Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 15, 2015 | Dec. 31, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | China Green Agriculture, Inc. | ||
Entity Central Index Key | 857,949 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | CGA | ||
Entity Common Stock, Shares Outstanding | 35,928,413 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 36,876,967.04 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 92,982,564 | $ 26,890,321 |
Accounts receivable, net | 68,528,598 | 88,781,608 |
Other receivable, net | 0 | 3,942,542 |
Inventories | 101,302,947 | 75,486,898 |
Prepaid expenses and other current assets | 459,400 | 480,432 |
Advances to suppliers, net | 40,910,837 | 32,630,865 |
Total Current Assets | 304,184,346 | 228,212,666 |
Plant, Property and Equipment, Net | 44,634,194 | 48,061,611 |
Other Receivables, Net of current portion | 0 | 2,628,361 |
Deferred Asset, Net | 51,527,209 | 83,680,425 |
Other Assets | 185,480 | 98,018 |
Intangible Assets, Net | 23,805,746 | 25,225,143 |
Goodwill | 5,245,643 | 5,203,986 |
Total Assets | 429,582,618 | 393,110,210 |
Current Liabilities | ||
Accounts payable | 2,372,130 | 3,378,248 |
Customer deposits | 19,129,853 | 25,700,586 |
Accrued expenses and other payables | 4,952,977 | 4,309,073 |
Amount due to related parties | 2,068,102 | 1,758,336 |
Taxes payable | 4,504,542 | 1,921,455 |
Short term loans | 23,605,540 | 24,002,720 |
Total Current Liabilities | $ 56,633,144 | $ 61,070,418 |
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, 35,905,198 and 32,362,534 shares issued and outstanding as of June 30, 2015 and 2014, respectively | 35,905 | 32,362 |
Additional paid-in capital | 123,360,384 | 114,605,214 |
Statutory reserve | 25,030,688 | 22,540,394 |
Retained earnings | 198,814,259 | 172,021,331 |
Accumulated other comprehensive income | 25,708,238 | 22,840,491 |
Total Stockholders' Equity | 372,949,474 | 332,039,792 |
Total Liabilities and Stockholders' Equity | $ 429,582,618 | $ 393,110,210 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
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 | 35,905,198 | 32,362,534 |
Common stock, shares, outstanding | 35,905,198 | 32,362,534 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Sales | |||
Net sales | $ 263,354,288 | $ 233,402,088 | $ 216,897,956 |
Cost of goods sold | |||
Cost of goods sold | 159,398,386 | 142,203,315 | 137,514,102 |
Gross profit | 103,955,902 | 91,198,773 | 79,383,854 |
Operating expenses | |||
Selling expenses | 9,010,486 | 8,812,457 | 4,395,154 |
Selling expenses - amortization of deferred asset | 41,902,052 | 27,390,957 | 9,970,715 |
General and administrative expenses | 11,330,440 | 14,515,884 | 9,632,523 |
Impairment of assets | 0 | 5,161,815 | 0 |
Total operating expenses | 62,242,978 | 55,881,113 | 23,998,392 |
Income from operations | 41,712,924 | 35,317,660 | 55,385,462 |
Other income (expense) | |||
Other income (expense) | 59,176 | (501,500) | 613,008 |
Interest income | 302,480 | 140,310 | 310,723 |
Interest expense | (1,712,639) | (1,380,829) | (1,351,157) |
Total other income (expense) | (1,350,983) | (1,742,019) | (427,426) |
Income before income taxes | 40,361,941 | 33,575,641 | 54,958,036 |
Provision for income taxes | 8,916,815 | 8,060,946 | 10,183,988 |
Net income | 31,445,126 | 25,514,695 | 44,774,048 |
Other comprehensive income | |||
Foreign currency translation gain | 2,867,747 | 1,027,081 | 6,032,903 |
Comprehensive income | $ 34,312,873 | $ 26,541,776 | $ 50,806,951 |
Basic weighted average shares outstanding (in shares) | 33,983,698 | 31,403,001 | 27,775,964 |
Basic net earnings per share (in dollars per share) | $ 0.93 | $ 0.81 | $ 1.61 |
Diluted weighted average shares outstanding (in shares) | 33,983,698 | 31,403,001 | 27,775,964 |
Diluted net earnings per share (in dollars per share) | $ 0.93 | $ 0.81 | $ 1.61 |
Jinong [Member] | |||
Sales | |||
Net sales | $ 130,355,168 | $ 117,706,033 | $ 110,585,022 |
Cost of goods sold | |||
Cost of goods sold | 51,948,851 | 48,629,095 | 51,883,935 |
Operating expenses | |||
Income from operations | 27,569,969 | 27,765,212 | 44,036,878 |
Other income (expense) | |||
Net income | 23,489,740 | 23,269,461 | 37,682,986 |
Gufeng [Member] | |||
Sales | |||
Net sales | 128,675,606 | 112,011,233 | 102,915,414 |
Cost of goods sold | |||
Cost of goods sold | 104,361,828 | 90,748,540 | 83,020,447 |
Operating expenses | |||
Income from operations | 20,063,568 | 16,636,156 | 15,322,045 |
Other income (expense) | |||
Interest expense | (1,712,639) | (1,380,829) | (1,351,157) |
Net income | 13,764,794 | 11,271,742 | 10,498,393 |
Yuxing [Member] | |||
Sales | |||
Net sales | 4,323,514 | 3,684,822 | 3,397,520 |
Cost of goods sold | |||
Cost of goods sold | 3,087,707 | 2,825,680 | 2,609,720 |
Operating expenses | |||
Income from operations | 640,367 | 48,879 | (32,265) |
Other income (expense) | |||
Net income | $ 751,372 | $ 106,059 | $ 533,722 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserve [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
BALANCE at Jun. 30, 2012 | $ 242,256,654 | $ 27,456 | $ 102,175,709 | $ 15,130,158 | $ 109,142,824 | $ 15,780,507 |
BALANCE (in shares) at Jun. 30, 2012 | 27,455,722 | |||||
Net income | 44,774,048 | $ 0 | 0 | 0 | 44,774,048 | |
Issuance of stock for consulting services | 389,002 | $ 111 | 388,891 | 0 | 0 | 0 |
Issuance of stock for consulting services (in shares) | 111,605 | |||||
Issuance of stock for payment of due to related party | 300,000 | $ 91 | 299,909 | 0 | 0 | 0 |
Issuance of stock for payment of due to related party (in shares) | 90,909 | |||||
Stock based compensation | 3,100,685 | $ 2,285 | 3,098,400 | 0 | 0 | 0 |
Stock based compensation (in shares) | 2,285,000 | |||||
Transfer to statutory reserve | 0 | $ 0 | 0 | 4,991,747 | (4,991,747) | 0 |
Other comprehensive income | 6,032,903 | 0 | 0 | 0 | 0 | 6,032,903 |
BALANCE at Jun. 30, 2013 | 296,853,292 | $ 29,943 | 105,962,909 | 20,121,905 | 148,925,125 | 21,813,410 |
BALANCE (in shares) at Jun. 30, 2013 | 29,943,236 | |||||
Net income | 25,514,695 | $ 0 | 0 | 0 | 25,514,695 | |
Issuance of stock for consulting services | 65,535 | $ 17 | 65,518 | 0 | 0 | 0 |
Issuance of stock for consulting services (in shares) | 17,356 | |||||
Issuance of stock for payment of due to related party | 525,000 | $ 119 | 524,881 | 0 | 0 | 0 |
Issuance of stock for payment of due to related party (in shares) | 118,778 | |||||
Stock based compensation | 8,054,189 | $ 2,283 | 8,051,906 | 0 | 0 | 0 |
Stock based compensation (in shares) | 2,283,164 | |||||
Transfer to statutory reserve | 0 | $ 0 | 0 | 2,418,489 | (2,418,489) | 0 |
Other comprehensive income | 1,027,081 | 0 | 0 | 0 | 0 | 1,027,081 |
BALANCE at Jun. 30, 2014 | 332,039,792 | $ 32,362 | 114,605,214 | 22,540,394 | 172,021,331 | 22,840,491 |
BALANCE (in shares) at Jun. 30, 2014 | 32,362,534 | |||||
Net income | 31,445,126 | $ 0 | 0 | 0 | 31,445,126 | |
Issuance of stock for consulting services | 205,103 | $ 104 | 204,999 | 0 | 0 | 0 |
Issuance of stock for consulting services (in shares) | 103,686 | |||||
Issuance of stock for payment of due to related party | 626,847 | $ 326 | 626,521 | 0 | 0 | 0 |
Issuance of stock for payment of due to related party (in shares) | 326,483 | |||||
Stock based compensation | 4,980,017 | $ 1,750 | 4,978,267 | 0 | 0 | 0 |
Stock based compensation (in shares) | 1,750,000 | |||||
Sale of common stock for cash | 2,946,746 | $ 1,363 | 2,945,383 | 0 | 0 | 0 |
Sale of common stock for cash (Shares) | 1,362,495 | |||||
Dividend to common stockholders | (2,161,904) | $ 0 | 0 | 0 | (2,161,904) | 0 |
Transfer to statutory reserve | 0 | 0 | 0 | 2,490,294 | (2,490,294) | 0 |
Other comprehensive income | 2,867,747 | 0 | 0 | 0 | 0 | 2,867,747 |
BALANCE at Jun. 30, 2015 | $ 372,949,474 | $ 35,905 | $ 123,360,384 | $ 25,030,688 | $ 198,814,259 | $ 25,708,238 |
BALANCE (in shares) at Jun. 30, 2015 | 35,905,198 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities | |||
Net income | $ 31,445,126 | $ 25,514,695 | $ 44,774,048 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Issuance of common stock and stock options for compensation | 5,185,120 | 8,119,724 | 3,489,687 |
Depreciation and amortization | 47,709,523 | 33,261,249 | 14,764,046 |
Impairment of assets | 0 | 5,161,815 | 0 |
Loss on disposal of property, plant and equipment | 26,184 | 0 | 0 |
Changes in operating assets | |||
Accounts receivable | 20,861,251 | (3,149,501) | (21,651,656) |
Other current assets | 24,758 | (81,255) | (90,500) |
Inventories | (25,088,572) | (40,948,365) | (5,212,729) |
Advances to suppliers | (7,979,577) | (12,362,036) | (7,635,033) |
Other assets | (66,702) | 48,777 | 87,228 |
Changes in operating liabilities | |||
Accounts payable | (1,026,403) | (7,716) | (3,589,487) |
Customer deposits | (6,743,348) | 24,321,366 | (1,228,419) |
Tax payables | 2,555,157 | (23,961,587) | 7,555,402 |
Accrued expenses and other payables | 632,400 | 695,186 | (286,860) |
Amount due to related parties | 0 | 0 | 1,115,100 |
Net cash provided by operating activities | 67,534,917 | 16,612,352 | 32,090,827 |
Cash flows from investing activities | |||
Purchase of plant, property, and equipment | (446,291) | (1,602,460) | (529,505) |
Proceeds from other receivables | 6,591,134 | 0 | 0 |
Deferred assets | (9,239,387) | (72,061,705) | (31,919,750) |
Net cash used in investing activities | (3,094,544) | (73,664,165) | (32,449,255) |
Cash flows from financing activities | |||
Proceeds from the sale of common stock | 3,573,593 | 0 | 0 |
Proceeds from loans | 21,844,890 | 35,145,885 | 2,943,885 |
Repayment of loans | (22,431,330) | (27,282,645) | (1,103,970) |
Payment of dividends | (2,161,904) | 0 | |
Advance from related party | 300,400 | 650,000 | 0 |
Net cash provided by financing activities | 1,125,649 | 8,513,240 | 1,839,915 |
Effect of exchange rate change on cash and cash equivalents | 526,221 | 397,405 | 1,571,372 |
Net increase (decrease) in cash and cash equivalents | 66,092,243 | (48,141,168) | 3,052,859 |
Cash and cash equivalents, beginning balance | 26,890,321 | 75,031,489 | 71,978,630 |
Cash and cash equivalents, ending balance | 92,982,564 | 26,890,321 | 75,031,489 |
Supplement disclosure of cash flow information | |||
Interest expense paid | 1,712,670 | 1,380,829 | 1,009,506 |
Income taxes paid | 6,361,658 | 32,022,533 | 22,658,825 |
Supplemental Disclosure of Non-Cash Financing Activities: | |||
Issuance 118,778 shares of common stock for repayment of amount due to related party | 0 | 525,000 | 300,000 |
Transfer of Property, Plant and Equipment to Assets held for sale | $ 0 | $ 0 | $ 11,676,736 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 12 Months Ended |
Jun. 30, 2014shares | |
Common Stock [Member] | Mr Tao Li [Member] | |
Common stock issued for repayment of amount due to related party | 118,778 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 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 TechTeamJinongHumic 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 June 30, 2015 is set forth in the diagram below: |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. Effective June 16, 2013, Yuxing was converted from being a wholly-owned foreign enterprise 100 100 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. For statement of cash flows purposes, the Company considers all cash on hand and in banks, certificates of deposit with state owned banks in the Peoples Republic of China (“PRC”) and banks in the United States, and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums of cash in two banks in China. The aggregate cash in such accounts and on hand as of June 30, 2015 and 2014 was $ 92,676,188 26,772,382 306,376 117,939 500,000 The Company's policy is to maintain reserves for potential credit losses on accounts receivable. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves at each year-end. Accounts considered uncollectible are written off through a charge to the valuation allowance. As of June 30, 2015 and 2014, the Company had accounts receivable of $ 68,528,598 88,781,608 307,923 237,594 Other receivable relates to the amount due from the sale of certain equipment from the Company’s Jintai facility. The receivable balance is secured by the equipment that was sold and is non-interest bearing. The balance of other receivables was paid in full during the year ended June 30, 2015. Inventory is valued at the lower of cost (determined on a weighted average basis) or market price. Inventories consist of raw materials, work in process, finished goods and packaging materials. