2015 Q3 Form 10-Q Financial Statement
#000114420415065400 Filed on November 13, 2015
Income Statement
Concept | 2015 Q3 | 2014 Q3 |
---|---|---|
Revenue | $54.20M | $51.30M |
YoY Change | 5.65% | 1.98% |
Cost Of Revenue | $30.00M | $26.63M |
YoY Change | 12.66% | -4.33% |
Gross Profit | $24.20M | $24.67M |
YoY Change | -1.92% | 9.81% |
Gross Profit Margin | 44.65% | 48.09% |
Selling, General & Admin | $14.80M | $14.19M |
YoY Change | 4.33% | 55.28% |
% of Gross Profit | 61.16% | 57.5% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $11.02M | $11.75M |
YoY Change | -6.18% | 107.33% |
% of Gross Profit | 45.55% | 47.62% |
Operating Expenses | $14.80M | $14.19M |
YoY Change | 4.33% | 55.28% |
Operating Profit | $9.400M | $10.49M |
YoY Change | -10.37% | -21.35% |
Interest Expense | -$400.0K | $455.7K |
YoY Change | -187.77% | 95.44% |
% of Operating Profit | -4.26% | 4.35% |
Other Income/Expense, Net | $0.00 | -$384.4K |
YoY Change | -100.0% | 30.79% |
Pretax Income | $9.000M | $10.10M |
YoY Change | -10.91% | -22.52% |
Income Tax | $1.800M | $2.004M |
% Of Pretax Income | 20.0% | 19.83% |
Net Earnings | $7.200M | $8.099M |
YoY Change | -11.1% | -21.96% |
Net Earnings / Revenue | 13.28% | 15.79% |
Basic Earnings Per Share | $0.25 | |
Diluted Earnings Per Share | $2.400M | $0.25 |
COMMON SHARES | ||
Basic Shares Outstanding | 35.93M shares | 32.38M shares |
Diluted Shares Outstanding | 32.38M shares |
Balance Sheet
Concept | 2015 Q3 | 2014 Q3 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $94.40M | $41.10M |
YoY Change | 129.68% | -8.46% |
Cash & Equivalents | $94.40M | $41.12M |
Short-Term Investments | ||
Other Short-Term Assets | $69.60M | $38.30M |
YoY Change | 81.72% | 22.76% |
Inventory | $105.4M | $100.6M |
Prepaid Expenses | ||
Receivables | $67.40M | $75.06M |
Other Receivables | $0.00 | $1.978M |
Total Short-Term Assets | $336.8M | $257.1M |
YoY Change | 31.01% | 16.06% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $42.00M | $47.28M |
YoY Change | -11.16% | -44.51% |
Goodwill | $5.204M | |
YoY Change | 0.12% | |
Intangibles | $24.82M | |
YoY Change | -5.97% | |
Long-Term Investments | ||
YoY Change | ||
Other Assets | $40.10M | $120.3K |
YoY Change | 33221.7% | 56.03% |
Total Long-Term Assets | $109.5M | $157.7M |
YoY Change | -30.56% | 10.64% |
TOTAL ASSETS | ||
Total Short-Term Assets | $336.8M | $257.1M |
Total Long-Term Assets | $109.5M | $157.7M |
Total Assets | $446.3M | $414.8M |
YoY Change | 7.6% | 13.94% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $4.900M | $2.812M |
YoY Change | 74.23% | -27.68% |
Accrued Expenses | $5.200M | $3.206M |
YoY Change | 62.2% | 13.94% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $20.80M | $22.95M |
YoY Change | -9.36% | 40.77% |
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $80.10M | $72.94M |
YoY Change | 9.81% | 36.11% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | ||
YoY Change | ||
Total Long-Term Liabilities | $0.00 | $0.00 |
YoY Change | ||
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $80.10M | $72.94M |
Total Long-Term Liabilities | $0.00 | $0.00 |
Total Liabilities | $80.10M | $72.90M |
YoY Change | 9.88% | 36.01% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | $179.2M | |
YoY Change | 13.25% | |
Common Stock | $116.3M | |
YoY Change | 7.2% | |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $366.2M | $341.8M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $446.3M | $414.8M |
YoY Change | 7.6% | 13.94% |
Cashflow Statement
Concept | 2015 Q3 | 2014 Q3 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $7.200M | $8.099M |
YoY Change | -11.1% | -21.96% |
Depreciation, Depletion And Amortization | $11.02M | $11.75M |
YoY Change | -6.18% | 107.33% |
Cash From Operating Activities | $7.060M | $17.43M |
YoY Change | -59.5% | -506.92% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $2.590K | $231.1K |
YoY Change | -98.88% | -64.23% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $0.00 | -$2.330M |
YoY Change | -100.0% | -90.96% |
Cash From Investing Activities | $0.00 | -$2.560M |
YoY Change | -100.0% | -90.31% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | $0.00 | |
YoY Change | ||
Common Stock Issuance & Retirement, Net | $0.00 | $200.0K |
YoY Change | -100.0% | |
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -1.920M | -650.0K |
YoY Change | 195.38% | -347.34% |
NET CHANGE | ||
Cash From Operating Activities | 7.060M | 17.43M |
Cash From Investing Activities | 0.000 | -2.560M |
Cash From Financing Activities | -1.920M | -650.0K |
Net Change In Cash | 5.140M | 14.22M |
YoY Change | -63.85% | -146.72% |
FREE CASH FLOW | ||
Cash From Operating Activities | $7.060M | $17.43M |
Capital Expenditures | $2.590K | $231.1K |
Free Cash Flow | $7.057M | $17.20M |
YoY Change | -58.97% | -448.9% |
Facts In Submission
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---|---|---|---|---|
CY2015Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1122228 | USD |
CY2014Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
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CY2015Q3 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
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CY2014Q3 | us-gaap |
Depreciation Depletion And Amortization
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|
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CY2015Q3 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
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|
-349 | USD |
CY2014Q3 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
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|
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Increase Decrease In Accounts Receivable
