Document and Entity Information - shares |
12 Months Ended | |
|---|---|---|
Jun. 30, 2018 |
Sep. 18, 2018 |
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | CLPS Inc | |
| Entity Central Index Key | 0001724542 | |
| Amendment Flag | false | |
| Trading Symbol | CLPS | |
| Entity Emerging Growth Company | true | |
| Entity Ex Transition Period | false | |
| Current Fiscal Year End Date | --06-30 | |
| Document Type | 20-F | |
| Document Period End Date | Jun. 30, 2018 | |
| Document Fiscal Year Focus | 2018 | |
| Document Fiscal Period Focus | FY | |
| Entity Well-known Seasoned Issuer | No | |
| Entity Voluntary Filers | No | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 13,813,821 |
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- References No definition available.
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Amount due from underwriter on the over-allotment. No definition available.
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- Definition Amount of liabilities incurred to vendors for goods and services received, and accrued liabilities classified as other, payable within one year or the normal operating cycle, if longer. No definition available.
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- Definition Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Original amount of cost-method investments at the acquisition date. No definition available.
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- Definition The current portion of money or property received from customers which is either to be returned upon satisfactory contract completion or applied to customer receivables in accordance with the terms of the contract or the understandings. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition This element represents the aggregate cost of investments accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed after one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of asset related to consideration paid in advance for income and other taxes that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of statutory capital and surplus (stockholders' equity) as of the balance sheet date using prescribed or permitted statutory accounting practices (rather than GAAP, if different) of the state or country. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Consolidated Balance Sheets [Abstract] | ||
| Common share, par value | $ 0.0001 | $ 0.0001 |
| Common share, shares authorized | 100,000,000 | 100,000,000 |
| Common share, shares issued | 13,590,000 | 11,290,000 |
| Common share, shares outstanding | 13,590,000 | 11,290,000 |
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- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Consolidated Statements of Income and Comprehensive Income - USD ($) |
12 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
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| Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||
| Revenues | $ 48,938,593 | $ 31,361,976 | $ 29,024,178 | ||
| Less: Cost of revenues | (31,277,255) | (18,669,812) | (17,463,416) | ||
| Gross profit | 17,661,338 | 12,692,164 | 11,560,762 | ||
| Operating expenses: | |||||
| Selling and marketing | 2,225,702 | 1,206,493 | 413,016 | ||
| Research and development | 7,837,873 | 4,232,788 | 5,579,058 | ||
| General and administrative | 5,871,622 | 5,647,790 | 4,955,037 | ||
| Total operating expenses | 15,935,197 | 11,087,071 | 10,947,111 | ||
| Income from operations | 1,726,141 | 1,605,093 | 613,651 | ||
| Subsidies and other income | 960,784 | 508,187 | 1,446,408 | ||
| Other expense | (84,155) | (10,469) | (5,935) | ||
| Income before income tax | 2,602,770 | 2,102,811 | 2,054,124 | ||
| (Benefit) provision for income taxes | (112,128) | (118,546) | 269,153 | ||
| Net income | 2,714,898 | 2,221,357 | 1,784,971 | ||
| Less: Net income (loss) attributable to non-controlling interests | 280,435 | 173,912 | (41,141) | ||
| Net income attributable to CLPS Incorporation's shareholders | 2,434,463 | 2,047,445 | 1,826,112 | ||
| Other comprehensive (loss) income | |||||
| Foreign currency translation gain (loss) | 55,793 | (93,177) | (387,100) | ||
| Less: foreign currency translation gain (loss) attributable to Non-controlling interest | 10,200 | 1,732 | (1,471) | ||
| Other comprehensive gain (loss) attributable to CLPS Incorporation's shareholders | 45,593 | (94,909) | (385,629) | ||
| Comprehensive income | |||||
| CLPS Incorporation shareholders | 2,480,056 | 1,952,536 | 1,440,483 | ||
| Non-controlling interests | 290,635 | 175,644 | (42,612) | ||
| Total comprehensive income | $ 2,770,691 | $ 2,128,180 | $ 1,397,871 | ||
| Basic earnings per common share | [1] | $ 0.21 | $ 0.18 | $ 0.16 | |
| Weighted average number of share outstanding - basic | 11,517,123 | 11,290,000 | 11,290,000 | ||
| Diluted earnings per common share | $ 0.21 | $ 0.18 | $ 0.16 | ||
| Weighted average number of share outstanding - diluted | 11,636,367 | 11,290,000 | 11,290,000 | ||
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to noncontrolling interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of expense related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Consolidated Statements of Changes in Shareholders' Equity - USD ($) |
Total |
Common Share |
Additional Paid-in Capital |
Statutory Surplus |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
Non-controlling interest |
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|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning balance at Jun. 30, 2015 | $ 5,913,141 | $ 1,129 | [1] | $ 2,696,377 | $ 540,967 | $ 2,639,885 | $ 33,268 | $ 1,515 | |||
| Beginning balance, shares at Jun. 30, 2015 | [1] | 11,290,000 | |||||||||
| Shareholder's contribution | 3,377,813 | [1] | 3,377,813 | ||||||||
| Recapitalization of Shanghai CLPS | [1] | 1,051,952 | (551,684) | (500,268) | |||||||
| Non-controlling shareholders' contribution | 46,919 | [1] | 46,919 | ||||||||
| Repurchase of Non-controlling interest | (6,987) | [1] | (5,199) | (1,788) | |||||||
| Dividend declared | (6,521,233) | [1] | (6,521,233) | ||||||||
| Net income for the year | 1,784,971 | [1] | 1,826,112 | (41,141) | |||||||
| Appropriation of statutory reserve | [1] | 429,439 | (429,439) | ||||||||
| Foreign currency translation adjustments | (387,100) | [1] | (385,629) | (1,471) | |||||||
| Ending balance at Jun. 30, 2016 | 4,207,524 | $ 1,129 | [1] | 7,120,943 | 418,722 | (2,984,943) | (352,361) | 4,034 | |||
| Ending balance, shares at Jun. 30, 2016 | [1] | 11,290,000 | |||||||||
| Non-controlling shareholders' contribution | 6,438 | [1] | 6,438 | ||||||||
| Non-controlling interest through acquisition | 290,994 | [1] | 290,994 | ||||||||
| Dividend declared | (1,321,838) | [1] | (1,321,838) | ||||||||
| Net income for the year | 2,221,357 | [1] | 2,047,445 | 173,912 | |||||||
| Appropriation of statutory reserve | [1] | 261,949 | (261,949) | ||||||||
| Foreign currency translation adjustments | (93,177) | [1] | (94,909) | 1,732 | |||||||
| Ending balance at Jun. 30, 2017 | 5,311,298 | $ 1,129 | [1] | 7,120,943 | 680,671 | (2,521,285) | (447,270) | 477,110 | |||
| Ending balance, shares at Jun. 30, 2017 | [1] | 11,290,000 | |||||||||
| Net Proceeds from IPO, net of issuance costs | 9,549,519 | $ 200 | [1] | 9,549,319 | |||||||
| Net Proceeds from IPO, net of issuance costs, Shares | [1] | 2,000,000 | |||||||||
| Net Proceeds from over- allotment, net of issuance costs | 1,472,592 | $ 30 | [1] | 1,472,562 | |||||||
| Net Proceeds from over- allotment, net of issuance costs, Shares | [1] | 300,000 | |||||||||
| IPO issuance costs | (362,925) | (362,925) | |||||||||
| Purchase of subsidiaries' shares from non-controlling interests | (585,889) | [1] | (494,356) | (91,533) | |||||||
| Public offering warrants | 612,223 | 612,223 | |||||||||
| Warrant issued in connection with IPO | (612,223) | (612,223) | |||||||||
| Non-controlling interest through acquisition | 70 | [1] | 70 | ||||||||
| Net income for the year | 2,714,898 | [1] | 2,434,463 | 280,435 | |||||||
| Appropriation of statutory reserve | [1] | 437,796 | (437,796) | ||||||||
| Foreign currency translation adjustments | 55,793 | [1] | 45,593 | 10,200 | |||||||
| Ending balance at Jun. 30, 2018 | $ 18,155,356 | $ 1,359 | [1] | $ 17,285,543 | $ 1,118,467 | $ (524,618) | $ (401,677) | $ 676,282 | |||
| Ending balance, shares at Jun. 30, 2018 | [1] | 13,590,000 | |||||||||
| |||||||||||
| X | ||||||||||
- Definition Appropriation of statutory reserve. No definition available.
|
| X | ||||||||||
- Definition The purchase of subsidiaries' shares from non-controlling interests during the reporting period. No definition available.
|
| X | ||||||||||
- Definition IPO issuance costs. No definition available.
|
| X | ||||||||||
- Definition Public offering warrants. No definition available.
|
| X | ||||||||||
- Definition Stock issued during period value of non controlling interest through acquisition. No definition available.
|
| X | ||||||||||
- Definition Stock issued during period value of non controlling shareholders contribution. No definition available.
|
| X | ||||||||||
- Definition Stock issued during period value of recapitalization. No definition available.
|
| X | ||||||||||
- Definition Stock issued during period value of repurchase of non controlling interest. No definition available.
|
| X | ||||||||||
- Definition Amount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and direct costs associated with stock issues under a shelf registration. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of increase in additional paid in capital (APIC) resulting from the issuance of warrants. Includes allocation of proceeds of debt securities issued with detachable stock purchase warrants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of stock issued attributable to transactions classified as other. No definition available.
|
| X | ||||||||||
- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Value of shares of stock issued attributable to transactions classified as other. No definition available.
|
| X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Consolidated Statements of Cash Flows - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $ 2,714,898 | $ 2,221,357 | $ 1,784,971 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
| Depreciation and amortization | 206,169 | 143,626 | 54,105 |
| Deferred tax benefit | (208,051) | (221,114) | (96,713) |
| Loss from equity investment | 8,684 | ||
| Provision for doubtful accounts | 96,904 | 86,463 | 5,223 |
| Loss from disposal of property and equipment | 1,957 | ||
| Changes in assets and liabilities | |||
| Accounts receivable | (9,753,685) | (2,410,155) | 1,053,207 |
| Prepayment, deposits and other assets | (613,277) | (357,761) | 417,190 |
| Prepaid income tax | (33,225) | (168,825) | |
| Accounts payable and other current liabilities | 592,477 | 52,574 | 27,152 |
| Taxes payable | 251,627 | 219,672 | 208,772 |
| Deferred revenue | 11,945 | 110,153 | |
| Customer deposits | 102,077 | 48,892 | 51,194 |
| Salaries and benefits payable | 1,848,890 | 899,462 | 957,167 |
| Net cash (used in) provided by operating activities | (4,772,610) | 624,344 | 4,462,268 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Acquisition of property and equipment | (231,226) | (62,518) | (327,768) |
| Payment for business acquisition | (107,654) | (349,617) | |
| Cash acquired from acquisition | 266,856 | ||
| Disposition (acquisition) of long term investment | (153,792) | 44,061 | (46,580) |
| Net cash used in investing activities | (492,672) | (101,218) | (374,348) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from short-term bank loans | 5,659,536 | ||
| Repayment of short-term bank loans | (3,060,456) | ||
| Capital contribution by shareholders | 2,135,673 | ||
| Capital contributions from IPO and over-allotment, net | 11,022,111 | ||
| Escrow receivable | (200,000) | ||
| Due from underwriter on the over-allotment | (1,472,592) | ||
| Cash paid for issuance cost of IPO | (283,092) | ||
| Non-controlling interest shareholder's contribution | 6,438 | 46,919 | |
| Purchase of non-controlling interest | (6,987) | ||
| Restricted cash | 155,267 | ||
| Amounts due from related parties | (12,941) | 2,491,794 | |
| Amounts due to related parties | (936,338) | (102,754) | 77,590 |
| Dividend paid | (612,988) | (736,436) | (5,279,093) |
| Net cash provided by (used in) financing activities | 10,103,240 | (832,752) | (378,837) |
| Effect of exchange rate changes on cash | 90,360 | (153,002) | (227,771) |
| Net increase (decrease) in cash | 4,928,318 | (462,628) | 3,481,312 |
| Cash and cash equivalents, at beginning of year | 4,814,568 | 5,277,196 | 1,795,884 |
| Cash, cash equivalents at the end of the year | 9,742,886 | 4,814,568 | 5,277,196 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
| Income tax paid | 325,609 | 335,143 | 285,019 |
| Cash paid for interest | 74,754 | ||
| Non-Cash Transactions of Investing and Financing Activities | |||
| Dividend payable included in due to related parties | 585,402 | ||
| Payable for business acquisition | 584,040 | 128,371 | |
| Payable for investment - cost method | 151,539 | ||
| Dividend contributed to capital | 1,242,140 | ||
| Capital contribution from non-controlling shareholders | 70 | ||
| Prepaid for issuance costs of IPO in the previous year | $ 79,833 | ||
| X | ||||||||||
- Definition The amount of capital contribution from non-controlling shareholders. No definition available.
|
| X | ||||||||||
- Definition The amount of dividend contributed to capital. No definition available.
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| X | ||||||||||
- Definition The amount of dividends payable included in due to related parties. No definition available.
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| X | ||||||||||
- Definition The amount payable for business acquisition. No definition available.