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. At June 30, 2015 and 2014, the Company had no reserve for obsolete goods. Property, plant and equipment are recorded at cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of plant, property, and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Estimated Useful Life Building 10 25 Agricultural assets 8 Machinery and equipment 5 15 Vehicles 3 5 Construction in progress represents the costs incurred in connection with the construction of buildings or new additions to the Company’s plant facilities. Costs classified to construction in progress include all costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. No depreciation is provided for construction in progress until such time as the assets are completed and are placed into service. Interest incurred during construction is capitalized into construction in progress. The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. At June 30, 2015, the Company determined that there were no impairments of its long-lived assets. During the year ended June 30, 2014, the Company determined that the fair value of certain equipment from the Company’s Jintai facility was less than the carrying amounts and took an impairment charge of $ 5,161,815 Deferred assets represent amounts that the distributors owed to the Company in their marketing efforts and developing standard stores to expand the Company’s products’ competitiveness and market shares. The amount owed to the Company to assist its distributors will be expensed over three years which is the term as stated in the cooperation agreement, as long as the distributors are actively selling the Company’s products. For the year ended June 30, 2015, the Company amortized $ 41,902,052 27,390,957 9,970,715 33,918,929 16,838,331 769,949 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, 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. The Company records intangible assets acquired individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity’s future cash flows. The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of June 30, 2015, and 2014, respectively. Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Under accounting requirements, goodwill is not amortized but is subject to annual impairment tests. Summary of changes in goodwill by reporting segments is as follows: Foreign Balance at Currency Balance at Entity June 30, 2014 Adjustment June 30, 2015 Gufeng $ 5,203,986 $ 41,657 $ 5,245,643 Our accounting for Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: Level one Quoted market prices in active markets for identical assets or liabilities; Level two Inputs other than level one inputs that are either directly or indirectly observable; and Level three Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company had no assets and liabilities measured at fair value at June 30, 2015 and 2014. The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their fair values due to the short maturities of these instruments. Sales revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits are recognized as revenue. As of June 30, 2015 and 2014, the Company had customer deposits of $ 19,129,853 25,700,586 The costs of all employee stock options, as well as other equity-based compensation arrangements, are reflected in the consolidated financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the awardthe requisite service period (usually the vesting period). Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2015, 2014 and 2013. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. The reporting currency of the Company is the US dollar. The functional currency of the Company and Green New Jersey is the US dollar. The functional currency of the Chinese subsidiaries is the Chinese Yuan or Renminbi (“RMB”). For the subsidiaries whose functional currencies are other than the US dollar, all asset and liability accounts were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at the historical rates and items in the income statement and cash flow statements are translated at the average rate in each applicable period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of shareholders’ equity. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. The Company utilizes the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. As of June 30, 2015, the Company, through its subsidiaries is engaged into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, other receivables, advances to suppliers, accounts payable, other payables, tax payable, and related party advances and borrowings. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is attributed to the short maturities of the instruments and that interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective balance sheet dates. The Company's cash flows from operations are calculated based on the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets. 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. For the Years Ended June 30, 2015 2014 2013 Net Income for Basic Earnings Per Share $ 31,445,126 $ 25,514,695 $ 44,774,048 Basic Weighted Average Number of Shares 33,983,698 31,403,001 27,775,964 Net Income per Share Basic $ 0.93 $ 0.81 $ 1.61 Net Income for Diluted Earnings Per Share 31,445,126 25,514,695 44,774,048 Diluted Weighted Average Number of Shares 33,983,698 31,403,001 27,775,964 Net Income per Share Diluted $ 0.93 $ 0.81 $ 1.61 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. FASB Accounting Standards Update No. 2014-08 In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360). 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) 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) 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. 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. 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. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORIES June 30, June 30, 2015 2014 Raw materials $ 48,294,614 $ 24,618,225 Supplies and packing materials 529,398 492,954 Work in progress 348,670 440,935 Finished goods 52,130,265 49,934,784 Total $ 101,302,947 $ 75,486,898 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PROPERTY, PLANT AND EQUIPMENT June 30, June 30, 2015 2014 Building and improvements $ 43,699,066 $ 43,020,120 Auto 900,562 950,428 Machinery and equipment 23,173,209 22,885,877 Agriculture assets 833,165 826,549 Total property, plant and equipment 68,606,002 67,682,974 Less: accumulated depreciation (23,971,808) (19,621,363) Total $ 44,634,194 $ 48,061,611 Depreciation expenses for the years ended June 30, 2015, 2014 and 2013 were $ 4,319,185 4,385,103 3,214,655 Agriculture assets consist of reproductive trees that are expected to be commercially productive for a period of eight years. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5- INTANGIBLE ASSETS June 30, June 30, 2015 2014 Land use rights, net $ 11,554,776 $ 11,723,976 Technology patent, net 251,007 498,027 Customer relationships, net 5,337,373 6,350,586 Non-compete agreement 0 42,874 Trademarks 6,662,590 6,609,680 Total $ 23,805,746 $ 25,225,143 LAND USE RIGHT On September 25, 2009, Yuxing was granted a land use right for approximately 88 3.8 73,184,895 11,980,367 50 On August 13, 2003, Tianjuyuan was granted a certificate of Land Use Right for a parcel of land of approximately 11 459,898 1,045,950 171,222 50 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 RMB 7,285,099 1,192,571 50 June 30, June 30, 2015 2014 Land use rights $ 13,344,160 $ 13,238,189 Less: accumulated amortization (1,789,384) (1,514,213) Total land use rights, net $ 11,554,776 $ 11,723,976 TECHNOLOGY PATENT On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired technology patent was estimated to be RMB 9,200,000 1,506,040 June 30, June 30, 2015 2014 Technology know-how $ 2,467,789 $ 2,448,191 Less: accumulated amortization (2,216,781) (1,950,164) Total technology know-how, net $ 251,008 $ 498,027 CUSTOMER RELATIONSHIP On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired customer relationships was estimated to be RMB 65,000,000 10,640,500 June 30, June 30, 2015 2014 Customer relationships $ 10,640,500 $ 10,556,000 Less: accumulated amortization (5,303,128) (4,205,414) Total customer relationships, net $ 5,337,372 $ 6,350,586 NON-COMPETE AGREEMENT On July 2, 2010, the Company acquired Gufeng and its wholly-owned subsidiary Tianjuyuan. The preliminary fair value on the acquired non-compete agreement was estimated to be RMB 1,320,000 216,084 June 30, June 30, 2015 2014 Non-compete agreement $ 216,084 $ 214,368 Less: accumulated amortization (216,084) (171,494) Total non-compete agreement, net $ - $ 42,874 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 RMB 40,700,000 6,662,590 AMORTIZATION EXPENSE Year Ends Expense ($) June 30, 2015 1,581,941 June 30, 2016 1,330,933 June 30, 2017 1,330,933 June 30, 2018 1,330,933 June 30, 2019 1,330,933 |
ACCRUED EXPENSES AND OTHER PAYA
ACCRUED EXPENSES AND OTHER PAYABLES | 12 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Payables Disclosure [Text Block] | NOTE 6- ACCRUED EXPENSES AND OTHER PAYABLES June 30, June 30, 2015 2014 Payroll payable $ 18,451 $ 7,964 Welfare payable 168,061 166,727 Accrued expenses 3,554,733 2,948,727 Other payables 1,098,705 1,049,783 Other levy payable 113,027 135,872 Total $ 4,952,977 $ 4,309,073 |
AMOUNT DUE TO RELATED PARTIES
AMOUNT DUE TO RELATED PARTIES | 12 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 7- AMOUNT DUE TO RELATED PARTIES As of June 30, 2015 and 2014, the amount due to related parties was $ 2,068,102 1,758,336 1,184,643 1,136,800 On June 29, 2014, Jinong signed an office lease with Kingtone Information. Pursuant to the lease, Jinong rented 612 July 1, 2014 24,480 |
LOAN PAYABLES
LOAN PAYABLES | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | NOTE 8- LOAN PAYABLES 5.60 7.80 No. Payee Loan period per agreement Interest Rate June 30, 1 Bank of Beijing- Pinggu Branch Aug 6, 2014 - Aug 5, 2015 6.72 % $ 1,637,000 2 China Merchants Bank- Chaoyangmen 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 16, 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 Bank of Tianjin- Beijing Branch Feb 3, 2015 - Jan 27, 2016 6.16 % 6,548,000 8 Bank of Tianjin- Beijing Branch Feb 11, 2015 - Feb 10, 2016 5.60 % 4,616,340 9 China Merchants Bank- Chaoyangmen Branch March 16, 2015 - March 15, 2016 6.96 % 818,500 10 Agriculture Bank of China-Pinggu Branch May 12, 2015 - April 29, 2016 5.89 % 2,128,100 Total 23,605,540 As of June 30, 2014, the short-term loan payables consisted of eleven loans which mature on dates ranging from August 16, 2013 through April 24, 2015 6.00 7.80 No. Payee Loan period per agreement Interest Rate June 30, 1 China Merchants Bank Chaoyang Branch Feb 25, 2014 Aug 14, 2014 6.90 % $ 2,030,000 2 Beijing Bank Pinggu Branch Aug 16, 2013 - Aug 15, 2014 7.20 % 1,624,000 3 Beijing International Trust Co., Ltd Sep 25, 2013 - Sep 24, 2014 7.80 % 1,624,000 4 Beijing International Trust Co., Ltd Oct 30,2013 - Oct 29, 2014 7.80 % 1,624,000 5 Beijing International Trust Co., Ltd Dec 12,2013 - Dec 11, 2014 7.80 % 1,624,000 6 Tianjin Bank Beijing Branch Jan 08, 2014 - Jan 07, 2015 6.60 % 5,684,000 7 Agriculture Bank of China-Pinggu Branch Jan 15, 2014 - Jan 14, 2015 6.60 % 1,364,160 8 Tianjin Bank Beijing Branch Jan 23, 2014 - Jan 22,2015 6.00 % 3,053,120 9 China Merchants Bank Chaoyang Branch Feb 19, 2014 - Feb 18, 2015 7.20 % 2,436,000 10 Agriculture Bank of China-Pinggu Branch March 24, 2014 - Mar 23, 2015 6.60 % 1,299,200 11 Agriculture Bank of China-Pinggu Branch Apr 25, 2014 - Apr 24, 2015 6.60 % 1,640,240 Total 24,002,720 The interest expense from short-term loans was $ 1,712,639 1,380,829 1,351,157 |
TAXES PAYABLE
TAXES PAYABLE | 12 Months Ended |
Jun. 30, 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 33 50 15 4,262,040 4,249,206 6,654,038 25 4,654,774 3,811,740 3,529,950 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 Exemption of VAT for Organic Fertilizer Products Reinstatement of VAT for Fertilizer Products Supplementary Reinstatement of VAT for Fertilizer Products Income Taxes and Related Payables June 30, June 30, 2015 2014 VAT provision $ 27,251 $ 61,506 Income tax payable 3,778,339 1,166,683 Other levies 698,952 693,266 Total $ 4,504,542 $ 1,921,455 Years Ended June 30, 2015 2014 2013 Current tax - foreign $ 8,916,815 $ 8,060,946 $ 10,183,988 Deferred tax - - - $ 8,916,815 $ 8,060,946 $ 10,183,988 June 30, June 30, 2015 2014 Deferred tax assets: Net operating loss $ 11,847,474 $ 9,616,214 Total deferred tax assets 11,847,474 9,616,214 Less valuation allowance (11,847,474) (9,616,214) $ - $ - The Company periodically evaluates the likelihood of the realization of deferred tax assets, and adjusts the carrying amount of the deferred tax assets by the valuation allowance to the extent the future realization of the deferred tax assets is not judged to be more likely than not. The Company considers many factors when assessing the likelihood of future realization of its deferred tax assets, including its recent cumulative earnings experience by taxing jurisdiction, expectations of future taxable income or loss, the carryforward periods available to the Company for tax reporting purposes, and other relevant factors. At June 30, 2015, based on the weight of available evidence, including cumulative losses in recent years and expectations of future taxable income, the Company determined that it was more likely than not that its deferred tax assets would not be realized and have a $9.6 million valuation allowance associated with its deferred tax assets. Tax Rate Reconciliation The Company’s effective tax rates were approximately 22.1 24.0 18.5 34 June 30, 2015 China United States 15% - 25% 34% Total Pretax income (loss) $ 46,922,721 $ (6,560,780) $ 40,361,941 Expected income tax expense (benefit) 11,730,680 25.0 % (2,230,665) 34.0 % 9,500,015 High-tech income benefits on Jinong (2,675,905) (5.7) % - - (2,675,905) Losses from subsidiaries in which no benefit is recognized (137,960) (0.3) % - - (137,960) Change in valuation allowance on deferred tax asset from US tax benefit 2,230,665 (34.0) % 2,230,665 Actual tax expense $ 8,916,815 19.0 % $ - - % $ 8,916,815 22.1 % June 30, 2014 China United States 15% - 25% 34% Total Pretax income (loss) $ 42,708,208 $ (9,132,567) $ 33,575,641 Expected income tax expense (benefit) 10,677,052 25.0 % (3,105,073) 34.0 % 7,571,979 High-tech income benefits on Jinong (1,568,160) (3.7) % - - (1,568,160) Losses from subsidiaries in which no benefit is recognized (1,047,946) (2.5) % - - (1,047,946) Change in valuation allowance on