % |
Total other income (expense) | |
| (227,645 | ) | |
| (316,197 | ) | |
| 88,552 | | |
| -28.0 | % |
Income before income taxes | |
| 5,552,086 | | |
| 6,767,321 | | |
| (1,215,235 | ) | |
| -18.0 | % |
Provision for income taxes | |
| 1,284,551 | | |
| 1,551,884 | | |
| (267,333 | ) | |
| -17.2 | % |
Net income | |
| 4,267,535 | | |
| 5,215,437 | | |
| (947,902 | ) | |
| -18.2 | % |
Other comprehensive income | |
| | | |
| | | |
| - | | |
| | |
Foreign currency translation gain | |
| (7,616,129 | ) | |
| 619,865 | | |
| (8,235,994 | ) | |
| -1328.7 | % |
Comprehensive income | |
$ | (3,348,594 | ) | |
$ | 5,835,302 | | |
$ | (9,183,896 | ) | |
| -157.4 | % |
| |
| | | |
| | | |
| - | | |
| | |
Basic weighted average shares outstanding | |
| 36,933,002 | | |
| 33,281,464 | | |
| 3,651,538 | | |
| 11.0 | % |
Basic net earnings per share | |
$ | 0.12 | | |
$ | 0.16 | | |
$ | (0.04 | ) | |
| -26.3 | % |
Diluted weighted average shares outstanding | |
| 36,933,002 | | |
| 33,281,464 | | |
| 3,651,538 | | |
| 11.0 | % |
Diluted net earnings per share | |
$ | 0.12 | | |
$ | 0.16 | | |
$ | (0.04 | ) | |
| -26.3 | % |
Net Sales
Total net sales for the three months ended
December 31, 2015 were $56,966,000, an increase of $2,914,826, or 5.4%, from $54,051,174 for the three months ended December 31,
2014. This increase was due to an increase in net sales from all three business segments.
For the three months ended December 31, 2015,
Jinong’s net sales increased $109,868, or 0.4%, to $31,302,561 from $31,192,693 for the three months ended December 31, 2014.
This slight increase was mainly attributable to Jinong’s higher priced liquid fertilizer sold despite the decrease in Jinong’s
sales volume during the three months ended December 31, 2015.
For the three months ended December 31, 2015,
Gufeng’s net sales were $23,579,674, an increase of $1,800,867 or 8.3% from $21,778,807 for the three months ended December
31, 2014. The increase was mainly attributable to Gufeng’s expanded marketing promotion strategy.
For the three months ended December 31, 2015,
Yuxing’s net sales were $2,083,765, an increase of $1,004,091 or 93.0%, from $1,079,674 during the three months ended
December 31, 2014. The increase was mainly attributable to the increase in market demand and the higher prices on Yuxing’s
top-grade flowers.
Cost of Goods Sold
Total cost of goods sold for the three months
ended December 31, 2015 was $34,330,432, an increase of $3,189,252, or 10.2%, from $31,141,180 for the three months ended December
31, 2014. This increase was mainly due to the 5.4% increase in net sales and an increased in cost of raw materials.
Cost of goods sold by Jinong for the three
months ended December 31, 2015 was $13,434,686, an increase of $1,120,646, or 9.1%, from $12,314,040 for the three months ended
December 31, 2014. The increase in cost of goods was primarily attributable to the higher raw materials cost.
Cost of goods sold by Gufeng for the three
months ended December 31, 2015 was $19,712,848, an increase of $1,677,869, or 9.3%, from $18,034,979 for the three months ended
December 31, 2014. This increase was primarily attributable to an increase in the cost of raw materials and an increase in the
sales of fertilizer products.
For the three months ended December 31, 2015,
cost of goods sold by Yuxing was $1,182,898, an increase of $390,737, or 49.3%, from $792,161 for the three months ended December
31, 2014. This increase was mainly due to the increase in Yuxing’s net sales.
Gross Profit
Total gross profit for the three months ended
December 31, 2015 decreased by $274,426 to $22,635,568, as compared to $22,909,994 for the three months ended December 31, 2014.
Gross profit margin was 39.7% and 42.4% for the three months ended December 31, 2015 and 2014, respectively.
Gross profit generated by Jinong decreased
by $1,010,778, or 5.4%, to $17,867,875 for the three months ended December 31, 2015 from $18,878,653 for the three months ended
December 31, 2014. Gross profit margin from Jinong’s sales was approximately 57.1% and 60.5% for the three months ended December
31, 2015 and 2014, respectively. The decrease in gross profit margin was mainly due to the higher raw material cost and packaging
cost.
For the three months ended December 31, 2015,
gross profit generated by Gufeng was $3,866,826, an increase of $122,998, or 3.3%, from $3,743,828 for the three months ended December
31, 2014. Gross profit margin from Gufeng’s sales was approximately 16.4% and 17.2% for the three months ended December 31,
2015 and 2014, respectively. The decrease in gross profit percentage was mainly due to the increased weight for lower-margin products
sales in Gufeng’s total sales answering to market demand.
For the three months ended December 31, 2015,
gross profit generated by Yuxing was $900,867, an increase of $613,354, or 213.3% from $287,513 for the three months ended December
31, 2014. The gross profit margin was approximately 43.2% and 26.6% for the three months ended December 31, 2015 and 2014,
respectively. The increase in gross profit margin was mainly due to the higher priced top grade flowers that Yuxing sold during
the three months ended December 31, 2015.
Selling Expenses
Our selling expenses consisted primarily of
salaries of sales personnel, advertising and promotion expenses, freight-out costs and related compensation. Selling expenses were
$5,285,103, or 9.3%, of net sales for the three months ended December 31, 2015, as compared to $1,981,065 or 3.7% of net sales
for the three months ended December 31, 2014, an increase of $3,304,038, or 166.8%. The selling expenses of Yuxing were $135,466
or 6.5% of Yuxing’s net sales for the three months ended December 31, 2015, as compared to $13,935, or 1.3% of Yuxing’s
net sales for the three months ended December 31, 2014. The selling expenses of Gufeng were $110,972 or 0.5% of Gufeng’s
net sales for the three months ended December 31, 2015, as compared to $228,488, or 1.0% of Gufeng’s net sales for the three
months ended December 31, 2014. The selling expenses of Jinong for the three months ended December 31, 2015 were $5,038,665 or
16.1% of Jinong’s net sales, as compared to selling expenses of $1,738,642, or 5.6% of Jinong’s net sales for the three
months ended December 31, 2014. The increase in Jinong’s selling expenses was due to Jinong’s expanded marketing efforts
and the increase in shipping costs.
Selling Expenses – amortization of
deferred assets
Our selling expenses - amortization of our
deferred assets were $8,664,752, or 15.2%, of net sales for the three months ended December 31, 2015, as compared to $10,651,432
or 18.7% of net sales for the three months ended December 31, 2014, a decrease of $1,986,680, or 18.7%. This decrease was due to
the fact that some of the deferred assets were fully amortized and therefore no amortization was recorded on the fully amortized
assets during the three months ended December 31, 2015.
General and Administrative Expenses
General and administrative expenses consisted
primarily of related salaries, rental expenses, business development, depreciation and travel expenses incurred by our general
and administrative departments and legal and professional expenses including expenses incurred and accrued for certain litigations.
General and administrative expenses were $2,905,982, or 5.1% of net sales for the three months ended December 31, 2015, as compared
to $3,193,979, or 5.9%, of net sales for the three months ended December 31, 2014, a decrease of $257,758, or 8.1%. The decrease
in general and administrative expenses was mainly due to the related expenses in the stock compensation awarded to the employees
which amounted to $1,242,508 for the three months ended December 31, 2015 as compared to $1,786,225 for the three months ended
December 31, 2014.
Total Other Expenses
Total other expenses consisted of income from
subsidies received from the PRC government, interest income, interest expenses and bank charges. The total other expense for the
three months ended December 31, 2015 was $227,645, as compared to $316,197 for the three months ended December 31, 2014, a decrease
of $88,552, or 28.0%. The decrease in total other expense was partly resulted from an increase in interest income by $35,301 or
90.6%, to $74,270 during the three months ended December 31, 2015 as compared to $38,969 during the three months ended December
31, 2014, due to the increased deposit in the banks. There was also a $729 other income during the three months ended December
31, 2015, as compared to other income $4,749 during the three months ended December 31, 2014. Interest expense decreased by $57,271
or 15.9%, to $302,644 during the three months ended December 31, 2015 as compared to $359,915 during the three months ended December
31, 2014, due to a lesser amount of short-term loans.
Income Taxes
Jinong is subject to a preferred tax rate of
15% as a result of its business being classified as a High-Tech project under the PRC Enterprise Income Tax Law (“EIT”)
that became effective on January 1, 2008. Jinong incurred income tax expenses of $584,959 for the three months ended December
31, 2015, as compared to $945,468 for the three months ended December 31, 2014, a decrease of $360,509, or 38.1%. The decrease
was mainly due to Jinong’s lower net income resulting from the increased selling expenses offset by its higher sales.
Gufeng, subject to a tax rate of 25%, incurred
income tax expenses of $699,591 for the three months ended December 31, 2015, as compared to $606,416 for the three months ended
December 31, 2014, an increase of $93,175, or 15.4%, which was primarily due to Gufeng’s increased net income.
Yuxing has no income tax for the three months
ended December 31, 2015 as a result of being exempted from paying income tax due to the fact its products fall into the tax exemption
list set out in the EIT.
Net Income
Net income for the three months ended December
31, 2015 was $4,267,535, a decrease of $947,902, or 18.2%, compared to $5,215,437 for the three months ended December 31, 2014.
The decrease was attributable to the higher coast of good sold and increase in selling expenses offset by an increase in net sales
and selling expenses. Net income as a percentage of total net sales was approximately 7.5% and 9.6% for the three months ended
December 31, 2015 and 2014, respectively.
Six months ended December 31, 2015 Compared
to the Six months ended December 31, 2014.
| |
For the Six Months Ended December 31, | |
| |
2015 | | |
2014 | | |
change $ | | |
change
% | |
Sales | |
| | | |
| | | |
| | | |
| | |
Jinong | |
$ | 66,010,365 | | |
$ | 65,656,858 | | |
$ | 353,507 | | |
| 0.5 | % |
Gufeng | |
| 41,814,506 | | |
| 37,764,881 | | |
| 4,049,625 | | |
| 10.7 | % |
Yuxing | |
| 3,325,400 | | |
| 1,931,225 | | |
| 1,394,175 | | |
| 72.2 | % |
Net sales | |
| 111,150,271 | | |
| 105,352,964 | | |
| 5,797,307 | | |
| 5.5 | % |
Cost of goods sold | |
| | | |
| | | |
| - | | |
| | |
Jinong | |
| 27,975,071 | | |
| 25,694,663 | | |
| 2,280,408 | | |
| 8.9 | % |
Gufeng | |
| 34,458,522 | | |
| 30,634,164 | | |
| 3,824,358 | | |
| 12.5 | % |
Yuxing | |
| 1,892,948 | | |
| 1,440,709 | | |
| 452,239 | | |
| 31.4 | % |
Cost of goods sold | |
| 64,326,541 | | |
| 57,769,536 | | |
| 6,557,005 | | |
| 11.4 | % |
Gross profit | |
| 46,823,730 | | |
| 47,583,428 | | |
| (759,698 | ) | |
| -1.6 | % |
Operating expenses | |
| | | |
| | | |
| - | | |
| | |
Selling expenses | |
| 7,628,858 | | |
| 2,716,702 | | |
| 4,912,156 | | |
| 180.8 | % |
Selling expenses - amortization of deferred assets | |
| 18,377,467 | | |
| 20,982,516 | | |
| (2,605,049 | ) | |
| -12.4 | % |
General and administrative expenses | |
| 5,659,624 | | |
| 6,313,611 | | |
| (653,987 | ) | |
| -10.4 | % |
Total operating expenses | |
| 31,665,949 | | |
| 30,012,829 | | |
| 1,653,120 | | |
| 5.5 | % |
Income from operations | |
| 15,157,781 | | |
| 17,570,599 | | |
| (2,412,818 | ) | |
| -13.7 | % |
Other income (expense) | |
| | | |
| | | |
| - | | |
| | |
Other income (expense) | |
| (3,834 | ) | |
| 46,704 | | |
| (50,538 | ) | |
| -108.2 | % |
Interest income | |
| 152,932 | | |
| 68,354 | | |
| 84,578 | | |
| 123.7 | % |
Interest expense | |
| (731,679 | ) | |
| (815,659 | ) | |
| 83,980 | | |
| -10.3 | % |
Total other income (expense) | |
| (582,581 | ) | |
| (700,601 | ) | |
| 118,020 | | |
| -16.8 | % |
Income before income taxes | |
| 14,575,200 | | |
| 16,869,998 | | |
| (2,294,798 | ) | |
| -13.6 | % |
Provision for income taxes | |
| 3,061,993 | | |
| 3,555,479 | | |
| (493,486 | ) | |
| -13.9 | % |
Net income | |
| 11,513,207 | | |
| 13,314,519 | | |
| (1,801,312 | ) | |
| -13.5 | % |
Other comprehensive income | |
| | | |
| | | |
| - | | |
| | |
Foreign currency translation gain | |
| (22,728,368 | ) | |
| 626,154 | | |
| (23,354,522 | ) | |
| -3729.8 | % |
Comprehensive income | |
$ | (11,215,161 | ) | |
$ | 13,940,673 | | |
$ | (25,155,834 | ) | |
| -180.4 | % |
| |
| | | |
| | | |
| - | | |
| | |
Basic weighted average shares outstanding | |
| 36,436,026 | | |
| 32,829,357 | | |
| 3,606,669 | | |
| 11.0 | % |
Basic net earnings per share | |
$ | 0.32 | | |
$ | 0.41 | | |
$ | (0.09 | ) | |
| -22.1 | % |
Diluted weighted average shares outstanding | |
| 36,436,026 | | |
| 32,829,357 | | |
| 3,606,669 | | |
| 11.0 | % |
Diluted net earnings per share | |
$ | 0.32 | | |
$ | 0.41 | | |
$ | (0.09 | ) | |
| -22.1 | % |
Net Sales
Total net sales for the six months ended December
31, 2015 were $111,150,271, an increase of $5,797,307, or 5.5%, from $105,352,964 for the six months ended December 31, 2014. This
increase was due to an increase in net sales from all three business segments.
For the six months ended December 31, 2015,
Jinong’s net sales increased of $353,507, or 0.5%, to $66,010,365 from $65,656,858 for the six months ended December 31,
2014. This slightly increase was mainly attributable to Jinong’s higher priced liquid fertilizer sold despite the decrease
in Jinong’s sales volume during the six months ended December 31, 2015.
For the six months ended December 31, 2015,
Gufeng’s net sales were $41,814,506, an increase of $4,049,625 or 10.7% from $37,764,881 for the six months ended December
31, 2014. The increase was mainly attributable to Gufeng’s expanded marketing promotion strategy.
For the six months ended December 31, 2015,
Yuxing’s net sales were $3,325,400, an increase of $1,394,175 or 72.2%, from $1,931,225 during the six months ended
December 31, 2014. The increase was mainly attributable to the increase in market demand and higher prices on Yuxing’s top-grade
flowers.
Cost of Goods Sold
Total cost of goods sold for the six months
ended December 31, 2015 was $64,326,541, an increase of $6,557,005, or 11.4%, from $57,769,536 for the six months ended December
31, 2014. This increase was mainly due to the 5.6% increase in net sales and an increase in the cost of raw materials.
Cost of goods sold by Jinong for the six months
ended December 31, 2015 was $27,975,071, an increase of $2,280,408, or 8.9%, from $25,694,663 for the six months ended December
31, 2014. The increase was primarily attributable to its higher raw material cost.
Cost of goods sold by Gufeng for the six months
ended December 31, 2015 was $34,458,522, an increase of $3,824,358, or 12.5%, from $30,634,164 for the six months ended December
31, 2014. This increase was primarily attributable to an increase in the cost of raw materials and an increase in the sales of
fertilizer products.
For the six months ended December 31, 2015,
cost of goods sold by Yuxing was $1,892,948, an increase of $452,239, or 31.4%, from $1,440,709 for the six months ended December
31, 2014. This increase was mainly due to the increase in Yuxing’s net sales.
Gross Profit
Total gross profit for the six months ended
December 31, 2015 decreased by $759,698 to $46,823,730, as compared to $47,583,428 for the six months ended December 31, 2014.
Gross profit margin was 42.1% and 45.2% for the six months ended December 31, 2015 and 2014, respectively.
Gross profit generated by Jinong decreased
by $1,926,901, or 4.8%, to $38,035,294 for the six months ended December 31, 2015 from $39,962,195 for the six months ended December
31, 2014. Gross profit margin from Jinong’s sales was approximately 57.6% and 60.9% for the six months ended December 31,
2015 and 2014, respectively. The decrease in gross profit margin was mainly due to higher raw material cost and higher packaging
cost.
For the six months ended December 31, 2015,
gross profit generated by Gufeng was $7,355,984, an increase of $225,267, or 3.2%, from $7,130,717 for the six months ended December
31, 2014. Gross profit margin from Gufeng’s sales was approximately 17.6% and 18.9% for the six months ended December 31,
2015 and 2014, respectively. The decrease in gross profit percentage was mainly due to the increased weight for lower-margin products
sales in Gufeng’s total sales answering to market demand.