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| X | ||||||||||
- Definition The amount of payable for investment cost method. No definition available.
|
| X | ||||||||||
- Definition Prepaid for issuance costs of IPO in the previous year. No definition available.
|
| X | ||||||||||
- Definition Proceeds from Escrow receivables. No definition available.
|
| X | ||||||||||
- Definition Proceeds from underwriter overallotment. No definition available.
|
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The cash inflow associated with the acquisition of business during the period (for example, cash that was held by the acquired business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount of (a) prepayments by customers for goods or services to be provided at a later date, (b) the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement, or (c) a combination of (a) and (b). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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| X | ||||||||||
- Definition The increase (decrease) during the period in the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of increase (decrease) of consideration paid in advance for income and other taxes that provide economic benefits in future periods. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The cash outflow associated with other payments to acquire businesses including deposit on pending acquisitions and preacquisition costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, beyond the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the long-term. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash inflow associated with the amount received by a corporation from a shareholder during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash inflow (outflow) from (to) a noncontrolling interest. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The cash inflow from a long-term borrowing made from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Proceeds from Advances from Affiliates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash inflow associated with the sale of investments that are pledged or subject to withdrawal restrictions during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash inflow from a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow for the payment of a long-term borrowing made from a related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Payments for Advances from Affiliates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow for a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Organization and Description of Business |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization and Description of Business [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
CLPS Incorporation (“CLPS” or the “Company”), is a company that was established under the laws of the Cayman Islands on May 11, 2017 as a holding company. The Company, through its subsidiaries, designs, builds, and delivers IT services, solutions and product services. The Company customizes its services to specific industries with customer service teams typically based on-site at the customer locations. The Company’s solutions enable its clients to meet the changing demands in an increasingly global, internet-driven, and competitive marketplace. Mr. Xiao Feng Yang, the Company’s Chairman of the Board and President, together with Mr. Raymond Ming Hui Lin, the Company’s Chief Executive Officer (“CEO”) are the controlling shareholders of the Company (the “controlling shareholder”).
Reorganization
CLPS Incorporation (“CLPS” or the “Company”), is a company that was established under the laws of the Cayman Islands on May 11, 2017 as a holding company. The Company, through its subsidiaries, designs, builds, and delivers IT services, solutions and product services. The Company customizes its services to specific industries with customer service teams typically based on-site at the customer locations. The Company’s solutions enable its clients to meet the changing demands of an increasingly global, Internet-driven, and competitive marketplace. Mr. Xiao Feng Yang, the Company’s Chairman and President, together with Mr. Raymond Ming Hui Lin, the Company’s Chief Executive Officer (“CEO”) are the controlling shareholders of the Company (the “Controlling shareholders”).
A reorganization of the legal structure was completed on November 2, 2017. The reorganization involved the incorporation of CLPS, a Cayman Islands holding company; Qinheng Co., Limited (“Qinheng”) and Qiner Co., Limited (“Qiner”), two holding companies established in Hong Kong, and Shanghai Qincheng Information Technology Co., Ltd (“CLPS QC” or “WOFE”) established in the People’s Republic of China (“PRC”); and the transfer of ChinaLink Professional Service Co., Ltd (“CLPS Shanghai”) from the controlling shareholders to CLPS QC.
Prior to the reorganization, CLPS Shanghai’s equity interests were 100% controlled by the same group of the controlling shareholders of CLPS.
CLIVST and FDT-CL are subsidiaries of Qinheng. JQ Technology Co., Limited (“JQ”) and JIALIN Technology Limited (“JL”) are subsidiaries of Qiner since October 17, 2017. CLPS Dalian Co., Ltd (“CLPS Dalian”), CLPS Ruicheng Co., Ltd (“CLPS RC”), CLPS Beijing Hengtong Co., Ltd (“CLPS Beijing”), CLPS TECHNOLOGY (SINGAPORE) PTE.LTD (“CLPS SG”), CLPS TECHNOLOGY (AUSTRALIA) PTY LTD (“CLPS AU”), CLPS Technology (Hong Kong) Co., Limited (“CLPS Hong Kong”), Judge (Shanghai) Co., Ltd (“Judge China”), Judge (Shanghai) Human Resource Co., Ltd (“Judge HR”), CLPS Shenzhen Co., Ltd (“CLPS Shenzhen”) and CLPS Guangzhou Co., Ltd (“CLPS Guangzhou”) are all subsidiaries of CLPS Shanghai.
On November 2, 2017, the controlling shareholders transferred their 100% ownership interest in CLPS Shanghai to CLPS QC and Qiner, which are 100% owned by Qinheng and CLPS. On October 31, 2017, the controlling shareholders transferred 100% of their equity interests in Qiner to CLPS. After the reorganization, CLPS owns 100% equity interests of the entities mentioned above. On December 7, 2017, the Board of Directors approved an amendment of the article association of CLPS and a nominal share issuance to the existing shareholders. As a result, the existing shareholders own the same percentage of ownership in CLPS as their ownership interests in CLPS Shanghai prior to the reorganization.
Since the Company and its subsidiaries are effectively controlled by the same group of the shareholders before and after the reorganization, they are considered under common control. The above mentioned transactions were accounted for as a recapitalization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the consolidated financial statements.
New Developments
On October 17, 2017, the Company acquired a 55% equity interest in JQ, and its 100% owned subsidiary – JL in Taiwan for cash consideration of approximately $0.07 million. As of the acquisition date, the assets of JQ were cash and other receivables and JQ and its subsidiary has no significant operating activities since inception. The estimated fair value of the assets acquired and liabilities assumed at the acquisition date was approximately the carrying value of the assets and liabilities based on the short-term nature of the assets acquired and liabilities assumed. The Company believes that this investment could offer new opportunities for operational synergies in the related markets.
On June 5, 2018, the Company incorporated CLPS US to develop business in related areas.
On June 13, 2018, the Company purchased a 2.7% equity interest in Lihong in Shanghai for consideration of $0.15 million (RMB 1,000,000) to develop new business. The consideration has not been paid for and is recorded as a liability as of June 30, 2018.
Prior to June 2018, the Company held a 70% equity interest of CLPS Beijing which primarily engages in software development. On June 27, 2018, Qiner entered into a new share purchase agreement and purchased the remaining 30% equity interest of CLPS Beijing for consideration of $0.6 million, holding 100% of CLPS Beijing’s equity interest. The consideration was not paid for and was recorded as a liability by Qiner as of June 30, 2018. The consideration was paid on July 5, 2018. Prior to June 2018, the remaining 30% equity interest of CLPS Beijing was recorded as a non-controlling interest on the balance sheet. The Company engaged an independent valuation firm to assist management in assessing the enterprise value of CLPS Beijing. The enterprise value of CLPS Beijing as of June 27, 2018 was $1.94 million based on the evaluation report.
Details of the subsidiaries of the Company are set out below:
* Entities incorporated or acquired subsequent to June 30, 2018 are not included in the Company’s consolidated financial statements for the years ended June 30, 2018, 2017 and 2016.
** On July 20, 2018, the Company decided to close down FDT-CL. |
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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Summary of Significant Accounting Policies |
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| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and requirements of the Securities Exchange Commission (“SEC”).
The accompanying consolidated financial statements include the financial statements of CLPS and its subsidiaries. All inter-company balances and transactions have been eliminated upon consolidation. Results of subsidiaries and businesses acquired from third parties are consolidated from the date on which control is transferred to the Company.
Use of Estimates and Assumptions
In preparing the consolidated financial statements in conformity with US GAAP, management makes 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 reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, valuation of accounts receivable, prepayments, deposits and other assets, useful lives of property and equipment, intangible assets, goodwill impairment, the impairment of long-lived assets, provision for contingent liabilities, revenue recognition, accrued expenses and other current liabilities and realization of deferred tax assets. Actual results could differ from those estimates.
Fair Value of Financial Instruments
ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash and cash equivalents, accounts receivable, other receivables and other current assets, accounts payable, customer deposits, accrued expenses and other current liabilities approximates their recorded values due to their short-term maturities.
Cash and cash equivalents
The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents. The Company maintains most of its bank accounts in the PRC. Cash balances in bank accounts in PRC are not insured by the Federal Deposit Insurance Corporation or other programs.
Accounts receivable
Accounts receivable are recorded at original invoice. The Company determines the adequacy of a reserve for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management’s best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.
Prepayments, deposit and other assets
Prepayment, deposit and other assets primarily consists of advances to suppliers for purchasing goods or services that have not been received or provided and advances to employees. These advances are interest free, unsecured and short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired.
Deferred contract costs
Deferred contract costs represent costs incurred in advance of revenue recognition arising from direct and incremental staff costs in respect of the fixed fee contracts according to the customer’s requirements prior to the delivery of services, and such deferred costs will be recognized upon the recognition of the related revenue.
Long term investment
The Company holds investments in equity method and cost method investees. Investee companies over which the Company has the ability to exercise significant influence but does not have a controlling interest and is the primary beneficiary are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting shares of the investee between 20% and 50%, and other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. Under this method of accounting, the Company records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Investments in entities in which the Company has no control or significant influence and is not the primary beneficiary are accounted for at cost. Cost method investments are recorded at the lower of cost or fair value. If declines in the value of cost method investments are determined to be other-than temporary, a loss is recorded in the current period as a component of miscellaneous, net in the consolidated statements of income.
Business combination
Business combinations are recorded using the business acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling interest of the acquire at the acquisition date, if any, are measured at their fair values as of that date. Goodwill is recognized and measured as the excess of the total consideration transferred plus the fair value of any non-controlling interest of the acquire, if any, at the acquisition date over the fair values of the identifiable net assets acquired.
Non-controlling interests
The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statement of income and comprehensive income as an allocation of the total income or loss for the year between non-controlling interest holders and the shareholders of the Company.
Property and Equipment, net
Property and equipment, net, are stated at cost less accumulated depreciation and amortization. The straight-line method is used to compute depreciation and amortization over the estimated useful lives of the assets, as follows:
Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is charged to the statement of income.
Goodwill
Goodwill represents the excess of the consideration over the fair value of the net assets acquired at the date of acquisition. Goodwill is not amortized but rather tested for impairment at least annually at the reporting unit level by applying a fair-value based test in accordance with accounting and disclosure requirements for goodwill and other indefinite-lived intangible assets. This test is performed by management annually or more frequently if the Company believes impairment indicators are present. There was only one reporting unit (that also represented the operating segment) as of June 30, 2018. Goodwill was allocated to the one reporting unit as of June 30, 2018.
Impairment of long-lived assets
The Company reviews its long-lived assets, other than goodwill including property and equipment and intangible assets with definite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying values of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Company would recognize an impairment loss based on the excess of the carrying value over the assessed discounted cash flow amount.
Revenue Recognition
The Company provides a comprehensive range of IT services and solutions, which primarily are on a time-and-expense basis, or fixed-price basis
Revenue is considered realizable and earned when all of the following criteria are met: persuasive evidence of a sales arrangement exists; delivery has occurred or services have been rendered; the price is fixed or determinable; and collectability is reasonably assured.
Time-and-expense basis contracts
Revenues from time-and-expense basis contracts are recognized as the related services are rendered assuming all other basic revenue recognition criteria are met. Under time-and-expense basis contracts, the Company is reimbursed for actual hours incurred at pre-agreed negotiated hourly billing rates. Clients may terminate the contracts at any time before the work is completed but are obligated to pay the actual service hours incurred through the termination date at the contract billing rate.
Fixed-price basis contracts
Revenues from fixed-price customized solution contracts require the Company to perform services for systems design, planning and integrating based on customers’ specific needs which requires significant production and customization. The required customization work period is generally less than one year. Upon delivery of the services, customer acceptance is generally required. In the same contract, the Company is generally required to provide post-contract customer support (“PCS’) for a period from three months to one year (“PCS period”) after the customized application is delivered. The type of service for PCS clause is generally not specified in the contract or stand-ready service on when-and-if-available basis.
The Company determines there are following separated service elements in the fixed-fee customized solution contract:
For multiple-element arrangements that include application customized services and PCS as well as specific service component, if applicable, the Company allocates contract revenue to all deliverables based on their relative selling prices. The Company uses a hierarchy to determine the selling price to be used for allocating revenue to the deliverables: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-party evidence of the selling price (“TPE”) and (iii) best estimate of the selling price (“BESP”). The Company uses VSOE of selling price in the selling price allocation in all instances where it exists. VSOE of selling price for products and services is determined when a substantial majority of the selling prices fall within a reasonable range when sold separately. Otherwise, BESP is used because the Company’s customized application differs substantially from that of competitors, it is difficult to obtain the reliable standalone competitive pricing necessary to establish TPE. Accordingly, the Company uses its best estimate of selling prices of solution development service and PCS (and specific service if applicable) as the basis of revenue allocation. In estimating its selling price for solution development service and PCS (and specific service if applicable), the Company considers the internal estimated cost to provide such services adjusted by reasonable profit margin for similar arrangements, customer demand, and the historical pricing as significant factors to determine the BESP.
Revenue allocates to solution development service component is recognized using contract accounting in accordance with Accounting Standards Codification (“ASC”) 605-35-25. The revenue recognition for these contracts varies depending on the terms of the individual contracts, and may be recognized proportionally over the term of the contract or deferred until the end of the contract term and recognized when our obligations have been fulfilled with the customer. For contacts with development period within three months, the related revenue is recognized on the completed contract method. Otherwise, revenue is recognized as the service is performed using the percentage of completion method of accounting, under which the total value of revenue is recognized on the basis of the percentage that total labor cost to date bears to the total expected labor costs. The Company considers labor time, the input measurement, is the best available indicator of the pattern and timing in which contract obligations are fulfilled. The Company has a long history of providing these services resulting in its ability to reasonably estimate the service hours expected to be incurred and the progress toward completion on each fixed-price customized contract based on the proportion of service hours incurred to date relative to total estimated service hours at completion. Estimated contract costs are based on the budgeted service hours, which are updated based on the progress toward completion on a monthly basis. Pursuant to the contract terms, the Company has enforceable right on payments for the work performed. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates. In instances where substantive acceptance provisions are specified in customer contracts, revenues are deferred until all acceptance criteria have been met.
The fixed-priced customized solution arrangement provides customers with rights to unspecified PCS, if and when available. These services grant the customers on line and telephone access to technical support personnel during the term of the service. The revenue allocated to unspecific PCS component is deferred and recognized on a straight-line basis over the PCS period. Revenue allocates to the specific PCS or other services is recognized as the related services are rendered.
To date, the Company has not incurred a material loss on any contracts. However, as a policy, provisions for estimated losses on such engagements will be made during the period in which a loss becomes probable and can be reasonably estimated.
Differences between the timing of billings and the recognition of revenue based on various methods of accounting are recorded as deferred revenue.
Revenue includes reimbursements of travel and out-of-pocket expense, with equivalent amounts of expense recorded in cost of revenue. The Company reports revenues net of value added tax (“VAT”). The Company’s subsidiaries in the PRC are subject to a 6% to 16% value added tax (“VAT”) and related surcharges on the revenues earned from providing services. The VAT rate is up to 16% since May 1, 2018.