deferred tax asset from US tax benefit - 3,105,073 (34.0) % 3,105,073 Actual tax expense $ 8,060,946 18.9 % $ - - % $ 8,060,946 24.0 % June 30, 2013 China United States 15% - 25% 34% Total Pretax income (loss) $ 58,899,089 $ (3,941,053) $ 54,958,036 Expected income tax expense (benefit) 14,724,772 25.0 % (1,339,958) 34.0 % 13,384,814 High-tech income benefits on Jinong (4,430,219) (7.5) % - - (4,430,219) Losses from subsidiaries in which no benefit is recognized (110,565) (0.2) % - - (110,565) Change in valuation allowance on deferred tax asset from US tax benefit - 1,339,958 (34.0) % 1,339,958 Actual tax expense $ 10,183,988 17.3 % $ - - % $ 10,183,988 18.5 % |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jun. 30, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 STOCKHOLDERS’ EQUITY Common Stock On September 26, 2013, the Company issued 118,778 4.42 200,000 325,000 On September 28, 2013, the Company granted an aggregate of 1,750,000 480,000 200,000 40,000 30,000 20,000 980,000 During the year ended June 30, 2014, the Company issued 17,356 65,535 4,087 12,950 19,665 41,494.13 On September 30, 2014, the Company granted an aggregate of 1,750,000 240,000 100,000 40,000 30,000 20,000 1,320,000 3,675,000 The table below summarized the restricted shares of common stock issued under the 2009 Plan: Grant Date Number of Fair Value of Fair Value Shares Shares Per share Outstanding (unvested) at June 30, 2012 721,151 $ 1,637,133 Granted 1,750,000 5,132,500 $ 2.93 Forfeited 0 0 Vested (818,651) (3,100,685) Outstanding (unvested) at June 30, 2013 1,652,500 3,668,948 Granted 1,750,000 7,490,000 $ 4.28 Forfeited 0 0 Vested (1,688,500) (8,054,189) Outstanding (unvested) at June 30, 2014 1,714,000 3,104,759 Granted 1,750,000 3,675,000 $ 2.10 Forfeited 0 0 Vested (1,756,000) (4,981,767) Outstanding (unvested) at June 30, 2015 1,708,000 $ 1,797,992 As of June 30, 2015, the unamortized expense related to the grant of restricted shares of common stock was $ 1,797,992 During the year ended June 30, 2014, the Company issued 17,356 65,535 103,686 205,103 In addition, during the year ended June 30, 2015, the Company issued 1,362,495 2,946,746 326,483 626,847 Dividend On October 1, 2014, the Company's Board of Directors declared a cash dividend of $ 0.10 3,296,156 2,161,904 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, 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 June 30, 2015, the Company had 20,000,000 .001 |
STOCK OPTIONS
STOCK OPTIONS | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 11 STOCK OPTIONS There were no issuances of stock options during the years ended June 30, 2015, 2014 and 2013. Weighted Average Number Exercise Aggregate of Shares Price Intrinsic Value Outstanding, June 30, 2012 115,099 14.66 - Granted - Forfeited/Canceled - Exercised - Outstanding, June 30, 2013 115,099 14.66 - Granted - Forfeited/Canceled - Exercised - Outstanding, June 30, 2014 115,099 14.66 - Granted - Forfeited/Canceled/Expired (115,099) Exercised - Outstanding, June 30, 2015 - - - |
CONCENTRATIONS AND LITIGIATION
CONCENTRATIONS AND LITIGIATION | 12 Months Ended |
Jun. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration and Litigation [Text Block] | NOTE 12CONCENTRATIONS AND LITIGIATION 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, Sino-agri Holding Co., Ltd and Beijing Baofengnian Agricultural Material Co. Ltd,, from which the Company purchased 16.9 10.5 47,116,232 13,126,582 There were two vendors, Beijing Dongqi Trade CenterCo., Ltd. and Beijing Baofengnian Agricultural Material Co. Ltd,, from which the Company purchased 11.6 10.7 31,597,539 8,803,074 There were two vendors, Sino-agri Holding Co., Ltd.and_Beijing Baohenongxiang Agricultural Materials Co. Ltd., from which the Company purchased 14.6 13.6 33,832,070 9,426,904 One customer,Sino-agri Holding Co., Ltd., accounted for $ 64,131,981 23.6 28,503,063 11.2 39,735,292 18.3 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 |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 13 SEGMENT REPORTING For the Year Ended June 30, 2015 2014 2013 Revenues from: Jinong $ 130,355,168 117,706,034 $ 110,585,022 Gufeng 128,675,606 112,011,232 102,915,414 Yuxing 4,323,514 3,684,822 3,397,520 Consolidated $ 263,354,288 233,402,088 $ 216,897,956 Operating income : Jinong $ 27,569,969 27,765,212 $ 44,036,878 Gufeng 20,063,568 16,636,156 15,322,045 Yuxing 640,367 48,879 (32,265) Reconciling item (1) - Reconciling item (2) (1,580,963) (1,078,398) (840,511) Reconciling item (2)stock compensation (4,980,017) (8,054,189) (3,100,685) Consolidated $ 41,712,924 35,317,660 $ 55,385,462 Net income: Jinong $ 23,489,740 23,269,461 $ 37,682,986 Gufeng 13,764,794 11,271,742 10,498,393 Yuxing 751,372 106,059 533,722 Reconciling item (1) 200 20 142 Reconciling item (2) (6,560,980) (9,132,587) (3,941,195) Consolidated $ 31,445,126 25,514,695 $ 44,774,048 Depreciation and Amortization: Jinong $ 42,861,786 28,456,422 $ 10,065,656 Gufeng 3,319,329 3,143,837 3,298,983 Yuxing 1,528,408 1,660,990 1,399,407 Consolidated $ 47,709,523 33,261,249 $ 14,764,046 Interest expense: Gufeng 1,712,639 1,380,829 1,351,157 Consolidated $ 1,712,639 1,380,829 $ 1,351,157 Capital Expenditure: Jinong $ 9,266,682 72,128,061 $ 31,337,204 Gufeng 13,595 112,941 7,422 Yuxing 405,401 1,423,163 1,037,272 Consolidated $ 9,685,678 73,664,165 $ 32,381,898 Identifiable assets: Jinong $ 219,259,401 195,331,283 $ 197,232,555 Gufeng 165,267,975 153,655,110 108,409,694 Yuxing 44,745,889 44,003,970 43,021,886 Reconciling item (1) 312,198 123,753 68,113 Reconciling item (2) (2,845) (3,906) (3,906) Consolidated $ 429,582,618 393,110,210 $ 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. 0.1 0.1 0.2 FY 2015 Export Details Exported to Subsidiary Type Amount India Gufeng 40% humic acid organic/inorganic fertilizer $ - India Jinong Liquid fertilizer 230,071 India Jinong Solid fertilizer 104,861 $ 334,932 FY 2014 Export Details Exported to Subsidiary Type Amount India Gufeng 40% humic acid organic/inorganic fertilizer $ - India Jinong Liquid fertilizer 129,351 India Jinong Solid fertilizer 196,572 $ 325,923 FY 2013 Export Details Exported to Subsidiary Type Amount India Gufeng 40% humic acid organic/inorganic fertilizer $ - India Jinong Liquid fertilizer 174,150 India Jinong Solid fertilizer 158,791 $ 332,941 |
COMMITMENTS AND CONTINGENCIES A
COMMITMENTS AND CONTINGENCIES AND UNCERTAINTIES | 12 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | NOTE 14- COMMITMENTS AND CONTINGENCIES AND UNCERTAINTIES On June 29, 2014, Jinong signed an office lease with Kingtone Information. Pursuant to the lease, Jinong rented 612 6,588 two July 1, 2014 4,007 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 $ 484 2,958 Accordingly, the Company recorded an aggregate of $ 53,636 63,606 63,371 Year Ended June 30, 2016 $ 53,636 2017 5,783 2018 5,783 2019 5,783 2020 5,783 In the next two to three years, China’s growth performance could deteriorate because of the overhang of its real estate bubble, massive manufacturing overcapacity, and the lack of new growth engines. The International Monetary Fund and UBS estimate that the Chinese economy will grow by 6.8% in 2015. If China’s economy is further slowing down, it may negatively affect the Company’s business operation and financial results. Furthermore, as the Company relies entirely on revenues earned in the PRC, any significant revaluation of RMB may materially and adversely affect its cash flows, revenues and financial condition. The value of the RMB against the U.S. dollar and other currencies may fluctuate and is affected by changes in the PRC's political and economic conditions. In August 2015, the PRC Government devalued its currency by approximately 3%, represented the largest yuan depreciation for 20 years. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | NOTE 15 VARIABLE INTEREST ENTITIES 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 VIE Agreements are as follows: Entrusted Management Agreement Pursuant to the terms of a certain Entrusted Management Agreement dated June 16, 2013 among Yuxing, Jinong and the shareholder of Yuxing (the “Entrusted Management Agreement”), Yuxing and its shareholder agreed to entrust the operations and management of its business to Jinong. According to the Entrusted Management Agreement, Jinong possesses the full and exclusive right to manage Yuxing’s operations, assets and personnel, has the right to control all of Yuxing's cash flows through an entrusted bank account, is entitled to Yuxing's net profits as a management fee, is obligated to pay all of Yuxing’s payables and loan payments, and bears all losses of Yuxing. The Entrusted Management Agreement will remain in effect until (i) the parties mutually agree to terminate the agreement; (ii) the dissolution of Yuxing or (iii) Jinong acquires all of the assets or equity of Yuxing (as more fully described below under “Exclusive Option Agreement”). Exclusive Product Supply Agreement Pursuant to the terms of a certain Exclusive Product Supply Agreement dated June 16, 2013 between Yuxing and Jinong (“the Exclusive Product Supply Agreement”), Jinong is the exclusive product provider to Yuxing. Yuxing agreed to pay Jinong all fees payable for products supply prior to making any payments under the Entrusted Management Agreement. Any payment from Yuxing to Jinong must comply with applicable Chinese laws. The Exclusive Product Supply Agreement shall remain in effect until (i) the parties mutually agree to terminate the agreement; (ii) the dissolution of Yuxing or (iii) Jinong acquires Yuxing (as more fully described below under “Exclusive Option Agreement”). Shareholder’s Voting Proxy Agreement Pursuant to the terms of a certain Shareholder’s Voting Proxy Agreement dated June 16, 2013 among Jinong and the shareholder of Yuxing (the “Shareholder’s Voting Proxy Agreement”), the shareholder of Yuxing irrevocably appointed Jinong as their proxy to exercise on such shareholder’s behalf all of her voting rights as shareholder pursuant to PRC law and the Articles of Association of Yuxing, including the appointment and election of directors of Yuxing. Jinong agreed that it shall maintain a board of directors the composition of which will be the members of the Board of Green Nevada, except those directors that are employed solely for the purpose of satisfying listing or financing requirements of Green Nevada, if any. The Shareholder’s Voting Proxy Agreement will remain in effect until Jinong acquires all of the assets or equity of Yuxing. Exclusive Option Agreement Pursuant to the terms of a certain Exclusive Option Agreement dated June 16, 2013 among Jinong, Yuxing and the shareholder of Yuxing (the “Exclusive Option Agreement”), the shareholder of Yuxing granted Jinong an irrevocable and exclusive purchase option (the “Option”) to acquire Yuxing’s equity interests and/or remaining assets, but only to the extent that the acquisition does not violate limitations imposed by PRC law on such transactions. The Option is exercisable at any time at Jinong’s discretion so long as such exercise and subsequent acquisition of Yuxing does not violate PRC law. The consideration for the exercise of the Option is to be determined by the parties and memorialized in the future by definitive agreements setting forth the kind and value of such consideration. To the extent Yuxing shareholder receive any of such consideration, the Option requires them to transfer (and not retain) the same to Yuxing or Jinong. The Exclusive Option Agreement may be terminated by mutual agreement or by 30 days written notice by Jinong. Equity Pledge Agreement Pursuant to the terms of a certain Equity Pledge Agreement dated June 16, 2013 among Jinong and the shareholder of Yuxing (the “Pledge Agreement”), the shareholder of Yuxing pledged all of her equity interests in Yuxing, including the proceeds thereof, to guarantee all of Jinong's rights and benefits under the Entrusted Management Agreement, the Exclusive Product Supply Agreement, the Shareholder’ Voting Proxy Agreement and the Exclusive Option Agreement. Prior to termination of the Pledge Agreement, the pledged equity interests cannot be transferred without Jinong's prior written consent. The Pledge Agreement may be terminated only upon the written agreement of the parties. As a result of these contractual arrangements, 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. June 30, 2015 2014 ASSETS Current Assets Cash and cash equivalents $ 79,867 $ 102,777 Accounts receivable, net 72,748 61,248 Inventories 18,138,137 16,538,621 Other current assets 48,845 12,745 Advances to suppliers 61,739 53,168 Total Current Assets 18,401,336 16,768,559 Plant, Property and Equipment, Net 15,692,974 16,450,206 Construction In Progress 68,921 48,883 Intangible Assets, Net 10,582,658 10,736,322 Total Assets $ 44,745,889 $ 44,003,970 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 159,730 $ 739,526 Accrued expenses and other payables 222,871 3,086 Amount due to related parties 43,488,198 43,142,280 Total Current Liabilities 43,870,799 43,884,892 Stockholders' equity 875,090 119,078 Total Liabilities and Stockholders' Equity $ 44,745,889 $ 44,003,970 Year Ended June 30, 2015 2014 2013 Revenue $ 4,323,514 $ 3,684,822 $ 3,397,520 Expenses 3,572,142 3,578,763 2,863,798 Net income (loss) $ 751,372 $ 106,059 $ 533,722 |