For the six months ended December 31, 2015,
gross profit generated by Yuxing was $1,432,452, an increase of $941,936, or 31.7% from $490,516 for the six months ended December
31, 2014. The gross profit margin was approximately 43.1% and 25.4% for the six months ended December 31, 2015 and 2014,
respectively.
The increase in gross profit margin was mainly
due to the higher priced top grade flowers that Yuxing sold during the six months ended December 31, 2015.
Selling Expenses
Our selling expenses consisted primarily of
salaries of sales personnel, advertising and promotion expenses, freight-out costs and related compensation. Selling expenses were
$7,628,858, or 6.9%, of net sales for the six months ended December 31, 2015, as compared to $2,716,702 or 2.6% of net sales for
the six months ended December 31, 2014, an increase of $4,912,156, or 180.8%. The selling expenses of Yuxing were $143,171 or 4.3%
of Yuxing’s net sales for the six months ended December 31, 2015, as compared to $21,073, or 1.1% of Yuxing’s net sales
for the six months ended December 31, 2014.The selling expenses of Gufeng were $263,657 or 0.6% of Gufeng’s net sales for
the six months ended December 31, 2015, as compared to $414,466, or 1.1% of Gufeng’s net sales for the six months ended December
31, 2014. The selling expenses of Jinong for the six months ended December 31, 2015 were $7,222,030 or 10.9% of Jinong’s
net sales, as compared to selling expenses of $2,281,163, or 3.5% of Jinong’s net sales for the six months ended December
31, 2014. The increase in Jinong’s selling expenses was due to Jinong’s expanded marketing efforts and the increase
in shipping costs.
Selling Expenses – amortization of
deferred assets
Our selling expenses - amortization of our
deferred assets were $18,377,467, or 16.5%, of net sales for the six months ended December 31, 2015, as compared to $20,982,516
or 19.9% of net sales for the six months ended December 31, 2014, a decrease of $2,605,049, or 12.4%. This decrease was due to
the fact that some of the deferred assets were fully amortized and therefore no amortization was recorded on the fully amortized
assets during the six months ended December 31, 2015.
General and Administrative Expenses
General and administrative expenses consisted
primarily of related salaries, rental expenses, business development, depreciation and travel expenses incurred by our general
and administrative departments and legal and professional expenses including expenses incurred and accrued for certain litigations.
General and administrative expenses were $5,659,624, or 5.1% of net sales for the six months ended December 31, 2015, as compared
to $6,313,611, or 6.0%, of net sales for the six months ended December 31, 2014, a decrease of $653,987, or 10.4%. The decrease
in general and administrative expenses was mainly due to the related expenses in the stock compensation awarded to the employees
which amounted to $2,319,002 for the six months ended December 31, 2015 as compared to $3,206,945 for the six months ended December
31, 2014.
Total Other Expenses
Total other expenses consisted of income from
subsidies received from the PRC government, interest income, interest expenses and bank charges. The total other expense for the
six months ended December 31, 2015 was $582,581, as compared to $700,601 for the six months ended December 31, 2014, a decrease
of $118,020, or 16.8%. The decrease in total other expense was partly resulted from an increase in interest income by $84,578 or
123.7%, to $152,932 during the six months ended December 31, 2015 as compared to $68,354 during the six months ended December 31,
2014, due to the increased deposit in the banks. There was also a $3,834 other expense during the six months ended December 31,
2015, as compared to other income $46,704 during the six months ended December 31, 2014. Interest expense decreased by $83,980
or 10.3%, to $731,679 during the six months ended December 31, 2015 as compared to $815,659 during the six months ended December
31, 2014, due to a lesser amount of short-term loans.
Income Taxes
Jinong is subject to a preferred tax rate of
15% as a result of its business being classified as a High-Tech project under the PRC Enterprise Income Tax Law (“EIT”)
that became effective on January 1, 2008. Jinong incurred income tax expenses of $1,805,667 for the six months ended December
31, 2015, as compared to $2,462,055 for the six months ended December 31, 2014, a decrease of $656,388, or 26.7%. The decrease
was mainly due to Jinong’s lower net income resulting from the increased selling expenses offset by its higher sales.
Gufeng, subject to a tax rate of 25%, incurred
income tax expenses of $1,256,325 for the six months ended December 31, 2015, as compared to $1,093,424 for the six months ended
December 31, 2014, an increase of $162,901, or 14.9%, which was primarily due to Gufeng’s increased net income.
Yuxing has no income tax for the six months
ended December 31, 2015 as a result of being exempted from paying income tax due to its products fall into the tax exemption list
set out in the EIT.
Net Income
Net income for the six months ended December
31, 2015 was $11,513,207, a decrease of $1,801,312, or 13.5%, compared to $13,314,519 for the six months ended December 31, 2014.
The decrease was attributable to the higher cost of goods sold and increase in selling expenses offset by an increase in our net
sales. Net income as a percentage of total net sales was approximately 10.4% and 12.6 % for the six months ended December 31, 2015
and 2014, respectively.
Discussion of Segment Profitability Measures
As of December 31, 2015, we were engaged in
the following businesses: the production and sale of fertilizers through Jinong and Gufeng and the production and sale of high-quality
agricultural products by Yuxing. For financial reporting purpose, our operations were organized into three main business segments
based on locations and products: Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products
production). Each of the segments has its own annual budget with regard to development, production and sales.
Each of the three operating segments referenced
above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) makes decisions with respect
to resources allocation and performance assessment upon receiving financial information, including revenue, gross margin, operating
income and net income produced from the various general ledger systems; however, net income by segment is the principal benchmark
to measure profit or loss adopted by the CODM.
For Jinong, the net income decreased by $3,647,122
or 26.7% to $10,000,366 for the six months ended December 31, 2015 from $13,647,488 for the six months ended December 31, 2014.
The decrease was principally due to higher selling expenses.
For Gufeng, the net income increased by $494,668
or 15.6% to $3,670,265 for the six months ended December 31, 2015 from $3,175,597 for the six months ended December 31, 2014. The
increase was principally due to the increase in net sales.
For Yuxing, the net income increased by $401,435
or 77.5% to $919,385 for the six months ended December 31, 2015 from $517,950 for the six months ended December 31, 2014. The increase
was mainly due to the higher net sales and Yuxing’s more cost-efficient measures taken for the six months ended December
31, 2015, compare to the same period a year before.
Liquidity and Capital Resources
Our principal sources of liquidity include
cash from operations, borrowings from local commercial banks and net proceeds of offerings of our securities consummated in July
2009 and November/December 2009 (collectively the “Public Offerings”).
As of December 31, 2015, cash and cash equivalents
were $99,567,375, an increase of $40,202,929, or 67.7%, from $59,364,446 as of June 30, 2015.
We intend to use our working capital to acquire
new businesses, upgrade production lines and complete Yuxing’s new greenhouse facilities for agriculture products located
on 88 acres of land in Hu County, 18 kilometers southeast of Xi’an city. Our liquidity needs have generally consisted of
working capital necessary to finance receivables, raw material and finished goods inventory. We believe that we have sufficient
cash on hand and positive projected cash flow from operations to support our business growth for the next twelve months to the
extent we do not have further significant acquisitions or expansions. However, if events or circumstances occur and we do not meet
our operating plan as expected, we may be required to seek additional capital and/or to reduce certain discretionary spending,
which could have a material adverse effect on our ability to achieve our business objectives. Notwithstanding the foregoing,
we may seek additional financing as necessary for expansion purposes and when we believe market conditions are most advantageous,
which may include additional debt and/or equity financings. There can be no assurance that any additional financing will be available
on acceptable terms, if at all. Any equity financing may result in dilution to existing stockholders and any debt financing may
include restrictive covenants.
The following table sets forth a summary of
our cash flows for the periods indicated:
| |
Six Months Ended December 31, | |
| |
2015 | | |
2014 | |
Net cash provided by operating activities | |
$ | 15,686,820 | | |
$ | 38,908,479 | |
Net cash used in investing activities | |
| (15,665 | ) | |
| (7,638,284 | ) |
Net cash provided by (used in) financing activities | |
| (3,276,000 | ) | |
| 1,139,646 | |
Effect of exchange rate change on cash and cash equivalents | |
| (5,810,344 | ) | |
| 64,284 | |
Net increase (decrease) in cash and cash equivalents | |
| 6,584,811 | | |
| 32,474,125 | |
Cash and cash equivalents, beginning balance | |
| 92,982,564 | | |
| 26,890,321 | |
Cash and cash equivalents, ending balance | |
$ | 99,567,375 | | |
$ | 59,364,446 | |
Operating Activities
Net cash provided by operating activities was
$15,686,820 for the six months ended December 31, 2015, an increase of $23,221,659 compared to $38,908,479 for the six months
ended December 31, 2014. The decrease was mainly attributable to the decrease in net income, account receivable and advances to
suppliers, and a decrease in taxes payable, offset by a decrease in inventories and customer deposits during the six months ended
December 31, 2015 as compared to the same period in 2014.
Investing Activities
Net cash used in investing activities for the
six months ended December 31, 2015 was $15,665, a decrease of $7,622,619, or 99.8% from $7,638,284 for the six months ended December
31, 2014. During the six months ended December 31, 2014, Jinong assisted its distributors in marketing to expand its competitive
product advantage and market share by advancing them $9,222,371 as compared to $0 during the six months ended December 31,
2015. In addition, during the six months ended December 31, 2014, we received $1,967,460 from the payment on other receivables
compared to $0 during the six months ended December 31, 2015.
Financing Activities
Net cash used in financing activities for the
six months ended December 31, 2015 was $3,276,000, a decrease of $4,415,646 or 387.5% from cash provided by financing activities
of $1,139,646 for the six months ended December 31, 2014. During the six months ended December 31, 2015, we received $4,424,000
from the proceeds from loans and repaid loans of $7,900,000 compared to $8,130,000 of proceeds and $8,536,500 repayments during
the six months ended December 31, 2014. In addition, during the six months ended December 31, 2014, we received proceeds
of $1,245,746 from the sale of our common stock while we did not have any proceeds from such an item during the six months
ended December 31, 2015.
As of December 31, 2015 and June 30, 2015,
our loans payable were as follows:
| |
December 31, 2015 | | |
June 30, 2015 | |
Short term loans payable: | |
$ | 18,818,800 | | |
$ | 23,640,310 | |
Total | |
$ | 18,818,800 | | |
$ | 23,640,310 | |
Accounts Receivable
We had accounts receivable of $65,730,552
as of December 31, 2015, as compared to $68,528,598 as of June 30, 2015, a decrease of $2,798,046 or 4.1%, which is mainly attributable
to Gufeng. As of December 31, 2015, Gufeng had account receivable of $149,642, a decrease of $745,938, or 83.3%, comparing to $895,580
as of June 30, 2015. The decrease is mainly due to a number of large clients paid up their account payable to Gufeng during the
last six months.
Allowance for doubtful accounts in account
receivable for the six months ended December 31, 2015 was $312,746, a decrease of $4,823 or 1.6% from $307,923 as of June 30, 2015.
And the allowance for doubtful accounts as a percentage of accounts receivable was 0.47% as of December 31, 2015 and 0.45% as of
June 30, 2015. The decrease is not significant.
Deferred assets
We had deferred assets of $30,096,510 as of
December 31, 2015, as compared to $51,527,209 as of June 30, 2015. We have been assisting our distributors in certain marketing
efforts and developing standard stores to enhance our competitive advantages and market shares since December 31, 2014. Based on
the distributor agreements, the amount owed by the distributors in certain marketing efforts and store development will be expensed
over three years as long as the distributors are actively selling our products. If a distributor defaults, breaches, or terminates
the agreement with us earlier than the realization of contractual terms, the unamortized portion of the amount owed by the distributor
has to be refunded to us immediately. The Company’s Chairman and CEO, Mr. Li, provided credit backup to guarantee toward
potential losses to the Company of any amounts due from distributors in this matter.
Inventories
We had an inventory of $118,320,621 as of December
31, 2015, as compared to $101,302,947 as of June 30, 2015, an increase of $17,017,674, or 16.8%. The increase is in the inventory
level was seasonal, which is mainly due to Gufeng’s $129,195,214 inventory as of December 31, 2015. Such increase was largely
attributable to the preparatory replenishment of raw material at a lower price for the expected large production of fertilizer
in the incoming winter to meet the anticipated large orders, as well as the accumulation of finished fertilizer products in expecting
a huge demand in the near future. The increase was primarily attributable to Gufeng’s inventory. As of December 31,
2015, Gufeng’s inventory was $98,907,369 as a result of the acquisition of raw materials at lower prices for the production
and accumulation of finished fertilizer products in expecting a huge demand in the near future. These products are expected to
be sold and shipped during the coming year.
Advances to Suppliers
We had advances to suppliers of $47,334,873
as of December 31, 2015 as compared to $40,910,837 as of June 30, 2015, representing an increase of $6,424,036 or 15.7%.due to
the large acquisition of raw material during the last six months. To ensure our ability to deliver compound fertilizer to the distributor
timely prior to the planting season, we need to have sufficient raw material in stock to stabilize the production. To build up
the inventory, we typically make advance payment to the suppliers to secure the supply of raw material of basic fertilizer. Our
inventory level may fluctuate from time to time, depending how fast the raw material gets consumed and replenished during the production
process, and how fast the finished goods get sold. The replenishment of raw material relies on the management’s estimate
of numerous factors, including but not limited to, the raw material’s future price, and spot price along with their volatility,
as well as the seasonal demand and future price of finished fertilizer products. Such estimate may not be accurate, and the purchase
decision of raw materials based on the estimate can cause excessive inventories in slow sales and insufficient inventories in peak
times.
Accounts Payable
We had accounts payable of $2,371,069 as of
December 31, 2015 as compared to $2,372,130 as of June 30, 2015. The decrease was insignificant.
Unearned Revenue (Customer Deposits)
We had unearned revenue of $34,228,083 as of
December 31, 2015 as compared to $19,129,853 as of June 30, 2015, representing an increase of $15,098,230, or 78.9%. The
increase was mainly attributable to Gufeng’s $33,623,531 in customer deposits as of December 31, 2015, compared to $18,811,820
as of June 30, 2015. We expect to deliver products to our customers during the next three months at which time we expect to
recognize the revenue.
We do not have any off-balance sheet arrangements.
Critical Accounting Policies and Estimates
Management’s discussion and analysis
of its financial condition and results of operations are based upon our consolidated financial statements, which have been prepared
in accordance with United States generally accepted accounting principles. Our financial statements reflect the selection and application
of accounting policies which require management to make significant estimates and judgments. See Note 2 to our consolidated financial
statements, “Basis of Presentation and Summary of Significant Accounting Policies.” We believe that the following paragraphs
reflect the most critical accounting policies that currently affect our financial condition and results of operations:
Use of estimates
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 estimates.
Revenue recognition
Sales revenue is recognized at the date of
shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, we have
no other significant obligations and collectability is reasonably assured. Payments received before all of the relevant criteria
for revenue recognition are satisfied are recorded as unearned revenue.
Our revenue consists of invoiced value of goods,
net of a value-added tax (VAT). No product return or sales discount allowance is made as products delivered and accepted by customers
are normally not returnable and sales discounts are normally not granted after products are delivered.
Cash and cash equivalents
For statement of cash flows purposes, we consider
all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less,
when purchased, to be cash and cash equivalents.
Accounts receivable
Our policy is to maintain reserves for potential
credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts,
customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate
the adequacy of these reserves. Any accounts receivable of Jinong and Gufeng that is outstanding for more than 180 days will be
accounted as allowance for bad debts, and any accounts receivable of Yuxing that is outstanding for more than 90 days will be accounted
as allowance for bad debts.
Deferred assets
Deferred assets represent amounts the Company
advanced to the distributors in their marketing and stores development to expand our competitive advantage and market shares. Based
on the distributor agreements, the amount owed by the distributors in certain marketing efforts and store development will be expensed
over three years as long as the distributors are actively selling our products. If a distributor defaults, breaches, or terminates
the agreement with us earlier than the realization the contractual terms, the unamortized portion of the amount owed by the distributor
has to be refunded to us immediately. The Company’s Chairman and CEO, Mr. Li, provided credit backup guarantee toward
potential losses to the Company of any amounts due from distributors in this matter.
Segment reporting
FASB ASC 280 requires use of 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 manner in which management disaggregates a company.
As of December 31, 2015, we were organized
into three main business segments: Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural
products production).
Item 3. Quantitative and Qualitative Disclosures
About Market Risk
Disclosures About Market Risk
We may be exposed to changes in financial market
conditions in the normal course of business. Market risk generally represents the risk that losses may occur as a result of movements
in interest rates and equity prices. We currently do not, in the normal course of business, use financial instruments that are
subject to changes in financial market conditions.
Currency Fluctuations and Foreign Currency
Risk
Substantially all of our revenues and expenses
are denominated in RMB. However, we use U.S. dollar for financial reporting purposes. Conversion of RMB into foreign currencies
is regulated by the People’s Bank of China through a unified floating exchange rate system. Although the PRC government has
stated its intention to support the value of RMB, there can be no assurance that such exchange rate will not again become volatile
or that RMB will not devalue significantly against U.S. dollar. Exchange rate fluctuations may adversely affect the value, in U.S.
dollar terms, of our net assets and income derived from our operations in the PRC.