Research and development
Research and development incur in the development of new software modules and products, either as part of internally used software or in conjunction with anticipated customer projects. Technological feasibility for the Company’s software products is reached before the products are released for sale. To date, expenditures incurred after technological feasibility was established and prior to completion of software development have not been material, and accordingly, the Company has expensed all when incurred.
Government subsidies
Government subsidies mainly represent amounts granted by local government authorities as an incentive for companies to promote development of the local technology industry. The Company receives government subsidies related to government sponsored projects, and records such government subsidies as a liability when it is received. The Company records government subsidies as other income when there is no further performance obligation.
Advertising expenditures
Advertising expenditures are expensed as incurred and such expenses were minimal for the periods presented. Advertising expenditures have been included as part of selling and marketing expenses.
Operating leases
A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. All leases of the Company are currently classified as operating leases. The Company records the total expenses on a straight-line basis over the lease term.
Employee defined contribution plan
Full time employees of the Company in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount was expensed as incurred.
Income Taxes
The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2018, 2017 and 2016. All of the tax returns of the Company’s subsidiaries in China remain subject to examination by the tax authorities for five years from the date of filing through year 2022.
Value added tax (“VAT”)
Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 16%, depending on the type of service provided. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All of the VAT returns filed by the company’s subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.
Earnings Per Share
Basic earnings per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period, which may include restricted share units, options, convertible securities and warrants. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e. an increase in earnings per share amounts) on earnings per share.
Foreign Currency Translation
The functional currencies of the Company are the local currency of the county in which the subsidiary operates. The Company’s financial statements are reported using U.S. Dollars. The results of operations and the consolidated statements of cash flows denominated in foreign currencies are translated at the average rates of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currencies is translated at the historical rates of exchange at the time of capital contributions. Because cash flows are translated based on the average translation rates, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements of changes in shareholders’ equity. Gains and losses from foreign currency transactions are included in the consolidated statement of income and comprehensive income.
Comprehensive income (loss)
Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.
Concentrations and Risks
- Foreign currency risk
A majority of the Company’s expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.
Our functional currency is the RMB, and our financial statements are presented in U.S. dollars. The RMB depreciated by 2.0% in fiscal year 2017 and appreciated by 2.4% in fiscal 2018. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S. dollar terms without giving effect to any underlying changes in our business or results of operations. Currently, our assets, liabilities, revenues and costs are denominated in RMB.
To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company.
- Concentration of credit risk
As of June 30, 2018 and 2017, $4,012,088 and $4,199,905 of the Company’s cash and cash equivalents was on deposit at financial institutions in the PRC where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure. As of June 30, 2018, the Company had $81,644, $4,005, $5,568,360 and $76,789 of cash and cash equivalents on deposit at financial institutions in Singapore, Australia, Hong Kong and Taiwan, respectively. As of June 30, 2017, the Company had $130,614, $130,413 and $353,636 of cash and cash equivalents on deposit at financial institutions in Singapore, Australia and Hong Kong, respectively.
- Significant customers
For the years ended June 30, 2018, 2017 and 2016, one customer with its affiliates accounted for 30.8%, 38.6% and 59.2% of the Company’s total revenues, respectively. For the year ended June 30, 2018, one customer and its affiliates accounted for 35.9% of the Company’s total accounts receivable balance. For the year ended June 30, 2017, one customer and its affiliates accounted for 39.1% of the Company’s total accounts receivable balance. For the year ended June 30, 2016, two customers and its affiliates accounted for 47.3% and 10.0% of the Company’s total accounts receivable balance.
Statement of Cash Flows
In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.
Risks and Uncertainties
The significant operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, may not be indicative of future results.
Share-based payment
Share awards issued to non-employees, such as consultants and underwriters, including warrants and options are measured at fair value at the earlier of the commitment date or the date the service is completed and recognized over the period the service is provided. The Company uses the Black-Scholes pricing model to estimate the fair value of warrants. The determination of estimated fair value of share-based payment awards on the grant date using a Black-Scholes option pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the Company’s expected stock price volatility over the expected term of the awards, actual and projected warrant exercise behaviors, a risk-free interest rate and any expected dividends.
All share-based awards to employees and directors, including restricted share units (“RSUs”), are measured at the grant date based on the fair value of the awards. Share-based compensation, net of forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is the vesting period.
The Company recognizes the estimated compensation cost of service-based restricted share units based on the fair value of its ordinary shares on the date of the grant. The Company recognizes the compensation cost, net of estimated forfeitures, over a vesting term of generally three years.
Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting restricted share units’ forfeitures and records share-based compensation expense only for those awards that are expected to vest.
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. Generally Accepted Accounting Principles when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU No. 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date for ASU 2014-09 by one year. For public entities, the guidance in ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods), which means it will be effective for the Company’s fiscal year beginning July 1, 2018. In March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue versus Net)” (“ASU 2016-08”), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing” (“ASU 2016-10”), which reduces the complexity when applying the guidance for identifying performance obligations and improves the operability and understandability of the license implementation guidance. In May 2016, the FASB issued ASU No. 2016-12 “Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”), which amends the guidance on transition, collectability, noncash consideration and the presentation of sales and other similar taxes. In December 2016, the FASB further issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”), which makes minor corrections or minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are intended to address implementation and provide additional practical expedients to reduce the cost and complexity of applying the new revenue standard. These amendments have the same effective date as the new revenue standard. In September 2017, the FASB issued ASU No. 2017-13, which to clarify effective dates that public business entities and other entities were required to adopt ASC Topic 606 for annual reporting. A public business entity and certain other specified entities adopt ASC Topic 606 for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We are planning to adopt Topic 606 in the first quarter of our fiscal 2019 using the retrospective transition method, and are continuing to evaluate the impact our pending adoption of Topic 606 will have on our consolidated financial statements. The Company’s current revenue recognition policies are generally consistent with the new revenue recognition standards set forth in ASU 2014-09. Potential adjustments to input measures are not expected to be pervasive to the majority of the Company’s contracts.
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to increase the transparency and comparability about leases among entities. The new guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption assuming the Company will remain an emerging growth company at that date. Early adoption is permitted. In September 2017, the FASB issued ASU No. 2017-13, which to clarify effective dates that public business entities and other entities were required to adopt ASC Topic 842 for annual reporting. A public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for annual reporting periods beginning after December 15, 2019, and interim reporting periods within annual reporting periods beginning after December 15, 2020. ASU No. 2017-13 also amended that all components of a leveraged lease be recalculated from inception of the lease based on the revised after tax cash flows arising from the change in the tax law, including revised tax rates. The difference between the amounts originally recorded and the recalculated amounts must be included in income of the year in which the tax law is enacted. In July 2018, the FASB issued ASU No. 2018-10, about improvements to clarify the Codification or to correct unintended application of guidance in ASU No. 2016-02. The amendments in ASU No. 2018-10 are of a similar nature to the items typically addressed in the Codification improvements project. The amendments in ASU No. 2018-10 affect narrow aspects of the guidance issued in the amendments in ASU No.2016-02. In July 2018, the FASB issued ASU No. 2018-11, which to clarify two requirements in the new leases standard: transition—comparative reporting at adoption and separating components of a contract. The amendments in this Update provide entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. ASU No. 2018-11 also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: the timing and pattern of transfer of the nonlease component(s) and associated lease component are the same, and the lease component, if accounted for separately, would be classified as an operating lease. The effective date and transition requirements for ASU No 2018-11 related to separating components of a contract are the same as the effective date and transition requirements in ASU 2016-02. The Company has not early adopted this update and it will become effective on July 1, 2020. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.
In August 2016, the FASB issued a new pronouncement ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The ASU’s amendments add or clarify guidance on eight cash flow issues: (1) Debt prepayment or debt extinguishment costs; (2) Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (3) Contingent consideration payments made after a business combination; (4) Proceeds from the settlement of insurance claims; (5) Proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) Distributions received from equity method investees; (7) Beneficial interests in securitization transactions; (8) Separately identifiable cash flows and application of the predominance principle. For public business entities, the guidance in the ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years assuming the Company will remain as emerging growth company at that date. Early adoption is permitted for all entities. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company has not early adopted this update and it will become effective on July 1, 2018.
In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. These amendments take effect for public businesses for fiscal years beginning after December 15, 2017 and interim periods within those periods assuming the Company will remain an emerging growth company at that date. The Company has not early adopted this update and it will become effective on July 1, 2018. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In January 2017 the FASB issued ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This new standard eliminates Step 2 from the goodwill impairment test. Instead, an entity should compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which means that it will be effective for us in the first quarter of our fiscal year beginning July 1, 2020 assuming the Company still remains an emerging growth company at that date. Early adoption is permitted. The Company is currently evaluating the impact of our pending adoption of ASU 2017-04 on its consolidated financial statements.
In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting, to provide guidance to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the changes in terms or conditions. ASU 2017-09 is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 assuming the Company still remains an emerging growth company at that date. Early adoption is permitted and application is prospective. The Company has not early adopted this update and it will become effective on July 1, 2018. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivatives and Hedging (Topic 815). The guidance of Part I is to clarify accounting for certain financial instruments with down round feature in a financial instrument that reduces the strike price of an issued financial instrument if the issuer sells shares of its stock for an amount less than the currently stated strike price of the issued financial instrument or issues an equity-linked financial instrument with a strike price below the currently stated strike price of the issued financial instrument. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features. The amendments also recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. The amendments in Part I of ASU No. 2017-11 are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including adoption in an interim period. The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. The Company has not early adopted this update and it will become effective on July 1, 2020. The Company is currently evaluating the impact of our pending adoption of ASU 2017-11 on its consolidated financial statements.
In September 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718)”. The amendments affect any entity that changes the terms or conditions of a share-based payment award. An entity should account for the effects of a modification unless the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value, the vesting conditions of the modified award are the same as the vesting conditions of the original award, and the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period for public business entities for reporting periods for which financial statements have not yet been issued. The Company has not early adopted this update and it will become effective on July 1, 2018. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. The amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. ASU No. 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company has not early adopted this update and it will become effective on July 1, 2019. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10), to provide guidance to clarify recognition and measurement of financial assets and financial liabilities. The amendments clarify certain aspects of the guidance issued in ASU No. 2016-01. All entities may early adopt ASU No. 2018-03 for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as they have adopted Update 2016-01. The Company has not early adopted this update and it will become effective on July 1, 2018. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In June 2018, the FASB issued ASU No 2018-07, Compensation—Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. The amendments expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company has not early adopted this update and it will become effective on July 1, 2019. The Company is currently evaluating the impact of our pending adoption of ASU 2018-07 on its consolidated financial statements.
In August 2018, the FASB issued ASU No 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating the impact of our pending adoption of ASU 2018-07 on its consolidated financial statements.
The Company does not believe other recently issued but not yet effective accounting statements, if recently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of income and comprehensive income and statements of cash flows. |
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Business Acqusition |
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| BUSINESS ACQUSITION | NOTE 3 – BUSINESS ACQUSITION
Acquisition of Judge China
On November 9, 2016, CLPS Shanghai acquired 60% of Judge China and its 70% owned subsidiary Judge HR from Judge Company Asia Limited (“Judge Asia”) with the final purchase price of $480,061 (RMB 3.25 million). The Company funded the acquisition with cash and a payable to Judge Asia of $128,928 (RMB 0.9 million), of which $103,255 was subsequently offset with the Company’s receivables from Judge Asia. The Company believes that the acquisition will allow it to better manage opportunities and capitalize on the growth potential in the human resource related industries.
The transaction was accounted for as a business combination using the purchase method of accounting. The purchase price allocation of the transaction was determined by the Company with the assistance of an independent appraisal firm based on the estimated fair value of the assets acquired and liabilities assumed as of the acquisition date. The purchase price allocation to assets acquired and liabilities assumed as of the date of acquisition was as follows:
The intangible assets include customer contacts of $339,883, which was acquired by Judge China in 2013 with an estimated useful life of 10 years. The goodwill is mainly attributable to the excess of the consideration paid over the fair value of the net assets acquired that cannot be recognized separately as identifiable assets under U.S. GAAP, and comprise (a) the assembled work force and (b) the expected but unidentifiable business growth as a result of the synergy resulting from the acquisition. |
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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Accounts Receivable, Net |
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| ACCOUNTS RECEIVABLE, NET | NOTE 4 – ACCOUNTS RECEIVABLE, NET
Accounts receivable consisted of the following:
Unbilled accounts receivable included in trade accounts receivable above amounted to $934,687 and $263,434 as of June 30, 2018 and 2017, respectively.
Movement of the allowance for doubtful accounts is as follows:
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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Amount Due From Underwriter On The Over-Allotment |
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| AMOUNT DUE FROM UNDERWRITER ON THE OVER-ALLOTMENT | NOTE 5 – AMOUNT DUE FROM UNDERWRITER ON THE OVER-ALLOTMENT
On June 8, 2018, CLPS Incorporation (the “Company”) closed on the over-allotment option to purchase an additional 300,000 common shares of the Company by The Benchmark Company, LLC, at the IPO price of $5.25 per share. As a result, the Company has raised additional gross proceeds of approximately $1.58 million before underwriting discounts and commissions and offering expenses. Net proceeds from the over-allotment of approximately $1.47 million were received on July 4, 2018. |
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- References No definition available.
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- Definition The entire disclosure due from underwriter on the over-allotment for the period. No definition available.
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Prepayments, Deposits and Other Assets, Net |
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| PREPAYMENTS, DEPOSITS AND OTHER ASSETS, NET | NOTE 6 – PREPAYMENTS, DEPOSITS AND OTHER ASSETS, NET
Prepayments, deposits and other assets consisted of the following:
Movement of the allowance for doubtful accounts is as follows:
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- References No definition available.
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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. No definition available.
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Property and Equipment, Net |
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| PROPERTY AND EQUIPMENT, NET | NOTE 7 – PROPERTY AND EQUIPMENT, NET
Property and equipment consisted of the following:
Depreciation expense was $152,342, 109,356 and $54,105 for the years ended June 30, 2018, 2017 and 2016, respectively. |
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- References No definition available.