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|
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Increase Decrease In Accounts Receivable
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Increase Decrease In Other Current Assets
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Increase Decrease In Other Current Assets
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|
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Increase Decrease In Inventories
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Increase Decrease In Inventories
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Increase Decrease In Advances To Suppliers
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|
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Increase Decrease In Advances To Suppliers
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Increase Decrease In Other Noncurrent Assets
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Increase Decrease In Other Noncurrent Assets
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|
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Increase Decrease In Accounts Payable
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Increase Decrease In Accounts Payable
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Increase Decrease In Customer Deposits
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Increase Decrease In Customer Deposits
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Increase Decrease In Accrued Income Taxes Payable
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Increase Decrease In Other Accounts Payable And Accrued Liabilities
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Increase Decrease In Other Accounts Payable And Accrued Liabilities
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|
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Increase Decrease In Due To Related Parties
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|
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Increase Decrease In Due To Related Parties
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Payments To Acquire Property Plant And Equipment
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Payments To Acquire Property Plant And Equipment
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|
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Proceeds From Sale Of Other Receivables
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Payments To Acquire Other Productive Assets
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Payments To Acquire Other Productive Assets
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|
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Net Cash Provided By Used In Investing Activities Continuing Operations
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|
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Net Cash Provided By Used In Investing Activities Continuing Operations
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Proceeds From Issuance Of Common Stock
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|
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Proceeds From Issuance Of Common Stock
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Proceeds From Short Term Debt
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Proceeds From Short Term Debt
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Cash And Cash Equivalents Period Increase Decrease
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Cash And Cash Equivalents At Carrying Value
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|
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|
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Asset Impairment Charges
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|
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Operating Leases Future Minimum Payments Due In Three Years
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Operating Leases Future Minimum Payments Due In Four Years
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Payments To Acquire Productive Assets
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Payments To Acquire Productive Assets
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Inventory Raw Materials
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Inventory Raw Materials
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Amortization Of Deferred Assets
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Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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Finite Lived Intangible Assets Amortization Expense Year Three
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Finite Lived Intangible Assets Amortization Expense Year Four
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|
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Sales And Excise Tax Payable Current
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Income Tax Reconciliation Expected Income Tax Expense Benefit
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|
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|
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Actual Tax Expenses Percentage
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|
0.198 | pure |
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Value Added Tax Rate
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|
0.13 | pure |
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Stock Issued During Period Shares Restricted Stock Award Gross
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|
3675000 | shares |