Our reporting currency is U.S. dollar. Except
for U.S. holding companies, all of our consolidated revenues, consolidated costs and expenses, and our assets are denominated in
RMB. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected by fluctuations
in the exchange rate between U.S. dollars and RMB. If RMB depreciates against U.S. dollar, the value of our RMB revenues, earnings
and assets as expressed in our U.S. dollar financial statements will decline. Assets and liabilities are translated at the exchange
rates as of the balance sheet dates, revenues and expenses are translated at the average exchange rates, and shareholders’
equity is translated at historical exchange rates. Any resulting translation adjustments are not included in determining net income
but are included in determining other comprehensive income, a component of shareholders’ equity. As of December 31, 2015,
our accumulated other comprehensive income was $3.0 million. We have not entered into any hedging transactions in an effort to
reduce our exposure to foreign exchange risk. The value of RMB against U.S. dollar and other currencies is affected by, among other
things, changes in the PRC’s political and economic conditions. In 2015, China’s currency dropped by a cumulative 5%
against the U.S. dollar. The effect on trade can be substantial. Moreover, it is possible that, in the future, PRC authorities
may lift restrictions on fluctuations in RMB exchange rate and lessen intervention in the foreign exchange market.
Interest Rate Risk
We deposit surplus funds with Chinese banks
earning daily interest. We do not invest in any instruments for trading purposes. All of our outstanding debt instruments carry
fixed rates of interests. The amount of short-term debt outstanding as of December 31, 2015 and June 30, 2015 was $18.8 million
and $23.6 million, respectively. We are exposed to interest rate risk primarily with respect to our short-term bank loans. Although
the interest rates, which are based on the banks’ prime rates with respect to our short-term loans, are fixed for the terms
of the loans, the terms are typically three to twelve months for short-term bank loans and interest rates are subject to change
upon renewal. There were no material changes in interest rates for short-term bank loans renewed during the three months ended
December 31, 2015. The original loan term on average is one year, and the remaining average life of the short term-loans is approximately
five months.
Management monitors the banks’ prime
rates in conjunction with our cash requirements to determine the appropriate level of debt balances relative to other sources of
funds. We have not entered into any hedging transactions in an effort to reduce our exposure to interest rate risk.
Credit Risk
We have not experienced significant credit
risk, as most of our customers are long-term customers with superior payment records. Our receivables are monitored regularly by
our credit managers.
Inflation Risk
Inflationary factors such as increases in the
cost of our products and overhead costs may adversely affect our operating results. Although we do not believe that inflation has
had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have
an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative expenses as
a percentage of net revenues if the selling prices of our products do not increase with these increased costs.
Item 4. Controls and Procedures
(a) Evaluation of disclosure controls and procedures
At the conclusion of the period ended December
31, 2015 we carried out an evaluation, under the supervision and with the participation of our management, including our Chief
Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation
of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange
Act of 1934 (the “Exchange Act”)). Based upon that evaluation, our CEO and CFO concluded that as of the end of the
period covered by this Quarterly Report, our disclosure controls and procedures were effective and adequately designed to ensure
that the information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the applicable rules and forms, and that such information was accumulated
and communicated to our management, including our CEO and CFO, in a manner that allowed for timely decisions regarding required
disclosure.
(b) Changes in internal controls
There were no changes in our internal control
over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or
15d-15 that occurred during the quarter ended December 31, 2015 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 6. Exhibits
The exhibits required by this item are set forth in the Exhibit
Index attached hereto.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
CHINA GREEN AGRICULTURE, INC. |
|
|
|
Date: February 5, 2016 |
By: |
/s/ Tao Li |
|
Name: |
Tao Li |
|
Title: |
President and Chief Executive Officer |
|
|
(principal executive officer) |
|
|
|
Date: February 5, 2016 |
By: |
/s/ Ken Ren |
|
Name: |
Ken Ren |
|
Title: |
Chief Financial Officer |
|
|
(principal financial officer and principal accounting officer) |
EXHIBIT INDEX
No. |
|
Description |
|
|
|
31.1 |
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2 |
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1 |
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
101.INS |
|
XBRL Instance Document |
|
|
|
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
|
|
|
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
|
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
Exhibit 31.1
CERTIFICATION PURSUANT TO
SECTION 302(a) OF THE SARBANES-OXLEY ACT
OF 2002
I, Tao Li certify that:
1. I have reviewed this
Quarterly Report on Form 10-Q (this “Report”) of China Green Agriculture, Inc.;
2. Based on my knowledge,
this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this Report;
3. Based on my knowledge,
the financial statements, and other financial information included in this Report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;
4. The registrant's other
certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have:
(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this Report is being prepared;
(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this Report our conclusions about the
effectiveness of the disclosure controls and procedures as of the end of the period covered by this Report based on such evaluation;
and
(d) Disclosed
in this Report any change in the registrant's internal control over financial reporting that occurred during the registrant's most
recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and
5. The registrant's other
certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
(a) all significant
deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant's internal control
over financial reporting.
Date: February 5, 2016
/s/ Tao Li |
|
Name: Tao Li |
|
Title: President and Chief Executive Officer |
|
(principal executive officer) |
|
Exhibit 31.2
CERTIFICATION PURSUANT TO
SECTION 302(a) OF THE SARBANES-OXLEY ACT
OF 2002
I, Ken Ren, certify that:
1. I have reviewed this
Quarterly Report on Form 10-Q (this “Report”) of China Green Agriculture, Inc.;
2. Based on my knowledge,
this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this Report;
3. Based on my knowledge,
the financial statements, and other financial information included in this Report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;
4. The registrant's other
certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have:
(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this Report is being prepared;
(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this Report our conclusions about the
effectiveness of the disclosure controls and procedures as of the end of the period covered by this Report based on such evaluation;
and
(d) Disclosed
in this Report any change in the registrant's internal control over financial reporting that occurred during the registrant's most
recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and
5. The registrant's other
certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
(a) all significant
deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant's internal control
over financial reporting.
Date: February 5, 2016
/s/ Ken Ren |
|
Name: Ken Ren |
|
Title: Chief Financial Officer |
|
(principal financial officer and principal accounting officer) |
|
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002
The undersigned hereby
certifies, each in his capacity as an executive officer of China Green Agriculture, Inc. (the “Company”), for the purposes
of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:
1. The Company’s
Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2015 as filed with the Securities and Exchange Commission
(the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
as amended; and
2. The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: February 5, 2016
/s/ Tao Li |
|
Name: Tao Li |
|
Title: President and Chief Executive Officer |
|
(principal executive officer) |
|
|
|
/s/ Ken Ren |
|
Name: Ken Ren |
|
Title: Chief Financial Officer |
|
(principal financial officer and principal accounting officer) |
|
This certification accompanies each Report
pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act
of 2002, be deemed filed by the Company for purposes of §18 of the Exchange Act, as amended.
A signed original of this written statement
required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and
Exchange Commission or its staff upon request.
v3.3.1.900
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Current Assets |
|
|
Cash and cash equivalents |
$ 99,567,375
|
$ 92,982,564
|
Accounts receivable, net |
65,730,552
|
68,528,598
|
Amount due from related parties |
150,396
|
0
|
Inventories |
118,320,621
|
101,302,947
|
Prepaid expenses and other current assets |
340,493
|
459,400
|
Advances to suppliers, net |
47,334,873
|
40,910,837
|
Total Current Assets |
331,444,310
|
304,184,346
|
Plant, Property and Equipment, Net |
40,221,147
|
44,634,194
|
Other Receivables, Net of current portion |
0
|
0
|
Deferred Asset, Net |
30,096,510
|
51,527,209
|
Other Assets |
135,128
|
185,480
|
Intangible Assets, Net |
21,652,844
|
23,805,746
|
Goodwill |
4,934,814
|
5,245,643
|
Total Assets |
428,484,753
|
429,582,618
|
Current Liabilities |
|
|
Accounts payable |
2,371,069
|
2,372,130
|
Customer deposits |
34,228,083
|
19,129,853
|
Accrued expenses and other payables |
5,097,097
|
4,952,977
|
Amount due to related parties |
2,198,219
|
2,068,102
|
Taxes payable |
1,658,436
|
4,504,542
|
Short term loans |
18,818,800
|
23,605,540
|
Total Current Liabilities |
$ 64,371,704
|
$ 56,633,144
|
Commitment and Contingencies |
|
|
Stockholders' Equity |
|
|
Preferred Stock, $.001 par value, 20,000,000 shares authorized, zero shares issued and outstanding |
$ 0
|
$ 0
|
Common stock, $.001 par value, 115,197,165 shares authorized, 36,936,088 and 35,905,198 shares issued and outstanding as of December 31, 2015 and June 30, 2015, respectively |
36,936
|
35,905
|
Additional paid-in capital |
125,738,089
|
123,360,384
|
Statutory reserve |
26,145,838
|
25,030,688
|
Retained earnings |
209,212,316
|
198,814,259
|
Accumulated other comprehensive income |
2,979,870
|
25,708,238
|
Total Stockholders' Equity |
364,113,049
|
372,949,474
|
Total Liabilities and Stockholders' Equity |
$ 428,484,753
|
$ 429,582,618
|
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Preferred stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares, outstanding |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
115,197,165
|
115,197,165
|
Common stock, shares issued |
36,936,088
|
35,905,198
|
Common stock, shares, outstanding |
36,936,088
|
35,905,198
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sales |
|
|
|
|
Net sales |
$ 56,966,000
|
$ 54,051,174
|
$ 111,150,271
|
$ 105,352,964
|
Cost of goods sold |
|
|
|
|
Cost of goods sold |
34,330,432
|
31,141,180
|
64,326,541
|
57,769,536
|
Gross profit |
22,635,568
|
22,909,994
|
46,823,730
|
47,583,428
|
Operating expenses |
|
|
|
|
Selling expenses |
5,285,103
|
1,981,065
|
7,628,858
|
2,716,702
|
Selling expenses - amortization of deferred asset |
8,664,752
|
10,651,432
|
18,377,467
|
20,982,516
|
General and administrative expenses |
2,905,982
|
3,193,979
|
5,659,624
|
6,313,611
|
Total operating expenses |
16,855,837
|
15,826,476
|
31,665,949
|
30,012,829
|
Income from operations |
5,779,731
|
7,083,518
|
15,157,781
|
17,570,599
|
Other income (expense) |
|
|
|
|
Other income (expense) |
729
|
4,749
|
(3,834)
|
46,704
|
Interest income |
74,270
|
38,969
|
152,932
|
68,354
|
Interest expense |
(302,644)
|
(359,915)
|
(731,679)
|
(815,659)
|
Total other income (expense) |
(227,645)
|
(316,197)
|
(582,581)
|
(700,601)
|
Income before income taxes |
5,552,086
|
6,767,321
|
14,575,200
|
16,869,998
|
Provision for income taxes |
1,284,551
|
1,551,884
|
3,061,993
|
3,555,479
|
Net income |
4,267,535
|
5,215,437
|
11,513,207
|
13,314,519
|
Other comprehensive income (loss) |
|
|
|
|
Foreign currency translation gain (loss) |
(7,616,129)
|
619,865
|
(22,728,368)
|
626,154
|
Comprehensive income (loss) |
$ (3,348,594)
|
$ 5,835,302
|
$ (11,215,161)
|
$ 13,940,673
|
Basic weighted average shares outstanding (in shares) |
36,933,002
|
33,281,464
|
36,436,026
|
32,829,357
|
Basic net earnings per share (in dollars per share) |
$ 0.12
|
$ 0.16
|
$ 0.32
|
$ 0.41
|
Diluted weighted average shares outstanding (in shares) |
36,933,002
|
33,281,464
|
36,436,026
|
32,829,357
|
Diluted net earnings per share (in dollars per share) |
$ 0.12
|
$ 0.16
|
$ 0.32
|
$ 0.41
|
Jinong [Member] |
|
|
|
|
Sales |
|
|
|
|
Net sales |
$ 31,302,561
|
$ 31,192,693
|
$ 66,010,365
|
$ 65,656,858
|
Cost of goods sold |
|
|
|
|
Cost of goods sold |
13,434,686
|
12,314,040
|
27,975,071
|
25,694,663
|
Operating expenses |
|
|
|
|
Income from operations |
3,698,620
|
6,125,611
|
11,654,274
|
16,059,375
|
Other income (expense) |
|
|
|
|
Net income |
3,187,514
|
5,215,522
|
10,000,365
|
13,647,488
|
Gufeng [Member] |
|
|
|
|
Sales |
|
|
|
|
Net sales |
23,579,674
|
21,778,807
|
41,814,506
|
37,764,881
|
Cost of goods sold |
|
|
|
|
Cost of goods sold |
19,712,848
|
18,034,979
|
34,458,522
|
30,634,164
|
Operating expenses |
|
|
|
|
Income from operations |
3,052,879
|
2,731,233
|
5,662,832
|
5,127,211
|
Other income (expense) |
|
|
|
|
Interest expense |
(302,644)
|
(359,915)
|
(731,679)
|
(815,659)
|
Net income |
2,049,897
|
1,764,886
|
3,670,264
|
3,175,597
|
Yuxing [Member] |
|
|
|
|
Sales |
|
|
|
|
Net sales |
2,083,765
|
1,079,674
|
3,325,400
|
1,931,225
|
Cost of goods sold |
|
|
|
|
Cost of goods sold |
1,182,898
|
792,161
|
1,892,948
|
1,440,709
|
Operating expenses |
|
|
|
|
Income from operations |
511,213
|
147,578
|
917,510
|
410,571
|
Other income (expense) |
|
|
|
|
Net income |
$ 513,099
|
$ 155,911
|
$ 919,384
|
$ 517,950
|
X |
- DefinitionThe amount of expense recognized in the current period for the periodic realization of capitalized fees that were paid to salespeople, distributors, brokers, and agents at the time of the conclusion of the sale. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash flows from operating activities |
|
|
Net income |
$ 11,513,207
|
$ 13,314,519
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
Issuance of common stock and stock options for compensation |
2,378,736
|
3,206,945
|
Depreciation and amortization |
21,445,891
|
23,881,680
|
Loss on disposal of property, plant and equipment |
345
|
25,240
|
Changes in operating assets |
|
|
Accounts receivable |
(1,295,393)
|
17,868,983
|
Amount due from related parties |
(154,303)
|
0
|
Other current assets |
88,817
|
(9,654)
|
Inventories |
(23,618,284)
|
(71,309,766)
|
Advances to suppliers |
(9,078,019)
|
23,947,858
|
Other assets |
40,385
|
(77,842)
|
Changes in operating liabilities |
|
|
Accounts payable |
130,081
|
(680,569)
|
Customer deposits |
16,653,368
|
24,018,709
|
Tax payables |
(2,646,182)
|
3,529,113
|
Accrued expenses and other payables |
228,171
|
1,193,263
|
Amount due to related parties |
0
|
0
|
Net cash provided by operating activities |
15,686,820
|
38,908,479
|
Cash flows from investing activities |
|
|
Purchase of plant, property, and equipment |
(15,665)
|
(383,373)
|
Proceeds from other receivables |
0
|
1,967,460
|
Deferred assets |
0
|
(9,222,371)
|
Net cash used in investing activities |
(15,665)
|
(7,638,284)
|
Cash flows from financing activities |
|
|
Proceeds from the sale of common stock |
0
|
1,245,746
|
Proceeds from loans |
4,424,000
|
8,130,000
|
Repayment of loans |
(7,900,000)
|
(8,536,500)
|
Advance from related party |
200,000
|
300,400
|
Net cash used in financing activities |
(3,276,000)
|
1,139,646
|
Effect of exchange rate change on cash and cash equivalents |
(5,810,344)
|
64,284
|
Net increase in cash and cash equivalents |
6,584,811
|
32,474,125
|
Cash and cash equivalents, beginning balance |
92,982,564
|
26,890,321
|
Cash and cash equivalents, ending balance |
99,567,375
|
59,364,446
|
Supplement disclosure of cash flow information |
|
|
Interest expense paid |
731,679
|
815,659
|
Income taxes paid |
$ 2,763,253
|
$ 26,366
|
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v3.3.1.900
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Nature of Operations [Text Block] |
NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS 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, such as top-grade fruits, vegetables, flowers and colored seedlings. 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 PRC controlled by Jinong through 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”). The Company’s corporate structure as of December 31, 2015 is set forth in the diagram below: The unaudited consolidated financial statements were prepared by Company pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) were omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K. The results for the six months ended December 31, 2015, are not necessarily indicative of the results to be expected for the year ending June 30, 2016.