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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Intangible Assets, Net |
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| INTANGIBLE ASSETS, NET | NOTE 8 – INTANGIBLE ASSETS, NET
Intangible assets, net consisted of customer contacts acquired by Judge China on June 1, 2013 with an estimated useful life of 10 years. Judge China was acquired by the Company on November 9, 2016 (Note 3).
Amortization expense was $53,827, $34,270 and nil for the years ended June 30, 2018, 2017 and 2016. Estimated future amortization expense is as follows:
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- References No definition available.
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- Definition The entire disclosure for all or part of the information related to intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Goodwill |
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| GOODWILL | NOTE 9 – GOODWILL
The changes in the carrying amount of goodwill for the year ended June 30, 2018 were as follows:
The consideration of Judge China was reduced by $26,302 due to the bad debts for the receivable from Judge Asia as of June 30, 2018.
The Company performed its annual goodwill impairment review for the year ended June 30, 2018 and determined there was no impairment as of June 30, 2018. |
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- References No definition available.
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- Definition The entire disclosure for goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Escrow Receivable |
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| ESCROW RECEIVABLE | NOTE 10 – ESCROW RECEIVABLE
As of June 30, 2018, the Company placed $200,000 in an escrow account in connection with the Company’s indemnification as part of their IPO raise. The escrow shall remain in place for a period of 18 months until November 2019. |
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- Definition The entire disclourse of escrow receivable. No definition available.
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Long Term Investment |
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| LONG TERM INVESTMENT | NOTE 11 – LONG TERM INVESTMENT
On September 27, 2017, the Company and a non-controlling interest shareholder of CLPS Beijing incorporated Tianjin Huanyu Qinshang Network Technology Co., Ltd (“Huanyu”). The Company invested funds for a 30% equity interest in Huanyu for $0.15 million (RMB 1,000,000). For the year ended June 30, 2018, 30% of the loss from Huanyu was $8,684 and was included in other expense.
The investment in Huanyu was accounted for using the equity method with the cost allocated as follows:
On June 13, 2018, the Company purchased a 2.7% equity interest in Lihong in Shanghai for consideration of $0.15 million (RMB 1,000,000) to develop new business. The consideration has not been paid for and is recorded as a liability as of June 30, 2018. |
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- Definition The entire disclosure for cost method and equity method investments included basis, impairment losses, recognized or unrecognized gains (losses). No definition available.
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Short Term Loans |
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| SHORT TERM LOANS | NOTE 12 – SHORT TERM LOANS
Outstanding balances of short term bank loans consisted of the following:
On November 6, 2017, the Company entered into a revolving credit facility with Bank of Communication (“BC Credit Facility”) which permits the Company to borrow up to approximately $753,100 (RMB 5,000,000) during the period from October 9, 2017 to October 9, 2018. The Company borrowed $753,116 (RMB 4,900,000) with an interest rate at 5.655% per annum on November 8, 2017 and repaid the loan on February 8, 2018.
On January 3, 2018, the Company entered into an additional credit facility with China Merchants Bank which permits the Company to borrow up to $1,111,712 (RMB 7,000,000). The Company borrowed $1,111,712 (RMB 7,000,000) with an interest rate at 5.655% per annum on February 9, 2018 and repaid the loan on July 2, 2018.
On February 8, 2018, the Company borrowed $740,506 (RMB 4,900,000) from Bank of Communication at an interest rate of 5.655% per annum and due on July 20, 2018. On July 20, 2018, the Company repaid the loan.
On May 17, 2017, the Company entered into a revolving credit facility with China Merchants Bank (“CMB Credit Facility”) which permits the Company to borrow up to approximately $753,100 (RMB 5,000,000) with an interest rate at 5.655% per annum during the period from May 17, 2017 to May 16, 2018. The CMB Credit Facility is guaranteed by the CEO and Chairman and President of the Company as joint guarantors. In September 2017, the Company borrowed the full credit amount (RMB 5,000,000) the loans were repaid by May 2018. The credit facility was renewed on June 22, 2018, and the credit line was up to $1,543,115 (RMB 10,000,000).
During the fiscal year 2018, the Company borrowed $4,152,377 (RMB 27,000,000) from CMB Credit Facility with an interest rate at 5.655% per annum. As of June 30, 2018, the Company had a balance of $1,813,483 (RMB 12,000,000) with China Merchants Bank. These loans were repaid in July and August 2018 respectively.
On June 22, 2018, the Company entered into a revolving credit facility with China Merchants Bank (“CMB Credit Facility”) which permits the Company to borrow up to approximately $1,543,115 (RMB 10,000,000) for the period from July 11, 2018 to July 10, 2019 with an interest rate at 5.655% per annum. The CMB Credit Facility is guaranteed by the CEO, the wife of the CEO, Chairman, and the wife of Chairman of the Company, and Shanghai Small and Medium-sized Enterprises Policy Financing Guarantee Fund Management Centre as joint guarantors. On July 11, 2018, the Company borrowed $1,543,115 due on July 11, 2019.
On August 8, 2018, the Company borrowed $292,770 (RMB 2,000,000) from Bank of Communication with an interest rate at 5.655% per annum expiring November 15, 2018.
On August 10, 2018, the Company borrowed $438,629 (RMB 3,000,000) from China Merchants Bank at an interest rate of 5.133% per annum and due on August 9, 2019.
On August 15, 2018, the Company borrowed $435,692 (RMB 3,000,000) from China Merchants Bank at an interest rate of 5.655% per annum and due on August 14, 2019.
On September 5, 2018, the Company borrowed $439,457 (RMB 3,000,000) from Bank of Communication at an interest rate of 5.0025% per annum and due on December 20, 2019.
On September 7, 2018, the Company borrowed $ 293,204 (RMB 2,000,000) from China Merchants Bank at an interest rate of 5.655% per annum and due on September 6, 2019.
Interest expense was $82,507, Nil and Nil for the years ended June 30, 2018, 2017 and 2016, respectively. |
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- References No definition available.
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- Definition The entire disclosure for short-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Salaries and Benefits Payable |
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| Salaries and Benefits Payable [Abstract] | ||||||||||||||||||||||||||||
| SALARIES AND BENEFITS PAYABLE | NOTE 13 – SALARIES AND BENEFITS PAYABLE
Full time employees of the Company located in the PRC participate in a government-mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The Company accrued for these benefits based on certain percentages of the employees’ salaries. Salaries and benefits payable included $3,075,391 and $2,349,795 accrued employer portion of social benefits payable to local governments as of June 30, 2018 and 2017, respectively. |
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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Related Party Transactions |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | NOTE 14 – RELATED PARTY TRANSACTIONS
The balances due to and due from related parties were as follows:
Effective on December 9, 2017, the Board appointed Mr. Xiao Feng Yang as the Company’s Chairman and President, Mr. Raymond Ming Hui Lin as the Company’s chief executive officer (“CEO”) and director and Ms. Tian van Acken as the Company’s chief financial officer (“CFO”). Their employment term is five years starting on December 9, 2017. Mr. Xiao Feng Yang, Mr. Raymond Ming Hui Lin and Ms. Tian van Acken’s basic annual compensations are approximately $94,100, $71,400 and $93,010, respectively, with annual bonuses determined based on the sole direction of the Compensation Committee of the Board of Directors in accordance with criteria established by the Compensation Committee of the Board.
On May 17, 2017, the Company entered into a revolving credit facility with China Merchants Bank (“CMB Credit Facility”) which permits the Company to borrow up to approximately $753,100 (RMB 5,000,000) during the period from May 17, 2017 to May 16, 2018. The CMB Credit Facility is guaranteed by the CEO and Chairman and President of the Company as joint guarantors. In September, 2017, the Company borrowed the full credit amount (RMB 5,000,000) and the loans were repaid by May 2018. The credit facility was renewed on June 22, 2018, and the credit line was up to $1,543,115 (RMB 10,000,000).
On January 3, 2018, the Company entered into an additional credit facility with China Merchants Bank which permits the Company to borrow up to $1,111,712 (RMB 7,000,000). The Company borrowed $1,111,712 (RMB 7,000,000) with an interest rate at 5.655% per annum on February 9, 2018 and repaid the loan on July 2, 2018.
In fiscal 2018, the Company borrowed $4,152,377 (RMB 27,000,000) from CMB Credit Facility. As of June 30, 2018, the Company had a balance of $1,813,483 (RMB 12,000,000) with China Merchants Bank. These loans were repaid in July and August 2018 respectively.
On June 22, 2018, the Company entered into a revolving credit facility with China Merchants Bank (“CMB Credit Facility”) which permits the Company to borrow up to approximately $1,543,115 (RMB 10,000,000) during the period from July 11, 2018 to July 10, 2019. The CMB Credit Facility is guaranteed by the CEO, the wife of the CEO, Chairman, and the wife of Chairman of the Company, and Shanghai Small and Medium-sized Enterprises Policy Financing Guarantee Fund Management Centre as joint guarantors. |
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Taxes |
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| Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TAXES | NOTE 15 – TAXES
CLPS was incorporated in the Cayman Islands as an offshore holding company and is not subject to tax on income or capital gain under the laws of Cayman Islands.
CLPS Hong Kong was established in Hong Kong and is subject to statutory income tax rate at 16.5%. CLPS SG is subject to Singapore income tax at the rate of 17%. CLPS AU was established in Australia and is subject to corporate income tax at 30%. JL are subject to Taiwan income tax at the rate of 17%.
Under the Enterprise Income Tax (“EIT”) Law of PRC, domestic enterprises and Foreign Investment Enterprises (the “FIE”) are usually subject to a unified 25% enterprise income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. EIT grants preferential tax treatment to certain High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for HNTE status every three years. CLPS Shanghai, the Company’s main operating subsidiary in PRC, has been approved as HNTEs in 2013 and reapproved in 2016. The Company is entitled to a reduced income tax rate of 15% through November 2019.
EIT is typically governed by the local tax authority in China. Each local tax authority at times may grant tax holidays to local enterprises as a way to encourage entrepreneurship and stimulate local economy. The impact of the tax holidays noted above decreased income taxes by $285,130, $317,488 and $290,159 for the fiscal year 2018, 2017 and 2016, respectively. The benefit of the tax holidays on net income per share (basic and diluted) was $0.02, 0.03 and $0.03 for the years ended June 30, 2018, 2017 and 2016, respectively.
Income (loss) before income taxes
The following table reconciles the statutory rate to the Company’s effective tax rate:
* Permanent difference and other primarily represented tax effect on the intercompany transactions.
The provision (benefit) for income tax consists of the following:
As of June 30, 2018, the tax years ended December 31, 2012 through December 31, 2017 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of June 30, 2018 and 2017, the Company had net operating loss carry forwards of approximately $3,752,850 and $1,234,500, respectively, from the Company’s PRC subsidiaries, which will expire by December 31, 2021. As of June 30, 2018, the Company had net operating loss carry forwards of approximately $458,000, $137,000, $76,000 and $3,000 from its operations in Singapore, Australia, Hong Kong and Taiwan, respectively. The net operating losses in Singapore, Australia and Hong Kong will be carried forward indefinitely.
The significant components of the deferred tax assets are as follows:
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the cumulative earnings and projected future taxable income in making this assessment. Recovery of substantially all of the group’s deferred tax assets is dependent upon the generation of future income, exclusive of reversing taxable temporary differences. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are recoverable, management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets as at June 30, 2018 and 2017.
The Company’s taxes payable consists of the following:
Uncertain tax positions
The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of June 30, 2018 and 2017, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended June 30, 2018 and 2017, respectively, and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from June 30, 2018. |
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Commitments and Contingencies |
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| Commitments and Contingencies [Abstract] | ||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | NOTE 16 – COMMITMENTS AND CONTINGENCIES
The Company’s subsidiaries lease administrative office space under various operating leases. Rent expense amounted to $730,705 and $565,328 for the years ended June 30, 2018 and 2017, respectively.
Future minimum lease payments under non-cancelable operating leases are as follows:
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- References No definition available.
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- Definition The entire disclosure for commitments and contingencies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Earnings Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | NOTE 17 – EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated:
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- Definition The entire disclosure for earnings per share. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Public Offering Warrants |
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| Public Offering Warrants [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PUBLIC OFFERING WARRANTS | NOTE 18 – PUBLIC OFFERING WARRANTS
In connection with the closing of the Initial Public Offering (“IPO”) on May 24, 2018, the Company issued the following warrants to the placement agents for the offering.
On May 24, 2018, CLPS completed a private placement of 93,030 warrants to Gear Capital Partners Limited (“Gear Ltd.”), acting as counsel of CLPS. Each warrant entitles Gear Ltd. to purchase shares at $4.20 per share. The warrants carry a term of five years expiring on May 22, 2023 and shall not be exercisable for a period of 180 days from May 23, 2018.
On May 24, 2018, CLPS completed a private placement of 107,000 warrants to Ascent Investor Relations LLC. (“Ascent”), acting as investor relations consultant of CLPS. Each warrant entitles Ascent to purchase shares at $4.20 per share. The warrants carry a term of five years expiring on May 22, 2023 and shall not be exercisable for a period of 180 days from May 23, 2018.
On May 29, 2018, CLPS completed a private placement of 83,162 warrants to Jay Linde, Cuttone & Co., LLC, THE BENCHMARK COMPANY, LLC, and Alberleen Group LLC, (together, “Holders”), acting as underwriters of CLPS. Each warrant entitles Holders to purchase shares at $6.30 per share. The warrants carry a term of five years expiring on May 22, 2023 and shall not be exercisable for a period of 180 days from May 23, 2018.
The Company uses the Black-Scholes option pricing model to estimate the fair value of warrants.
The assumptions used to value the Company’s warrant grants were as follows:
Expected term represents the weighted average period of time that share-based awards granted are expected to be outstanding giving consideration to historical exercise patterns. Expected volatilities are based on historical volatilities of the similar public company’s ordinary shares over the respective expected term of the share-based awards. Risk-free interest rate is based on US Treasury zero-coupon issues with maturity terms similar to the expected term on the share-based awards.
The following table sets forth the summary of warrants activities:
The aggregated fair value of the Public Offering Warrants on May 24, 2018 was $612,223. As of June 30, 2018, 283,192 shares of warrants were issued and outstanding. No warrants were exercised during the fiscal year 2018 and through the date of this filing. |
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- Definition Public offering warrants abstract. No definition available.
