2015 Q3 Form 10-K Financial Statement

#000114420415055375 Filed on September 17, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2015 Q1
Revenue $54.20M $78.51M $79.49M
YoY Change 5.65% 8.79% 13.08%
Cost Of Revenue $30.00M $50.30M $51.30M
YoY Change 12.66% 3.71% 16.23%
Gross Profit $24.20M $28.18M $28.19M
YoY Change -1.92% 18.83% 7.76%
Gross Profit Margin 44.65% 35.89% 35.47%
Selling, General & Admin $14.80M $17.00M $4.661M
YoY Change 4.33% 25.0% 6.03%
% of Gross Profit 61.16% 60.32% 16.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.02M $11.81M $12.02M
YoY Change -6.18% 18.81% 58.29%
% of Gross Profit 45.55% 41.91% 42.64%
Operating Expenses $14.80M $17.00M $15.27M
YoY Change 4.33% 25.0% -6.02%
Operating Profit $9.400M $11.22M $12.93M
YoY Change -10.37% 70.26% 30.33%
Interest Expense -$400.0K -$500.0K -$200.0K
YoY Change -187.77% 66.67% -142.36%
% of Operating Profit -4.26% -4.46% -1.55%
Other Income/Expense, Net $0.00 -$458.7K -$191.7K
YoY Change -100.0% -36.84% -48.05%
Pretax Income $9.000M $10.80M $12.73M
YoY Change -10.91% 83.05% 33.36%
Income Tax $1.800M $2.500M $2.817M
% Of Pretax Income 20.0% 23.15% 22.12%
Net Earnings $7.200M $8.214M $9.916M
YoY Change -11.1% 93.22% 37.55%
Net Earnings / Revenue 13.28% 10.46% 12.48%
Basic Earnings Per Share $0.23 $0.29
Diluted Earnings Per Share $2.400M $0.23 $0.29
COMMON SHARES
Basic Shares Outstanding 35.93M shares 34.78M shares
Diluted Shares Outstanding 34.78M shares

Balance Sheet

Concept 2015 Q3 2015 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.40M $93.00M $74.80M
YoY Change 129.68% 245.72% 212.97%
Cash & Equivalents $94.40M $92.98M $74.79M
Short-Term Investments
Other Short-Term Assets $69.60M $41.40M $16.80M
YoY Change 81.72% 25.08% -47.17%
Inventory $105.4M $101.3M $123.6M
Prepaid Expenses
Receivables $67.40M $68.53M $71.83M
Other Receivables $0.00 $0.00 $4.634M
Total Short-Term Assets $336.8M $304.2M $291.6M
YoY Change 31.01% 33.29% 35.42%
LONG-TERM ASSETS
Property, Plant & Equipment $42.00M $44.63M $45.61M
YoY Change -11.16% -7.13% -38.57%
Goodwill $5.246M $5.236M
YoY Change 0.8%
Intangibles $23.81M $24.17M
YoY Change -5.63%
Long-Term Investments
YoY Change
Other Assets $40.10M $185.5K $215.1K
YoY Change 33221.7% 89.23% -99.64%
Total Long-Term Assets $109.5M $125.4M $137.0M
YoY Change -30.56% -23.95% -16.71%
TOTAL ASSETS
Total Short-Term Assets $336.8M $304.2M $291.6M
Total Long-Term Assets $109.5M $125.4M $137.0M
Total Assets $446.3M $429.6M $428.6M
YoY Change 7.6% 9.28% 12.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.900M $2.372M $4.340M
YoY Change 74.23% -29.78% -5.66%
Accrued Expenses $5.200M $3.555M $3.458M
YoY Change 62.2% 20.55% 19.18%
Deferred Revenue
YoY Change
Short-Term Debt $20.80M $23.61M $21.44M
YoY Change -9.36% -1.65% -25.82%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.10M $56.63M $67.12M
YoY Change 9.81% -7.27% 25.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $80.10M $56.63M $67.12M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $80.10M $56.60M $67.10M
YoY Change 9.88% -7.36% 24.95%
SHAREHOLDERS EQUITY
Retained Earnings $198.8M $191.0M
YoY Change 15.58%
Common Stock $123.4M $120.9M
YoY Change 7.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $366.2M $372.9M $361.5M
YoY Change
Total Liabilities & Shareholders Equity $446.3M $429.6M $428.6M
YoY Change 7.6% 9.28% 12.85%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $7.200M $8.214M $9.916M
YoY Change -11.1% 93.22% 37.55%
Depreciation, Depletion And Amortization $11.02M $11.81M $12.02M
YoY Change -6.18% 18.81% 58.29%
Cash From Operating Activities $7.060M $9.610M $19.01M
YoY Change -59.5% -37.31% 2110.47%
INVESTING ACTIVITIES
Capital Expenditures $2.590K -$30.00K -$40.00K
YoY Change -98.88% -93.62% -63.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.610M -$10.00K
YoY Change -100.0% -164.93% -90.91%
Cash From Investing Activities $0.00 $4.590M -$40.00K
YoY Change -100.0% -160.63% -81.82%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.920M 3.820M -3.830M
YoY Change 195.38% -181.28% -140.83%
NET CHANGE
Cash From Operating Activities 7.060M 9.610M 19.01M
Cash From Investing Activities 0.000 4.590M -40.00K
Cash From Financing Activities -1.920M 3.820M -3.830M
Net Change In Cash 5.140M 18.02M 15.14M
YoY Change -63.85% 488.89% 51.1%
FREE CASH FLOW
Cash From Operating Activities $7.060M $9.610M $19.01M
Capital Expenditures $2.590K -$30.00K -$40.00K
Free Cash Flow $7.057M $9.640M $19.05M
YoY Change -58.97% -38.99% 1863.92%