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v3.3.1.900
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Significant Accounting Policies [Text Block] |
NOTE 2 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principle of consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan and VIE Yuxing. All significant inter-company accounts and transactions have been eliminated in consolidation. Use of estimates 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. Cash and cash equivalents and concentration of cash 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 People’s 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 two banks in China. The aggregate cash in such accounts and on hand as of December 31, 2015 and June 30, 2015 was $99,567,375 and $92,676,188, respectively. There is no insurance securing these deposits in China over $77,000 (RMB 500,000). In addition, the Company also had $107,189 and $306,376 in cash in two banks in the United States as of December 31, 2015 and June 30, 2015, respectively, with $500,000 secured by the U.S. Federal Deposit Insurance Corporation. 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. Deferred assets Deferred assets represent amounts that the distributors owed to the Company in their marketing efforts and developing standard stores to expand the competitiveness and market shares of the Company’s products . The amount owed to the Company will be expensed over three years which is the term as stated in the cooperation agreement, as long as the distributors are actively selling the Company’s products. For the six months ended December 31, 2015 and 2014, the Company amortized $21,430,699 and $32,153,216, 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 an annual impairment testing. The estimated amortization expense of the deferred assets for the twelve months ending December 31, 2016 and 2017 is $26,315,270 and $3,781,241, respectively. 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 actually 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 (G.A.A.P), 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. 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. Earnings per share 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. The components of basic and diluted earnings per share consist of the following: | | Three Months Ended December 31, | | | | 2015 | | 2014 | | Net Income for Basic Earnings Per Share | | $ | 4,267,535 | | $ | 5,215,437 | | Basic Weighted Average Number of Shares | | | 36,933,002 | | | 33,281,464 | | Net Income Per Share Basic | | $ | 0.12 | | $ | 0.16 | | Net Income for Diluted Earnings Per Share | | $ | 4,267,535 | | $ | 5,215,437 | | Diluted Weighted Average Number of Shares | | | 36,933,002 | | | 33,281,464 | | Net Income Per Share Diluted | | $ | 0.12 | | $ | 0.16 | | | | Six Months Ended December 31, | | | | 2015 | | 2014 | | Net Income for Basic Earnings Per Share | | $ | 11,513,207 | | $ | 13,314,519 | | Basic Weighted Average Number of Shares | | | 36,436,026 | | | 32,829,357 | | Net Income Per Share Basic | | $ | 0.32 | | $ | 0.41 | | Net Income for Diluted Earnings Per Share | | $ | 11,513,207 | | $ | 13,314,519 | | Diluted Weighted Average Number of Shares | | | 36,436,026 | | | 32,829,357 | | Net Income Per Share Diluted | | $ | 0.32 | | $ | 0.41 | | Reclassification Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2015 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported. Recent accounting pronouncements FASB Accounting Standards Update No. 2014-09 In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09) , which supersedes 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 to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard beginning January 1, 2017. FASB Accounting Standards Update No. 2015-01 In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement Extraordinary and Unusual items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01). The amendment eliminates from U.S. GAAP the concept of extraordinary items. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted and allows the Company to apply the amendment prospectively or retrospectively. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. FASB Accounting Standards Update No. 2015-02 In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. This amendment provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 is effective for periods beginning December 15, 2015. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s consolidated financial statements. Early adoption is permitted. FASB Accounting Standards Update No. 2015-14 In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendment defers the effective date of ASU No. 2014-09 for all entities for one year. The guidance in ASU 2014-09 will now apply to public business entities, certain not-for-profit entities, and certain employee benefit plans from annual reporting periods beginning December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods after December 31, 2016, including interim reporting periods with that reporting period. FASB Accounting Standards Update No. 2015-16 In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805). ASU No. 2015-16 requires that an acquirer retrospectively adjust provisional amounts recognized in a business combination, during the measurement period. To simplify the accounting for adjustments made to provisional amounts, the amendments in the Update require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of ASU 2015-016 is not expected to have a material effect on the Company’s consolidated financial statements. 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.
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- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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v3.3.1.900
INVENTORIES
|
6 Months Ended |
Dec. 31, 2015 |
Inventory Disclosure [Abstract] |
|
Inventory Disclosure [Text Block] |
NOTE 3 INVENTORIES Inventories consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Raw materials | | $ | 79,023,607 | | $ | 48,294,614 | | Supplies and packing materials | | $ | 601,112 | | $ | 529,398 | | Work in progress | | $ | 435,906 | | $ | 348,670 | | Finished goods | | $ | 38,259,995 | | $ | 52,130,265 | | Total | | $ | 118,320,621 | | $ | 101,302,947 | |
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- DefinitionThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
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v3.3.1.900
PROPERTY, PLANT AND EQUIPMENT
|
6 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment Disclosure [Text Block] |
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Building and improvements | | $ | 41,645,549 | | $ | 43,699,066 | | Auto | | | 618,465 | | | 900,562 | | Machinery and equipment | | | 21,503,631 | | | 23,173,209 | | Agriculture assets | | | 783,797 | | | 833,165 | | Total property, plant and equipment | | | 64,551,441 | | | 68,606,002 | | Less: accumulated depreciation | | | (24,330,294) | | | (23,971,808) | | Total | | $ | 40,221,147 | | $ | 44,634,194 | |
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- DefinitionThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
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v3.3.1.900
INTANGIBLE ASSETS
|
6 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets Disclosure [Text Block] |
NOTE 5 - INTANGIBLE ASSETS Intangible assets consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Land use rights, net | | $ | 10,746,369 | | $ | 11,554,776 | | Technology patent, net | | | 118,067 | | | 251,008 | | Customer relationships, net | | | 4,520,608 | | | 5,337,372 | | Trademarks | | | 6,267,800 | | | 6,662,590 | | Total | | $ | 21,652,844 | | $ | 23,805,746 | | LAND USE RIGHT 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 $11,270,474). The intangible asset is being amortized over the grant period of 50 years using the straight line method. 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 $161,076). The intangible asset is being amortized over the grant period of 50 years using the straight line method. 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 $1,121,905). The intangible asset is being amortized over the grant period of 50 years. The Land Use Rights consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Land use rights | | $ | 12,553,455 | | $ | 13,344,160 | | Less: accumulated amortization | | | (1,807,086) | | | (1,789,384) | | Total land use rights, net | | $ | 10,746,369 | | $ | 11,554,776 | | TECHNOLOGY PATENT 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 RMB 9,200,000 (or $1,416,800) and is amortized over the remaining useful life of six years using the straight line method. The technology know-how consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Technology know-how | | $ | 2,321,561 | | $ | 2,467,789 | | Less: accumulated amortization | | | (2,203,494) | | | (2,216,781) | | Total technology know-how, net | | $ | 118,067 | | $ | 251,008 | | CUSTOMER RELATIONSHIP 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 $10,010,000) and is amortized over the remaining useful life of ten years. | | December 31, | | June 30, | | | | 2015 | | 2015 | | Customer relationships | | $ | 10,010,000 | | $ | 10,640,500 | | Less: accumulated amortization | | | (5,489,392) | | | (5,303,128) | | Total customer relationships, net | | $ | 4,520,608 | | $ | 5,337,372 | | TRADEMARKS 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 $6,398,040) and is subject to an annual impairment test. AMORTIZATION EXPENSE Estimated amortization expenses of intangible assets for the next five twelve months periods ended December 31, 2015, are as follows: AMORTIZATION TABLE Year Ends | | Expense ($) | | December 31, 2016 | | | 1,370,136 | | December 31, 2017 | | | 1,252,069 | | December 31, 2018 | | | 1,252,069 | | December 31, 2019 | | | 1,252,069 | | December 31, 2020 | | | 751,569 | |
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- DefinitionThe entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.
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ACCRUED EXPENSES AND OTHER PAYABLES
|
6 Months Ended |
Dec. 31, 2015 |
Payables and Accruals [Abstract] |
|
Accrued Expenses and Other Payables Disclosure [Text Block] |
NOTE 6 - ACCRUED EXPENSES AND OTHER PAYABLES Accrued expenses and other payables consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Payroll payable | | $ | 7,552 | | $ | 18,451 | | Welfare payable | | | 158,103 | | | 168,061 | | Accrued expenses | | | 3,884,299 | | | 3,554,733 | | Other payables | | | 918,299 | | | 1,098,705 | | Other levy payable | | | 128,844 | | | 113,027 | | Total | | $ | 5,097,097 | | $ | 4,952,977 | |
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.3.1.900
RELATED PARTY TRANSACTIONS AND BALANCES
|
6 Months Ended |
Dec. 31, 2015 |
Related Party Transactions [Abstract] |
|
Related Party Transactions Disclosure [Text Block] |
NOTE 7 - RELATED PARTY TRANSACTIONS AND BALANCES As of December 31, 2015 and June 30, 2015, the amount due from related parties was $150,396 and $0, respectively. As of December 31, 2015, $150,396 were due from the Company’s affiliate, 900LH.com Food Co., Ltd. ("900LH.com", previously announced as Xi'an Gem Grain Co., Ltd) to Yuxing, representing a balance that 900LH.com would pay to Yuxing according to the Sales Agreement (as defined below) between Yuxing and 900LH.com. At the end of September 2015, Yuxing entered into a sales agreement with 900LH.com 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 4,500,000 (approximately $693,000). As of December 31, 2015, the contract had been fulfilled with an exceeded sales amount of $732,947. 900LH.com had paid Yuxing a total of $582,551 with an amount due of $150,396 as of December 31, 2015. As of December 31, 2015 and June 30, 2015, the amount due to related parties was $2,198,219 and $2,068,102, respectively. As of December 31, 2015 and June 30, 2015, $1,116,743 and $1,184,643, 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. On June 29, 2014, Jinong signed an office lease with Xi’an 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, 2014 with monthly rent of RMB24,480 (approximately $3,770).
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
LOAN PAYABLES
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Short-term Debt [Text Block] |
NOTE 8- LOAN PAYABLES As of December 31, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from January 21, 2015 through August 2, 2016 with interest rates ranging from 5.20% to 6.96%. The loans No. 1 and 5 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No.3 is collateralized by deposit. The loan No. 2 is collateralized by Jinong’s land use right and Jinong’s credit. The loans No. 4, 6 and 7 are guaranteed by Jinong’s credit. The loan No.8 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. No. | | Payee | | Loan period per agreement | | Interest Rate | | December 31, 2015 | | | 1 | | Agriculture Bank of China-Pinggu Branch | | Jan 21, 2015 - Jan 20, 2016 | | | 6.16 | % | $ | 1,232,000 | | | 2 | | Bank of Tianjin- Beijing Branch | | Feb 3, 2015 - Jan 27, 2016 | | | 6.16 | % | | 6,160,000 | | | 3 | | Bank of Tianjin- Beijing Branch | | Feb 11, 2015 - Feb 10, 2016 | | | 5.60 | % | | 4,342,800 | | | 4 | | China Merchants Bank- Chaoyangmen Branch | | Mar 16, 2015 - Mar 15, 2016 | | | 6.96 | % | | 770,000 | | | 5 | | Agriculture Bank of China-Pinggu Branch | | May 12, 2015 - Apr 29, 2016 | | | 5.89 | % | | 2,002,000 | | | 6 | | Bank of Beijing- Pinggu Branch | | Aug 11, 2015- Aug 2, 2016 | | | 5.82 | % | | 1,540,000 | | | 7 | | China Merchants Bank- Cahoyangmen Branch | | Sep 9, 2015- Mar 8, 2016 | | | 5.20 | % | | 1,540,000 | | | 8 | | Beijing International Trust Co., Ltd | | Nov 17, 2015- Feb 13, 2016 | | | 5.22 | % | | 1,232,000 | | | | | | | | | | | | | | | | | | Total | | | | | | | $ | 18,818,800 | | As of June 30, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from August 6, 2014 through April 29, 2016 with interest rates ranging from 5.60% to 7.80%. The loans No. 6 and 10 were collateralized by Tianjuyuan’s land use right and building ownership right. The loan No. 8 was collateralized by Gufeng’s deposit. The loan No.7 was collateralized by Jinong’s land use right and Jinong’s credit. The loans No. 2 and 9 were guaranteed by Jinong’s credit. The loans No. 3, 4 and 5 were guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 1 was guaranteed by Jinong and Tianjuyuan’s deposit. No. | | Payee | | Loan period per agreement | | Interest Rate | | June 30, 2015 | | | 1 | | Beijing Bank Pinggu Branch | | Aug 6, 2014 Aug 5, 2015 | | | 6.72 | % | $ | 1,637,000 | | | 2 | | China Merchants Bank Chaoyang Branch | | Aug 27, 2014 Aug 26, 2015 | | | 7.80 | % | | 1,637,000 | | | 3 | | Beijing International Trust Co., Ltd | | Sep 24, 2014 Sep 23, 2015 | | | 7.80 | % | | 1,637,000 | | | 4 | | Beijing International Trust Co., Ltd | | Oct 28, 2014 Oct 27, 2015 | | | 7.80 | % | | 1,637,000 | | | 5 | | Beijing International Trust Co., Ltd | | Dec 26, 2014 Dec 15, 2015 | | | 7.28 | % | | 1,637,000 | | | 6 | | Agriculture Bank of China-Pinggu Branch | | Jan 21, 2015 Jan 20, 2016 | | | 6.16 | % | | 1,309,600 | | | 7 | | Tianjin Bank Beijing Branch | | Feb 3, 2015 Jan 27, 2016 | | | 6.16 | % | | 6,548,000 | | | 8 | | Tianjin Bank Beijing Branch | | Feb 11, 2015 Feb 10, 2016 | | | 5.60 | % | | 4,616,340 | | | 9 | | China Merchants Bank Chaoyang Branch | | Mar 16, 2015 Mar 15, 2016 | | | 6.96 | % | | 818,500 | | | 10 | | Agriculture Bank of China-Pinggu Branch | | May 12, 2015 Apr 29, 2016 | | | 5.89 | % | | 2,128,100 | | | | | Total | | | | | | | $ | 23,605,540 | | The interest expense from short-term loans were $731,679 and $815,659 for the six months ended December 31, 2015 and 2014, respectively.
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- DefinitionThe entire disclosure for short-term debt.
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v3.3.1.900
TAXES PAYABLE
|
6 Months Ended |
Dec. 31, 2015 |
Taxes Payable [Abstract] |
|
Disclosure of Taxes Payable [Text Block] |
NOTE 9 TAXES PAYABLE Enterprise Income Tax 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, as a result of the expiration of its tax exemption on December 31, 2007. Accordingly, it made provision for income taxes for the six months ended December 31, 2015 and 2014 of $1,805,667 and $2,462,055, 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 $1,256,325 and $1,093,424 for the six months ended December 31, 2015 and 2014, respectively. Value-Added Tax All of the Company’s 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, “ Exemption of VAT for Organic Fertilizer Products ”, 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. On August 10, 2015 and August 28, 2015, the SAT released Notice #90. “ Reinstatement of VAT for Fertilizer Products ”, and Notice #97, “ Supplementary Reinstatement of VAT for Fertilizer Products ”, which restore the VAT of 13% of the gross sales price on certain fertilizer products starting from September 1, 2015, but granted tax payers a reduced rate of 3% from September 1, 2015 through June 30, 2016. Income Taxes and Related Payables Taxes payable consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | VAT provision | | $ | 7,046 | | $ | 27,251 | | Income tax payable | | | 994,928 | | | 3,778,339 | | Other levies | | | 656,461 | | | 698,952 | | Total | | $ | 1,658,436 | | $ | 4,504,542 | | Tax Rate Reconciliation Our effective tax rates were approximately 26.7% and 21.1% for the six months ended December 31, 2015 and 2014, respectively. Substantially all of 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 six months ended December 31, 2015 and 2014, for the following reasons: December 31, 2015 | | China | | United States | | | | | | | | | | 15% - 25% | | 34% | | Total | | | | | | | | | | | | | | | | | | | | | Pretax income (loss) | | $ | 14,575,200 | | | | | $ | (3,107,045) | | | | | $ | 11,468,155 | | | | | | | | | | | | | | | | | | | | | | | | | Expected income tax expense (benefit) | | | 3,643,800 | | | 25 | % | | (1,056,395) | | | 34.0 | % | | 2,587,405 | | | | | High-tech income benefits on Jinong | | | (1,145,841) | | | (7.86) | % | | - | | | - | | | (1,145,841) | | | | | Losses from subsidiaries in which no benefit is recognized | | | 564,034 | | | 3.87 | % | | - | | | - | | | 564,034 | | | | | Change in valuation allowance on deferred tax asset from US tax benefit | | | - | | | - | | | 1,056,395 | | | (34.0) | % | | 1,056,395 | | | | | Actual tax expense | | $ | 3,061,993 | | | 21 | % | $ | - | | | - | % | $ | 3,061,993 | | | 26.7 | % | December 31, 2014 | | China | | United States | | | | | | | | | | 15% - 25% | | 34% | | Total | | | | | | | | | | | | | | | | | | | | | | | | | Pretax income (loss) | | $ | 20,896,514 | | | | | $ | (4,026,516) | | | | | $ | 16,869,998 | | | | | | | | | | | | | | | | | | | | | | | | | Expected income tax expense (benefit) | | | 5,224,129 | | | 25.0 | % | | (1,369,015) | | | 34.0 | % | | 3,855,114 | | | | | High-tech income benefits on Jinong | | | (1,565,331) | | | (7.5) | % | | - | | | - | | | (1,565,331) | | | | | Losses from subsidiaries in which no benefit is recognized | | | (103,319) | | | (0.5) | % | | - | | | - | | | (103,319) | | | | | Change in valuation allowance on deferred tax asset from US tax benefit | | | - | | | - | | | 1,369,015 | | | (34.0) | % | | 1,369,015 | | | | | Actual tax expense | | $ | 3,555,479 | | | 17.0 | % | $ | - | | | - | % | $ | 3,555,479 | | | 21.1 | % |
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
STOCKHOLDERS' EQUITY
|
6 Months Ended |
Dec. 31, 2015 |
Stockholders Equity Note [Abstract] |
|
Stockholders' Equity Note Disclosure [Text Block] |
NOTE 10 STOCKHOLDERS’ EQUITY Common Stock On September 12, 2014, the Company’ Compensation Committee, approved the issuance of 87,719 shares of common stock to its ten employees under the Company’s Amended and Restated 2012 Employee Stock Purchase Plan for a cash contribution of a total of $200,000. The issuance is at the closing price $2.28 per share on September 11, 2014. On September 30, 2014, the Company granted an aggregate of 1,750,000 shares of restricted stock under the 2009 Equity Incentive Plan (the “2009 Plan”) to certain executive officers, directors and employees, among which (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, 30,000 shares of restricted stock to Ms. Yiru Shi, and 20,000 shares of restricted stock to Mr. Lianfu Liu, each an independent director of the Company; and (iv) 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 December 31, 2016 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 is being amortized to compensation expense over the vesting periods for the various awards. 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. The following table sets forth changes in compensation-related restricted stock awards during six months ended December 31, 2015: | | | | | | | | Grant Date | | | | Number of | | Fair Value of | | Fair Value | | | | Shares | | Shares | | Per share | | Outstanding (unvested) at June 30, 2015 | | | 1,708,000 | | $ | 1,797,992 | | | | | Granted | | | 1,000,000 | | | 1,660,000 | | $ | 1.66 | | Forfeited | | | - | | | - | | | | | Vested | | | (1,312,000) | | | (1,732,236) | | | | | Outstanding (unvested) at December 31, 2015 | | | 1,396,000 | | $ | 1,725,756 | | | | | As of December 31, 2015, the unamortized expense related to the grant of restricted shares of common stock of $1,725,756 will be amortized into expense through December 31, 2016. 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. On November 6, 2015, the Company issued 7,675 shares of common stock for consulting services valued at $14,000. As of December 31, 2015, the Company issued 30,890 shares of common stock for professional fees valued at $59,734. The shares were valued at the market price per corresponding services agreements. Dividend On October 1, 2014, the Company's Board of Directors declared a cash dividend of $0.10 per share to the Company's stockholders of common stock. The dividend payable represented a total payment to the stockholders of $3,296,156. The cash dividend of $2,161,904 was paid on January 30, 2015 to stockholders of record as of the close of business on the record date of October 31, 2014. Certain stockholders, including the Company’s Chairman, Mr. Li, elected to waive the dividend payment due to them and directed the Company to retain the funds for working capital purposes. Preferred Stock 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. As of December 31, 2015, the Company had 20,000,000 shares of preferred stock authorized, with a par value of $.001 per share, of which no shares are issued or outstanding.