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS | 12 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Restricted Assets Disclosure [Text Block] | NOTE 16 RESTRICTED NET ASSETS The Company’s operations are primarily conducted through its PRC subsidiaries, which can only pay dividends out of their retained earnings determined in accordance with the accounting standards and regulations in the PRC and after it has met the PRC requirements for appropriation to statutory reserves. In addition, the Company’s businesses and assets are primarily denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. These currency exchange control procedures imposed by the PRC government authorities may restrict the ability of the Company’s PRC subsidiaries to transfer their net assets to the Parent Company through loans, advances or cash dividends. The Company’s PRC subsidiaries net assets as of June 30, 2015 and 2014 exceeded 25 Parent Company Financial Statements PARENT COMPANY FINANCIAL INFORMATION OF CHINA GREEN AGRICULTURE, INC. Condensed Balance Sheets As of June 30, 2015 2014 ASSETS Current Assets: Cash and cash equivalents $ 306,376 $ 117,939 Other current assets 2,977 1,908 Total Current Assets 309,353 119,847 Long-term equity investment 377,245,446 335,598,200 Total long term assets 377,245,446 335,598,200 Total Assets $ 377,554,799 $ 335,718,047 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 214,520 $ 214,520 Amount due to related parties 888,743 588,343 Other payables and accrued expenses 3,502,062 2,875,392 Total Current Liabilities 4,605,325 3,678,255 Stockholders' Equities Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236, shares issued and outstanding as of June 30, 2015 and 2014, respectively 35,905 32,362 Additional paid in capital 123,360,384 114,605,214 Accumulated other comprehensive income 25,708,238 22,840,491 Retained earnings 223,844,947 194,561,725 Total Stockholders' Equity 372,949,474 332,039,792 Total Liabilities and Stockholders' Equity $ 377,554,799 $ 335,718,047 Condensed Statements of Operations Year ended June 30, 2015 2014 2013 Revenue $ - $ - $ - General and administrative expenses 6,560,980 9,132,587 3,941,195 Interest income (expense) 200 20 142 Equity investment in subsidiaries 38,005,906 34,647,262 48,715,101 Net income $ 31,445,126 $ 25,514,695 $ 44,774,048 Condensed Statements of Cash Flows Year Ended June 30, 2015 2014 2013 Net cash provided by (used in) operating activities $ 188,437 $ 55,640 $ (215,239) Net cash provided by (used in) investing activities - Net cash provided by financing activities - Cash and cash equivalents, beginning balance 117,939 62,299 277,538 Cash and cash equivalents, ending balance $ 306,376 $ 117,939 $ 62,299 Notes to Condensed Parent Company Financial Information As of June 30, 2015, 2014 and 2013, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Consolidated Financial Statements, if any. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. |
SELECTED QUARTERLY DATA (UNAUDI
SELECTED QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 18 SELECTED QUARTERLY DATA (UNAUDITED) Quarterly Periods Ended September 30, December 31, March 31, June 30, 2014 2014 2015 2015 Net Revenue $ 51,301,790 $ 54,051,174 $ 79,487,215 $ 78,514,109 Gross Profit $ 24,673,434 $ 22,909,994 $ 28,190,517 $ 28,181,957 Income (loss) from operation $ 10,487,081 $ 7,083,518 $ 12,925,157 $ 11,217,168 Other income (expense) $ (384,404) $ (316,197) $ (191,682) $ (458,700) Net income (loss) $ 8,099,082 $ 5,215,437 $ 9,916,194 $ 8,214,413 Earnings (loss) per shares - basic $ 0.25 $ 0.16 $ 0.29 $ 0.23 Earnings (loss) per shares - diluted $ 0.25 $ 0.16 $ 0.29 $ 0.23 Quarterly Periods Ended September 30, December 31, March 31, June 30, 2013 2013 2014 2014 Net Revenue $ 50,303,347 $ 40,634,601 $ 70,295,981 $ 72,168,159 Gross Profit $ 22,469,688 $ 18,851,515 $ 26,160,715 $ 23,716,855 Income (loss) from operation $ 13,333,722 $ 5,478,488 $ 9,917,167 $ 6,588,283 Other income (expense) $ (293,915) $ (352,861) $ (368,954) $ (726,289) Net income (loss) $ 10,378,457 $ 3,675,737 $ 7,209,131 $ 4,251,370 Earnings (loss) per shares - basic $ 0.35 $ 0.12 $ 0.23 $ 0.11 Earnings (loss) per shares - diluted $ 0.35 $ 0.12 $ 0.23 $ 0.11 |
BASIS OF PRESENTATION AND SUM25
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
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. Effective June 16, 2013, Yuxing was converted from being a wholly-owned foreign enterprise 100 100 |
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. |
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 Peoples Republic of China (“PRC”) and banks in the United States, and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. The Company maintains large sums of cash in two banks in China. The aggregate cash in such accounts and on hand as of June 30, 2015 and 2014 was $ 92,676,188 26,772,382 306,376 117,939 500,000 |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts receivable The Company's policy is to maintain reserves for potential credit losses on accounts receivable. Management regularly reviews the composition of accounts receivable and analyzes customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves at each year-end. Accounts considered uncollectible are written off through a charge to the valuation allowance. As of June 30, 2015 and 2014, the Company had accounts receivable of $ 68,528,598 88,781,608 307,923 237,594 |
Other Receivables [Policy Text Block] | Other receivable Other receivable relates to the amount due from the sale of certain equipment from the Company’s Jintai facility. The receivable balance is secured by the equipment that was sold and is non-interest bearing. The balance of other receivables was paid in full during the year ended June 30, 2015. |
Inventory, Policy [Policy Text Block] | Inventories Inventory is valued at the lower of cost (determined on a weighted average basis) or market price. Inventories consist of raw materials, work in process, finished goods and packaging materials. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves when determined necessary. At June 30, 2015 and 2014, the Company had no reserve for obsolete goods. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Property, plant and equipment are recorded at cost. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of plant, property, and equipment are capitalized. These capitalized costs may include structural improvements, equipment, and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Estimated Useful Life Building 10 25 Agricultural assets 8 Machinery and equipment 5 15 Vehicles 3 5 |
Construction Contractors, Operating Cycle, Policy [Policy Text Block] | Construction in Progress Construction in progress represents the costs incurred in connection with the construction of buildings or new additions to the Company’s plant facilities. Costs classified to construction in progress include all costs of obtaining the asset and bringing it to the location and condition necessary for its intended use. No depreciation is provided for construction in progress until such time as the assets are completed and are placed into service. Interest incurred during construction is capitalized into construction in progress. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets The Company tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. At June 30, 2015, the Company determined that there were no impairments of its long-lived assets. During the year ended June 30, 2014, the Company determined that the fair value of certain equipment from the Company’s Jintai facility was less than the carrying amounts and took an impairment charge of $ 5,161,815 |
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 Company’s products’ competitiveness and market shares. The amount owed to the Company to assist its distributors will be expensed over three years which is the term as stated in the cooperation agreement, as long as the distributors are actively selling the Company’s products. For the year ended June 30, 2015, the Company amortized $ 41,902,052 27,390,957 9,970,715 33,918,929 16,838,331 769,949 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, 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. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets The Company records intangible assets acquired individually or as part of a group at fair value. Intangible assets with definitive lives are amortized over the useful life of the intangible asset, which is the period over which the asset is expected to contribute directly or indirectly to the entity’s future cash flows. The Company evaluates intangible assets for impairment at least annually and more often whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. The Company has not recorded impairment of intangible assets as of June 30, 2015, and 2014, respectively. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. Under accounting requirements, goodwill is not amortized but is subject to annual impairment tests. Summary of changes in goodwill by reporting segments is as follows: Foreign Balance at Currency Balance at Entity June 30, 2014 Adjustment June 30, 2015 Gufeng $ 5,203,986 $ 41,657 $ 5,245,643 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement and Disclosures Our accounting for Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: Level one Quoted market prices in active markets for identical assets or liabilities; Level two Inputs other than level one inputs that are either directly or indirectly observable; and Level three Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company had no assets and liabilities measured at fair value at June 30, 2015 and 2014. The carrying values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their fair values due to the short maturities of these instruments. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Revenue recognition Sales revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. The Company's revenue consists of invoiced value of goods, net of a value-added tax (VAT). No product return or sales discount allowance are made as products delivered and accepted by customers are not returnable and sales discounts are not granted after products are delivered. |
Customer Deposits [Policy Text Block] | Customer deposits Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as customer deposits. When all revenue recognition criteria are met, the customer deposits are recognized as revenue. As of June 30, 2015 and 2014, the Company had customer deposits of $ 19,129,853 25,700,586 |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation The costs of all employee stock options, as well as other equity-based compensation arrangements, are reflected in the consolidated financial statements based on the estimated fair value of the awards on the grant date. That cost is recognized over the period during which an employee is required to provide service in exchange for the awardthe requisite service period (usually the vesting period). Stock compensation for stock granted to non-employees is determined as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2015, 2014 and 2013. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The reporting currency of the Company is the US dollar. The functional currency of the Company and Green New Jersey is the US dollar. The functional currency of the Chinese subsidiaries is the Chinese Yuan or Renminbi (“RMB”). For the subsidiaries whose functional currencies are other than the US dollar, all asset and liability accounts were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at the historical rates and items in the income statement and cash flow statements are translated at the average rate in each applicable period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of shareholders’ equity. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. |
Segment Reporting, Policy [Policy Text Block] | Segment reporting The Company utilizes the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. As of June 30, 2015, the Company, through its subsidiaries is engaged into three main business segments based on location and product: Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production). |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair values of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, other receivables, advances to suppliers, accounts payable, other payables, tax payable, and related party advances and borrowings. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented on the balance sheets. This is attributed to the short maturities of the instruments and that interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective balance sheet dates. |
Statement Of Cash Flows [Policy Text Block] | Statement of cash flows The Company's cash flows from operations are calculated based on the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheets. |
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. For the Years Ended June 30, 2015 2014 2013 Net Income for Basic Earnings Per Share $ 31,445,126 $ 25,514,695 $ 44,774,048 Basic Weighted Average Number of Shares 33,983,698 31,403,001 27,775,964 Net Income per Share Basic $ 0.93 $ 0.81 $ 1.61 Net Income for Diluted Earnings Per Share 31,445,126 25,514,695 44,774,048 Diluted Weighted Average Number of Shares 33,983,698 31,403,001 27,775,964 Net Income per Share Diluted $ 0.93 $ 0.81 $ 1.61 |
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. 2014-08 In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360). 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) 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) 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. 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. 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. |