Facts In Submission

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CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2013 cga Income Tax Reconciliation Expected Income Tax Expense Benefit
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110565 USD
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CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2015Q2 us-gaap Dividends Payable Amount Per Share
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0.10
CY2015Q2 us-gaap Dividends Payable Current And Noncurrent
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CY2015 us-gaap Cash Dividends Paid To Parent Company
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CY2015Q2 us-gaap Preferred Stock Shares Authorized
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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0 shares
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CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2015 us-gaap Payments To Acquire Productive Assets
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CY2014 us-gaap Payments To Acquire Productive Assets
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5783 USD
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CY2014Q2 us-gaap Preferred Stock Shares Authorized
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CY2013 cga Increase Decrease In Advances To Suppliers
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CY2013 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2015 cga Transfer Of Property Plant And Equipment To Assets Held For Sale
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CY2015 us-gaap Use Of Estimates
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u>Use of estimates</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2015 us-gaap Revenue Recognition Deferred Revenue
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CY2015 us-gaap Prior Period Reclassification Adjustment Description
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><u><font style="FONT-SIZE: 10pt"> Reclassification</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">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.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015 us-gaap Goodwill Translation Adjustments
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41657 USD
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P8Y
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CY2014Q2 us-gaap Deferred Tax Assets Valuation Allowance
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9616214 USD
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0 USD
CY2014Q2 us-gaap Deferred Tax Assets Net
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CY2015 cga Value Added Tax Rate
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CY2015 us-gaap Effective Income Tax Rate Continuing Operations
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CY2014 us-gaap Effective Income Tax Rate Continuing Operations
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0.240 pure
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
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0.185 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.34 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.34 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.34 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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0 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
115099 shares
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
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0 shares
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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115099 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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0 shares
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14.66
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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0 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2013Q2 us-gaap Assets
Assets
348728342 USD
CY2015 us-gaap Revenues
Revenues
334932 USD
CY2014 us-gaap Revenues
Revenues
325923 USD
CY2013 us-gaap Revenues
Revenues
332941 USD
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
53636 USD
CY2015 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2946746 USD
CY2015 us-gaap Dividends Common Stock
DividendsCommonStock
2161904 USD
CY2015Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014 cga Actual Tax Expenses Percentage
ActualTaxExpensesPercentage
0.240 pure
CY2015 cga Actual Tax Expenses Percentage
ActualTaxExpensesPercentage
0.221 pure
CY2013 cga Actual Tax Expenses Percentage
ActualTaxExpensesPercentage
0.185 pure
CY2015Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
13126582 USD
CY2014Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
8803074 USD
CY2013Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
9426904 USD
CY2015 us-gaap Litigation Settlement Amount
LitigationSettlementAmount
2500000 USD
CY2015 us-gaap Description Of Effect Of Subsequent Foreign Currency Exchange Rate Change
DescriptionOfEffectOfSubsequentForeignCurrencyExchangeRateChange
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.
CY2015 us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">NOTE 1 &#150; ORGANIZATION AND DESCRIPTION OF BUSINESS</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; font-size-adjust: none; font-stretch: normal"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-SIZE: 10pt">China Green Agriculture, Inc. (the &#8220;Company&#8221;, &#8220;Parent Company&#8221; or &#8220;Green Nevada&#8221;), 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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-SIZE: 10pt">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 (&#8220;Green New Jersey&#8221;), a wholly-owned subsidiary of Green Nevada incorporated in the State of New Jersey; (ii) Shaanxi TechTeamJinongHumic Acid Product Co., Ltd. (&#8220;Jinong&#8221;), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi&#8217;an Hu County Yuxing Agriculture Technology Development Co., Ltd. (&#8220;Yuxing&#8221;), a Variable Interest Entity (&#8220;VIE&#8221;) 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 (&#8220;Gufeng&#8221;), and (v) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng&#8217;s wholly-owned subsidiary in the PRC (&#8220;Tianjuyuan&#8221;).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s corporate structure as of June 30, 2015 is set forth in the diagram below:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; font-size-adjust: none; font-stretch: normal"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; font-size-adjust: none; font-stretch: normal" align="center"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; font-size:10pt;; FONT-SIZE: 10pt"> <img src="tpg1.jpg"/></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015 dei Document Type
DocumentType
10-K
CY2015 dei Amendment Flag
AmendmentFlag
false
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
CY2015 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2015 dei Entity Registrant Name
EntityRegistrantName
China Green Agriculture, Inc.
CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0000857949
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q4 dei Entity Public Float
EntityPublicFloat
36876967.04 USD
CY2015 dei Trading Symbol
TradingSymbol
CGA
CY2015Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
35928413 shares
CY2015Q2 us-gaap Deposits
Deposits
81850 USD
CY2015Q2 us-gaap Deposits
Deposits
500000 CNY

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