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v3.3.1.900
CONCENTRATIONS AND LITIGATION
|
6 Months Ended |
Dec. 31, 2015 |
Risks and Uncertainties [Abstract] |
|
Concentration and Litigation [Text Block] |
NOTE 11 CONCENTRATIONS AND LITIGATION Market Concentration All of 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. 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. Vendor and Customer Concentration There were two vendors from which the Company purchased 29.8% and 16.4% of its raw materials for the six months ended December 31, 2015. Total purchase from these two vendors amounted to $40,065,118 as of December 31, 2015. There were three vendors from which the Company purchased 19.4%, 13.6% and 10.4% of its raw materials for the six months ended December 31, 2014. Total purchase from these three venders amounted to $45,141,568 as of December 31, 2014. One customer was accounted for 26.6% of the Company’s sales for the six months ended December 31, 2015. One customer was accounted for 15.6% of the Company’s sales for the six months ended December 31, 2014. Litigation On October 15, 2010, a class action lawsuit was filed against the Company and certain of its current and former officers in the United States District Court for the District of Nevada (the "Nevada Federal Court") on behalf of purchasers of the Company’s common stock between November 12, 2009 and September 1, 2010. The last version of the complaint alleges that the Company and certain current and former officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended, by making material misstatements and omissions in the Company’s financial statements, securities offering documents, and related disclosures during the class period. On October 7, 2011, the defendants moved to dismiss the amended complaint and to strike portions of it. On November 2, 2012, the Court issued an order dismissing the claims for violation of sections 11, 12(a)(2) and 15 of the Securities Act of 1933 as to all defendants and dismissing two individual defendants from the complaint but allowing the claims for violations of section 10(b) and 20(a) of the Securities Exchange Act of 1934 to continue with respect to the Company and the remaining of the individual defendants. The Nevada Federal Court also denied the defendants’ motion to strike. The parties to the securities class action held mediation on March 7, 2013, which led to an agreement in principle to settle the case for a payment of $ 2.5 million by the Company’s insurers in exchange for a release of all claims against all defendants. On August 12, 2014, the Nevada Federal Court entered an order and final judgment granting final approval to the settlement and dismissing all claims in accordance with the settlement agreement. The Company’s insurers funded the full amount of the settlement of $2.5 million.
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.3.1.900
SEGMENT REPORTING
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6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Segment Reporting Disclosure [Text Block] |
NOTE 12 SEGMENT REPORTING As of December 31, 2015, the Company was organized into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production), and Yuxing (agricultural products production). Each of the three operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment. | | Three months ended December 31, | | Six months ended December 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | Revenues from unaffiliated customers: | | | | | | | | | | | | | | Jinong | | $ | 31,302,561 | | $ | 31,192,693 | | $ | 66,010,365 | | $ | 65,656,858 | | Gufeng | | | 23,579,674 | | | 21,778,807 | | | 41,814,506 | | | 37,764,881 | | Yuxing | | | 2,083,765 | | | 1,079,674 | | | 3,325,400 | | | 1,931,225 | | Consolidated | | $ | 56,966,000 | | $ | 54,051,174 | | $ | 111,150,271 | | $ | 105,352,964 | | | | | | | | | | | | | | | | Operating income : | | | | | | | | | | | | | | Jinong | | $ | 3,698,620 | | $ | 6,125,611 | | $ | 11,654,274 | | $ | 16,059,375 | | Gufeng | | | 3,052,879 | | | 2,731,233 | | | 5,662,832 | | | 5,127,211 | | Yuxing | | | 511,213 | | | 147,578 | | | 917,510 | | | 410,571 | | Reconciling item (1) | | | 0 | | | 0 | | | 0 | | | - | | Reconciling item (2) | | | 297,606 | | | (271,754) | | | (219,754) | | | (956,688) | | Reconciling item (2)stock compensation | | | (1,780,587) | | | (1,649,150) | | | (2,857,081) | | | (3,069,870) | | Consolidated | | $ | 5,779,731 | | $ | 7,083,518 | | $ | 15,157,781 | | $ | 17,570,599 | | | | | | | | | | | | | | | | Net income: | | | | | | | | | | | | | | Jinong | | $ | 3,187,514 | | $ | 5,215,522 | | $ | 10,000,365 | | $ | 13,647,488 | | Gufeng | | | 2,049,897 | | | 1,764,886 | | | 3,670,264 | | | 3,175,597 | | Yuxing | | | 513,099 | | | 155,911 | | | 919,384 | | | 517,950 | | Reconciling item (1) | | | 5 | | | 22 | | | 29 | | | 42 | | Reconciling item (2) | | | (1,477,980) | | | (1,920,904) | | | (3,076,835) | | | (4,026,558) | | Consolidated | | $ | 4,272,535 | | $ | 5,215,437 | | $ | 11,513,207 | | $ | 13,314,519 | | | | | | | | | | | | | | | | Depreciation and Amortization: | | | | | | | | | | | | | | Jinong | | $ | 9,358,107 | | $ | 10,919,835 | | $ | 19,292,089 | | $ | 21,488,404 | | Gufeng | | | 728,466 | | | 863,195 | | | 1,474,061 | | | 1,699,710 | | Yuxing | | | 336,433 | | | 349,456 | | | 679,741 | | | 693,566 | | Consolidated | | $ | 10,423,006 | | $ | 12,132,486 | | $ | 21,445,891 | | $ | 23,881,680 | | | | | | | | | | | | | | | | Interest expense: | | | | | | | | | | | | | | Gufeng | | | 302,644 | | | 359,915 | | | 731,679 | | | 815,659 | | Consolidated | | $ | 302,644 | | $ | 359,915 | | $ | 731,679 | | $ | 815,659 | | | | | | | | | | | | | | | | Capital Expenditure: | | | | | | | | | | | | | | Jinong | | $ | 6,643 | | $ | 4,968,047 | | $ | 6,643 | | $ | 9,222,517 | | Gufeng | | | 0 | | | 13,034 | | | 1,770 | | | 13,034 | | Yuxing | | | 6,449 | | | 370,193 | | | 7,252 | | | 370,193 | | Consolidated | | $ | 13,092 | | $ | 5,351,274 | | $ | 15,665 | | $ | 9,605,744 | | | | As of December 31, | | As of June 30, | | | | 2015 | | 2015 | | Identifiable assets: | | | | | | | | Jinong | | $ | 209,144,782 | | $ | 219,259,401 | | Gufeng | | | 173,218,844 | | | 165,267,975 | | Yuxing | | | 46,013,868 | | | 44,745,889 | | Reconciling item (1) | | | 110,138 | | | 312,198 | | Reconciling item (2) | | | (2,879) | | | (2,845) | | Consolidated | | $ | 428,484,753 | | $ | 348,728,342 | | (1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. (2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES
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6 Months Ended |
Dec. 31, 2015 |
Leases [Abstract] |
|
Leases of Lessee Disclosure [Text Block] |
NOTE 13 - COMMITMENTS AND CONTINGENCIES On June 29, 2014, 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, 2014 with monthly rent of $3,770 (RMB 24,480). 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 $480 (RMB 3,117). Accordingly, the Company recorded an aggregate of $28,261 and $14,808 as rent expenses for the six months ended December 31, 2015 and 2014, respectively. Rent expenses for the next five years months ended December 31, are as follows: Years ending December 31, | | | | | 2016 | | $ | 28,261 | | 2017 | | | 5,642 | | 2018 | | | 5,642 | | 2019 | | | 5,642 | | 2020 | | | 5,642 | |
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- DefinitionThe entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
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v3.3.1.900
VARIABLE INTEREST ENTITIES
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6 Months Ended |
Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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Variable Interest Entity Disclosure [Text Block] |
NOTE 14 VARIABLE INTEREST ENTITIES In accordance with accounting standards regarding consolidation of variable interest entities, VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. All VIEs with which a company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. Green Nevada through one of its subsidiaries, Jinong, entered into a series of agreements (the “VIE Agreements”) with Yuxing for it to qualify as a VIE, effective June 16, 2013. The Company has concluded, based on the contractual arrangements, that Yuxing is a VIE and that the Company’s wholly-owned subsidiary, Jinong, absorbs a majority of the risk of loss from the activities of Yuxing, thereby enabling the Company, through Jinong, to receive a majority of Yuxing expected residual returns. As a result of the VIE Agreements, Green Nevada is able to exercise control over Yuxing and was entitled to substantially all of the economic benefits of Yuxing through its subsidiary, Jinong. Therefore, Green Nevada consolidates Yuxing in accordance with ASC 810-10 (“Consolidation of Variable Interest Entities”) since the date of the VIE Agreements. The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of December 31, 2015 and June 30, 2015: | | December 31 | | June 30, | | | | 2015 | | 2015 | | | | | | | | | | ASSETS | | | | | | | | Current Assets | | | | | | | | Cash and cash equivalents | | $ | 180,970 | | $ | 79,867 | | Accounts receivable, net | | | 192,716 | | | 72,748 | | Inventories | | | 18,365,531 | | | 18,138,137 | | Other current assets | | | 29,739 | | | 48,845 | | Advances to suppliers | | | 3,116,861 | | | 61,739 | | Total Current Assets | | | 21,885,817 | | | 18,401,336 | | | | | | | | | | Plant, Property and Equipment, Net | | | 14,220,333 | | | 15,692,975 | | Construction In Progress | | | 64,838 | | | 68,921 | | Intangible Assets, Net | | | 9,842,881 | | | 10,582,657 | | Total Assets | | $ | 46,013,869 | | $ | 44,745,889 | | | | | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | Current Liabilities | | | | | | | | Accounts payable | | $ | 273,112 | | $ | 159,730 | | Accrued expenses and other payables | | | 30,091 | | | 222,871 | | Amount due to related parties | | | 43,991,316 | | | 43,488,198 | | Total Current Liabilities | | | 44,294,519 | | | 43,870,799 | | | | | | | | | | Stockholders' equity | | | 1,719,350 | | | 875,090 | | | | | | | | | | Total Liabilities and Stockholders' Equity | | $ | 46,013,869 | | $ | 44,745,889 | | | | Three months ended December 31, | | Six months ended December 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | Revenue | | $ | 2,083,765 | | $ | 1,079,674 | | $ | 3,325,400 | | $ | 1,931,225 | | Expenses | | | 1,570,665 | | | 923,763 | | | 2,406,015 | | | 1,413,275 | | Net income (loss) | | $ | 513,100 | | $ | 155,911 | | $ | 919,385 | | $ | 517,950 | |
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v3.3.1.900
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
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Consolidation, Policy [Policy Text Block] |
Principle of consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Green New Jersey, Jinong, Gufeng, Tianjuyuan and VIE Yuxing. All significant inter-company accounts and transactions have been eliminated in consolidation.
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Use of Estimates, Policy [Policy Text Block] |
Use of estimates 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.
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Cash and Cash Equivalents, Policy [Policy Text Block] |
Cash and cash equivalents and concentration of cash 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 People’s 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 two banks in China. The aggregate cash in such accounts and on hand as of December 31, 2015 and June 30, 2015 was $99,567,375 and $92,676,188, respectively. There is no insurance securing these deposits in China over $77,000 (RMB 500,000). In addition, the Company also had $107,189 and $306,376 in cash in two banks in the United States as of December 31, 2015 and June 30, 2015, respectively, with $500,000 secured by the U.S. Federal Deposit Insurance Corporation. 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.
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Deferred Charges, Policy [Policy Text Block] |
Deferred assets Deferred assets represent amounts that the distributors owed to the Company in their marketing efforts and developing standard stores to expand the competitiveness and market shares of the Company’s products . The amount owed to the Company will be expensed over three years which is the term as stated in the cooperation agreement, as long as the distributors are actively selling the Company’s products. For the six months ended December 31, 2015 and 2014, the Company amortized $21,430,699 and $32,153,216, 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 an annual impairment testing. The estimated amortization expense of the deferred assets for the twelve months ending December 31, 2016 and 2017 is $26,315,270 and $3,781,241, respectively. 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 actually 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 (G.A.A.P), 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. 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.
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Earnings Per Share, Policy [Policy Text Block] |
Earnings per share 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. The components of basic and diluted earnings per share consist of the following: | | Three Months Ended December 31, | | | | 2015 | | 2014 | | Net Income for Basic Earnings Per Share | | $ | 4,267,535 | | $ | 5,215,437 | | Basic Weighted Average Number of Shares | | | 36,933,002 | | | 33,281,464 | | Net Income Per Share Basic | | $ | 0.12 | | $ | 0.16 | | Net Income for Diluted Earnings Per Share | | $ | 4,267,535 | | $ | 5,215,437 | | Diluted Weighted Average Number of Shares | | | 36,933,002 | | | 33,281,464 | | Net Income Per Share Diluted | | $ | 0.12 | | $ | 0.16 | | | | Six Months Ended December 31, | | | | 2015 | | 2014 | | Net Income for Basic Earnings Per Share | | $ | 11,513,207 | | $ | 13,314,519 | | Basic Weighted Average Number of Shares | | | 36,436,026 | | | 32,829,357 | | Net Income Per Share Basic | | $ | 0.32 | | $ | 0.41 | | Net Income for Diluted Earnings Per Share | | $ | 11,513,207 | | $ | 13,314,519 | | Diluted Weighted Average Number of Shares | | | 36,436,026 | | | 32,829,357 | | Net Income Per Share Diluted | | $ | 0.32 | | $ | 0.41 | |
|
Reclassification, Policy [Policy Text Block] |
Reclassification Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2015 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported.
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recent accounting pronouncements FASB Accounting Standards Update No. 2014-09 In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09) , which supersedes 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 to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard beginning January 1, 2017. FASB Accounting Standards Update No. 2015-01 In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement Extraordinary and Unusual items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01). The amendment eliminates from U.S. GAAP the concept of extraordinary items. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted and allows the Company to apply the amendment prospectively or retrospectively. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. FASB Accounting Standards Update No. 2015-02 In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. This amendment provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 is effective for periods beginning December 15, 2015. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s consolidated financial statements. Early adoption is permitted. FASB Accounting Standards Update No. 2015-14 In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendment defers the effective date of ASU No. 2014-09 for all entities for one year. The guidance in ASU 2014-09 will now apply to public business entities, certain not-for-profit entities, and certain employee benefit plans from annual reporting periods beginning December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods after December 31, 2016, including interim reporting periods with that reporting period. FASB Accounting Standards Update No. 2015-16 In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805). ASU No. 2015-16 requires that an acquirer retrospectively adjust provisional amounts recognized in a business combination, during the measurement period. To simplify the accounting for adjustments made to provisional amounts, the amendments in the Update require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of ASU 2015-016 is not expected to have a material effect on the Company’s consolidated financial statements. 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.