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- Definition Public offering warrants text block. No definition available.
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Shareholders' Equity |
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| Shareholders' Equity [Abstract] | |
| SHAREHOLDERS' EQUITY | NOTE 19 – SHAREHOLDERS’ EQUITY
Common shares
CLPS was established under the laws of Cayman Islands on May 11, 2017. The original authorized number of common shares was 1 share with a par value of $1. After an amendment on December 7, 2017, the authorized number of common shares became 100,000,000 shares with a par value of $0.0001 each.
On November 18, 2017, the Board of Directors (“Board”) approved the 2017 Stock Incentive Plan (“Plan”), subject to approval by the Company’s shareholders. The Plan is a share-based compensation plan that provides for discretionary grants of, among others, RSU, stock options, stock awards and stock unit awards to key employees and directors of the Company. The purpose of the Plan is to recognize contributions made to our company and its subsidiaries by such individuals and to provide them with additional incentive to achieve the objectives of our Company. The Board authorized up to 2,210,000 shares for grants under the terms of the Plan. The grants under the Plan generally have a maximum contractual term of ten years from the date of grant. Stock awards granted under the plan at the determination of the Board shall be effective and exercisable upon the Company’ completion of an initial public offering of its securities. The terms of individual agreements for various grants under the Plan will be determined by the Board (or its Compensation Committee) and might contain both service and performance conditions.
On December 7, 2017, in order to optimize the Company’s share capital structure, the Board of Directors approved a stock split of the Company’s issued and outstanding shares of common shares at a ratio of 1-10,000. After the stock split, the Company’s issued and outstanding common shares became 10,000 shares with par value of $0.0001. The Board of Directors also approved to amend the articles of association (the “Amendment”) to increase total authorized number of common shares from 10,000 shares to 100,000,000 shares with par value of $0.0001. In connection with the Amendment, the Board of Directors further approved to issue 11,280,000 common shares at par value (the “Nominal share issuance”) to the existing shareholders of the Company. As a result, the existing shareholders of the Company have the same equity interests percentage in the Company as in CLPS shanghai prior to the reorganization. The Company believes it is appropriate to reflect the stock split, Amendment and the Nominal share issuance on a retroactive basis similar to share split, in accordance with SEC SAB Topic 4.
Additional paid-in capital
As of June 30, 2018, additional paid-in capital in the consolidated balance sheet represented net proceeds of initial public offering and seasoned equity offering, and the combined contributed capital of the Company’s subsidiaries.
On July 25, 2017, the Company incorporated CLIVST as a holding company in BVI. On September 27, 2017 and October 24, 2017, the Company incorporated CLPS Guangzhou in Guangzhou, PRC and FDT-CL in Hong Kong to develop business in the related area.
On May 24, 2018, CLPS consummated its initial public offering, or IPO, of 2,000,000 common shares, $0.0001 par value per share. The units were sold at an offering price of $5.25 per unit, generating total gross proceeds of $10.5 million. Net proceeds from the IPO were $9.5 million.
On June 8, 2018, CLPS Incorporation (the “Company”) closed on the exercise in full of the over-allotment option to purchase an additional 300,000 common shares of the Company by The Benchmark Company, LLC, the representative of the underwriters in connection with and the book running manager of the Company’s U.S. firm commitment underwritten initial public offering (“IPO”) (“Benchmark”), at the IPO price of $5.25 per share. As a result, the Company has raised gross proceeds of approximately $1.58 million, in addition to the IPO gross proceeds of approximately $10.5 million, or combined gross proceeds in this IPO of approximately $12.08 million, before underwriting discounts and commissions and offering expenses. The Company’s shares trade on The Nasdaq Capital Market under the trading symbol “CLPS.”
Statutory reserve
The Company’s subsidiaries located in mainland China are required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the Board of Directors. The Company allocated $437,796, $261,949 and $429,439 to statutory reserves during the years ended June 30, 2018, 2017 and 2016, respectively in accordance with PRC GAAP. |
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- References No definition available.
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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Non-Controlling Interests |
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| NON-CONTROLLING INTERESTS | NOTE 20 – NON-CONTROLLING INTERESTS
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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Segment Information and Revenue Analysis |
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| Segment Information and Revenue Analysis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION AND REVENUE ANALYSIS | NOTE 21 – SEGMENT INFORMATION AND REVENUE ANALYSIS
The Company follows ASC 280, Segment Reporting, which requires that companies to disclose segment data based on how management makes decision about allocating resources to each segment and evaluating their performances. The Company has one reporting segment. The Company’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. The Company has one operating segment. The Company’s revenue and net income are substantially derived from enterprise application services and financial industry IT services.
The Company’s operations are primarily based in China, where the Company derives a substantial portion of their revenues. For the year ended June 30, 2018, revenues generated in mainland China, Hong Kong, Australia and Taiwan were $ 47,196,672, $1,414,174, $210,984 and $116,763, respectively. For the year ended June 30, 2017, revenues generated in mainland China, Hong Kong and Australia were $30,822,390, $362,892 and $176,694, respectively. For year ended June 30, 2016, all revenues were generated in mainland China.
The following table presents revenues by the service lines for the years ended June 30, 2018, 2017 and 2016.
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- References No definition available.
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Subsequent Events |
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| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 22 – SUBSEQUENT EVENTS
On July 5, 2018, the Company paid consideration of $0.6 million for the remaining 30% equity interest of CLPS Beijing, which was a liability at June 30, 2018.
On July 12, 2018, the Company granted an aggregate of 671,469 restricted share units (“RSUs”) to key employees and directors under the share incentive plans. No RSUs were granted to in fiscal 2018. RSUs granted to key employees and directors generally have a term of three years, but are subject to earlier termination in connection with termination of continuous service to the Company. RSUs are valid for a period of 10 years from July 12, 2018 to July 11, 2028. RSUs vest 33% per year over a three-year period, with the first 33% vesting on the grant date. As at the grant date of July 12, 2018, the weighted-average fair value per share was $12.22 and the estimated total fair value of the RSUs granted was $8.2 million.
On July 20, 2018, the Company decided to close down FDT-CL.
On August 15, 2018, the shareholders of CLPS SG and CLPS AU were changed to Qiner from CLPS Shanghai pursuant to the shares purchase agreements. Qiner purchased the 100% equity interest of CLPS SG and CLPS AU from CLPS Shanghai for consideration of $0.6 million (or approximately 850,000 Singapore dollars) and $0.1 million (or approximately 200,000 Australian dollars), respectively. These transactions did not change the holding company’s ownership of these entities.
On August 20, 2018, CLPS SG acquired an 80% interest in Infogain Solutions PTE. Ltd. (“Infogain”) located in Singapore from Sharma Devendra Prasad and Deepak Malhotra with the final purchase price of $420,000 (or approximately 576,000 Singapore dollars). |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Summary of Significant Accounting Policies (Policies) |
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| Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||
| Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and requirements of the Securities Exchange Commission (“SEC”).
The accompanying consolidated financial statements include the financial statements of CLPS and its subsidiaries. All inter-company balances and transactions have been eliminated upon consolidation. Results of subsidiaries and businesses acquired from third parties are consolidated from the date on which control is transferred to the Company. |
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| Use of Estimates and Assumptions | Use of Estimates and Assumptions
In preparing the consolidated financial statements in conformity with US GAAP, management makes 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 reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, valuation of accounts receivable, prepayments, deposits and other assets, useful lives of property and equipment, intangible assets, goodwill impairment, the impairment of long-lived assets, provision for contingent liabilities, revenue recognition, accrued expenses and other current liabilities and realization of deferred tax assets. Actual results could differ from those estimates. |
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| Fair Value of Financial Instruments | Fair Value of Financial Instruments
ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash and cash equivalents, accounts receivable, other receivables and other current assets, accounts payable, customer deposits, accrued expenses and other current liabilities approximates their recorded values due to their short-term maturities. |
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| Cash and cash equivalents | Cash and cash equivalents
The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents. The Company maintains most of its bank accounts in the PRC. Cash balances in bank accounts in PRC are not insured by the Federal Deposit Insurance Corporation or other programs. |
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| Accounts receivable | Accounts receivable
Accounts receivable are recorded at original invoice. The Company determines the adequacy of a reserve for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management’s best estimates of specific losses on individual customer exposures, as well as the historical trends of collections. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. |
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| Prepayments, deposit and other assets | Prepayments, deposit and other assets
Prepayment, deposit and other assets primarily consists of advances to suppliers for purchasing goods or services that have not been received or provided and advances to employees. These advances are interest free, unsecured and short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. |
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| Deferred contract costs | Deferred contract costs
Deferred contract costs represent costs incurred in advance of revenue recognition arising from direct and incremental staff costs in respect of the fixed fee contracts according to the customer’s requirements prior to the delivery of services, and such deferred costs will be recognized upon the recognition of the related revenue. |
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| Long term investment | Long term investment
The Company holds investments in equity method and cost method investees. Investee companies over which the Company has the ability to exercise significant influence but does not have a controlling interest and is the primary beneficiary are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting shares of the investee between 20% and 50%, and other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. Under this method of accounting, the Company records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Investments in entities in which the Company has no control or significant influence and is not the primary beneficiary are accounted for at cost. Cost method investments are recorded at the lower of cost or fair value. If declines in the value of cost method investments are determined to be other-than temporary, a loss is recorded in the current period as a component of miscellaneous, net in the consolidated statements of income. |
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| Business combination | Business combination
Business combinations are recorded using the business acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling interest of the acquire at the acquisition date, if any, are measured at their fair values as of that date. Goodwill is recognized and measured as the excess of the total consideration transferred plus the fair value of any non-controlling interest of the acquire, if any, at the acquisition date over the fair values of the identifiable net assets acquired. |
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| Non-controlling interests | Non-controlling interests
The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statement of income and comprehensive income as an allocation of the total income or loss for the year between non-controlling interest holders and the shareholders of the Company. |
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| Property and Equipment, net | Property and Equipment, net
Property and equipment, net, are stated at cost less accumulated depreciation and amortization. The straight-line method is used to compute depreciation and amortization over the estimated useful lives of the assets, as follows:
Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is charged to the statement of income. |
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| Goodwill | Goodwill
Goodwill represents the excess of the consideration over the fair value of the net assets acquired at the date of acquisition. Goodwill is not amortized but rather tested for impairment at least annually at the reporting unit level by applying a fair-value based test in accordance with accounting and disclosure requirements for goodwill and other indefinite-lived intangible assets. This test is performed by management annually or more frequently if the Company believes impairment indicators are present. There was only one reporting unit (that also represented the operating segment) as of June 30, 2018. Goodwill was allocated to the one reporting unit as of June 30, 2018. |
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| Impairment of long-lived assets | Impairment of long-lived assets
The Company reviews its long-lived assets, other than goodwill including property and equipment and intangible assets with definite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying values of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Company would recognize an impairment loss based on the excess of the carrying value over the assessed discounted cash flow amount. |
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| Revenue Recognition | Revenue Recognition
The Company provides a comprehensive range of IT services and solutions, which primarily are on a time-and-expense basis, or fixed-price basis
Revenue is considered realizable and earned when all of the following criteria are met: persuasive evidence of a sales arrangement exists; delivery has occurred or services have been rendered; the price is fixed or determinable; and collectability is reasonably assured.
Time-and-expense basis contracts
Revenues from time-and-expense basis contracts are recognized as the related services are rendered assuming all other basic revenue recognition criteria are met. Under time-and-expense basis contracts, the Company is reimbursed for actual hours incurred at pre-agreed negotiated hourly billing rates. Clients may terminate the contracts at any time before the work is completed but are obligated to pay the actual service hours incurred through the termination date at the contract billing rate.
Fixed-price basis contracts
Revenues from fixed-price customized solution contracts require the Company to perform services for systems design, planning and integrating based on customers’ specific needs which requires significant production and customization. The required customization work period is generally less than one year. Upon delivery of the services, customer acceptance is generally required. In the same contract, the Company is generally required to provide post-contract customer support (“PCS’) for a period from three months to one year (“PCS period”) after the customized application is delivered. The type of service for PCS clause is generally not specified in the contract or stand-ready service on when-and-if-available basis.
The Company determines there are following separated service elements in the fixed-fee customized solution contract:
For multiple-element arrangements that include application customized services and PCS as well as specific service component, if applicable, the Company allocates contract revenue to all deliverables based on their relative selling prices. The Company uses a hierarchy to determine the selling price to be used for allocating revenue to the deliverables: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-party evidence of the selling price (“TPE”) and (iii) best estimate of the selling price (“BESP”). The Company uses VSOE of selling price in the selling price allocation in all instances where it exists. VSOE of selling price for products and services is determined when a substantial majority of the selling prices fall within a reasonable range when sold separately. Otherwise, BESP is used because the Company’s customized application differs substantially from that of competitors, it is difficult to obtain the reliable standalone competitive pricing necessary to establish TPE. Accordingly, the Company uses its best estimate of selling prices of solution development service and PCS (and specific service if applicable) as the basis of revenue allocation. In estimating its selling price for solution development service and PCS (and specific service if applicable), the Company considers the internal estimated cost to provide such services adjusted by reasonable profit margin for similar arrangements, customer demand, and the historical pricing as significant factors to determine the BESP.
Revenue allocates to solution development service component is recognized using contract accounting in accordance with Accounting Standards Codification (“ASC”) 605-35-25. The revenue recognition for these contracts varies depending on the terms of the individual contracts, and may be recognized proportionally over the term of the contract or deferred until the end of the contract term and recognized when our obligations have been fulfilled with the customer. For contacts with development period within three months, the related revenue is recognized on the completed contract method. Otherwise, revenue is recognized as the service is performed using the percentage of completion method of accounting, under which the total value of revenue is recognized on the basis of the percentage that total labor cost to date bears to the total expected labor costs. The Company considers labor time, the input measurement, is the best available indicator of the pattern and timing in which contract obligations are fulfilled. The Company has a long history of providing these services resulting in its ability to reasonably estimate the service hours expected to be incurred and the progress toward completion on each fixed-price customized contract based on the proportion of service hours incurred to date relative to total estimated service hours at completion. Estimated contract costs are based on the budgeted service hours, which are updated based on the progress toward completion on a monthly basis. Pursuant to the contract terms, the Company has enforceable right on payments for the work performed. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the current contract estimates. In instances where substantive acceptance provisions are specified in customer contracts, revenues are deferred until all acceptance criteria have been met.
