DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Nov. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

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

	Three Months Ended November 30,				Six Months Ended November 30,
	2015		2014		2015		2014
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net sales	$	-	$	2,763,880	$	-	$	6,283,572
Cost of goods sold		-		1,380,696		-		3,323,160
Gross profit		-		1,383,184		-		2,960,412
General and administrative expenses		-		839,642		-		2,550,717
Income tax provision (benefit)		-		88,296		-		22,462
Net income	$	-	$	468,307	$	-	$	341,021
Comprehensive income	$	-	$	470,705	$	-	$	577,831

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

	November 30, 2015		May 31, 2015
	(Unaudited)
Cash	$	-	$	48,161
Accounts and other receivables		-		2,776,773
Advances to suppliers		-		1,866,075
Investment in sales-type lease		-		2,384,088
Total current assets		-		8,703,090
Property and equipment		-		1,045,827
Long-term receivables		-		2,950,151
Total assets	$	-	$	12,864,758

Short-term loans		-		2,984,834
Accounts payable		-		2,630,700
Taxes payable		-		2,685,297
Due to related parties		-		2,136,921
Total current liabilities		-		11,928,595
Total liabilities	$	-	$	12,266,185

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 45
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-Publisher FASB
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+ Details

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