BASIS OF PRESENTATION AND SUM26
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Life Of Fixed Assets [Table Text Block] | Estimated Useful Life Building 10 25 Agricultural assets 8 Machinery and equipment 5 15 Vehicles 3 5 |
Schedule of Goodwill [Table Text Block] | As of June 30, 2015, the Company performed the required impairment review which resulted in no impairment adjustment. Summary of changes in goodwill by reporting segments is as follows: Foreign Balance at Currency Balance at Entity June 30, 2014 Adjustment June 30, 2015 Gufeng $ 5,203,986 $ 41,657 $ 5,245,643 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The components of basic and diluted earnings per share consist of the following: For the Years Ended June 30, 2015 2014 2013 Net Income for Basic Earnings Per Share $ 31,445,126 $ 25,514,695 $ 44,774,048 Basic Weighted Average Number of Shares 33,983,698 31,403,001 27,775,964 Net Income per Share Basic $ 0.93 $ 0.81 $ 1.61 Net Income for Diluted Earnings Per Share 31,445,126 25,514,695 44,774,048 Diluted Weighted Average Number of Shares 33,983,698 31,403,001 27,775,964 Net Income per Share Diluted $ 0.93 $ 0.81 $ 1.61 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following: June 30, June 30, 2015 2014 Raw materials $ 48,294,614 $ 24,618,225 Supplies and packing materials 529,398 492,954 Work in progress 348,670 440,935 Finished goods 52,130,265 49,934,784 Total $ 101,302,947 $ 75,486,898 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consisted of the following: June 30, June 30, 2015 2014 Building and improvements $ 43,699,066 $ 43,020,120 Auto 900,562 950,428 Machinery and equipment 23,173,209 22,885,877 Agriculture assets 833,165 826,549 Total property, plant and equipment 68,606,002 67,682,974 Less: accumulated depreciation (23,971,808) (19,621,363) Total $ 44,634,194 $ 48,061,611 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
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 June 30, are as follows: Year Ends Expense ($) June 30, 2015 1,581,941 June 30, 2016 1,330,933 June 30, 2017 1,330,933 June 30, 2018 1,330,933 June 30, 2019 1,330,933 |
Schedule of Impaired Intangible Assets [Table Text Block] | Intangible assets consisted of the following: June 30, June 30, 2015 2014 Land use rights, net $ 11,554,776 $ 11,723,976 Technology patent, net 251,007 498,027 Customer relationships, net 5,337,373 6,350,586 Non-compete agreement 0 42,874 Trademarks 6,662,590 6,609,680 Total $ 23,805,746 $ 25,225,143 |
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: June 30, June 30, 2015 2014 Land use rights $ 13,344,160 $ 13,238,189 Less: accumulated amortization (1,789,384) (1,514,213) Total land use rights, net $ 11,554,776 $ 11,723,976 |
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: June 30, June 30, 2015 2014 Technology know-how $ 2,467,789 $ 2,448,191 Less: accumulated amortization (2,216,781) (1,950,164) Total technology know-how, net $ 251,008 $ 498,027 |
Customer Relationships [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impaired Intangible Assets [Table Text Block] | June 30, June 30, 2015 2014 Customer relationships $ 10,640,500 $ 10,556,000 Less: accumulated amortization (5,303,128) (4,205,414) Total customer relationships, net $ 5,337,372 $ 6,350,586 |
Noncompete Agreements [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impaired Intangible Assets [Table Text Block] | June 30, June 30, 2015 2014 Non-compete agreement $ 216,084 $ 214,368 Less: accumulated amortization (216,084) (171,494) Total non-compete agreement, net $ - $ 42,874 |
ACCRUED EXPENSES AND OTHER PA30
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accrued expenses and other payables consisted of the following: June 30, June 30, 2015 2014 Payroll payable $ 18,451 $ 7,964 Welfare payable 168,061 166,727 Accrued expenses 3,554,733 2,948,727 Other payables 1,098,705 1,049,783 Other levy payable 113,027 135,872 Total $ 4,952,977 $ 4,309,073 |
LOAN PAYABLES (Tables)
LOAN PAYABLES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | As of June 30, 2015, 5.60 7.80 No. Payee Loan period per agreement Interest Rate June 30, 1 Bank of Beijing- Pinggu Branch Aug 6, 2014 - Aug 5, 2015 6.72 % $ 1,637,000 2 China Merchants Bank- Chaoyangmen 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 16, 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 Bank of Tianjin- Beijing Branch Feb 3, 2015 - Jan 27, 2016 6.16 % 6,548,000 8 Bank of Tianjin- Beijing Branch Feb 11, 2015 - Feb 10, 2016 5.60 % 4,616,340 9 China Merchants Bank- Chaoyangmen Branch March 16, 2015 - March 15, 2016 6.96 % 818,500 10 Agriculture Bank of China-Pinggu Branch May 12, 2015 - April 29, 2016 5.89 % 2,128,100 Total 23,605,540 As of June 30, 2014, the short-term loan payables consisted of eleven loans which mature on dates ranging from August 16, 2013 through April 24, 2015 6.00 7.80 No. Payee Loan period per agreement Interest Rate June 30, 1 China Merchants Bank Chaoyang Branch Feb 25, 2014 Aug 14, 2014 6.90 % $ 2,030,000 2 Beijing Bank Pinggu Branch Aug 16, 2013 - Aug 15, 2014 7.20 % 1,624,000 3 Beijing International Trust Co., Ltd Sep 25, 2013 - Sep 24, 2014 7.80 % 1,624,000 4 Beijing International Trust Co., Ltd Oct 30,2013 - Oct 29, 2014 7.80 % 1,624,000 5 Beijing International Trust Co., Ltd Dec 12,2013 - Dec 11, 2014 7.80 % 1,624,000 6 Tianjin Bank Beijing Branch Jan 08, 2014 - Jan 07, 2015 6.60 % 5,684,000 7 Agriculture Bank of China-Pinggu Branch Jan 15, 2014 - Jan 14, 2015 6.60 % 1,364,160 8 Tianjin Bank Beijing Branch Jan 23, 2014 - Jan 22,2015 6.00 % 3,053,120 9 China Merchants Bank Chaoyang Branch Feb 19, 2014 - Feb 18, 2015 7.20 % 2,436,000 10 Agriculture Bank of China-Pinggu Branch March 24, 2014 - Mar 23, 2015 6.60 % 1,299,200 11 Agriculture Bank of China-Pinggu Branch Apr 25, 2014 - Apr 24, 2015 6.60 % 1,640,240 Total 24,002,720 |
TAXES PAYABLE (Tables)
TAXES PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Taxes Payable [Abstract] | |
Schedule of Tax Payable [Table Text Block] | Taxes payable consisted of the following: June 30, June 30, 2015 2014 VAT provision $ 27,251 $ 61,506 Income tax payable 3,778,339 1,166,683 Other levies 698,952 693,266 Total $ 4,504,542 $ 1,921,455 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consisted of the following: Years Ended June 30, 2015 2014 2013 Current tax - foreign $ 8,916,815 $ 8,060,946 $ 10,183,988 Deferred tax - - - $ 8,916,815 $ 8,060,946 $ 10,183,988 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income tax assets and liabilities as of June 30, 2015 and 2014 are as follows: June 30, June 30, 2015 2014 Deferred tax assets: Net operating loss $ 11,847,474 $ 9,616,214 Total deferred tax assets 11,847,474 9,616,214 Less valuation allowance (11,847,474) (9,616,214) $ - $ - |
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 June 30, 2015 China United States 15% - 25% 34% Total Pretax income (loss) $ 46,922,721 $ (6,560,780) $ 40,361,941 Expected income tax expense (benefit) 11,730,680 25.0 % (2,230,665) 34.0 % 9,500,015 High-tech income benefits on Jinong (2,675,905) (5.7) % - - (2,675,905) Losses from subsidiaries in which no benefit is recognized (137,960) (0.3) % - - (137,960) Change in valuation allowance on deferred tax asset from US tax benefit 2,230,665 (34.0) % 2,230,665 Actual tax expense $ 8,916,815 19.0 % $ - - % $ 8,916,815 22.1 % June 30, 2014 China United States 15% - 25% 34% Total Pretax income (loss) $ 42,708,208 $ (9,132,567) $ 33,575,641 Expected income tax expense (benefit) 10,677,052 25.0 % (3,105,073) 34.0 % 7,571,979 High-tech income benefits on Jinong (1,568,160) (3.7) % - - (1,568,160) Losses from subsidiaries in which no benefit is recognized (1,047,946) (2.5) % - - (1,047,946) Change in valuation allowance on deferred tax asset from US tax benefit - 3,105,073 (34.0) % 3,105,073 Actual tax expense $ 8,060,946 18.9 % $ - - % $ 8,060,946 24.0 % June 30, 2013 China United States 15% - 25% 34% Total Pretax income (loss) $ 58,899,089 $ (3,941,053) $ 54,958,036 Expected income tax expense (benefit) 14,724,772 25.0 % (1,339,958) 34.0 % 13,384,814 High-tech income benefits on Jinong (4,430,219) (7.5) % - - (4,430,219) Losses from subsidiaries in which no benefit is recognized (110,565) (0.2) % - - (110,565) Change in valuation allowance on deferred tax asset from US tax benefit - 1,339,958 (34.0) % 1,339,958 Actual tax expense $ 10,183,988 17.3 % $ - - % $ 10,183,988 18.5 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The table below summarized the restricted shares of common stock issued under the 2009 Plan: Grant Date Number of Fair Value of Fair Value Shares Shares Per share Outstanding (unvested) at June 30, 2012 721,151 $ 1,637,133 Granted 1,750,000 5,132,500 $ 2.93 Forfeited 0 0 Vested (818,651) (3,100,685) Outstanding (unvested) at June 30, 2013 1,652,500 3,668,948 Granted 1,750,000 7,490,000 $ 4.28 Forfeited 0 0 Vested (1,688,500) (8,054,189) Outstanding (unvested) at June 30, 2014 1,714,000 3,104,759 Granted 1,750,000 3,675,000 $ 2.10 Forfeited 0 0 Vested (1,756,000) (4,981,767) Outstanding (unvested) at June 30, 2015 1,708,000 $ 1,797,992 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Options outstanding and related weighted average price and intrinsic value are as follows: Weighted Average Number Exercise Aggregate of Shares Price Intrinsic Value Outstanding, June 30, 2012 115,099 14.66 - Granted - Forfeited/Canceled - Exercised - Outstanding, June 30, 2013 115,099 14.66 - Granted - Forfeited/Canceled - Exercised - Outstanding, June 30, 2014 115,099 14.66 - Granted - Forfeited/Canceled/Expired (115,099) Exercised - Outstanding, June 30, 2015 - - - |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of June 30, 2015, the Company was organized into three main business segments (compared with four main business segments in 2012) 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. For the Year Ended June 30, 2015 2014 2013 Revenues from: Jinong $ 130,355,168 117,706,034 $ 110,585,022 Gufeng 128,675,606 112,011,232 102,915,414 Yuxing 4,323,514 3,684,822 3,397,520 Consolidated $ 263,354,288 233,402,088 $ 216,897,956 Operating income : Jinong $ 27,569,969 27,765,212 $ 44,036,878 Gufeng 20,063,568 16,636,156 15,322,045 Yuxing 640,367 48,879 (32,265) Reconciling item (1) - Reconciling item (2) (1,580,963) (1,078,398) (840,511) Reconciling item (2)stock compensation (4,980,017) (8,054,189) (3,100,685) Consolidated $ 41,712,924 35,317,660 $ 55,385,462 Net income: Jinong $ 23,489,740 23,269,461 $ 37,682,986 Gufeng 13,764,794 11,271,742 10,498,393 Yuxing 751,372 106,059 533,722 Reconciling item (1) 200 20 142 Reconciling item (2) (6,560,980) (9,132,587) (3,941,195) Consolidated $ 31,445,126 25,514,695 $ 44,774,048 Depreciation and Amortization: Jinong $ 42,861,786 28,456,422 $ 10,065,656 Gufeng 3,319,329 3,143,837 3,298,983 Yuxing 1,528,408 1,660,990 1,399,407 Consolidated $ 47,709,523 33,261,249 $ 14,764,046 Interest expense: Gufeng 1,712,639 1,380,829 1,351,157 Consolidated $ 1,712,639 1,380,829 $ 1,351,157 Capital Expenditure: Jinong $ 9,266,682 72,128,061 $ 31,337,204 Gufeng 13,595 112,941 7,422 Yuxing 405,401 1,423,163 1,037,272 Consolidated $ 9,685,678 73,664,165 $ 32,381,898 Identifiable assets: Jinong $ 219,259,401 195,331,283 $ 197,232,555 Gufeng 165,267,975 153,655,110 108,409,694 Yuxing 44,745,889 44,003,970 43,021,886 Reconciling item (1) 312,198 123,753 68,113 Reconciling item (2) (2,845) (3,906) (3,906) Consolidated $ 429,582,618 393,110,210 $ 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. |
Export [Member] | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total revenues from exported products currently account for approximately 0.1 0.1 0.2 FY 2015 Export Details Exported to Subsidiary Type Amount India Gufeng 40% humic acid organic/inorganic fertilizer $ - India Jinong Liquid fertilizer 230,071 India Jinong Solid fertilizer 104,861 $ 334,932 FY 2014 Export Details Exported to Subsidiary Type Amount India Gufeng 40% humic acid organic/inorganic fertilizer $ - India Jinong Liquid fertilizer 129,351 India Jinong Solid fertilizer 196,572 $ 325,923 FY 2013 Export Details Exported to Subsidiary Type Amount India Gufeng 40% humic acid organic/inorganic fertilizer $ - India Jinong Liquid fertilizer 174,150 India Jinong Solid fertilizer 158,791 $ 332,941 |
COMMITMENTS AND CONTINGENCIES36
COMMITMENTS AND CONTINGENCIES AND UNCERTAINTIES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Schedule of Rent Expense [Table Text Block] | Rent expenses for the next five years ended June 30, are as follows: Year Ended June 30, 2016 $ 53,636 2017 5,783 2018 5,783 2019 5,783 2020 5,783 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Jun. 30, 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 June 30, 2015 and 2014: June 30, 2015 2014 ASSETS Current Assets Cash and cash equivalents $ 79,867 $ 102,777 Accounts receivable, net 72,748 61,248 Inventories 18,138,137 16,538,621 Other current assets 48,845 12,745 Advances to suppliers 61,739 53,168 Total Current Assets 18,401,336 16,768,559 Plant, Property and Equipment, Net 15,692,974 16,450,206 Construction In Progress 68,921 48,883 Intangible Assets, Net 10,582,658 10,736,322 Total Assets $ 44,745,889 $ 44,003,970 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 159,730 $ 739,526 Accrued expenses and other payables 222,871 3,086 Amount due to related parties 43,488,198 43,142,280 Total Current Liabilities 43,870,799 43,884,892 Stockholders' equity 875,090 119,078 Total Liabilities and Stockholders' Equity $ 44,745,889 $ 44,003,970 Year Ended June 30, 2015 2014 2013 Revenue $ 4,323,514 $ 3,684,822 $ 3,397,520 Expenses 3,572,142 3,578,763 2,863,798 Net income (loss) $ 751,372 $ 106,059 $ 533,722 |
