CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
 12 Months Ended
Jun. 30, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
NOTE 26 -
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
 
Under the PRC laws and regulations, the Company’s PRC subsidiaries’ ability to transfer net assets in the form of dividend payments, loans, or advances are restricted. The amount restricted was RMB569,279 (equivalent to $84,091) and RMB
601,064 (equivalent to $88,930) as of June 30, 2017, and 2018, respectively.
 
The following represents condensed unconsolidated financial information of the parent company only:
 
CONDENSED BALANCE SHEETS
 
  
June 30,
 
  
2017
  
2018
 
ASSETS
      
Current assets:
        
Cash and cash equivalents $13,103  $21,578 
Amounts due from subsidiaries  59,920   53,503 
Prepaid expenses  61   61 
Total current assets
  
73,084
   
75,142
 
         
Investments in subsidiaries  726,837   869,706 
         
Total assets
 
$
799,921
  
$
944,848
 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY
        
Current liabilities:
        
Accrued payroll and related expense $14  $28 
Derivative financial liability  487   412 
Amounts due to subsidiaries  55,869   82,491 
Total current liabilities
  
56,370
   
82,931
 
         
Long-term loan  20,032   19,865 
Total liabilities
  
76,402
   
102,796
 
         
Equity:
        
Ordinary shares, par value $0.001 per share, 100,000,000 shares authorized; 60,342,099 shares issued and outstanding as of June 30, 2017 and 2018, respectively
  60   60 
Additional paid-in capital
  222,189   223,396 
Retained earnings
  524,129   624,049 
Accumulated other comprehensive loss
  (22,859)  (5,453)
Total equity
  
723,519
   
842,052
 
 
        
Total liabilities and equity
 
$
799,921
  
$
944,848
 
 
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 
  
Year Ended June 30,
 
  
2016
  
2017
  
2018
 
          
General and administrative expenses $4,484  $1,062  $1,751 
Loss from operations
  
(4,484
)
  
(1,062
)
  
(1,751
)
             
Other expense, net  (93)  (89)  - 
Interest income  80   4   - 
Interest expenses  (705)  (1,074)  (748)
Foreign exchange losses  (719)  (740)  (97)
Equity in profit of subsidiaries $124,392  $71,905  $109,757 
Income before income taxes
  
118,471
   
68,944
   
107,161
 
Income tax expenses  -   -   - 
Net income
  
118,471
   
68,944
   
107,161
 
             
Other comprehensive income, net of tax of nil
            
Translation adjustment  (46,052)  (14,392)  17,406 
Comprehensive income
 
$
72,419
  
$
54,552
  
$
124,567
 
 
CONDENSED STATEMENTS OF CASH FLOWS
 
  
Year ended June 30,
 
  
2016
  
2017
  
2018
 
          
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
118,471
 
 
$
68,944
 
 
$
107,161
 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Share of net (income) of equity investees
 
 
(124,392
) 
 
 
(71,905
) 
 
 
(109,757
) 
Share-based compensation expenses
 
 
3,860
 
 
 
464
 
 
 
1,207
 
Accretion of convertible bond
 
 
230
 
 
 
230
 
 
 
230
 
Fair value adjustments of a bifurcated derivative
 
 
93
 
 
 
89
 
 
 
(75
) 
Accrued liabilities
 
 
41
 
 
 
1,248
 
 
 
14
 
Net cash used in operating activities
 
$
(1,697
)
 
$
(930
)
 
$
(1,220
)
 
            
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Collection of loans from subsidiaries
 
 
-
 
 
 
2,316
 
 
 
50,649
 
Loans to subsidiaries
 
 
(729
) 
 
 
(2,712
) 
 
 
(5,000
) 
Maturity of time deposits
 
 
14,713
 
 
 
-
 
 
 
-
 
Investment in subsidiaries
 
 
(2,594
) 
 
 
-
 
 
 
(15,707
) 
Net cash provided by (used in) investing activities
 
$
11,390
  
$
(396
)
 
$
29,942
 
 
            
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds of loans from subsidiaries
 
 
-
 
 
 
11,938
 
 
 
-
 
Payment of dividends
 
 
-
 
 
 
(11,975
) 
 
 
(7,241
) 
Repayment of loans from subsidiaries
 
 
(15,000
) 
 
 
(428
) 
 
 
(13,006
)
Proceeds from exercise of options
 
 
5,441
 
 
 
6,323
 
 
 
-
 
Net cash  (used in) provided by financing activities
 
$
(9,559
)
 
$
5,858
  
$
(20,247
)
 
            
Net increase in cash and cash equivalents
 
$
134
  
$
4,532
  
$
8,475
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, beginning of period
  
8,437
   
8,571
   
13,103
 
Cash and cash equivalents, end of period
 
$
8,571
  
$
13,103
  
$
21,578
 
 
Basis of presentation
 
For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries under the equity method of accounting as prescribed in ASC 323,
Investments—Equity Method and Joint Ventures
(“ASC 323”). Such investment is presented on the balance sheets as “Investment in subsidiaries” and the subsidiaries’ profit as “Equity in profit of subsidiaries” on the statements of comprehensive income. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements.
 
Commitments
 
The Company does not have significant commitments or long-term obligations as of the period end presented.