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v3.3.1.900
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
The components of basic and diluted earnings per share consist of the following: | | Three Months Ended December 31, | | | | 2015 | | 2014 | | Net Income for Basic Earnings Per Share | | $ | 4,267,535 | | $ | 5,215,437 | | Basic Weighted Average Number of Shares | | | 36,933,002 | | | 33,281,464 | | Net Income Per Share Basic | | $ | 0.12 | | $ | 0.16 | | Net Income for Diluted Earnings Per Share | | $ | 4,267,535 | | $ | 5,215,437 | | Diluted Weighted Average Number of Shares | | | 36,933,002 | | | 33,281,464 | | Net Income Per Share Diluted | | $ | 0.12 | | $ | 0.16 | | | | Six Months Ended December 31, | | | | 2015 | | 2014 | | Net Income for Basic Earnings Per Share | | $ | 11,513,207 | | $ | 13,314,519 | | Basic Weighted Average Number of Shares | | | 36,436,026 | | | 32,829,357 | | Net Income Per Share Basic | | $ | 0.32 | | $ | 0.41 | | Net Income for Diluted Earnings Per Share | | $ | 11,513,207 | | $ | 13,314,519 | | Diluted Weighted Average Number of Shares | | | 36,436,026 | | | 32,829,357 | | Net Income Per Share Diluted | | $ | 0.32 | | $ | 0.41 | |
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v3.3.1.900
INVENTORIES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory, Current [Table Text Block] |
Inventories consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Raw materials | | $ | 79,023,607 | | $ | 48,294,614 | | Supplies and packing materials | | $ | 601,112 | | $ | 529,398 | | Work in progress | | $ | 435,906 | | $ | 348,670 | | Finished goods | | $ | 38,259,995 | | $ | 52,130,265 | | Total | | $ | 118,320,621 | | $ | 101,302,947 | |
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v3.3.1.900
PROPERTY, PLANT AND EQUIPMENT (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment [Table Text Block] |
Property, plant and equipment consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Building and improvements | | $ | 41,645,549 | | $ | 43,699,066 | | Auto | | | 618,465 | | | 900,562 | | Machinery and equipment | | | 21,503,631 | | | 23,173,209 | | Agriculture assets | | | 783,797 | | | 833,165 | | Total property, plant and equipment | | | 64,551,441 | | | 68,606,002 | | Less: accumulated depreciation | | | (24,330,294) | | | (23,971,808) | | Total | | $ | 40,221,147 | | $ | 44,634,194 | |
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v3.3.1.900
INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Impaired Intangible Assets [Table Text Block] |
Intangible assets consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Land use rights, net | | $ | 10,746,369 | | $ | 11,554,776 | | Technology patent, net | | | 118,067 | | | 251,008 | | Customer relationships, net | | | 4,520,608 | | | 5,337,372 | | Trademarks | | | 6,267,800 | | | 6,662,590 | | Total | | $ | 21,652,844 | | $ | 23,805,746 | |
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
Estimated amortization expenses of intangible assets for the next five twelve months periods ended December 31, 2015, are as follows: AMORTIZATION TABLE Year Ends | | Expense ($) | | December 31, 2016 | | | 1,370,136 | | December 31, 2017 | | | 1,252,069 | | December 31, 2018 | | | 1,252,069 | | December 31, 2019 | | | 1,252,069 | | December 31, 2020 | | | 751,569 | |
|
Use Rights [Member] |
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Impaired Intangible Assets [Table Text Block] |
The Land Use Rights consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Land use rights | | $ | 12,553,455 | | $ | 13,344,160 | | Less: accumulated amortization | | | (1,807,086) | | | (1,789,384) | | Total land use rights, net | | $ | 10,746,369 | | $ | 11,554,776 | |
|
Developed Technology Rights [Member] |
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Impaired Intangible Assets [Table Text Block] |
The technology know-how consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Technology know-how | | $ | 2,321,561 | | $ | 2,467,789 | | Less: accumulated amortization | | | (2,203,494) | | | (2,216,781) | | Total technology know-how, net | | $ | 118,067 | | $ | 251,008 | |
|
Customer Relationships [Member] |
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Impaired Intangible Assets [Table Text Block] |
| | December 31, | | June 30, | | | | 2015 | | 2015 | | Customer relationships | | $ | 10,010,000 | | $ | 10,640,500 | | Less: accumulated amortization | | | (5,489,392) | | | (5,303,128) | | Total customer relationships, net | | $ | 4,520,608 | | $ | 5,337,372 | |
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v3.3.1.900
ACCRUED EXPENSES AND OTHER PAYABLES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Payables and Accruals [Abstract] |
|
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] |
Accrued expenses and other payables consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | Payroll payable | | $ | 7,552 | | $ | 18,451 | | Welfare payable | | | 158,103 | | | 168,061 | | Accrued expenses | | | 3,884,299 | | | 3,554,733 | | Other payables | | | 918,299 | | | 1,098,705 | | Other levy payable | | | 128,844 | | | 113,027 | | Total | | $ | 5,097,097 | | $ | 4,952,977 | |
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v3.3.1.900
LOAN PAYABLES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Schedule of Debt [Table Text Block] |
As of December 31, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from January 21, 2015 through August 2, 2016 with interest rates ranging from 5.20% to 6.96%. The loans No. 1 and 5 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No.3 is collateralized by deposit. The loan No. 2 is collateralized by Jinong’s land use right and Jinong’s credit. The loans No. 4, 6 and 7 are guaranteed by Jinong’s credit. The loan No.8 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. No. | | Payee | | Loan period per agreement | | Interest Rate | | December 31, 2015 | | | 1 | | Agriculture Bank of China-Pinggu Branch | | Jan 21, 2015 - Jan 20, 2016 | | | 6.16 | % | $ | 1,232,000 | | | 2 | | Bank of Tianjin- Beijing Branch | | Feb 3, 2015 - Jan 27, 2016 | | | 6.16 | % | | 6,160,000 | | | 3 | | Bank of Tianjin- Beijing Branch | | Feb 11, 2015 - Feb 10, 2016 | | | 5.60 | % | | 4,342,800 | | | 4 | | China Merchants Bank- Chaoyangmen Branch | | Mar 16, 2015 - Mar 15, 2016 | | | 6.96 | % | | 770,000 | | | 5 | | Agriculture Bank of China-Pinggu Branch | | May 12, 2015 - Apr 29, 2016 | | | 5.89 | % | | 2,002,000 | | | 6 | | Bank of Beijing- Pinggu Branch | | Aug 11, 2015- Aug 2, 2016 | | | 5.82 | % | | 1,540,000 | | | 7 | | China Merchants Bank- Cahoyangmen Branch | | Sep 9, 2015- Mar 8, 2016 | | | 5.20 | % | | 1,540,000 | | | 8 | | Beijing International Trust Co., Ltd | | Nov 17, 2015- Feb 13, 2016 | | | 5.22 | % | | 1,232,000 | | | | | | | | | | | | | | | | | | Total | | | | | | | $ | 18,818,800 | | As of June 30, 2015, the short-term loan payables consisted of ten loans which mature on dates ranging from August 6, 2014 through April 29, 2016 with interest rates ranging from 5.60% to 7.80%. The loans No. 6 and 10 were collateralized by Tianjuyuan’s land use right and building ownership right. The loan No. 8 was collateralized by Gufeng’s deposit. The loan No.7 was collateralized by Jinong’s land use right and Jinong’s credit. The loans No. 2 and 9 were guaranteed by Jinong’s credit. The loans No. 3, 4 and 5 were guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 1 was guaranteed by Jinong and Tianjuyuan’s deposit. No. | | Payee | | Loan period per agreement | | Interest Rate | | June 30, 2015 | | | 1 | | Beijing Bank Pinggu Branch | | Aug 6, 2014 Aug 5, 2015 | | | 6.72 | % | $ | 1,637,000 | | | 2 | | China Merchants Bank Chaoyang Branch | | Aug 27, 2014 Aug 26, 2015 | | | 7.80 | % | | 1,637,000 | | | 3 | | Beijing International Trust Co., Ltd | | Sep 24, 2014 Sep 23, 2015 | | | 7.80 | % | | 1,637,000 | | | 4 | | Beijing International Trust Co., Ltd | | Oct 28, 2014 Oct 27, 2015 | | | 7.80 | % | | 1,637,000 | | | 5 | | Beijing International Trust Co., Ltd | | Dec 26, 2014 Dec 15, 2015 | | | 7.28 | % | | 1,637,000 | | | 6 | | Agriculture Bank of China-Pinggu Branch | | Jan 21, 2015 Jan 20, 2016 | | | 6.16 | % | | 1,309,600 | | | 7 | | Tianjin Bank Beijing Branch | | Feb 3, 2015 Jan 27, 2016 | | | 6.16 | % | | 6,548,000 | | | 8 | | Tianjin Bank Beijing Branch | | Feb 11, 2015 Feb 10, 2016 | | | 5.60 | % | | 4,616,340 | | | 9 | | China Merchants Bank Chaoyang Branch | | Mar 16, 2015 Mar 15, 2016 | | | 6.96 | % | | 818,500 | | | 10 | | Agriculture Bank of China-Pinggu Branch | | May 12, 2015 Apr 29, 2016 | | | 5.89 | % | | 2,128,100 | | | | | Total | | | | | | | $ | 23,605,540 | |
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v3.3.1.900
TAXES PAYABLE (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Taxes Payable [Abstract] |
|
Schedule of Tax Payable [Table Text Block] |
Taxes payable consisted of the following: | | December 31, | | June 30, | | | | 2015 | | 2015 | | VAT provision | | $ | 7,046 | | $ | 27,251 | | Income tax payable | | | 994,928 | | | 3,778,339 | | Other levies | | | 656,461 | | | 698,952 | | Total | | $ | 1,658,436 | | $ | 4,504,542 | |
|
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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 six months ended December 31, 2015 and 2014, for the following reasons: December 31, 2015 | | China | | United States | | | | | | | | | | 15% - 25% | | 34% | | Total | | | | | | | | | | | | | | | | | | | | | Pretax income (loss) | | $ | 14,575,200 | | | | | $ | (3,107,045) | | | | | $ | 11,468,155 | | | | | | | | | | | | | | | | | | | | | | | | | Expected income tax expense (benefit) | | | 3,643,800 | | | 25 | % | | (1,056,395) | | | 34.0 | % | | 2,587,405 | | | | | High-tech income benefits on Jinong | | | (1,145,841) | | | (7.86) | % | | - | | | - | | | (1,145,841) | | | | | Losses from subsidiaries in which no benefit is recognized | | | 564,034 | | | 3.87 | % | | - | | | - | | | 564,034 | | | | | Change in valuation allowance on deferred tax asset from US tax benefit | | | - | | | - | | | 1,056,395 | | | (34.0) | % | | 1,056,395 | | | | | Actual tax expense | | $ | 3,061,993 | | | 21 | % | $ | - | | | - | % | $ | 3,061,993 | | | 26.7 | % | December 31, 2014 | | China | | United States | | | | | | | | | | 15% - 25% | | 34% | | Total | | | | | | | | | | | | | | | | | | | | | | | | | Pretax income (loss) | | $ | 20,896,514 | | | | | $ | (4,026,516) | | | | | $ | 16,869,998 | | | | | | | | | | | | | | | | | | | | | | | | | Expected income tax expense (benefit) | | | 5,224,129 | | | 25.0 | % | | (1,369,015) | | | 34.0 | % | | 3,855,114 | | | | | High-tech income benefits on Jinong | | | (1,565,331) | | | (7.5) | % | | - | | | - | | | (1,565,331) | | | | | Losses from subsidiaries in which no benefit is recognized | | | (103,319) | | | (0.5) | % | | - | | | - | | | (103,319) | | | | | Change in valuation allowance on deferred tax asset from US tax benefit | | | - | | | - | | | 1,369,015 | | | (34.0) | % | | 1,369,015 | | | | | Actual tax expense | | $ | 3,555,479 | | | 17.0 | % | $ | - | | | - | % | $ | 3,555,479 | | | 21.1 | % |
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v3.3.1.900
STOCKHOLDERS' EQUITY (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Statement of Stockholders' Equity [Abstract] |
|
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] |
The following table sets forth changes in compensation-related restricted stock awards during six months ended December 31, 2015: | | | | | | | | Grant Date | | | | Number of | | Fair Value of | | Fair Value | | | | Shares | | Shares | | Per share | | Outstanding (unvested) at June 30, 2015 | | | 1,708,000 | | $ | 1,797,992 | | | | | Granted | | | 1,000,000 | | | 1,660,000 | | $ | 1.66 | | Forfeited | | | - | | | - | | | | | Vested | | | (1,312,000) | | | (1,732,236) | | | | | Outstanding (unvested) at December 31, 2015 | | | 1,396,000 | | $ | 1,725,756 | | | | |
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- DefinitionTabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.
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v3.3.1.900
SEGMENT REPORTING (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
As of December 31, 2015, the Company was organized into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production), and Yuxing (agricultural products production). Each of the three operating segments referenced above has separate and distinct general ledgers. The chief operating decision maker (“CODM”) receives financial information, including revenue, gross margin, operating income and net income produced from the various general ledger systems to make decisions about allocating resources and assessing performance; however, the principal measure of segment profitability or loss used by the CODM is net income by segment. | | Three months ended December 31, | | Six months ended December 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | Revenues from unaffiliated customers: | | | | | | | | | | | | | | Jinong | | $ | 31,302,561 | | $ | 31,192,693 | | $ | 66,010,365 | | $ | 65,656,858 | | Gufeng | | | 23,579,674 | | | 21,778,807 | | | 41,814,506 | | | 37,764,881 | | Yuxing | | | 2,083,765 | | | 1,079,674 | | | 3,325,400 | | | 1,931,225 | | Consolidated | | $ | 56,966,000 | | $ | 54,051,174 | | $ | 111,150,271 | | $ | 105,352,964 | | | | | | | | | | | | | | | | Operating income : | | | | | | | | | | | | | | Jinong | | $ | 3,698,620 | | $ | 6,125,611 | | $ | 11,654,274 | | $ | 16,059,375 | | Gufeng | | | 3,052,879 | | | 2,731,233 | | | 5,662,832 | | | 5,127,211 | | Yuxing | | | 511,213 | | | 147,578 | | | 917,510 | | | 410,571 | | Reconciling item (1) | | | 0 | | | 0 | | | 0 | | | - | | Reconciling item (2) | | | 297,606 | | | (271,754) | | | (219,754) | | | (956,688) | | Reconciling item (2)stock compensation | | | (1,780,587) | | | (1,649,150) | | | (2,857,081) | | | (3,069,870) | | Consolidated | | $ | 5,779,731 | | $ | 7,083,518 | | $ | 15,157,781 | | $ | 17,570,599 | | | | | | | | | | | | | | | | Net income: | | | | | | | | | | | | | | Jinong | | $ | 3,187,514 | | $ | 5,215,522 | | $ | 10,000,365 | | $ | 13,647,488 | | Gufeng | | | 2,049,897 | | | 1,764,886 | | | 3,670,264 | | | 3,175,597 | | Yuxing | | | 513,099 | | | 155,911 | | | 919,384 | | | 517,950 | | Reconciling item (1) | | | 5 | | | 22 | | | 29 | | | 42 | | Reconciling item (2) | | | (1,477,980) | | | (1,920,904) | | | (3,076,835) | | | (4,026,558) | | Consolidated | | $ | 4,272,535 | | $ | 5,215,437 | | $ | 11,513,207 | | $ | 13,314,519 | | | | | | | | | | | | | | | | Depreciation and Amortization: | | | | | | | | | | | | | | Jinong | | $ | 9,358,107 | | $ | 10,919,835 | | $ | 19,292,089 | | $ | 21,488,404 | | Gufeng | | | 728,466 | | | 863,195 | | | 1,474,061 | | | 1,699,710 | | Yuxing | | | 336,433 | | | 349,456 | | | 679,741 | | | 693,566 | | Consolidated | | $ | 10,423,006 | | $ | 12,132,486 | | $ | 21,445,891 | | $ | 23,881,680 | | | | | | | | | | | | | | | | Interest expense: | | | | | | | | | | | | | | Gufeng | | | 302,644 | | | 359,915 | | | 731,679 | | | 815,659 | | Consolidated | | $ | 302,644 | | $ | 359,915 | | $ | 731,679 | | $ | 815,659 | | | | | | | | | | | | | | | | Capital Expenditure: | | | | | | | | | | | | | | Jinong | | $ | 6,643 | | $ | 4,968,047 | | $ | 6,643 | | $ | 9,222,517 | | Gufeng | | | 0 | | | 13,034 | | | 1,770 | | | 13,034 | | Yuxing | | | 6,449 | | | 370,193 | | | 7,252 | | | 370,193 | | Consolidated | | $ | 13,092 | | $ | 5,351,274 | | $ | 15,665 | | $ | 9,605,744 | | | | As of December 31, | | As of June 30, | | | | 2015 | | 2015 | | Identifiable assets: | | | | | | | | Jinong | | $ | 209,144,782 | | $ | 219,259,401 | | Gufeng | | | 173,218,844 | | | 165,267,975 | | Yuxing | | | 46,013,868 | | | 44,745,889 | | Reconciling item (1) | | | 110,138 | | | 312,198 | | Reconciling item (2) | | | (2,879) | | | (2,845) | | Consolidated | | $ | 428,484,753 | | $ | 348,728,342 | | (1) Reconciling amounts refer to the unallocated assets or expenses of Green New Jersey. (2) Reconciling amounts refer to the unallocated assets or expenses of the Parent Company.