RESTRICTED NET ASSETS (Tables)
RESTRICTED NET ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets As of June 30, 2015 2014 ASSETS Current Assets: Cash and cash equivalents $ 306,376 $ 117,939 Other current assets 2,977 1,908 Total Current Assets 309,353 119,847 Long-term equity investment 377,245,446 335,598,200 Total long term assets 377,245,446 335,598,200 Total Assets $ 377,554,799 $ 335,718,047 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 214,520 $ 214,520 Amount due to related parties 888,743 588,343 Other payables and accrued expenses 3,502,062 2,875,392 Total Current Liabilities 4,605,325 3,678,255 Stockholders' Equities Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236, shares issued and outstanding as of June 30, 2015 and 2014, respectively 35,905 32,362 Additional paid in capital 123,360,384 114,605,214 Accumulated other comprehensive income 25,708,238 22,840,491 Retained earnings 223,844,947 194,561,725 Total Stockholders' Equity 372,949,474 332,039,792 Total Liabilities and Stockholders' Equity $ 377,554,799 $ 335,718,047 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Operations Year ended June 30, 2015 2014 2013 Revenue $ - $ - $ - General and administrative expenses 6,560,980 9,132,587 3,941,195 Interest income (expense) 200 20 142 Equity investment in subsidiaries 38,005,906 34,647,262 48,715,101 Net income $ 31,445,126 $ 25,514,695 $ 44,774,048 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows Year Ended June 30, 2015 2014 2013 Net cash provided by (used in) operating activities $ 188,437 $ 55,640 $ (215,239) Net cash provided by (used in) investing activities - Net cash provided by financing activities - Cash and cash equivalents, beginning balance 117,939 62,299 277,538 Cash and cash equivalents, ending balance $ 306,376 $ 117,939 $ 62,299 |
SELECTED QUARTERLY DATA (UNAU39
SELECTED QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarterly Periods Ended September 30, December 31, March 31, June 30, 2014 2014 2015 2015 Net Revenue $ 51,301,790 $ 54,051,174 $ 79,487,215 $ 78,514,109 Gross Profit $ 24,673,434 $ 22,909,994 $ 28,190,517 $ 28,181,957 Income (loss) from operation $ 10,487,081 $ 7,083,518 $ 12,925,157 $ 11,217,168 Other income (expense) $ (384,404) $ (316,197) $ (191,682) $ (458,700) Net income (loss) $ 8,099,082 $ 5,215,437 $ 9,916,194 $ 8,214,413 Earnings (loss) per shares - basic $ 0.25 $ 0.16 $ 0.29 $ 0.23 Earnings (loss) per shares - diluted $ 0.25 $ 0.16 $ 0.29 $ 0.23 Quarterly Periods Ended September 30, December 31, March 31, June 30, 2013 2013 2014 2014 Net Revenue $ 50,303,347 $ 40,634,601 $ 70,295,981 $ 72,168,159 Gross Profit $ 22,469,688 $ 18,851,515 $ 26,160,715 $ 23,716,855 Income (loss) from operation $ 13,333,722 $ 5,478,488 $ 9,917,167 $ 6,588,283 Other income (expense) $ (293,915) $ (352,861) $ (368,954) $ (726,289) Net income (loss) $ 10,378,457 $ 3,675,737 $ 7,209,131 $ 4,251,370 Earnings (loss) per shares - basic $ 0.35 $ 0.12 $ 0.23 $ 0.11 Earnings (loss) per shares - diluted $ 0.35 $ 0.12 $ 0.23 $ 0.11 |
BASIS OF PRESENTATION AND SUM40
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Jun. 30, 2015 | |
Agricultural assets [Member] | |
Property, Plant and Equipment, Useful Life | 8 years |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Minimum [Member] | Vehicles [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment, Useful Life | 25 years |
Maximum [Member] | Machinery and equipment [Member] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum [Member] | Vehicles [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
BASIS OF PRESENTATION AND SUM41
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Balance | $ 5,203,986 |
Foreign Currency Adjustment | 41,657 |
Balance | $ 5,245,643 |
BASIS OF PRESENTATION AND SUM42
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net Income for Basic Earnings Per Share | $ 8,214,413 | $ 9,916,194 | $ 5,215,437 | $ 8,099,082 | $ 4,251,370 | $ 7,209,131 | $ 3,675,737 | $ 10,378,457 | $ 31,445,126 | $ 25,514,695 | $ 44,774,048 |
Basic Weighted Average Number of Shares (in shares) | 33,983,698 | 31,403,001 | 27,775,964 | ||||||||
Net Income Per Share - Basic (in dollars per share) | $ 0.23 | $ 0.29 | $ 0.16 | $ 0.25 | $ 0.11 | $ 0.23 | $ 0.12 | $ 0.35 | $ 0.93 | $ 0.81 | $ 1.61 |
Net Income for Diluted Earnings Per Share (in shares) | $ 31,445,126 | $ 25,514,695 | $ 44,774,048 | ||||||||
Diluted Weighted Average Number of Shares (in shares) | 33,983,698 | 31,403,001 | 27,775,964 | ||||||||
Net Income Per Share - Diluted (in dollars per share) | $ 0.23 | $ 0.29 | $ 0.16 | $ 0.25 | $ 0.11 | $ 0.23 | $ 0.12 | $ 0.35 | $ 0.93 | $ 0.81 | $ 1.61 |
BASIS OF PRESENTATION AND SUM43
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Jun. 30, 2015CNY (¥) | |
Amortization of Deferred Assets | $ 41,902,052 | $ 27,390,957 | $ 9,970,715 | |
Deferred Asset, Amortization Expense, Next Twelve Months | 33,918,929 | |||
Deferred Asset, Amortization Expense, Year Two | 16,838,331 | |||
Deferred Asset, Amortization Expense, Year Three | 769,949 | |||
Customer Deposits, Current | 19,129,853 | 25,700,586 | ||
Accounts Receivable, Net, Current, Total | 68,528,598 | 88,781,608 | ||
Allowance for Doubtful Accounts Receivable, Current | 307,923 | 237,594 | ||
Asset Impairment Charges | 0 | 5,161,815 | $ 0 | |
Deposits, Total | 81,850 | ¥ 500,000 | ||
China Banks [Member] | ||||
Interest-bearing Deposits in Banks and Other Financial Institutions | 92,676,188 | 26,772,382 | ||
United States Banks [Member] | ||||
Interest-bearing Deposits in Banks and Other Financial Institutions | 306,376 | $ 117,939 | ||
Cash, FDIC Insured Amount | $ 500,000 | |||
Jinong [Member] | ||||
Principle of Consolidation Converted Percentage | 100.00% | |||
One Natural Person [Member] | ||||
Principle of Consolidation Converted Percentage | 100.00% |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Inventory [Line Items] | ||
Raw materials | $ 48,294,614 | $ 24,618,225 |
Supplies and packing materials | 529,398 | 492,954 |
Work in progress | 348,670 | 440,935 |
Finished goods | 52,130,265 | 49,934,784 |
Total | $ 101,302,947 | $ 75,486,898 |
PROPERTY, PLANT AND EQUIPMENT45
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 68,606,002 | $ 67,682,974 |
Less: accumulated depreciation | (23,971,808) | (19,621,363) |
Total | 44,634,194 | 48,061,611 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 43,699,066 | 43,020,120 |
Auto [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 900,562 | 950,428 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 23,173,209 | 22,885,877 |
Agricultural Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 833,165 | $ 826,549 |
PROPERTY, PLANT AND EQUIPMENT46
PROPERTY, PLANT AND EQUIPMENT (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 4,319,185 | $ 4,385,103 | $ 3,214,655 |
Intermediate-life Plants, Useful Life | 8 years |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 23,805,746 | $ 25,225,143 |
Land use rights, net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 11,554,776 | 11,723,976 |
Technology patent, net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 251,007 | 498,027 |
Customer relationships, net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 5,337,373 | 6,350,586 |
Non-compete agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 0 | 42,874 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 6,662,590 | $ 6,609,680 |
INTANGIBLE ASSETS (Details 1)
INTANGIBLE ASSETS (Details 1) - Use Rights [Member] - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Land use rights | $ 13,344,160 | $ 13,238,189 |
Less: accumulated amortization | (1,789,384) | (1,514,213) |
Total, net | $ 11,554,776 | $ 11,723,976 |
INTANGIBLE ASSETS (Details 2)
INTANGIBLE ASSETS (Details 2) - Patented Technology [Member] - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Technology know-how | $ 2,467,789 | $ 2,448,191 |
Less: accumulated amortization | (2,216,781) | (1,950,164) |
Total, net | $ 251,008 | $ 498,027 |
INTANGIBLE ASSETS (Details 3)
INTANGIBLE ASSETS (Details 3) - Customer Relationships [Member] - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Customer relationships | $ 10,640,500 | $ 10,556,000 |
Less: accumulated amortization | (5,303,128) | (4,205,414) |
Total, net | $ 5,337,372 | $ 6,350,586 |
INTANGIBLE ASSETS (Details 4)
INTANGIBLE ASSETS (Details 4) - Noncompete Agreements [Member] - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Non-compete agreement | $ 216,084 | $ 214,368 |
Less: accumulated amortization | (216,084) | (171,494) |
Total, net | $ 0 | $ 42,874 |
INTANGIBLE ASSETS (Details 5)
INTANGIBLE ASSETS (Details 5) | Jun. 30, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Estimated amortization expenses of intangible assets, June 30, 2015 | $ 1,581,941 |
Estimated amortization expenses of intangible assets, June 30, 2016 | 1,330,933 |
Estimated amortization expenses of intangible assets, June 30, 2017 | 1,330,933 |
Estimated amortization expenses of intangible assets, June 30, 2018 | 1,330,933 |
Estimated amortization expenses of intangible assets, June 30, 2019 | $ 1,330,933 |
INTANGIBLE ASSETS (Details Text
INTANGIBLE ASSETS (Details Textual) | 1 Months Ended | |||||||
Jul. 02, 2010USD ($) | Sep. 25, 2009USD ($)a | Aug. 13, 2003USD ($)a | Aug. 16, 2001USD ($) | Jul. 02, 2010CNY (¥) | Sep. 25, 2009CNY (¥)aft² | Aug. 13, 2003CNY (¥)aft² | Aug. 16, 2001CNY (¥) | |
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 | $ 11,980,367 | $ 171,222 | $ 1,192,571 | ¥ 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 | $ 1,506,040 | ¥ 9,200,000 | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years | |||||||
Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 10,640,500 | 65,000,000 | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | |||||||
Noncompete Agreements [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 216,084 | 1,320,000 | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | |||||||
Trademarks [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 6,662,590 | ¥ 40,700,000 |
ACCRUED EXPENSES AND OTHER PA54
ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Accrued Expenses And Other Payables [Line Items] | ||
Payroll payable | $ 18,451 | $ 7,964 |
Welfare payable | 168,061 | 166,727 |
Accrued expenses | 3,554,733 | 2,948,727 |
Other payables | 1,098,705 | 1,049,783 |
Other levy payable | 113,027 | 135,872 |
Total | $ 4,952,977 | $ 4,309,073 |
AMOUNT DUE TO RELATED PARTIES (
AMOUNT DUE TO RELATED PARTIES (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2014USD ($) | Jul. 31, 2014CNY (¥) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 29, 2014m²ft² | |
Operating Leased Assets [Line Items] | |||||
Due to Related Parties, Current | $ 2,068,102 | $ 1,758,336 | |||
Xian Techteam Science and Technology Industry Group Co [Member] | Gufeng [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Due to Related Parties, Current | $ 1,184,643 | $ 1,136,800 | |||
Kingtone Information [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Lease Term | 2 years | ||||
Date Of New Lease Agreement Entered | Jul. 1, 2014 | ||||
Land Subject to Ground Leases | 6,588 | ||||
Monthly Rent Expenses | $ 4,007 | ¥ 24,480 |
LOAN PAYABLES (Details)
LOAN PAYABLES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Short-term Debt [Line Items] | ||
Short term loans | $ 23,605,540 | $ 24,002,720 |
Bank of Beijing Pinggu Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Aug. 6, 2014 | Aug. 16, 2013 |
Debt Instrument, Maturity Date Range, End | Aug. 5, 2015 | Aug. 15, 2014 |
Debt Instrument, Interest Rate, Stated Percentage | 6.72% | 7.20% |
Short term loans | $ 1,637,000 | $ 1,624,000 |
China Merchants Bank Chaoyangmen Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Aug. 27, 2014 | Feb. 25, 2014 |
Debt Instrument, Maturity Date Range, End | Aug. 26, 2015 | Aug. 14, 2014 |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | 6.90% |
Short term loans | $ 1,637,000 | $ 2,030,000 |
Beijing International Trust Co Ltd [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Sep. 24, 2014 | Sep. 25, 2013 |
Debt Instrument, Maturity Date Range, End | Sep. 23, 2015 | Sep. 24, 2014 |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | 7.80% |
Short term loans | $ 1,637,000 | $ 1,624,000 |
Beijing International Trust Co Ltd 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Oct. 28, 2014 | Oct. 30, 2013 |
Debt Instrument, Maturity Date Range, End | Oct. 27, 2015 | Oct. 29, 2014 |
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | 7.80% |
Short term loans | $ 1,637,000 | $ 1,624,000 |
Beijing International Trust Co Ltd 2 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Dec. 16, 2014 | Dec. 12, 2013 |
Debt Instrument, Maturity Date Range, End | Dec. 15, 2015 | Dec. 11, 2014 |
Debt Instrument, Interest Rate, Stated Percentage | 7.28% | 7.80% |
Short term loans | $ 1,637,000 | $ 1,624,000 |
Agriculture Bank of China Pinggu Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Jan. 21, 2015 | Jan. 15, 2014 |
Debt Instrument, Maturity Date Range, End | Jan. 20, 2016 | Jan. 14, 2015 |
Debt Instrument, Interest Rate, Stated Percentage | 6.16% | 6.60% |
Short term loans | $ 1,309,600 | $ 1,364,160 |
China Merchants Bank Chaoyangmen Branch 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Mar. 16, 2015 | Feb. 19, 2014 |
Debt Instrument, Maturity Date Range, End | Mar. 15, 2016 | Feb. 18, 2015 |
Debt Instrument, Interest Rate, Stated Percentage | 6.96% | 7.20% |
Short term loans | $ 818,500 | $ 2,436,000 |