The fixed-priced customized solution arrangement provides customers with rights to unspecified PCS, if and when available. These services grant the customers on line and telephone access to technical support personnel during the term of the service. The revenue allocated to unspecific PCS component is deferred and recognized on a straight-line basis over the PCS period. Revenue allocates to the specific PCS or other services is recognized as the related services are rendered.
To date, the Company has not incurred a material loss on any contracts. However, as a policy, provisions for estimated losses on such engagements will be made during the period in which a loss becomes probable and can be reasonably estimated.
Differences between the timing of billings and the recognition of revenue based on various methods of accounting are recorded as deferred revenue.
Revenue includes reimbursements of travel and out-of-pocket expense, with equivalent amounts of expense recorded in cost of revenue. The Company reports revenues net of value added tax (“VAT”). The Company’s subsidiaries in the PRC are subject to a 6% to 16% value added tax (“VAT”) and related surcharges on the revenues earned from providing services. The VAT rate is up to 16% since May 1, 2018. |
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| Research and development | Research and development
Research and development incur in the development of new software modules and products, either as part of internally used software or in conjunction with anticipated customer projects. Technological feasibility for the Company’s software products is reached before the products are released for sale. To date, expenditures incurred after technological feasibility was established and prior to completion of software development have not been material, and accordingly, the Company has expensed all when incurred. |
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| Government subsidies | Government subsidies
Government subsidies mainly represent amounts granted by local government authorities as an incentive for companies to promote development of the local technology industry. The Company receives government subsidies related to government sponsored projects, and records such government subsidies as a liability when it is received. The Company records government subsidies as other income when there is no further performance obligation. |
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| Advertising expenditures | Advertising expenditures
Advertising expenditures are expensed as incurred and such expenses were minimal for the periods presented. Advertising expenditures have been included as part of selling and marketing expenses. |
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| Operating leases | Operating leases
A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. All leases of the Company are currently classified as operating leases. The Company records the total expenses on a straight-line basis over the lease term. |
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| Employee defined contribution plan | Employee defined contribution plan
Full time employees of the Company in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company make contributions to the government for these benefits based on a certain percentage of the employee’s salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amount was expensed as incurred. |
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| Income Taxes | Income Taxes
The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2018, 2017 and 2016. All of the tax returns of the Company’s subsidiaries in China remain subject to examination by the tax authorities for five years from the date of filing through year 2022. |
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| Value added tax ("VAT") | Value added tax (“VAT”)
Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 16%, depending on the type of service provided. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All of the VAT returns filed by the company’s subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing. |
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| Earnings Per Share | Earnings Per Share
Basic earnings per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period, which may include restricted share units, options, convertible securities and warrants. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e. an increase in earnings per share amounts) on earnings per share. |
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| Foreign Currency Translation | Foreign Currency Translation
The functional currencies of the Company are the local currency of the county in which the subsidiary operates. The Company’s financial statements are reported using U.S. Dollars. The results of operations and the consolidated statements of cash flows denominated in foreign currencies are translated at the average rates of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currencies is translated at the historical rates of exchange at the time of capital contributions. Because cash flows are translated based on the average translation rates, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements of changes in shareholders’ equity. Gains and losses from foreign currency transactions are included in the consolidated statement of income and comprehensive income. |
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| Comprehensive income (loss) | Comprehensive income (loss)
Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies. |
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| Concentrations and Risks | Concentrations and Risks
- Foreign currency risk
A majority of the Company’s expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.
Our functional currency is the RMB, and our financial statements are presented in U.S. dollars. The RMB depreciated by 2.0% in fiscal year 2017 and appreciated by 2.4% in fiscal 2018. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S. dollar terms without giving effect to any underlying changes in our business or results of operations. Currently, our assets, liabilities, revenues and costs are denominated in RMB.
To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company.
- Concentration of credit risk
As of June 30, 2018 and 2017, $4,012,088 and $4,199,905 of the Company’s cash and cash equivalents was on deposit at financial institutions in the PRC where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure. As of June 30, 2018, the Company had $81,644, $4,005, $5,568,360 and $76,789 of cash and cash equivalents on deposit at financial institutions in Singapore, Australia, Hong Kong and Taiwan, respectively. As of June 30, 2017, the Company had $130,614, $130,413 and $353,636 of cash and cash equivalents on deposit at financial institutions in Singapore, Australia and Hong Kong, respectively.
- Significant customers
For the years ended June 30, 2018, 2017 and 2016, one customer with its affiliates accounted for 30.8%, 38.6% and 59.2% of the Company’s total revenues, respectively. For the year ended June 30, 2018, one customer and its affiliates accounted for 35.9% of the Company’s total accounts receivable balance. For the year ended June 30, 2017, one customer and its affiliates accounted for 39.1% of the Company’s total accounts receivable balance. For the year ended June 30, 2016, two customers and its affiliates accounted for 47.3% and 10.0% of the Company’s total accounts receivable balance. |
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| Statement of Cash Flows | Statement of Cash Flows
In accordance with ASC 230, “Statement of Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. |
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| Risks and Uncertainties | Risks and Uncertainties
The significant operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, may not be indicative of future results. |
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| Share-based payment | Share-based payment
Share awards issued to non-employees, such as consultants and underwriters, including warrants and options are measured at fair value at the earlier of the commitment date or the date the service is completed and recognized over the period the service is provided. The Company uses the Black-Scholes pricing model to estimate the fair value of warrants. The determination of estimated fair value of share-based payment awards on the grant date using a Black-Scholes option pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include the Company’s expected stock price volatility over the expected term of the awards, actual and projected warrant exercise behaviors, a risk-free interest rate and any expected dividends.
All share-based awards to employees and directors, including restricted share units (“RSUs”), are measured at the grant date based on the fair value of the awards. Share-based compensation, net of forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is the vesting period.
The Company recognizes the estimated compensation cost of service-based restricted share units based on the fair value of its ordinary shares on the date of the grant. The Company recognizes the compensation cost, net of estimated forfeitures, over a vesting term of generally three years.
Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting restricted share units’ forfeitures and records share-based compensation expense only for those awards that are expected to vest. |
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. Generally Accepted Accounting Principles when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU No. 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date for ASU 2014-09 by one year. For public entities, the guidance in ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods), which means it will be effective for the Company’s fiscal year beginning July 1, 2018. In March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue versus Net)” (“ASU 2016-08”), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing” (“ASU 2016-10”), which reduces the complexity when applying the guidance for identifying performance obligations and improves the operability and understandability of the license implementation guidance. In May 2016, the FASB issued ASU No. 2016-12 “Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”), which amends the guidance on transition, collectability, noncash consideration and the presentation of sales and other similar taxes. In December 2016, the FASB further issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”), which makes minor corrections or minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments are intended to address implementation and provide additional practical expedients to reduce the cost and complexity of applying the new revenue standard. These amendments have the same effective date as the new revenue standard. In September 2017, the FASB issued ASU No. 2017-13, which to clarify effective dates that public business entities and other entities were required to adopt ASC Topic 606 for annual reporting. A public business entity and certain other specified entities adopt ASC Topic 606 for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We are planning to adopt Topic 606 in the first quarter of our fiscal 2019 using the retrospective transition method, and are continuing to evaluate the impact our pending adoption of Topic 606 will have on our consolidated financial statements. The Company’s current revenue recognition policies are generally consistent with the new revenue recognition standards set forth in ASU 2014-09. Potential adjustments to input measures are not expected to be pervasive to the majority of the Company’s contracts.
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to increase the transparency and comparability about leases among entities. The new guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption assuming the Company will remain an emerging growth company at that date. Early adoption is permitted. In September 2017, the FASB issued ASU No. 2017-13, which to clarify effective dates that public business entities and other entities were required to adopt ASC Topic 842 for annual reporting. A public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting ASC Topic 842 for annual reporting periods beginning after December 15, 2019, and interim reporting periods within annual reporting periods beginning after December 15, 2020. ASU No. 2017-13 also amended that all components of a leveraged lease be recalculated from inception of the lease based on the revised after tax cash flows arising from the change in the tax law, including revised tax rates. The difference between the amounts originally recorded and the recalculated amounts must be included in income of the year in which the tax law is enacted. In July 2018, the FASB issued ASU No. 2018-10, about improvements to clarify the Codification or to correct unintended application of guidance in ASU No. 2016-02. The amendments in ASU No. 2018-10 are of a similar nature to the items typically addressed in the Codification improvements project. The amendments in ASU No. 2018-10 affect narrow aspects of the guidance issued in the amendments in ASU No.2016-02. In July 2018, the FASB issued ASU No. 2018-11, which to clarify two requirements in the new leases standard: transition—comparative reporting at adoption and separating components of a contract. The amendments in this Update provide entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. ASU No. 2018-11 also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: the timing and pattern of transfer of the nonlease component(s) and associated lease component are the same, and the lease component, if accounted for separately, would be classified as an operating lease. The effective date and transition requirements for ASU No 2018-11 related to separating components of a contract are the same as the effective date and transition requirements in ASU 2016-02. The Company has not early adopted this update and it will become effective on July 1, 2020. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.
In August 2016, the FASB issued a new pronouncement ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The ASU’s amendments add or clarify guidance on eight cash flow issues: (1) Debt prepayment or debt extinguishment costs; (2) Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (3) Contingent consideration payments made after a business combination; (4) Proceeds from the settlement of insurance claims; (5) Proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) Distributions received from equity method investees; (7) Beneficial interests in securitization transactions; (8) Separately identifiable cash flows and application of the predominance principle. For public business entities, the guidance in the ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years assuming the Company will remain as emerging growth company at that date. Early adoption is permitted for all entities. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company has not early adopted this update and it will become effective on July 1, 2018.
In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. These amendments take effect for public businesses for fiscal years beginning after December 15, 2017 and interim periods within those periods assuming the Company will remain an emerging growth company at that date. The Company has not early adopted this update and it will become effective on July 1, 2018. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In January 2017 the FASB issued ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This new standard eliminates Step 2 from the goodwill impairment test. Instead, an entity should compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which means that it will be effective for us in the first quarter of our fiscal year beginning July 1, 2020 assuming the Company still remains an emerging growth company at that date. Early adoption is permitted. The Company is currently evaluating the impact of our pending adoption of ASU 2017-04 on its consolidated financial statements.
In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting, to provide guidance to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the changes in terms or conditions. ASU 2017-09 is effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 assuming the Company still remains an emerging growth company at that date. Early adoption is permitted and application is prospective. The Company has not early adopted this update and it will become effective on July 1, 2018. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivatives and Hedging (Topic 815). The guidance of Part I is to clarify accounting for certain financial instruments with down round feature in a financial instrument that reduces the strike price of an issued financial instrument if the issuer sells shares of its stock for an amount less than the currently stated strike price of the issued financial instrument or issues an equity-linked financial instrument with a strike price below the currently stated strike price of the issued financial instrument. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features. The amendments also recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. The amendments in Part I of ASU No. 2017-11 are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including adoption in an interim period. The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. The Company has not early adopted this update and it will become effective on July 1, 2020. The Company is currently evaluating the impact of our pending adoption of ASU 2017-11 on its consolidated financial statements.
In September 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718)”. The amendments affect any entity that changes the terms or conditions of a share-based payment award. An entity should account for the effects of a modification unless the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value, the vesting conditions of the modified award are the same as the vesting conditions of the original award, and the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period for public business entities for reporting periods for which financial statements have not yet been issued. The Company has not early adopted this update and it will become effective on July 1, 2018. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. The amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. ASU No. 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company has not early adopted this update and it will become effective on July 1, 2019. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10), to provide guidance to clarify recognition and measurement of financial assets and financial liabilities. The amendments clarify certain aspects of the guidance issued in ASU No. 2016-01. All entities may early adopt ASU No. 2018-03 for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as they have adopted Update 2016-01. The Company has not early adopted this update and it will become effective on July 1, 2018. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
In June 2018, the FASB issued ASU No 2018-07, Compensation—Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. The amendments expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company has not early adopted this update and it will become effective on July 1, 2019. The Company is currently evaluating the impact of our pending adoption of ASU 2018-07 on its consolidated financial statements.
In August 2018, the FASB issued ASU No 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating the impact of our pending adoption of ASU 2018-07 on its consolidated financial statements.
The Company does not believe other recently issued but not yet effective accounting statements, if recently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of income and comprehensive income and statements of cash flows. |
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- Definition Disclosure of accounting policy for prepayments, deposit and other assets. No definition available.
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- Definition Disclosure of accounting policy for statement of cash Flows. No definition available.
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- Definition Disclosure of accounting policy for value added tax. No definition available.
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- References No definition available.
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- Definition Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for comprehensive income. No definition available.
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- Definition Disclosure of accounting policy for credit risk. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for deferral and amortization of significant deferred charges. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for equity method of accounting for investments and other interests. Investment includes, but is not limited to, unconsolidated subsidiary, corporate joint venture, noncontrolling interest in real estate venture, limited partnership, and limited liability company. Information includes, but is not limited to, ownership percentage, reason equity method is or is not considered appropriate, and accounting policy election for distribution received. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for determining the fair value of financial instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for leasing arrangement entered into by lessee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition Disclosure of accounting policy for postemployment benefits. Postemployment benefits are benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement, except for: a) benefits provided through a pension or postretirement benefit plan, b) individual deferred compensation arrangements, c) special or contractual termination benefits, and d) stock compensation plans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Disclosure of accounting policy election for determining compensation cost for share-based payments by either estimating number of forfeitures expected to occur or by recognizing effect of forfeitures when they occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables. If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Organization and Description of Business (Tables) |
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| Organization and Description of Business [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of subsidiaries |
* Entities incorporated or acquired subsequent to June 30, 2018 are not included in the Company’s consolidated financial statements for the years ended June 30, 2018, 2017 and 2016.
** On July 20, 2018, the Company decided to close down FDT-CL. |
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- References No definition available.