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Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
|
0.10 | |
CY2014Q4 | us-gaap |
Dividends Payable Current And Noncurrent
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|
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Cash Dividends Paid To Parent Company
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|
2161904 | USD |
CY2015Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
20000000 | shares |
CY2015Q3 | dei |
Document Type
DocumentType
|
10-Q | |
CY2015Q3 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2015Q3 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2015-09-30 | |
CY2015Q3 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2016 | |
CY2015Q3 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
CY2015Q3 | dei |
Entity Registrant Name
EntityRegistrantName
|
China Green Agriculture, Inc. | |
CY2015Q3 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000857949 | |
CY2015Q3 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--06-30 | |
CY2015Q3 | dei |
Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
CY2015Q3 | dei |
Trading Symbol
TradingSymbol
|
CGA | |
CY2015Q4 | dei |
Entity Common Stock Shares Outstanding
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|
36936088 | shares |
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Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
CY2015Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
CY2015Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2015Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2015Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
20000000 | shares |
CY2015Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2015Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2015Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2015Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2015Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2015Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2015Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
115197165 | shares |
CY2015Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
115197165 | shares |
CY2015Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
36928413 | shares |
CY2015Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
36928413 | shares |
CY2015Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
35905198 | shares |
CY2015Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
35905198 | shares |
CY2015Q3 | us-gaap |
Accounts Payable Trade Current
AccountsPayableTradeCurrent
|
4758654 | USD |
CY2014Q3 | us-gaap |
Accounts Payable Trade Current
AccountsPayableTradeCurrent
|
4700415 | USD |
CY2015Q3 | us-gaap |
Litigation Settlement Amount
LitigationSettlementAmount
|
2500000 | USD |
CY2015Q3 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
1440 | USD |
CY2014Q3 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
3975 | USD |
CY2015Q3 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<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"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <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"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="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> | |
CY2015Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
|
2381498 | USD |
CY2015Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.197 | pure |
CY2014Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.198 | pure |
CY2015Q3 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.34 | pure |
CY2014Q3 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.34 | pure |
CY2015Q3 | us-gaap |
Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
|
1660000 | shares |
CY2015Q3 | us-gaap |
Loans Payable To Bank Current
LoansPayableToBankCurrent
|
20781840 | USD |
CY2015Q2 | us-gaap |
Loans Payable To Bank Current
LoansPayableToBankCurrent
|
23605540 | USD |
CY2015Q3 | us-gaap |
Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
|
429035 | USD |
CY2014Q3 | us-gaap |
Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
|
455744 | USD |
CY2015Q3 | 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"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>NOTE 1 – 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 style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" 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 (“Green New Jersey”), a wholly-owned subsidiary of Green Nevada incorporated in the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic 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”).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company’s corporate structure as of September 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 style="FONT-SIZE: 10pt"></font> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="center"><font style="FONT-SIZE: 10pt"><img src="tpg01.jpg"/></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The unaudited consolidated financial statements were prepared by Company pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) were omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K. The results for the three months ended September 30, 2015, are not necessarily indicative of the results to be expected for the year ending June 30, 2016.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
CY2015Q3 | us-gaap |
Deposits
Deposits
|
81850 | USD |
CY2015Q3 | us-gaap |
Deposits
Deposits
|
500000 | CNY |
CY2015Q3 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Use of estimates</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">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.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> |