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v3.3.1.900
VARIABLE INTEREST ENTITIES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Variable Interest Entities [Table Text Block] |
The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements as of December 31, 2015 and June 30, 2015: | | December 31 | | June 30, | | | | 2015 | | 2015 | | | | | | | | | | ASSETS | | | | | | | | Current Assets | | | | | | | | Cash and cash equivalents | | $ | 180,970 | | $ | 79,867 | | Accounts receivable, net | | | 192,716 | | | 72,748 | | Inventories | | | 18,365,531 | | | 18,138,137 | | Other current assets | | | 29,739 | | | 48,845 | | Advances to suppliers | | | 3,116,861 | | | 61,739 | | Total Current Assets | | | 21,885,817 | | | 18,401,336 | | | | | | | | | | Plant, Property and Equipment, Net | | | 14,220,333 | | | 15,692,975 | | Construction In Progress | | | 64,838 | | | 68,921 | | Intangible Assets, Net | | | 9,842,881 | | | 10,582,657 | | Total Assets | | $ | 46,013,869 | | $ | 44,745,889 | | | | | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | Current Liabilities | | | | | | | | Accounts payable | | $ | 273,112 | | $ | 159,730 | | Accrued expenses and other payables | | | 30,091 | | | 222,871 | | Amount due to related parties | | | 43,991,316 | | | 43,488,198 | | Total Current Liabilities | | | 44,294,519 | | | 43,870,799 | | | | | | | | | | Stockholders' equity | | | 1,719,350 | | | 875,090 | | | | | | | | | | Total Liabilities and Stockholders' Equity | | $ | 46,013,869 | | $ | 44,745,889 | | | | Three months ended December 31, | | Six months ended December 31, | | | | 2015 | | 2014 | | 2015 | | 2014 | | Revenue | | $ | 2,083,765 | | $ | 1,079,674 | | $ | 3,325,400 | | $ | 1,931,225 | | Expenses | | | 1,570,665 | | | 923,763 | | | 2,406,015 | | | 1,413,275 | | Net income (loss) | | $ | 513,100 | | $ | 155,911 | | $ | 919,385 | | $ | 517,950 | |
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v3.3.1.900
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Net Income for Basic Earnings Per Share |
$ 4,267,535
|
$ 5,215,437
|
$ 11,513,207
|
$ 13,314,519
|
Basic Weighted Average Number of Shares (in shares) |
36,933,002
|
33,281,464
|
36,436,026
|
32,829,357
|
Net Income Per Share - Basic (in dollars per share) |
$ 0.12
|
$ 0.16
|
$ 0.32
|
$ 0.41
|
Net Income for Diluted Earnings Per Share (in shares) |
$ 4,267,535
|
$ 5,215,437
|
$ 11,513,207
|
$ 13,314,519
|
Diluted Weighted Average Number of Shares (in shares) |
36,933,002
|
33,281,464
|
36,436,026
|
32,829,357
|
Net Income Per Share - Diluted (in dollars per share) |
$ 0.12
|
$ 0.16
|
$ 0.32
|
$ 0.41
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.3.1.900
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)
|
6 Months Ended |
|
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2015
CNY (¥)
|
Jun. 30, 2015
USD ($)
|
Amortization of Deferred Assets |
$ 21,430,699
|
$ 32,153,216
|
|
|
Deferred Asset, Amortization Expense, Next Twelve Months |
26,315,270
|
|
|
|
Deferred Asset, Amortization Expense, Year Two |
3,781,241
|
|
|
|
Deposits, Total |
77,000
|
|
¥ 500,000
|
|
China Banks [Member] |
|
|
|
|
Interest-bearing Deposits in Banks and Other Financial Institutions |
99,567,375
|
|
|
$ 92,676,188
|
United States Banks [Member] |
|
|
|
|
Interest-bearing Deposits in Banks and Other Financial Institutions |
107,189
|
|
|
$ 306,376
|
Cash, FDIC Insured Amount |
$ 500,000
|
|
|
|
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v3.3.1.900
INVENTORIES (Details) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Inventory [Line Items] |
|
|
Raw materials |
$ 79,023,607
|
$ 48,294,614
|
Supplies and packing materials |
601,112
|
529,398
|
Work in progress |
435,906
|
348,670
|
Finished goods |
38,259,995
|
52,130,265
|
Total |
$ 118,320,621
|
$ 101,302,947
|
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v3.3.1.900
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
$ 64,551,441
|
$ 68,606,002
|
Less: accumulated depreciation |
(24,330,294)
|
(23,971,808)
|
Total |
40,221,147
|
44,634,194
|
Building and improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
41,645,549
|
43,699,066
|
Auto [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
618,465
|
900,562
|
Machinery and equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
21,503,631
|
23,173,209
|
Agricultural Assets [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment |
$ 783,797
|
$ 833,165
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.3.1.900
INTANGIBLE ASSETS (Details) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets |
$ 21,652,844
|
$ 23,805,746
|
Land use rights, net [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets |
10,746,369
|
11,554,776
|
Technology patent, net [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets |
118,067
|
251,008
|
Customer relationships, net [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets |
4,520,608
|
5,337,372
|
Trademarks [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets |
$ 6,267,800
|
$ 6,662,590
|
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INTANGIBLE ASSETS (Details 1) - Use Rights [Member] - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Land use rights |
$ 12,553,455
|
$ 13,344,160
|
Less: accumulated amortization |
(1,807,086)
|
(1,789,384)
|
Total land use rights, net |
$ 10,746,369
|
$ 11,554,776
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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v3.3.1.900
INTANGIBLE ASSETS (Details 2) - Patented Technology [Member] - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Technology know-how |
$ 2,321,561
|
$ 2,467,789
|
Less: accumulated amortization |
(2,203,494)
|
(2,216,781)
|
Total technology know-how, net |
$ 118,067
|
$ 251,008
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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v3.3.1.900
INTANGIBLE ASSETS (Details 3) - Customer Relationships [Member] - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Customer relationships |
$ 10,010,000
|
$ 10,640,500
|
Less: accumulated amortization |
(5,489,392)
|
(5,303,128)
|
Total customer relationships, net |
$ 4,520,608
|
$ 5,337,372
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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v3.3.1.900
INTANGIBLE ASSETS (Details 4)
|
Dec. 31, 2015
USD ($)
|
Finite-Lived Intangible Assets [Line Items] |
|
Estimated amortization expenses of intangible assets, December 31, 2016 |
$ 1,370,136
|
Estimated amortization expenses of intangible assets, December 31, 2017 |
1,252,069
|
Estimated amortization expenses of intangible assets, December 31, 2018 |
1,252,069
|
Estimated amortization expenses of intangible assets, December 31, 2019 |
1,252,069
|
Estimated amortization expenses of intangible assets, December 31, 2020 |
$ 751,569
|
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INTANGIBLE ASSETS (Details Textual)
|
1 Months Ended |
|
|
|
|
Sep. 25, 2009
USD ($)
a
|
Aug. 13, 2003
USD ($)
a
|
Aug. 16, 2001
USD ($)
|
Jul. 02, 2010
USD ($)
|
Jul. 02, 2010
CNY (¥)
|
Sep. 25, 2009
CNY (¥)
a
|
Aug. 13, 2003
CNY (¥)
a
|
Aug. 16, 2001
CNY (¥)
|
Use Rights [Member] |
|
|
|
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
Intangible Assets Land Use Right |
88
|
11
|
|
|
|
88
|
11
|
|
Finite-lived Intangible Assets, Fair Value Disclosure |
$ 11,270,474
|
$ 161,076
|
$ 1,121,905
|
|
|
¥ 73,184,895
|
¥ 1,045,950
|
¥ 7,285,099
|
Finite-Lived Intangible Assets, Remaining Amortization Period |
50 years
|
50 years
|
50 years
|
|
|
|
|
|
Patented Technology [Member] |
|
|
|
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
Finite-lived Intangible Assets, Fair Value Disclosure |
|
|
|
$ 1,416,800
|
¥ 9,200,000
|
|
|
|
Customer Relationships [Member] |
|
|
|
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
Finite-lived Intangible Assets, Fair Value Disclosure |
|
|
|
10,010,000
|
65,000,000
|
|
|
|
Trademarks [Member] |
|
|
|
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
Finite-lived Intangible Assets, Fair Value Disclosure |
|
|
|
$ 6,398,040
|
¥ 40,700,000
|
|
|
|
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v3.3.1.900
ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Accrued Expenses And Other Payables [Line Items] |
|
|
Payroll payable |
$ 7,552
|
$ 18,451
|
Welfare payable |
158,103
|
168,061
|
Accrued expenses |
3,884,299
|
3,554,733
|
Other payables |
918,299
|
1,098,705
|
Other levy payable |
128,844
|
113,027
|
Total |
$ 5,097,097
|
$ 4,952,977
|
X |
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v3.3.1.900
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual)
|
1 Months Ended |
6 Months Ended |
|
|
|
Jun. 29, 2014
USD ($)
m²
|
Jun. 29, 2014
CNY (¥)
m²
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2015
CNY (¥)
|
Jun. 30, 2015
USD ($)
|
Jun. 29, 2014
ft²
|
Operating Leased Assets [Line Items] |
|
|
|
|
|
|
Due to Related Parties, Current |
|
|
$ 2,198,219
|
|
$ 2,068,102
|
|
Due from Related Parties, Current |
|
|
150,396
|
|
0
|
|
900LHCom [Member] |
|
|
|
|
|
|
Operating Leased Assets [Line Items] |
|
|
|
|
|
|
Total Contracted Value of Agreement |
|
|
693,000
|
¥ 4,500,000
|
|
|
Total Sales Amount |
|
|
732,947
|
|
|
|
Payments From Related Parties |
|
|
582,551
|
|
|
|
Yuxing [Member] |
|
|
|
|
|
|
Operating Leased Assets [Line Items] |
|
|
|
|
|
|
Due from Related Parties, Current |
|
|
150,396
|
|
|
|
Xian Techteam Science and Technology Industry Group Co [Member] | Gufeng [Member] |
|
|
|
|
|
|
Operating Leased Assets [Line Items] |
|
|
|
|
|
|
Due to Related Parties, Current |
|
|
$ 1,116,743
|
|
$ 1,184,643
|
|
Kingtone Information [Member] |
|
|
|
|
|
|
Operating Leased Assets [Line Items] |
|
|
|
|
|
|
Date Of New Lease Agreement Entered |
Jul. 01, 2014
|
Jul. 01, 2014
|
|
|
|
|
Land Subject to Ground Leases |
612
|
612
|
|
|
|
6,588
|
Monthly Rent Expenses |
$ 3,770
|
¥ 24,480
|
|
|
|
|
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v3.3.1.900
LOAN PAYABLES (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Jun. 30, 2015 |
Short-term Debt [Line Items] |
|
|
Short term loans |
$ 18,818,800
|
$ 23,605,540
|
Bank of Beijing Pinggu Branch [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
Aug. 11, 2015
|
Aug. 06, 2014
|
Debt Instrument, Maturity Date Range, End |
Aug. 02, 2016
|
Aug. 05, 2015
|
Debt Instrument, Interest Rate, Stated Percentage |
5.82%
|
6.72%
|
Short term loans |
$ 1,540,000
|
$ 1,637,000
|
China Merchants Bank Chaoyangmen Branch [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
Mar. 16, 2015
|
Aug. 27, 2014
|
Debt Instrument, Maturity Date Range, End |
Mar. 15, 2016
|
Aug. 26, 2015
|
Debt Instrument, Interest Rate, Stated Percentage |
6.96%
|
7.80%
|
Short term loans |
$ 770,000
|
$ 1,637,000
|
Beijing International Trust Co Ltd [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
Nov. 17, 2015
|
Sep. 24, 2014
|
Debt Instrument, Maturity Date Range, End |
Feb. 13, 2016
|
Sep. 23, 2015
|
Debt Instrument, Interest Rate, Stated Percentage |
5.22%
|
7.80%
|
Short term loans |
$ 1,232,000
|
$ 1,637,000
|
Beijing International Trust Co Ltd 1 [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
|
Oct. 28, 2014
|
Debt Instrument, Maturity Date Range, End |
|
Oct. 27, 2015
|
Debt Instrument, Interest Rate, Stated Percentage |
|
7.80%
|
Short term loans |
|
$ 1,637,000
|
Beijing International Trust Co Ltd 2 [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
|
Dec. 26, 2014
|
Debt Instrument, Maturity Date Range, End |
|
Dec. 15, 2015
|
Debt Instrument, Interest Rate, Stated Percentage |
|
7.28%
|
Short term loans |
|
$ 1,637,000
|
Agriculture Bank of China Pinggu Branch [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
Jan. 21, 2015
|
Jan. 21, 2015
|
Debt Instrument, Maturity Date Range, End |
Jan. 20, 2016
|
Jan. 20, 2016
|
Debt Instrument, Interest Rate, Stated Percentage |
6.16%
|
6.16%
|
Short term loans |
$ 1,232,000
|
$ 1,309,600
|
Bank of Tianjin Beijing Branch [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
Feb. 03, 2015
|
Feb. 03, 2015
|
Debt Instrument, Maturity Date Range, End |
Jan. 27, 2016
|
Jan. 27, 2016
|
Debt Instrument, Interest Rate, Stated Percentage |
6.16%
|
6.16%
|
Short term loans |
$ 6,160,000
|
$ 6,548,000
|
Bank of Tianjin Beijing Branch 1 [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
Feb. 11, 2015
|
Feb. 11, 2015
|
Debt Instrument, Maturity Date Range, End |
Feb. 10, 2016
|
Feb. 10, 2016
|
Debt Instrument, Interest Rate, Stated Percentage |
5.60%
|
5.60%
|
Short term loans |
$ 4,342,800
|
$ 4,616,340
|
China Merchants Bank Chaoyangmen Branch 1 [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
Sep. 09, 2015
|
Mar. 16, 2015
|
Debt Instrument, Maturity Date Range, End |
Mar. 08, 2016
|
Mar. 15, 2016
|
Debt Instrument, Interest Rate, Stated Percentage |
5.20%
|
6.96%
|
Short term loans |
$ 1,540,000
|
$ 818,500
|
Agriculture Bank of China Pinggu Branch 1 [Member] |
|
|
Short-term Debt [Line Items] |
|
|
Debt Instrument, Maturity Date Range, Start |
May 12, 2015
|
May 12, 2015
|
Debt Instrument, Maturity Date Range, End |
Apr. 29, 2016
|
Apr. 29, 2016
|
Debt Instrument, Interest Rate, Stated Percentage |
5.89%
|
5.89%
|
Short term loans |
$ 2,002,000
|
$ 2,128,100
|
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v3.3.1.900
LOAN PAYABLES (Details Textual) - USD ($)
|
6 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Debt Instrument [Line Items] |
|
|
|
Interest Expense, Short-term Borrowings |
$ 731,679
|
$ 815,659
|
|
Loans Payable [Member] |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum |
5.20%
|
|
5.60%
|
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum |
6.96%
|
|
7.80%
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v3.3.1.900
TAXES PAYABLE (Details) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Taxes Payable [Line Items] |
|
|
VAT provision |
$ 7,046
|
$ 27,251
|
Income tax payable |
994,928
|
3,778,339
|
Other levies |
656,461
|
698,952
|
Total |
$ 1,658,436
|
$ 4,504,542
|
X |
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TAXES PAYABLE (Details 1) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Taxes Payable [Line Items] |
|
|
|
|
Pretax income (loss) |
$ 5,552,086
|
$ 6,767,321
|
$ 14,575,200
|
$ 16,869,998
|
Expected income tax expense (benefit) |
|
|
2,587,405
|
3,855,114
|
High-tech income benefits on Jinong |
|
|
(1,145,841)
|
(1,565,331)
|
Losses from subsidiaries in which no benefit is recognized |
|
|
564,034
|
(103,319)
|
Change in valuation allowance on deferred tax asset from US tax benefit |
|
|
1,056,395
|
1,369,015
|
Actual tax expense |
$ 1,284,551
|
$ 1,551,884
|
$ 3,061,993
|
$ 3,555,479
|
Actual tax expense, Percentage |
|
|
26.70%
|
21.10%
|
CHINA |
|
|
|
|
Taxes Payable [Line Items] |
|
|
|
|
Pretax income (loss) |
|
|
$ 14,575,200
|
$ 20,896,514
|
Expected income tax expense (benefit) |
|
|
3,643,800
|
5,224,129
|
High-tech income benefits on Jinong |
|
|
(1,145,841)
|
(1,565,331)
|
Losses from subsidiaries in which no benefit is recognized |
|
|
564,034
|
(103,319)
|