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- Definition Tabular disclosure of the key aspects of a subsidiary (partnership, corporation, or other entity) of the limited liability company or limited partnership. No definition available.
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Summary of Significant Accounting Policies (Tables) |
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Jun. 30, 2018 | ||||||||||||||||
| Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||
| Schedule of estimated useful lives of assets |
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- References No definition available.
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- Definition Tabular disclosure of public utility physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, deprecation expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Business Acqusition (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acqusition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of purchase price allocation to assets acquired and liabilities assumed |
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- References No definition available.
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Accounts Receivable, Net (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Receivable, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of accounts receivable |
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| Schedule of allowance for doubtful accounts |
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- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Prepayments, Deposits and Other Assets, Net (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepayments, Deposits and Other Assets, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of prepayments, deposits and other assets |
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| Schedule of allowance for doubtful accounts |
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- Definition Tabular disclosure of allowance for doubtful accounts prepayments deposits and other assets. No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets. No definition available.
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Property and Equipment, Net (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of property and equipment |
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- References No definition available.
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Intangible Assets, Net (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net/Goodwill [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of intangible assets, net consisted of customer contacts acquired |
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| Schedule of estimated future amortization expense |
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- References No definition available.
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Goodwill (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||
| Intangible Assets, Net/Goodwill [Abstract] | ||||||||||||||||||||||||||
| Schedule of changes in the carrying amount of goodwill |
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- References No definition available.
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- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Long Term Investment (Tables) |
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| Long Term Investment [Abstract] | ||||||||||||||||||||||||||
| Schedule of equity method investment |
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- References No definition available.
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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Short Term Loans (Tables) |
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| Short Term Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of outstanding balances of short term bank loans |
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- References No definition available.
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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Salaries and Benefits Payable (Tables) |
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| Salaries and Benefits Payable [Abstract] | ||||||||||||||||||||||||||||
| Schedule of salaries and benefits payable |
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- References No definition available.
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- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. No definition available.
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Related Party Transactions (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of due from to related parties |
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- References No definition available.
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. No definition available.
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Taxes (Tables) |
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| Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of income (loss) before income taxes |
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| Schedule of statutory rate to the Company's effective tax rate |
* Permanent difference and other primarily represented tax effect on the intercompany transactions. |
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| Schedule of provision (benefit) for income tax |
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| Schedule of the deferred tax assets |
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| Schedule of taxes payable |
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- References No definition available.
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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Commitments and Contingencies (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||
| Commitments and Contingencies [Abstract] | ||||||||||||||||||||||||||
| Schedule of future minimum lease payments under non-cancelable operating leases |
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| X | ||||||||||
- Definition Future minimum lease payments under non cancelable operating leases. No definition available.
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| X | ||||||||||
- References No definition available.
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Earnings Per Share (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of basic and diluted earnings per share |
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- References No definition available.
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Public Offering Warrants (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Offering Warrants [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assumptions used to value the Company's warrant |
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| Schedule of warrants activities |
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- Definition Public offering warrants abstract. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of fair value assumptions used to value of the companys warrants. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Non-Controlling Interests (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Controlling Interests [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of non-controlling interests |
|
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. No definition available.
|
Segment Information and Revenue Analysis (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information and Revenue Analysis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of revenues by service lines |
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Organization and Description of Business (Details) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||
| CLPS Incorporation ("CLPS" or the "Company") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | May 11, 2017 | |||||
| Entity Incorporation, State Country Name | Cayman Islands | |||||
| % of Equity Ownership, description | Parent | |||||
| Principal Activities | Holding Company | |||||
| Qinheng Co., Limited ("Qinheng") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Jun. 09, 2017 | |||||
| Entity Incorporation, State Country Name | Hong Kong, China | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Holding Company | |||||
| Qiner Co., Limited ("Qiner") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Apr. 21, 2017 | |||||
| Entity Incorporation, State Country Name | Hong Kong, China | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Holding Company | |||||
| Shanghai Qincheng Information Technology Co., Ltd ("CLPS QC" or "WOFE") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Aug. 04, 2017 | |||||
| Entity Incorporation, State Country Name | Shanghai, China | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Holding Company | |||||
| ChinaLink Professional Service Co., Ltd ("CLPS Shanghai") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Aug. 30, 2005 | |||||
| Entity Incorporation, State Country Name | Shanghai, China | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Software development | |||||
| CLPS Dalian Co., Ltd (''CLPS Dalian") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | May 25, 2011 | |||||
| Entity Incorporation, State Country Name | Dalian, China | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Software development | |||||
| CLPS Ruicheng Co., Ltd ("CLPS RC") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Jun. 26, 2013 | |||||
| Entity Incorporation, State Country Name | Shanghai, China | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Software development | |||||
| CLPS Beijing Hengtong Co., Ltd ("CLPS Beijing") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Mar. 30, 2015 | |||||
| Entity Incorporation, State Country Name | Beijing, China | |||||
| % of Equity Ownership, description | 70% owned by CLPS Shanghai and 30% owned by Qiner | |||||
| Principal Activities | Software development | |||||
| CLPS TECHNOLOGY (SINGAPORE) PTE.LTD ("CLPS SG") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Aug. 18, 2015 | |||||
| Entity Incorporation, State Country Name | Singapore | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Software development | |||||
| CLPS TECHNOLOGY (AUSTRALIA) PTY LTD ("CLPS AU") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Nov. 10, 2015 | |||||
| Entity Incorporation, State Country Name | Australia | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Software development | |||||
| CLPS Technology (Hong Kong) Co., Limited ("CLPS Hong Kong") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Jan. 07, 2016 | |||||
| Entity Incorporation, State Country Name | Hong Kong, China | |||||
| % of Equity Ownership, description | 80% owned by CLPS Shanghai and 20% owned by unrelated individual shareholders | |||||
| Principal Activities | Software development | |||||
| Judge (Shanghai) Co., Ltd ("Judge China") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Acquisition, Date of Acquisition | Nov. 09, 2016 | |||||
| Entity Incorporation, State Country Name | Shanghai, China | |||||
| % of Equity Ownership, description | 60% owned by CLPS Shanghai and 40% owned by an unrelated Company; | |||||
| Principal Activities | Software development | |||||
| Judge (Shanghai) Human Resource Co., Ltd ("Judge HR") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Acquisition, Date of Acquisition | Nov. 09, 2016 | |||||
| Entity Incorporation, State Country Name | Shanghai, China | |||||
| % of Equity Ownership, description | 70% owned by Judge China and 30% owned by an unrelated company | |||||
| Principal Activities | Software development | |||||
| CLPS Shenzhen Co., Ltd ("CLPS Shenzhen") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Apr. 07, 2017 | |||||
| Entity Incorporation, State Country Name | Shenzhen, China | |||||
| % of Equity Ownership, description | 70% owned by CLPS Shanghai and 30% owned by CLPS Hong Kong | |||||
| Principal Activities | Software development | |||||
| CLPS Guangzhou Co., Ltd("CLPS Guangzhou") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Sep. 27, 2017 | |||||
| Entity Incorporation, State Country Name | Guangzhou, China | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Software development | |||||
| CLIVST Ltd. ("CLIVST") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Jul. 25, 2017 | |||||
| Entity Incorporation, State Country Name | British Virgin Islands | |||||
| % of Equity Ownership | 100.00% | |||||
| Principal Activities | Holding Company | |||||
| FDT-CL Financial Technology Services Limited ("FDT-CL") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Oct. 24, 2017 | [1] | ||||
| Entity Incorporation, State Country Name | Hong Kong, China | [1] | ||||
| % of Equity Ownership, description | 52% owned by CLIVST, 48% owned by an unrelated individual | [1] | ||||
| Principal Activities | Software development | [1] | ||||
| JQ Technology Co., Limited("JQ") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Acquisition, Date of Acquisition | Oct. 17, 2017 | |||||
| Entity Incorporation, State Country Name | Hong Kong, China | |||||
| % of Equity Ownership, description | 55% owned by Qiner, 45% owned by an unrelated individuals | |||||
| Principal Activities | Software development | |||||
| JIALIN Technology Limited ("JL") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Acquisition, Date of Acquisition | Oct. 17, 2017 | |||||
| Entity Incorporation, State Country Name | Taiwan | |||||
| % of Equity Ownership, description | 100% owned by JQ | |||||
| Principal Activities | Software development | |||||
| CLPS Technology (US) Ltd. ("CLPS US") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Incorporation, Date of Incorporation | Jun. 05, 2018 | |||||
| Entity Incorporation, State Country Name | Delaware, USA | |||||
| % of Equity Ownership, description | 100% owned by Qiner | |||||
| Principal Activities | Network technology | |||||
| Infogain Solutions PTE. Ltd. ("Infogain") [Member] | ||||||
| Organization and Description of Business [Line Items] | ||||||
| Entity Acquisition, Date of Acquisition | Aug. 20, 2018 | [2] | ||||
| Entity Incorporation, State Country Name | Singapore | [2] | ||||
| % of Equity Ownership, description | 80% owned by CLPS SG, 20% owned by unrelated individuals | [2] | ||||
| Principal Activities | Software development | [2] | ||||
| ||||||
| X | ||||||||||
- Definition Date when an entity was acquired. No definition available.
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| X | ||||||||||
- Definition Entity incorporation principal activities. No definition available.
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition Date when an entity was incorporated No definition available.
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| X | ||||||||||
- Definition State or Country Name where an entity is incorporated No definition available.
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| X | ||||||||||
- Definition Percentage of subsidiary's or equity method investee's stock owned by parent immediately after all stock transactions. No definition available.
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| X | ||||||||||
- Definition Description of the major products or services that a subsidiary or equity investee sells or provides and its principal markets, including locations of those markets. No definition available.
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Organization and Description of Business (Details Textual) $ in Thousands |
1 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Jun. 27, 2018
USD ($)
|
Jun. 30, 2018 |
Jun. 13, 2018
USD ($)
|
Jun. 13, 2018
CNY (¥)
|
Nov. 02, 2017 |
Oct. 31, 2017 |
Oct. 17, 2017
USD ($)
|
|
| Organization and Description of Business (Textual) | |||||||
| Cash consideration | $ 150 | ¥ 1,000,000 | |||||
| JIALIN Technology Limited ("JL") [Member] | |||||||
| Organization and Description of Business (Textual) | |||||||
| Ownership interest, percentage | 55.00% | ||||||
| Cash consideration | $ 70 | ||||||
| JQ Technology Co., Limited("JQ") [Member] | |||||||
| Organization and Description of Business (Textual) | |||||||
| Ownership interest, percentage | 55.00% | ||||||
| CLPS Beijing Hengtong Co., Ltd ("CLPS Beijing") [Member] | |||||||
| Organization and Description of Business (Textual) | |||||||
| Ownership interest, percentage | 30.00% | 70.00% | |||||
| Cash consideration | $ 600 | ||||||
| New developments, description | Holding 100% of CLPS Beijing's equity interest. The consideration was not paid for and was recorded as a liability by Qiner as of June 30, 2018. The consideration was paid on July 5, 2018. Prior to June 2018, the remaining 30% equity interest of CLPS Beijing was recorded as a non-controlling interest on the balance sheet. The Company engaged an independent valuation firm to assist management in assessing the enterprise value of CLPS Beijing. The enterprise value of CLPS Beijing as of June 27, 2018 was $1.94 million based on the evaluation report. | ||||||
| CLPS Shanghai [Member] | |||||||
| Organization and Description of Business (Textual) | |||||||
| Ownership interest, percentage | 100.00% | ||||||
| CLPS QC and Qiner [Member] | |||||||
| Organization and Description of Business (Textual) | |||||||
| Ownership interest, percentage | 100.00% | ||||||
| Controlling Shareholders [Member] | |||||||
| Organization and Description of Business (Textual) | |||||||
| Ownership interest, percentage | 100.00% | ||||||
| CLPS [Member] | |||||||
| Organization and Description of Business (Textual) | |||||||
| Ownership interest, percentage | 100.00% | ||||||
| Lihong [Member] | |||||||
| Organization and Description of Business (Textual) | |||||||
| Ownership interest, percentage | 2.70% | 2.70% | |||||
| X | ||||||||||
- Definition Cash consideration. No definition available.
|
| X | ||||||||||
- Definition New developments description. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Summary of Significant Accounting Policies (Details) |
12 Months Ended |
|---|---|
Jun. 30, 2018 | |
| Leasehold improvement [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Estimated useful lives of the assets | The shorter of lease terms or the estimated useful lives. |
| Machinery equipment [Member] | Maximum [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 10 years |
| Machinery equipment [Member] | Minimum [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 5 years |
| Transportation vehicles [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 5 years |
| Office equipment and furniture [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 5 years |
| X | ||||||||||
- Definition Describes the periods of time over which an entity anticipates to receive utility from its property, plant and equipment (that is, the periods of time over which an entity allocates the initial cost of its property, plant and equipment). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
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Summary of Significant Accounting Policies (Details Textual) |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
May 31, 2018 |
Jun. 30, 2018
USD ($)
Customer
|
Jun. 30, 2017
USD ($)
Customer
|
Jun. 30, 2016
Customer
|
|
| Summary of Significant Accounting Policies (Textual) | ||||
| Percentage of gross sales price and VAT rates range | 16.00% | |||
| Tax examination, description | The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended June 30, 2018, 2017 and 2016. All of the tax returns of the Company's subsidiaries in China remain subject to examination by the tax authorities for five years from the date of filing through year 2022. | |||
| Functional currency, description | Our functional currency is the RMB, and our financial statements are presented in U.S. dollars. The RMB depreciated by 2.0% in fiscal year 2017 and appreciated by 2.4% in fiscal 2018. | |||
| Revenues [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Percentage of concentration of credit risk | 30.80% | 38.60% | 59.20% | |
| Number of customers | Customer | 1 | 1 | 1 | |
| Accounts receivable [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Percentage of concentration of credit risk | 35.90% | 39.10% | ||
| Number of customers | Customer | 1 | 1 | 2 | |
| Accounts receivable [Member] | Customer One [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Percentage of concentration of credit risk | 47.30% | |||
| Accounts receivable [Member] | Customer Two [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Percentage of concentration of credit risk | 10.00% | |||
| Singapore [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Cash and cash equivalents on deposit | $ 81,644 | $ 130,614 | ||
| Australia [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Cash and cash equivalents on deposit | 4,005 | 130,413 | ||
| Hong Kong [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Cash and cash equivalents on deposit | 5,568,360 | 353,636 | ||
| Taiwan [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Cash and cash equivalents on deposit | 76,789 | |||
| China [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Cash and cash equivalents on deposit | $ 4,012,088 | $ 4,199,905 | ||
| Maximum [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Ownership interest in the voting shares of the investee | 50.00% | |||
| Percentage of value added tax | 16.00% | |||
| Minimum [Member] | ||||
| Summary of Significant Accounting Policies (Textual) | ||||
| Ownership interest in the voting shares of the investee | 20.00% | |||
| Percentage of value added tax | 6.00% | |||
| X | ||||||||||
- Definition Number of customers. No definition available.