Agriculture Bank of China Pinggu Branch 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | May 12, 2015 | Mar. 24, 2014 |
Debt Instrument, Maturity Date Range, End | Apr. 29, 2016 | Mar. 23, 2015 |
Debt Instrument, Interest Rate, Stated Percentage | 5.89% | 6.60% |
Short term loans | $ 2,128,100 | $ 1,299,200 |
Agriculture Bank of China Pinggu Branch 2 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Apr. 25, 2014 | |
Debt Instrument, Maturity Date Range, End | Apr. 24, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.60% | |
Short term loans | $ 1,640,240 | |
Bank of Tianjin Beijing Branch [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Feb. 3, 2015 | Jan. 8, 2014 |
Debt Instrument, Maturity Date Range, End | Jan. 27, 2016 | Jan. 7, 2015 |
Debt Instrument, Interest Rate, Stated Percentage | 6.16% | 6.60% |
Short term loans | $ 6,548,000 | $ 5,684,000 |
Bank of Tianjin Beijing Branch 1 [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Maturity Date Range, Start | Feb. 11, 2015 | Jan. 23, 2014 |
Debt Instrument, Maturity Date Range, End | Feb. 10, 2016 | Jan. 22, 2015 |
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 6.00% |
Short term loans | $ 4,616,340 | $ 3,053,120 |
LOAN PAYABLES (Details Textual)
LOAN PAYABLES (Details Textual) - Loans Payable [Member] - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date, Description | the short-term loan payables consisted of ten loans which mature on dates ranging from August 6, 2014 through April 29, 2016 | the short-term loan payables consisted of eleven loans which mature on dates ranging from August 16, 2013 through April 24, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 5.60% | 6.00% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.80% | 7.80% | |
Interest Expense, Short-term Borrowings | $ 1,712,639 | $ 1,380,829 | $ 1,351,157 |
TAXES PAYABLE (Details)
TAXES PAYABLE (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Taxes Payable [Line Items] | ||
VAT provision | $ 27,251 | $ 61,506 |
Income tax payable | 3,778,339 | 1,166,683 |
Other levies | 698,952 | 693,266 |
Total | $ 4,504,542 | $ 1,921,455 |
TAXES PAYABLE (Details 1)
TAXES PAYABLE (Details 1) - Geographical [Domain] - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Taxes Payable [Line Items] | |||
Current tax - foreign | $ 8,916,815 | $ 8,060,946 | $ 10,183,988 |
Deferred tax | 0 | 0 | 0 |
Income Tax Expense (Benefit) | $ 8,916,815 | $ 8,060,946 | $ 10,183,988 |
TAXES PAYABLE (Details 2)
TAXES PAYABLE (Details 2) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred tax assets: | ||
Net operating loss | $ 11,847,474 | $ 9,616,214 |
Total deferred tax assets | 11,847,474 | 9,616,214 |
Less valuation allowance | (11,847,474) | (9,616,214) |
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | $ 0 |
TAXES PAYABLE (Details 3)
TAXES PAYABLE (Details 3) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Taxes Payable [Line Items] | |||
Pretax income (loss) | $ 40,361,941 | $ 33,575,641 | $ 54,958,036 |
Expected income tax expense (benefit) | 9,500,015 | 7,571,979 | 13,384,814 |
High-tech income benefits on Jinong | (2,675,905) | (1,568,160) | (4,430,219) |
Losses from subsidiaries in which no benefit is recognized | (137,960) | (1,047,946) | (110,565) |
Change in valuation allowance on deferred tax asset from US tax benefit | 2,230,665 | 3,105,073 | 1,339,958 |
Actual tax expense | $ 8,916,815 | $ 8,060,946 | $ 10,183,988 |
Actual tax expense, Percentage | 22.10% | 24.00% | 18.50% |
CHINA | |||
Taxes Payable [Line Items] | |||
Pretax income (loss) | $ 46,922,721 | $ 42,708,208 | $ 58,899,089 |
Expected income tax expense (benefit) | 11,730,680 | 10,677,052 | 14,724,772 |
High-tech income benefits on Jinong | (2,675,905) | (1,568,160) | (4,430,219) |
Losses from subsidiaries in which no benefit is recognized | (137,960) | (1,047,946) | (110,565) |
Change in valuation allowance on deferred tax asset from US tax benefit | 0 | 0 | |
Actual tax expense | $ 8,916,815 | $ 8,060,946 | $ 10,183,988 |
Expected income tax expense (benefit), Percentage | 25.00% | 25.00% | 25.00% |
High-tech income benefits on Jinong, Percentage | (5.70%) | (3.70%) | (7.50%) |
Losses from subsidiaries in which no benefit is recognized, Percentage | (0.30%) | (2.50%) | (0.20%) |
Actual tax expense, Percentage | 19.00% | 18.90% | 17.30% |
CHINA | Minimum [Member] | |||
Taxes Payable [Line Items] | |||
Actual tax expense, Percentage | 15.00% | 15.00% | 15.00% |
CHINA | Maximum [Member] | |||
Taxes Payable [Line Items] | |||
Actual tax expense, Percentage | 25.00% | 25.00% | 25.00% |
UNITED STATES | |||
Taxes Payable [Line Items] | |||
Pretax income (loss) | $ (6,560,780) | $ (9,132,567) | $ (3,941,053) |
Expected income tax expense (benefit) | (2,230,665) | (3,105,073) | (1,339,958) |
High-tech income benefits on Jinong | 0 | 0 | 0 |
Losses from subsidiaries in which no benefit is recognized | 0 | 0 | 0 |
Change in valuation allowance on deferred tax asset from US tax benefit | 2,230,665 | 3,105,073 | 1,339,958 |
Actual tax expense | $ 0 | $ 0 | $ 0 |
Expected income tax expense (benefit), Percentage | 34.00% | 34.00% | 34.00% |
High-tech income benefits on Jinong, Percentage | 0.00% | 0.00% | 0.00% |
Losses from subsidiaries in which no benefit is recognized, Percentage | 0.00% | 0.00% | 0.00% |
Change in valuation allowance on deferred tax asset from US tax benefit, Percentage | (34.00%) | (34.00%) | (34.00%) |
Actual tax expense, Percentage | 0.00% | 0.00% | 0.00% |
TAXES PAYABLE (Details Textual)
TAXES PAYABLE (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2008 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Taxes Payable [Line Items] | ||||
Income Tax Expense (Benefit) | $ 8,916,815 | $ 8,060,946 | $ 10,183,988 | |
Value Added Tax Rate | 13.00% | |||
Effective Income Tax Rate Reconciliation, Percent | 22.10% | 24.00% | 18.50% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 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) | $ 4,262,040 | $ 4,249,206 | $ 6,654,038 | |
Enterprise Income Tax [Member] | Gufeng [Member] | ||||
Taxes Payable [Line Items] | ||||
Income Tax Expense (Benefit) | $ 4,654,774 | $ 3,811,740 | $ 3,529,950 | |
Effective Income Tax Rate Reconciliation, Percent | 25.00% |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member] - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Outstanding (unvested) | 1,714,000 | 1,652,500 | 721,151 |
Granted | 1,750,000 | 1,750,000 | 1,750,000 |
Forfeited | 0 | 0 | 0 |
Vested | (1,756,000) | (1,688,500) | (818,651) |
Outstanding (unvested) | 1,708,000 | 1,714,000 | 1,652,500 |
Fair Value, Outstanding (unvested) | $ 3,104,759 | $ 3,668,948 | $ 1,637,133 |
Fair Value, Granted | 3,675,000 | 7,490,000 | 5,132,500 |
Fair Value, Forfeited | 0 | 0 | 0 |
Fair Value, Vested | (4,981,767) | (8,054,189) | (3,100,685) |
Fair Value, Outstanding (unvested) | $ 1,797,992 | $ 3,104,759 | $ 3,668,948 |
Grand Date Fair Value Per share, Granted | $ 2.10 | $ 4.28 | $ 2.93 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jul. 28, 2014 | Sep. 28, 2013 | Sep. 26, 2013 | Sep. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 3,675,000 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 205,103 | $ 65,535 | $ 389,002 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 2,946,746 | ||||||
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 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 1,362,495 | ||||||
Dividends Payable, Amount Per Share | $ 0.10 | ||||||
Dividends Payable | $ 3,296,156 | ||||||
Cash Dividends Paid to Parent Company | $ 2,161,904 | ||||||
Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 103,686 | 17,356 | 111,605 | ||||
Stock Issued During Period, Value, Issued for Services | $ 104 | $ 17 | $ 111 | ||||
Equity Incentive Plan 2009 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,750,000 | 1,750,000 | |||||
Mr Tao Li [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 200,000 | ||||||
Officers' Compensation | $ 325,000 | ||||||
Mr Tao Li [Member] | Common Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Equity Issuance, Per Share Amount | $ 4.42 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 118,778 | ||||||
Mr Tao Li [Member] | Equity Incentive Plan 2009 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 480,000 | 240,000 | |||||
Mr Ken Ren [Member] | Equity Incentive Plan 2009 [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 200,000 | 100,000 | |||||
Mr Yizhao Zhang [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 40,000 | 40,000 | |||||
Ms Yiru Shi [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 30,000 | 30,000 | |||||
Mr Lianfu Liu [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 20,000 | 20,000 | |||||
Other Employees [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,320,000 | ||||||
Two Twenty Employees [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 980,000 | ||||||
Consultant [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 4,087 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 12,950 | ||||||
Legal Services [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 19,665 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 41,494.13 | ||||||
Board of Directors Chairman [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 626,847 | ||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 326,483 | ||||||
Restricted Stock [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,797,992 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding Beginning | 115,099 | 115,099 | 115,099 |
Number of Shares, Granted | 0 | 0 | 0 |
Number of Shares, Forfeited/Canceled/Expired | (115,099) | 0 | 0 |
Number of Shares, Exercised | 0 | 0 | 0 |
Number of Shares, Outstanding Ending | 0 | 115,099 | 115,099 |
Weighted Average Exercise Price, Outstanding, Beginning | $ 14.66 | $ 14.66 | $ 14.66 |
Weighted Average Exercise Price, Outstanding, Ending | $ 0 | $ 14.66 | $ 14.66 |
Aggregate Intrinsic Value, Outstanding, Beinning | $ 0 | $ 0 | $ 0 |
Aggregate Intrinsic Value, Outstanding, Ending | $ 0 | $ 0 | $ 0 |
CONCENTRATIONS AND LITIGIATION
CONCENTRATIONS AND LITIGIATION (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Concentration Risk [Line Items] | |||
Accounts Payable, Trade, Current | $ 13,126,582 | $ 8,803,074 | $ 9,426,904 |
Litigation Settlement, Amount | 2,500,000 | ||
Revenues, Total | $ 334,932 | $ 325,923 | $ 332,941 |
Sinoagri Holding Company Limited [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 23.60% | ||
Beijing Baofengnian Agricultural Material Co Ltd [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 18.30% | ||
Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. [Member] | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11.20% | ||
Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Payable, Trade, Current | $ 47,116,232 | $ 31,597,539 | $ 33,832,070 |
Customer Concentration Risk [Member] | Sinoagri Holding Company Limited [Member] | |||
Concentration Risk [Line Items] | |||
Revenues, Total | $ 64,131,981 | ||
Customer Concentration Risk [Member] | Beijing Baofengnian Agricultural Material Co Ltd [Member] | |||
Concentration Risk [Line Items] | |||
Revenues, Total | $ 39,735,292 | ||
Customer Concentration Risk [Member] | Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. [Member] | |||
Concentration Risk [Line Items] | |||
Revenues, Total | $ 28,503,063 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Revenues from unaffiliated customers: | ||||||||||||
Revenues from unaffiliated customers Consolidated | $ 78,514,109 | $ 79,487,215 | $ 54,051,174 | $ 51,301,790 | $ 72,168,159 | $ 70,295,981 | $ 40,634,601 | $ 50,303,347 | $ 263,354,288 | $ 233,402,088 | $ 216,897,956 | |
Operating income : | ||||||||||||
Operating income Consolidated | 11,217,168 | 12,925,157 | 7,083,518 | 10,487,081 | 6,588,283 | 9,917,167 | 5,478,488 | 13,333,722 | 41,712,924 | 35,317,660 | 55,385,462 | |
Stock compensation | (5,185,120) | (8,119,724) | (3,489,687) | |||||||||
Net income: | ||||||||||||
Net income Consolidated | 8,214,413 | $ 9,916,194 | $ 5,215,437 | $ 8,099,082 | 4,251,370 | $ 7,209,131 | $ 3,675,737 | $ 10,378,457 | 31,445,126 | 25,514,695 | 44,774,048 | |
Depreciation and Amortization: | ||||||||||||
Depreciation and Amortization Consolidated | 47,709,523 | 33,261,249 | 14,764,046 | |||||||||
Interest expense: | ||||||||||||
Interest expense Consolidated | 1,712,639 | 1,380,829 | 1,351,157 | |||||||||
Capital Expenditure: | ||||||||||||
Capital Expenditure Consolidated | 9,685,678 | 73,664,165 | 32,381,898 | |||||||||
Identifiable assets: | ||||||||||||
Identifiable assets Consolidated | 429,582,618 | 393,110,210 | 429,582,618 | 393,110,210 | 348,728,342 | |||||||
Jinong [Member] | ||||||||||||
Revenues from unaffiliated customers: | ||||||||||||
Revenues from unaffiliated customers Consolidated | 130,355,168 | 117,706,033 | 110,585,022 | |||||||||
Operating income : | ||||||||||||
Operating income Consolidated | 27,569,969 | 27,765,212 | 44,036,878 | |||||||||
Net income: | ||||||||||||
Net income Consolidated | 23,489,740 | 23,269,461 | 37,682,986 | |||||||||
Depreciation and Amortization: | ||||||||||||
Depreciation and Amortization Consolidated | 42,861,786 | 28,456,422 | 10,065,656 | |||||||||
Capital Expenditure: | ||||||||||||
Capital Expenditure Consolidated | 9,266,682 | 72,128,061 | 31,337,204 | |||||||||
Identifiable assets: | ||||||||||||
Identifiable assets Consolidated | 219,259,401 | 195,331,283 | 219,259,401 | 195,331,283 | 197,232,555 | |||||||
Gufeng [Member] | ||||||||||||
Revenues from unaffiliated customers: | ||||||||||||
