LOANS RECEIVABLE

12 Months Ended

Jun. 30, 2013

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 3 - LOANS RECEIVABLE

The loans receivable include the following:

		June 30, 2013		June 30, 2012
a)	Dalian Qianbaihe Cloth Accessories Co.	$	236,614	$	103,884
b)	Feiyue International Trade		-		214,064
c)	Dalian Tianjun Trade Co.		767,417		1,259,200
d)	Rongfu Auto Parts Co.		-		31,232
e)	Dalian Digital Media Co.		36,693		40,731
f)	Beijing Cross-Strait Publishing Exchange Center		48,882		47,220
g)	Dalian Culture and Broadcasting Corp		136,870		-
h)	Dalian Bomeishiji Media Corp		146,040		-
i)	Shenzhen Lianchuang Jianhe Corp		545,583		-
j)	Bainianchahui Corp.		232,082		-
k)	Dalian Tongxing iron and steel Co., Ltd.		218,422		-
l)	Dalian Yongshun Material Corp.		133,807		-
m)	Others		757,142		403,162
	Total loans receivable	$	3,259,552	$	2,099,493
	Bad debt allowance		(833,700)		-
	Net loans receivable	$	2,425,882	$	2,099,493

a) The Company made a non-interest bearing loan to Dalian Qianbaihe Cloth Accessories Co. for $0.24 million due on demand. The loan is expected to be paid by December 31, 2013.

b) The Company made a non-interest loan of $0.21 million to Feiyue International Trade Co. as of June 30, 2012. The loan was repaid in July 2012. The Company made a non-interest loan of $0.03 million to Feiyue International Trade Co. in September 2012 and another loan of $0.23 million in 2013. These loans are repaid as of June, 302013.

c) The Company made the following loans to Dalian Tianjun Trade Co.: (1) $0.8 million (RMB 5 million) for one year from June 10, 2012 to June 9, 2013 at a fixed interest rate of 10% per year which has been repaid by June 30, 2013. (2) One-year term loan from December 29, 2011 to December 28, 2012 in the amount of $0.49 million (RMB 3 million) at a fixed interest rate of 10% per annum which has been repaid by June 30, 2013. (3) $0.24 million (RMB 1.5 million) for one year from December 31, 2012 to December 30, 2013. (4) One-year term loan from November 30, 2012 to October 29, 2013 in the amount of $0.49 million (RMB 3 million). (5) In December 2012, the Company made a non-interest loan of $0.03 million (RMB0.21million) to Dalian Tianjun Trade Co. The loan was repaid by July 31, 2013.

d) The Company made a non-interest bearing loan of $0.03 million to Rongfu Auto Parts Co. on January 15, 2012 which was repaid in January 2013.

e) The Company made a non-interest bearing loan of $0.04 million to Dalian Digital Media Co. as of June 30, 2012. The loan is due on demand and bears no interest. Dalian Digital Media Co. repaid part of the loan during fiscal year 2013, with the remaining balance of $0.04 million.

f) The Company loaned $0.05 million to Beijing Cross-Strait publishing exchange center on November 20, 2011 which was due on November 19, 2012 with no interest. The loan was extended for another year.

g) The Company loaned $0.14 million to Dalian Culture and broadcasting Corp in December 2012, which is due on demand with no interest.

h) The Company loaned $0.15 million to Dalian Bomeishiji Media Corp on December 2012, which is due on demand with no interest.

i) The Company loaned $0.55 million to Shenzhen lianchuang jianhe Corp in 2013 which is due on demand with no interest.

j) The Company loaned $0.23 million to Bainianchahui Corp. in 2013 which is due on demand with no interest. Bainianchahui Corp. repaid $0.16 million as of July 31, 2013.

k) The Company loaned $0.22 million to Dalian Tongxing iron and steel Co., Ltd. in 2013which is due on demand with no interest.

l) The Company loaned $0.13 million to Dalian Yongshun Material Corp. which is due on demand with no interest.

m) The Company had various loans of $0.76 million to other third parties as of June 30, 2013, which are due on demand and bear no interest.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

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