Change in valuation allowance on deferred tax asset from US tax benefit |
|
|
0
|
0
|
Actual tax expense |
|
|
$ 3,061,993
|
$ 3,555,479
|
Expected income tax expense (benefit), Percentage |
|
|
25.00%
|
25.00%
|
High-tech income benefits on Jinong, Percentage |
|
|
(7.86%)
|
(7.50%)
|
Losses from subsidiaries in which no benefit is recognized, Percentage |
|
|
3.87%
|
(0.50%)
|
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage |
|
|
0.00%
|
0.00%
|
Actual tax expense, Percentage |
|
|
21.00%
|
17.00%
|
CHINA | Minimum [Member] |
|
|
|
|
Taxes Payable [Line Items] |
|
|
|
|
Actual tax expense, Percentage |
|
|
15.00%
|
15.00%
|
CHINA | Maximum [Member] |
|
|
|
|
Taxes Payable [Line Items] |
|
|
|
|
Actual tax expense, Percentage |
|
|
25.00%
|
25.00%
|
UNITED STATES |
|
|
|
|
Taxes Payable [Line Items] |
|
|
|
|
Pretax income (loss) |
|
|
$ (3,107,045)
|
$ (4,026,516)
|
Expected income tax expense (benefit) |
|
|
(1,056,395)
|
(1,369,015)
|
High-tech income benefits on Jinong |
|
|
0
|
0
|
Losses from subsidiaries in which no benefit is recognized |
|
|
0
|
0
|
Change in valuation allowance on deferred tax asset from US tax benefit |
|
|
1,056,395
|
1,369,015
|
Actual tax expense |
|
|
$ 0
|
$ 0
|
Expected income tax expense (benefit), Percentage |
|
|
34.00%
|
34.00%
|
High-tech income benefits on Jinong, Percentage |
|
|
0.00%
|
0.00%
|
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|
|
0.00%
|
0.00%
|
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|
|
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|
(34.00%)
|
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|
|
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|
0.00%
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TAXES PAYABLE (Details Textual) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Jan. 31, 2008 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Taxes Payable [Line Items] |
|
|
|
|
|
Income Tax Expense (Benefit) |
|
$ 1,284,551
|
$ 1,551,884
|
$ 3,061,993
|
$ 3,555,479
|
Value Added Tax Rate |
|
|
|
13.00%
|
|
Effective Income Tax Rate Reconciliation, Percent |
|
|
|
26.70%
|
21.10%
|
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent |
|
|
|
34.00%
|
34.00%
|
Enterprise Income Tax [Member] |
|
|
|
|
|
Taxes Payable [Line Items] |
|
|
|
|
|
New Enterprise Income Tax Rate |
25.00%
|
|
|
|
|
Existing Enterprise Income Tax Rate |
33.00%
|
|
|
|
|
Income Tax Rate Reconciliation Tax Holidays |
50.00%
|
|
|
|
|
High Tech Income Tax Rate |
15.00%
|
|
|
|
|
Enterprise Income Tax [Member] | Jinong [Member] |
|
|
|
|
|
Taxes Payable [Line Items] |
|
|
|
|
|
Income Tax Expense (Benefit) |
|
|
|
$ 1,805,667
|
$ 2,462,055
|
Enterprise Income Tax [Member] | Gufeng [Member] |
|
|
|
|
|
Taxes Payable [Line Items] |
|
|
|
|
|
Income Tax Expense (Benefit) |
|
|
|
$ 1,256,325
|
$ 1,093,424
|
Effective Income Tax Rate Reconciliation, Percent |
|
|
|
25.00%
|
|
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v3.3.1.900
STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member]
|
6 Months Ended |
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Outstanding (unvested) | shares |
1,708,000
|
Granted | shares |
1,000,000
|
Forfeited | shares |
0
|
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(1,312,000)
|
Outstanding (unvested) | shares |
1,396,000
|
Fair Value, Outstanding (unvested) | $ |
$ 1,797,992
|
Fair Value, Granted | $ |
1,660,000
|
Fair Value, Forfeited | $ |
0
|
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(1,732,236)
|
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$ 1,725,756
|
Grand Date Fair Value Per share, Granted | $ / shares |
$ 1.66
|
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v3.3.1.900
STOCKHOLDERS' EQUITY (Details Textual) - USD ($)
|
|
|
|
1 Months Ended |
6 Months Ended |
|
|
Nov. 06, 2015 |
Sep. 30, 2014 |
Sep. 12, 2014 |
Sep. 28, 2015 |
Jan. 30, 2015 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Oct. 01, 2014 |
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Gross |
|
3,675,000
|
|
1,660,000
|
|
|
|
|
Preferred Stock, Shares Authorized |
|
|
|
|
|
20,000,000
|
20,000,000
|
|
Preferred Stock, Par or Stated Value Per Share (in dollars per share) |
|
|
|
|
|
$ 0.001
|
$ 0.001
|
|
Dividends Payable, Amount Per Share |
|
|
|
|
|
|
|
$ 0.10
|
Dividends Payable |
|
|
|
|
|
|
|
$ 3,296,156
|
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options |
|
|
|
|
|
$ 1,725,756
|
|
|
Cash Dividends Paid to Parent Company |
|
|
|
|
$ 2,161,904
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Issued for Services |
7,675
|
|
|
|
|
30,890
|
|
|
Stock Issued During Period, Value, Issued for Services |
$ 14,000
|
|
|
|
|
$ 59,734
|
|
|
Equity Incentive Plan 2009 [Member] |
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Gross |
|
1,750,000
|
|
1,000,000
|
|
|
|
|
Ten Employee [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, Employee Stock Purchase Plan |
|
|
$ 200,000
|
|
|
|
|
|
Stock Issued During Period, Shares, Employee Stock Purchase Plans |
|
|
87,719
|
|
|
|
|
|
Share Price |
|
|
$ 2.28
|
|
|
|
|
|
Mr Tao Li [Member] | Equity Incentive Plan 2009 [Member] |
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Gross |
|
240,000
|
|
|
|
|
|
|
Mr Ken Ren [Member] | Equity Incentive Plan 2009 [Member] |
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Gross |
|
100,000
|
|
|
|
|
|
|
Mr Yizhao Zhang [Member] |
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures |
|
40,000
|
|
|
|
|
|
|
Ms Yiru Shi [Member] |
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures |
|
30,000
|
|
|
|
|
|
|
Mr Lianfu Liu [Member] |
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures |
|
20,000
|
|
|
|
|
|
|
Other Employees [Member] |
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Gross |
|
1,320,000
|
|
|
|
|
|
|
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v3.3.1.900
CONCENTRATIONS AND LITIGATION (Details Textual) - USD ($)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Concentration Risk [Line Items] |
|
|
Litigation Settlement, Amount |
$ 2,500,000
|
|
Supplier Concentration Risk [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Accounts Payable, Trade, Current |
$ 40,065,118
|
$ 45,141,568
|
Supplier Concentration Risk [Member] | Vendor One [Member] | Sales Revenue, Goods, Net [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Concentration Risk, Percentage |
29.80%
|
19.40%
|
Supplier Concentration Risk [Member] | Vendor Two [Member] | Sales Revenue, Goods, Net [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Concentration Risk, Percentage |
16.40%
|
13.60%
|
Supplier Concentration Risk [Member] | Vendor Three [Member] | Sales Revenue, Goods, Net [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Concentration Risk, Percentage |
|
10.40%
|
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Concentration Risk, Percentage |
26.60%
|
15.60%
|
X |
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v3.3.1.900
SEGMENT REPORTING (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Revenues from unaffiliated customers: |
|
|
|
|
|
|
Revenues from unaffiliated customers Consolidated |
|
$ 56,966,000
|
$ 54,051,174
|
$ 111,150,271
|
$ 105,352,964
|
|
Operating income : |
|
|
|
|
|
|
Operating income Consolidated |
|
5,779,731
|
7,083,518
|
15,157,781
|
17,570,599
|
|
Stock compensation |
|
|
|
(2,378,736)
|
(3,206,945)
|
|
Net income: |
|
|
|
|
|
|
Net income Consolidated |
|
4,267,535
|
5,215,437
|
11,513,207
|
13,314,519
|
|
Depreciation and Amortization: |
|
|
|
|
|
|
Depreciation and Amortization Consolidated |
|
10,423,006
|
12,132,486
|
21,445,891
|
23,881,680
|
|
Interest expense: |
|
|
|
|
|
|
Interest expense Consolidated |
|
302,644
|
359,915
|
731,679
|
815,659
|
|
Capital Expenditure: |
|
|
|
|
|
|
Capital Expenditure Consolidated |
|
13,092
|
5,351,274
|
15,665
|
9,605,744
|
|
Identifiable assets: |
|
|
|
|
|
|
Identifiable assets Consolidated |
|
428,484,753
|
|
428,484,753
|
|
$ 429,582,618
|
Jinong [Member] |
|
|
|
|
|
|
Revenues from unaffiliated customers: |
|
|
|
|
|
|
Revenues from unaffiliated customers Consolidated |
|
31,302,561
|
31,192,693
|
66,010,365
|
65,656,858
|
|
Operating income : |
|
|
|
|
|
|
Operating income Consolidated |
|
3,698,620
|
6,125,611
|
11,654,274
|
16,059,375
|
|
Net income: |
|
|
|
|
|
|
Net income Consolidated |
|
3,187,514
|
5,215,522
|
10,000,365
|
13,647,488
|
|
Depreciation and Amortization: |
|
|
|
|
|
|
Depreciation and Amortization Consolidated |
|
9,358,107
|
10,919,835
|
19,292,089
|
21,488,404
|
|
Capital Expenditure: |
|
|
|
|
|
|
Capital Expenditure Consolidated |
|
6,643
|
4,968,047
|
6,643
|
9,222,517
|
|
Identifiable assets: |
|
|
|
|
|
|
Identifiable assets Consolidated |
|
209,144,782
|
|
209,144,782
|
|
219,259,401
|
Gufeng [Member] |
|
|
|
|
|
|
Revenues from unaffiliated customers: |
|
|
|
|
|
|
Revenues from unaffiliated customers Consolidated |
|
23,579,674
|
21,778,807
|
41,814,506
|
37,764,881
|
|
Operating income : |
|
|
|
|
|
|
Operating income Consolidated |
|
3,052,879
|
2,731,233
|
5,662,832
|
5,127,211
|
|
Net income: |
|
|
|
|
|
|
Net income Consolidated |
|
2,049,897
|
1,764,886
|
3,670,264
|
3,175,597
|
|
Depreciation and Amortization: |
|
|
|
|
|
|
Depreciation and Amortization Consolidated |
|
728,466
|
863,195
|
1,474,061
|
1,699,710
|
|
Interest expense: |
|
|
|
|
|
|
Interest expense Consolidated |
|
302,644
|
359,915
|
731,679
|
815,659
|
|
Capital Expenditure: |
|
|
|
|
|
|
Capital Expenditure Consolidated |
|
0
|
13,034
|
1,770
|
13,034
|
|
Identifiable assets: |
|
|
|
|
|
|
Identifiable assets Consolidated |
|
173,218,844
|
|
173,218,844
|
|
165,267,975
|
Yuxing [Member] |
|
|
|
|
|
|
Revenues from unaffiliated customers: |
|
|
|
|
|
|
Revenues from unaffiliated customers Consolidated |
|
2,083,765
|
1,079,674
|
3,325,400
|
1,931,225
|
|
Operating income : |
|
|
|
|
|
|
Operating income Consolidated |
|
511,213
|
147,578
|
917,510
|
410,571
|
|
Net income: |
|
|
|
|
|
|
Net income Consolidated |
|
513,099
|
155,911
|
919,384
|
517,950
|
|
Depreciation and Amortization: |
|
|
|
|
|
|
Depreciation and Amortization Consolidated |
|
336,433
|
349,456
|
679,741
|
693,566
|
|
Capital Expenditure: |
|
|
|
|
|
|
Capital Expenditure Consolidated |
|
6,449
|
370,193
|
7,252
|
370,193
|
|
Identifiable assets: |
|
|
|
|
|
|
Identifiable assets Consolidated |
|
46,013,868
|
|
46,013,868
|
|
44,745,889
|
Green New Jersey [Member] | Segment Reconciling Items [Member] |
|
|
|
|
|
|
Operating income : |
|
|
|
|
|
|
Operating income Consolidated |
[1] |
0
|
0
|
0
|
0
|
|
Net income: |
|
|
|
|
|
|
Net income Consolidated |
[1] |
5
|
22
|
29
|
42
|
|
Identifiable assets: |
|
|
|
|
|
|
Identifiable assets Consolidated |
[1] |
110,138
|
|
110,138
|
|
312,198
|
Parent Company [Member] | Segment Reconciling Items [Member] |
|
|
|
|
|
|
Operating income : |
|
|
|
|
|
|
Operating income Consolidated |
[2] |
297,606
|
(271,754)
|
(219,754)
|
(956,688)
|
|
Stock compensation |
[2] |
(1,780,587)
|
(1,649,150)
|
(2,857,081)
|
(3,069,870)
|
|
Net income: |
|
|
|
|
|
|
Net income Consolidated |
[2] |
(1,477,980)
|
$ (1,920,904)
|
(3,076,835)
|
$ (4,026,558)
|
|
Identifiable assets: |
|
|
|
|
|
|
Identifiable assets Consolidated |
[2] |
$ (2,879)
|
|
$ (2,879)
|
|
$ (2,845)
|
|
|
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES (Details Textual)
|
1 Months Ended |
6 Months Ended |
|
Jul. 31, 2014
USD ($)
|
Jul. 31, 2014
CNY (¥)
|
Jun. 29, 2014
m²
|
Feb. 29, 2004
USD ($)
|
Feb. 29, 2004
CNY (¥)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Jun. 29, 2014
ft²
|
Operating Leased Assets [Line Items] |
|
|
|
|
|
|
|
|
Operating Leases, Rent Expense |
|
|
|
|
|
$ 28,261
|
$ 14,808
|
|
Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] |
|
|
|
|
|
|
|
|
Operating Leased Assets [Line Items] |
|
|
|
|
|
|
|
|
Operating Leases, Rent Expense |
|
|
|
$ 480
|
¥ 3,117
|
|
|
|
Lease Term |
|
|
|
50 years
|
50 years
|
|
|
|
Kingtone Information [Member] |
|
|
|
|
|
|
|
|
Operating Leased Assets [Line Items] |
|
|
|
|
|
|
|
|
Operating Leases, Rent Expense |
$ 3,770
|
¥ 24,480
|
|
|
|
|
|
|
Land Subject to Ground Leases |
|
|
612
|
|
|
|
|
6,588
|
Lease Term |
|
|
2 years
|
|
|
|
|
|
Date Of New Lease Agreement Entered |
|
|
Jul. 01, 2014
|
|
|
|
|
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v3.3.1.900
VARIABLE INTEREST ENTITIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Jun. 30, 2014 |
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ 99,567,375
|
$ 59,364,446
|
$ 99,567,375
|
$ 59,364,446
|
$ 92,982,564
|
$ 26,890,321
|
Accounts receivable, net |
65,730,552
|
|
65,730,552
|
|
68,528,598
|
|
Inventories |
118,320,621
|
|
118,320,621
|
|
101,302,947
|
|
Advances to suppliers |
47,334,873
|
|
47,334,873
|
|
40,910,837
|
|
Total Current Assets |
331,444,310
|
|
331,444,310
|
|
304,184,346
|
|
Plant, Property and Equipment, Net |
40,221,147
|
|
40,221,147
|
|
44,634,194
|
|
Intangible Assets, Net |
21,652,844
|
|
21,652,844
|
|
23,805,746
|
|
Total Assets |
428,484,753
|
|
428,484,753
|
|
429,582,618
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable |
2,371,069
|
|
2,371,069
|
|
2,372,130
|
|
Amount due to related parties |
2,198,219
|
|
2,198,219
|
|
2,068,102
|
|
Total Current Liabilities |
64,371,704
|
|
64,371,704
|
|
56,633,144
|
|
Stockholders' equity |
364,113,049
|
|
364,113,049
|
|
372,949,474
|
|
Total Liabilities and Stockholders' Equity |
428,484,753
|
|
428,484,753
|
|
429,582,618
|
|
Revenue |
56,966,000
|
54,051,174
|
111,150,271
|
105,352,964
|
|
|
Expenses |
16,855,837
|
15,826,476
|
31,665,949
|
30,012,829
|
|
|
Net income (loss) |
4,267,535
|
5,215,437
|
11,513,207
|
13,314,519
|
|
|
Variable Interest Entity, Primary Beneficiary [Member] |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
180,970
|
|
180,970
|
|
79,867
|
|
Accounts receivable, net |
192,716
|
|
192,716
|
|
72,748
|
|
Inventories |
18,365,531
|
|
18,365,531
|
|
18,138,137
|
|
Other current assets |
29,739
|
|
29,739
|
|
48,845
|
|
Advances to suppliers |
3,116,861
|
|
3,116,861
|
|
61,739
|
|
Total Current Assets |
21,885,817
|
|
21,885,817
|
|
18,401,336
|
|
Plant, Property and Equipment, Net |
14,220,333
|
|
14,220,333
|
|
15,692,975
|
|
Construction In Progress |
64,838
|
|
64,838
|
|
68,921
|
|
Intangible Assets, Net |
9,842,881
|
|
9,842,881
|
|
10,582,657
|
|
Total Assets |
46,013,869
|
|
46,013,869
|
|
44,745,889
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable |
273,112
|
|
273,112
|
|
159,730
|
|
Accrued expenses and other payables |
30,091
|
|
30,091
|
|
222,871
|
|
Amount due to related parties |
43,991,316
|
|
43,991,316
|
|
43,488,198
|
|
Total Current Liabilities |
44,294,519
|
|
44,294,519
|
|
43,870,799
|
|
Stockholders' equity |
1,719,350
|
|
1,719,350
|
|
875,090
|
|
Total Liabilities and Stockholders' Equity |
46,013,869
|
|
46,013,869
|
|
$ 44,745,889
|
|
Revenue |
2,083,765
|
1,079,674
|
3,325,400
|
1,931,225
|
|
|
Expenses |
1,570,665
|
923,763
|
2,406,015
|
1,413,275
|
|
|
Net income (loss) |
$ 513,100
|
$ 155,911
|
$ 919,385
|
$ 517,950
|
|
|
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