DISCONTINUED OPERATIONS (Tables)

12 Months Ended

May. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

The major components of net (loss) income from discontinued operations were as follows:

	Fiscal Year Ended May 31,
	2015		2014
				(Restated)
Net sales	$	6,930,162	$	12,239,726
Cost of goods sold		4,425,503		8,122,277
Gross profit		2,504,659		4,117,449
Selling expenses		31,362		58,037
General and administrative expenses		7,412,847		1,500,862
(Loss) income from operations		(15,659,804)		2,558,550
(Loss) income before income taxes		(15,504,124)		2,695,378
Net (loss) income		(13,178,506)		2,291,071
Realization of discontinued operations accumulated other comprehensive income (loss)		130,365		-
Net (loss) income from discontinued operations, net of taxes	$	(13,048,140)	$	2,291,071

The major classes of assets and liabilities from discontinued operations were as follows:

	As of May 31,
	2015		2014
				(Restated)
Cash	$	48,161	$	344,636
Accounts and other receivables		2,776,773		7,415,964
Advances to suppliers		1,866,075		288,183
Investment in sales-type lease		2,384,088		1,000,168
Total current assets		8,703,090		9,890,531
Property and equipment		1,045,827		12,740,996
Investment in sales-type lease - noncurrent		2,950,151		1,184,000
Total assets	$	12,864,758	$	23,850,013

Short-term loans		2,984,834		2,960,474
Accounts payable		2,630,700		3,062,789
Taxes payable		2,685,297		2,940,416
Due to related parties		2,136,921		592,095
Total current liabilities		11,928,595		10,038,813
Total liabilities	$	12,266,185	$	10,203,300

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Huayue Electronics, Inc. 10-K