Revenues from unaffiliated customers Consolidated | 128,675,606 | 112,011,233 | 102,915,414 | |||||||||
Operating income : | ||||||||||||
Operating income Consolidated | 20,063,568 | 16,636,156 | 15,322,045 | |||||||||
Net income: | ||||||||||||
Net income Consolidated | 13,764,794 | 11,271,742 | 10,498,393 | |||||||||
Depreciation and Amortization: | ||||||||||||
Depreciation and Amortization Consolidated | 3,319,329 | 3,143,837 | 3,298,983 | |||||||||
Interest expense: | ||||||||||||
Interest expense Consolidated | 1,712,639 | 1,380,829 | 1,351,157 | |||||||||
Capital Expenditure: | ||||||||||||
Capital Expenditure Consolidated | 13,595 | 112,941 | 7,422 | |||||||||
Identifiable assets: | ||||||||||||
Identifiable assets Consolidated | 165,267,975 | 153,655,110 | 165,267,975 | 153,655,110 | 108,409,694 | |||||||
Yuxing [Member] | ||||||||||||
Revenues from unaffiliated customers: | ||||||||||||
Revenues from unaffiliated customers Consolidated | 4,323,514 | 3,684,822 | 3,397,520 | |||||||||
Operating income : | ||||||||||||
Operating income Consolidated | 640,367 | 48,879 | (32,265) | |||||||||
Net income: | ||||||||||||
Net income Consolidated | 751,372 | 106,059 | 533,722 | |||||||||
Depreciation and Amortization: | ||||||||||||
Depreciation and Amortization Consolidated | 1,528,408 | 1,660,990 | 1,399,407 | |||||||||
Capital Expenditure: | ||||||||||||
Capital Expenditure Consolidated | 405,401 | 1,423,163 | 1,037,272 | |||||||||
Identifiable assets: | ||||||||||||
Identifiable assets Consolidated | 44,745,889 | 44,003,970 | 44,745,889 | 44,003,970 | 43,021,886 | |||||||
Green New Jersey [Member] | Segment Reconciling Items [Member] | ||||||||||||
Operating income : | ||||||||||||
Operating income Consolidated | [1] | 0 | ||||||||||
Net income: | ||||||||||||
Net income Consolidated | [1] | 200 | 20 | 142 | ||||||||
Identifiable assets: | ||||||||||||
Identifiable assets Consolidated | [1] | 312,198 | 123,753 | 312,198 | 123,753 | 68,113 | ||||||
Parent Company [Member] | ||||||||||||
Revenues from unaffiliated customers: | ||||||||||||
Revenues from unaffiliated customers Consolidated | 0 | 0 | 0 | |||||||||
Parent Company [Member] | Segment Reconciling Items [Member] | ||||||||||||
Operating income : | ||||||||||||
Operating income Consolidated | [2] | (1,580,963) | (1,078,398) | (840,511) | ||||||||
Stock compensation | [2] | (4,980,017) | (8,054,189) | (3,100,685) | ||||||||
Net income: | ||||||||||||
Net income Consolidated | [2] | (6,560,980) | (9,132,587) | (3,941,195) | ||||||||
Identifiable assets: | ||||||||||||
Identifiable assets Consolidated | [2] | $ (2,845) | $ (3,906) | $ (2,845) | $ (3,906) | $ (3,906) | ||||||
[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. |
SEGMENT REPORTING (Details 1)
SEGMENT REPORTING (Details 1) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues, Total | $ 334,932 | $ 325,923 | $ 332,941 |
INDIA | Gufeng [Member] | Forty Percent Humic Acid Organic Or Inorganic Fertilizer [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues, Total | 0 | 0 | 0 |
INDIA | Jinong [Member] | Liquid Fertilizer [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues, Total | 230,071 | 129,351 | 174,150 |
INDIA | Jinong [Member] | Solid Fertilizer [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues, Total | $ 104,861 | $ 196,572 | $ 158,791 |
SEGMENT REPORTING (Details Text
SEGMENT REPORTING (Details Textual) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Sales Revenue, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 0.10% | 0.10% | 0.20% |
COMMITMENTS AND CONTINGENCIES70
COMMITMENTS AND CONTINGENCIES AND UNCERTAINTIES (Details) | Jun. 30, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 53,636 |
2,017 | 5,783 |
2,018 | 5,783 |
2,019 | 5,783 |
2,020 | $ 5,783 |
COMMITMENTS AND CONTINGENCIES71
COMMITMENTS AND CONTINGENCIES AND UNCERTAINTIES (Details Textual) | 1 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2014USD ($) | Jul. 31, 2014CNY (¥) | Feb. 29, 2004USD ($) | Feb. 29, 2004CNY (¥) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Jun. 29, 2014m²ft² | |
Operating Leased Assets [Line Items] | ||||||||
Operating Leases, Rent Expense | $ 53,636 | $ 63,606 | $ 63,371 | |||||
Description of Effect of Subsequent Foreign Currency Exchange Rate Change | The value of the RMB against the U.S. dollar and other currencies may fluctuate and is affected by changes in the PRC's political and economic conditions. In August 2015, the PRC Government devalued its currency by approximately 3%, represented the largest yuan depreciation for 20 years. | |||||||
Village Committee of Dong Gao Village and Zhen Nan Zhang Dai Village [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Leases, Rent Expense | $ 484 | ¥ 2,958 | ||||||
Kingtone Information [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Leases, Rent Expense | $ 4,007 | ¥ 24,480 | ||||||
Land Subject to Ground Leases | 6,588 | |||||||
Lease Term | 2 years | |||||||
Date Of New Lease Agreement Entered | Jul. 1, 2014 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Current Assets | ||||||||||||
Cash and cash equivalents | $ 92,982,564 | $ 26,890,321 | $ 92,982,564 | $ 26,890,321 | $ 75,031,489 | $ 71,978,630 | ||||||
Accounts receivable, net | 68,528,598 | 88,781,608 | 68,528,598 | 88,781,608 | ||||||||
Inventories | 101,302,947 | 75,486,898 | 101,302,947 | 75,486,898 | ||||||||
Advances to suppliers | 40,910,837 | 32,630,865 | 40,910,837 | 32,630,865 | ||||||||
Total Current Assets | 304,184,346 | 228,212,666 | 304,184,346 | 228,212,666 | ||||||||
Plant, Property and Equipment, Net | 44,634,194 | 48,061,611 | 44,634,194 | 48,061,611 | ||||||||
Intangible Assets, Net | 23,805,746 | 25,225,143 | 23,805,746 | 25,225,143 | ||||||||
Total Assets | 429,582,618 | 393,110,210 | 429,582,618 | 393,110,210 | 348,728,342 | |||||||
Current Liabilities | ||||||||||||
Accounts payable | 2,372,130 | 3,378,248 | 2,372,130 | 3,378,248 | ||||||||
Amount due to related parties | 2,068,102 | 1,758,336 | 2,068,102 | 1,758,336 | ||||||||
Total Current Liabilities | 56,633,144 | 61,070,418 | 56,633,144 | 61,070,418 | ||||||||
Stockholders' equity | 372,949,474 | 332,039,792 | 372,949,474 | 332,039,792 | 296,853,292 | $ 242,256,654 | ||||||
Total Liabilities and Stockholders' Equity | 429,582,618 | 393,110,210 | 429,582,618 | 393,110,210 | ||||||||
Revenue | 334,932 | 325,923 | 332,941 | |||||||||
Expenses | 62,242,978 | 55,881,113 | 23,998,392 | |||||||||
Net income (loss) | 8,214,413 | $ 9,916,194 | $ 5,215,437 | $ 8,099,082 | 4,251,370 | $ 7,209,131 | $ 3,675,737 | $ 10,378,457 | 31,445,126 | 25,514,695 | 44,774,048 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | 79,867 | 102,777 | 79,867 | 102,777 | ||||||||
Accounts receivable, net | 72,748 | 61,248 | 72,748 | 61,248 | ||||||||
Inventories | 18,138,137 | 16,538,621 | 18,138,137 | 16,538,621 | ||||||||
Other current assets | 48,845 | 12,745 | 48,845 | 12,745 | ||||||||
Advances to suppliers | 61,739 | 53,168 | 61,739 | 53,168 | ||||||||
Total Current Assets | 18,401,336 | 16,768,559 | 18,401,336 | 16,768,559 | ||||||||
Plant, Property and Equipment, Net | 15,692,974 | 16,450,206 | 15,692,974 | 16,450,206 | ||||||||
Construction In Progress | 68,921 | 48,883 | 68,921 | 48,883 | ||||||||
Intangible Assets, Net | 10,582,658 | 10,736,322 | 10,582,658 | 10,736,322 | ||||||||
Total Assets | 44,745,889 | 44,003,970 | 44,745,889 | 44,003,970 | ||||||||
Current Liabilities | ||||||||||||
Accounts payable | 159,730 | 739,526 | 159,730 | 739,526 | ||||||||
Accrued expenses and other payables | 222,871 | 3,086 | 222,871 | 3,086 | ||||||||
Amount due to related parties | 43,488,198 | 43,142,280 | 43,488,198 | 43,142,280 | ||||||||
Total Current Liabilities | 43,870,799 | 43,884,892 | 43,870,799 | 43,884,892 | ||||||||
Stockholders' equity | 875,090 | 119,078 | 875,090 | 119,078 | ||||||||
Total Liabilities and Stockholders' Equity | $ 44,745,889 | $ 44,003,970 | 44,745,889 | 44,003,970 | ||||||||
Revenue | 4,323,514 | 3,684,822 | 3,397,520 | |||||||||
Expenses | 3,572,142 | 3,578,763 | 2,863,798 | |||||||||
Net income (loss) | $ 751,372 | $ 106,059 | $ 533,722 |
RESTRICTED NET ASSETS (Details)
RESTRICTED NET ASSETS (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Current Liabilities: | ||||
Accounts payable | $ 2,372,130 | $ 3,378,248 | ||
Amount due to related parties | 2,068,102 | 1,758,336 | ||
Other payables and accrued expenses | 4,952,977 | 4,309,073 | ||
Total Current Liabilities | 56,633,144 | 61,070,418 | ||
Stockholders' Equities | ||||
Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236, shares issued and outstanding as of June 30, 2015 and 2014, respectively | 35,905 | 32,362 | ||
Additional paid in capital | 123,360,384 | 114,605,214 | ||
Accumulated other comprehensive income | 25,708,238 | 22,840,491 | ||
Retained earnings | 198,814,259 | 172,021,331 | ||
Total Stockholders' Equity | 372,949,474 | 332,039,792 | $ 296,853,292 | $ 242,256,654 |
Total Liabilities and Stockholders' Equity | 429,582,618 | 393,110,210 | ||
Parent Company [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 306,376 | 117,939 | ||
Other current assets | 2,977 | 1,908 | ||
Total Current Assets | 309,353 | 119,847 | ||
Long-term equity investment | 377,245,446 | 335,598,200 | ||
Total long term assets | 377,245,446 | 335,598,200 | ||
Total Assets | 377,554,799 | 335,718,047 | ||
Current Liabilities: | ||||
Accounts payable | 214,520 | 214,520 | ||
Amount due to related parties | 888,743 | 588,343 | ||
Other payables and accrued expenses | 3,502,062 | 2,875,392 | ||
Total Current Liabilities | 4,605,325 | 3,678,255 | ||
Stockholders' Equities | ||||
Common stock, $.001 par value, 115,197,165 shares authorized, 32,362,534 and 29,943,236, shares issued and outstanding as of June 30, 2015 and 2014, respectively | 35,905 | 32,362 | ||
Additional paid in capital | 123,360,384 | 114,605,214 | ||
Accumulated other comprehensive income | 25,708,238 | 22,840,491 | ||
Retained earnings | 223,844,947 | 194,561,725 | ||
Total Stockholders' Equity | 372,949,474 | 332,039,792 | ||
Total Liabilities and Stockholders' Equity | $ 377,554,799 | $ 335,718,047 |
RESTRICTED NET ASSETS (Details
RESTRICTED NET ASSETS (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue | $ 78,514,109 | $ 79,487,215 | $ 54,051,174 | $ 51,301,790 | $ 72,168,159 | $ 70,295,981 | $ 40,634,601 | $ 50,303,347 | $ 263,354,288 | $ 233,402,088 | $ 216,897,956 |
General and administrative expenses | 11,330,440 | 14,515,884 | 9,632,523 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
General and administrative expenses | 6,560,980 | 9,132,587 | 3,941,195 | ||||||||
Interest income (expense) | 200 | 20 | 142 | ||||||||
Equity investment in subsidiaries | 38,005,906 | 34,647,262 | 48,715,101 | ||||||||
Net income | $ 31,445,126 | $ 25,514,695 | $ 44,774,048 |
RESTRICTED NET ASSETS (Detail75
RESTRICTED NET ASSETS (Details 2) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 67,534,917 | $ 16,612,352 | $ 32,090,827 |
Net cash provided by (used in) investing activities | (3,094,544) | (73,664,165) | (32,449,255) |
Net cash provided by financing activities | 1,125,649 | 8,513,240 | 1,839,915 |
Cash and cash equivalents, beginning balance | 26,890,321 | 75,031,489 | 71,978,630 |
Cash and cash equivalents, ending balance | 92,982,564 | 26,890,321 | 75,031,489 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 188,437 | 55,640 | (215,239) |
Net cash provided by (used in) investing activities | 0 | ||
Net cash provided by financing activities | 0 | ||
Cash and cash equivalents, beginning balance | 117,939 | 62,299 | 277,538 |
Cash and cash equivalents, ending balance | $ 306,376 | $ 117,939 | $ 62,299 |
RESTRICTED NET ASSETS (Detail76
RESTRICTED NET ASSETS (Details Textual) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Restricted Investments, Percent of Net Assets | 25.00% | 25.00% |
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 115,197,165 | 115,197,165 |
Common Stock, Shares, Issued | 35,905,198 | 32,362,534 |
Common Stock, Shares, Outstanding | 35,905,198 | 32,362,534 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 115,197,165 | 115,197,165 |
Common Stock, Shares, Issued | 32,362,534 | 29,943,236 |
Common Stock, Shares, Outstanding | 32,362,534 | 29,943,236 |
SELECTED QUARTERLY DATA (UNAU77
SELECTED QUARTERLY DATA (UNAUDITED) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Selected Quarterly Financial Information [Line Items] | |||||||||||
Net Revenue | $ 78,514,109 | $ 79,487,215 | $ 54,051,174 | $ 51,301,790 | $ 72,168,159 | $ 70,295,981 | $ 40,634,601 | $ 50,303,347 | $ 263,354,288 | $ 233,402,088 | $ 216,897,956 |
Gross Profit | 28,181,957 | 28,190,517 | 22,909,994 | 24,673,434 | 23,716,855 | 26,160,715 | 18,851,515 | 22,469,688 | 103,955,902 | 91,198,773 | 79,383,854 |
Income (loss) from operation | 11,217,168 | 12,925,157 | 7,083,518 | 10,487,081 | 6,588,283 | 9,917,167 | 5,478,488 | 13,333,722 | 41,712,924 | 35,317,660 | 55,385,462 |
Other income (expense) | (458,700) | (191,682) | (316,197) | (384,404) | (726,289) | (368,954) | (352,861) | (293,915) | (1,350,983) | (1,742,019) | (427,426) |
Net income (loss) | $ 8,214,413 | $ 9,916,194 | $ 5,215,437 | $ 8,099,082 | $ 4,251,370 | $ 7,209,131 | $ 3,675,737 | $ 10,378,457 | $ 31,445,126 | $ 25,514,695 | $ 44,774,048 |
Earnings (loss) per shares - basic (in dollars per share) | $ 0.23 | $ 0.29 | $ 0.16 | $ 0.25 | $ 0.11 | $ 0.23 | $ 0.12 | $ 0.35 | $ 0.93 | $ 0.81 | $ 1.61 |
Earnings (loss) per shares - diluted (in dollars per share) | $ 0.23 | $ 0.29 | $ 0.16 | $ 0.25 | $ 0.11 | $ 0.23 | $ 0.12 | $ 0.35 | $ 0.93 | $ 0.81 | $ 1.61 |