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EXCEL - IDEA: XBRL DOCUMENT - China Precision Steel, Inc.Financial_Report.xls
10-Q - QUARTERLY REPORT - China Precision Steel, Inc.form10q.htm
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v2.4.0.6
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)
3 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Income Statement [Abstract]    
Sales revenues $ 5,956,760 $ 42,166,843
Cost of goods sold 7,423,709 42,105,073
Gross (loss)/profit (1,466,949) 61,770
Operating expenses    
Selling expenses 29,273 68,304
Administrative expenses 442,615 294,076
Allowance for bad and doubtful debts 1,373,000   
Depreciation and amortization expense 51,961 54,444
Total operating expenses 1,896,849 416,824
(Loss) from operations (3,363,798) (355,054)
Other income/(expense)    
Other revenues 103 199
Interest and finance costs (858,588) (669,928)
Total other (expense) (858,485) (669,729)
(Loss) from operations before income tax (4,222,283) (1,024,783)
Provision for income tax    
Current    54,312
Total income tax expense    54,312
Net (loss) (4,222,283) (1,079,095)
Basic (loss) per share (in dollars per share) $ (1.09) $ (0.28)
Basic weighted average shares outstanding (in shares) 3,880,866 3,880,866
Diluted (loss) per share (in dollars per share) $ (1.09) $ (0.28)
Diluted weighted average shares outstanding (in shares) 3,880,866 3,880,866
Components of comprehensive (loss)/income:    
Net (loss) (4,222,283) (1,079,095)
Foreign currency translation adjustment 1,282,697 1,643,164
Comprehensive (loss)/income $ (2,939,586) $ 564,069