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| X | ||||||||||
- Definition Percentage of gross sales price and VAT rates range. No definition available.
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| X | ||||||||||
- Definition Percentage of value added tax. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of cash deposited in financial institutions as of the balance sheet date that is insured by the Federal Deposit Insurance Corporation. No definition available.
|
| X | ||||||||||
- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Description of transaction giving rise to foreign currency transaction gain (loss), including but not limited to, nature of the transaction, the foreign currency involved, the accounting for the transaction. No definition available.
|
| X | ||||||||||
- Definition A brief description of status of the tax examination, significant findings to date, and the entity's position with respect to the findings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Business Acqusition (Details) - Judge China [Member] |
Nov. 09, 2016
USD ($)
|
|---|---|
| Business Acquisition [Line Items] | |
| Cash acquired | $ 268,014 |
| Accounts receivable | 325,888 |
| Prepayment and other receivable | 67,570 |
| Property and equipment, net | 1,875 |
| Intangible - customer relationship, net | 339,883 |
| Wages payable and accruals | (86,483) |
| Tax payables | (16,147) |
| Other payable and other current liabilities | (259,361) |
| Deferred tax liability | (65,264) |
| Non-controlling interests | (290,994) |
| Goodwill | 195,080 |
| Total consideration | $ 480,061 |
| X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. No definition available.
|
| X | ||||||||||
- Definition Amount of tax payable assumed at the acquisition date. No definition available.
|
| X | ||||||||||
- Definition Amount of wages payable and accrualsassumed at the acquisition date. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions, acquired at the acquisition date. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of other assets expected to be realized or consumed before one year or the normal operating cycle, if longer, acquired at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount due from customers or clients for goods or services, including trade receivables, that have been delivered or sold in the normal course of business, and amounts due from others, including related parties expected to be converted to cash, sold or exchanged within one year or the normal operating cycle, if longer, acquired at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of other liabilities due within one year or within the normal operating cycle, if longer, assumed at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences assumed at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of identifiable intangible assets recognized as of the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of other liabilities due after one year or the normal operating cycle, if longer, assumed at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of property, plant, and equipment recognized as of the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount recognized for assets, including goodwill, in excess of (less than) the aggregate liabilities assumed. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Business Acqusition (Details Textual) ¥ in Thousands |
Nov. 09, 2016
USD ($)
|
Nov. 09, 2016
CNY (¥)
|
|---|---|---|
| Business Acquisition (Textual) | ||
| Company funded the acquisition with cash and a payable | $ 103,255 | |
| Judge China [Member] | ||
| Business Acquisition (Textual) | ||
| Intangible assets include customer contacts | $ 339,883 | |
| Estimated useful life | 10 years | |
| Judge China [Member] | CLPS Shanghai [Member] | ||
| Business Acquisition (Textual) | ||
| Equity Interest | 60.00% | 60.00% |
| Percentage of subsidiary | 70.00% | |
| Judge Asia [Member] | ||
| Business Acquisition (Textual) | ||
| Acquisition of final purchase price | $ 480,061 | ¥ 3,250 |
| Company funded the acquisition with cash and a payable | $ 128,928 | ¥ 900 |
| X | ||||||||||
- Definition Amount of final purchase price for the reporting period. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of liabilities incurred for goods and services received that are used in an entity's business and related party payables, assumed at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of identifiable intangible assets recognized as of the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of equity in the acquiree held by the acquirer immediately before the acquisition date in a business combination. No definition available.
|
| X | ||||||||||
- Definition Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Percentage of subsidiary's or equity method investee's stock owned by parent immediately after all stock transactions. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Accounts Receivable, Net (Details) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Accounts Receivable, Net [Abstract] | ||
| Trade accounts receivable | $ 16,419,182 | $ 6,753,891 |
| Less: allowance for doubtful accounts | (151,347) | (109,117) |
| Accounts receivable, net | $ 16,267,835 | $ 6,644,774 |
| X | ||||||||||
- Definition Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for goods or services (including trade receivables) that have been delivered or sold in the normal course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Accounts Receivable, Net (Details 1) - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Accounts Receivable, Net [Abstract] | ||
| Balance at the beginning of the year | $ 109,117 | $ 46,774 |
| Provision for doubtful accounts | 134,021 | 62,990 |
| Write off for doubtful account | (93,767) | |
| Foreign currency translation adjustments | 1,976 | (647) |
| Balance at end of year | $ 151,347 | $ 109,117 |
| X | ||||||||||
- Definition Provision for doubtful accounts receivable current. No definition available.
|
| X | ||||||||||
- Definition For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in the allowance for doubtful accounts. No definition available.
|
| X | ||||||||||
- Definition Amount of direct write-downs of accounts receivable charged against the allowance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Accounts Receivable, Net (Details Textual) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Accounts Receivable, Net (Textual) | ||
| Unbilled accounts receivable included in trade accounts receivable | $ 934,687 | $ 263,434 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount received for services rendered and products shipped, but not yet billed, for non-contractual agreements due within one year or the normal operating cycle, if longer. No definition available.
|
Amount Due From Underwriter On The Over-Allotment (Details) $ / shares in Units, $ in Thousands |
Jun. 08, 2018
USD ($)
$ / shares
shares
|
|---|---|
| Amount Due From Underwriter On Over Allotment [Line Items] | |
| IPO price | $ / shares | $ 5.25 |
| Additional gross proceeds | $ 1,580 |
| Net proceeds from the over-allotment | $ 1,470 |
| Common Stock [Member] | |
| Amount Due From Underwriter On Over Allotment [Line Items] | |
| Purchase an additional common shares | shares | 300,000 |
| X | ||||||||||
- Definition Amount of gross proceed from underwriting discount and commission and offering expense for the period. No definition available.
|
| X | ||||||||||
- Definition Additional shares of common stock for the period. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of net proceed from overallotment for the period. No definition available.
|
| X | ||||||||||
- Definition Per share amount received by subsidiary or equity investee for each share of common stock issued or sold in the stock transaction. No definition available.
|
| X | ||||||||||
- Details
|
Prepayments, Deposits and Other Assets, Net (Details) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Prepayments, Deposits and Other Assets, Net [Abstract] | ||
| Deferred contract costs | $ 466,117 | $ 263,065 |
| Advances and deposits to suppliers | 178,224 | 231,731 |
| Prepaid expenses | 29,484 | 179,384 |
| Note receivable | 114,979 | 21,813 |
| Advances to employees | 567,934 | 47,783 |
| Less: allowance for doubtful accounts | (6,149) | (41,602) |
| Prepayments deposits and other assets, gross | 1,350,589 | 702,174 |
| Less: Long term portion | (119,372) | (123,783) |
| Prepayments, deposits and other assets - current portion | $ 1,231,217 | $ 578,391 |
| X | ||||||||||
- Definition The current portion of aggregate prepayments received from suppliers. No definition available.
|
| X | ||||||||||
- Definition Allowance for doubtful accounts prepaid expense and other assets, current. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of deferred costs capitalized at the end of the reporting period that are expected to be charged against earnings within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amounts due to employees, not to include stockholders or officers. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amounts due from parties associated with the reporting entity as evidenced by a written promise to pay, due within 1 year (or 1 business cycle). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets. No definition available.
|
| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed after one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Prepayments, Deposits and Other Assets, Net (Details 1) - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Prepayments, Deposits and Other Assets, Net [Abstract] | ||
| Balance at the beginning of the year | $ 41,602 | $ 18,390 |
| Provision (reversal) for doubtful accounts | (37,117) | 23,473 |
| Foreign currency translation adjustment | 1,664 | (261) |
| Balance at end of year | $ 6,149 | $ 41,602 |
| X | ||||||||||
- Definition Allowance for doubtful accounts prepaid expense and other assets, current. No definition available.
|
| X | ||||||||||
- Definition Foreign currency translation adjustment prepaid expense and other assets current. No definition available.
|
| X | ||||||||||
- Definition Provision for doubtful accounts prepaid expense and other assets current. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Property and Equipment, Net (Details) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Total | $ 791,309 | $ 588,977 |
| Less: accumulated depreciation and amortization | (457,412) | (315,630) |
| Property and equipment, net | 333,897 | 273,347 |
| Equipment [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Total | 523,553 | 386,590 |
| Office Furniture [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Total | 106,576 | 100,524 |
| Automobiles [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Total | 83,502 | 35,706 |
| Leasehold improvement [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Total | $ 77,678 | $ 66,157 |
| X | ||||||||||
- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Property and Equipment, Net (Details Textual) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Property and Equipment, Net (Textual) | |||
| Depreciation expense | $ 152,342 | $ 109,356 | $ 54,105 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Intangible Assets, Net (Details) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Intangible Assets, Net/Goodwill [Abstract] | ||
| Customer contacts | $ 348,214 | $ 339,883 |
| Less: accumulated amortization | (88,155) | (34,419) |
| Intangible assets, net | $ 260,059 | $ 305,464 |
| X | ||||||||||
- Definition Gross carrying amount before accumulated amortization as of the balance sheet date of an asset comprised of customer contacts information, acquired in a business combination or other transaction, having a finite beneficial life. No definition available.
|
| X | ||||||||||
- Definition Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Intangible Assets, Net (Details 1) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Intangible Assets, Net/Goodwill [Abstract] | ||
| 2019 | $ 53,827 | |
| 2020 | 53,827 | |
| 2021 | 53,827 | |
| 2022 | 53,827 | |
| Remaining | 44,751 | |
| Intangible assets, net | $ 260,059 | $ 305,464 |
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Intangible Assets, Net (Details Textual) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Nov. 09, 2016 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Intangible Assets, Net (Textual) | |||
| Amortization expense | $ 53,827 | $ 34,270 | |
| Judge China [Member] | |||
| Intangible Assets, Net (Textual) | |||
| Estimated useful life | 10 years | ||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Details
|
Goodwill (Details) |
12 Months Ended |
|---|---|
|
Jun. 30, 2018
USD ($)
| |
| Intangible Assets, Net/Goodwill [Abstract] | |
| Beginning Balance, Goodwill | $ 195,080 |
| Reverse of goodwill arising from acquisition of Judge China | (26,302) |
| Foreign currency translation adjustment | 4,782 |
| Ending Balance, Goodwill | $ 173,560 |
| X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of foreign currency translation gain (loss) which increases (decreases) an asset representing future economic benefits from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Goodwill (Details Textual) |
12 Months Ended |
|---|---|
|
Jun. 30, 2018
USD ($)
| |
| Goodwill (Textual) | |
| Consideration of judge china was reduced amount | $ 26,302 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of increase in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Escrow Receivable (Details) |
Jun. 30, 2018
USD ($)
|
|---|---|
| Escrow Receivable (Textual) | |
| Escrow Receivable | $ 200,000 |
| X | ||||||||||
- Definition Amount of escrow receivable as part of initial public offering for the period. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Long Term Investment (Details) |
Jun. 30, 2018
USD ($)
|
|---|---|
| Long Term Investment [Abstract] | |
| Original investment | $ 151,124 |
| Loss in equity interest | (8,684) |
| Foreign currency translation adjustment | 150 |
| Equity Investment | $ 142,590 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of gain or loss in equity interest for the period. No definition available.
|
| X | ||||||||||
- Definition Original amount of cost-method investments at the acquisition date. No definition available.
|
| X | ||||||||||
- Definition This element represents the aggregate cost of investments accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of long-term investments classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Long Term Investment (Details Textual) |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Jun. 13, 2018
USD ($)
|
Jun. 13, 2018
CNY (¥)
|
Jun. 30, 2018
USD ($)
|
Sep. 27, 2017
USD ($)
|
Sep. 27, 2017
CNY (¥)
|
|
| Tianjin Huanyu Qinshang Network Technology Co., Ltd ("Huan Yu") [Member] [Member] | |||||
| Long Term Investment (Textual) | |||||
| Equity interest percentage | 30.00% | 30.00% | 30.00% | ||
| Invested funds | $ 150,000 | ¥ 1,000,000 | |||
| Other expenses | $ 8,684 | ||||
| Shanghai [Member] | |||||
| Long Term Investment (Textual) | |||||
| Equity interest percentage | 2.70% | 2.70% | |||
| Consideration to develop new business. | $ 150,000 | ¥ 1,000,000 | |||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Short Term Loans (Details) |
Jun. 30, 2018
USD ($)
|
|---|---|
| Short Term Loans [Abstract] | |
| Loan from Bank of Communication, with an interest rate of 5.655% per annum due on July 20, 2018 | $ 740,506 |
| Loan from China Merchants Bank, with an interest rate of 5.655% per annum due in July and August, 2018, respectively | 1,813,483 |
| Total | $ 2,553,989 |
| X | ||||||||||
- Definition Including the current and noncurrent portions, carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the normal operating cycle if longer. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Including the current and noncurrent portions, carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the normal operating cycle if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Short Term Loans (Details Textual) |
1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 07, 2018
USD ($)
|
Sep. 05, 2018
USD ($)
|
Aug. 15, 2018
USD ($)
|
Aug. 10, 2018
USD ($)
|
Aug. 08, 2018
USD ($)
|
Jul. 11, 2018
USD ($)
|
Feb. 09, 2018
USD ($)
|
Feb. 08, 2018
USD ($)
|
Jan. 03, 2018
USD ($)
|
Nov. 08, 2017
USD ($)
|
Sep. 30, 2017
CNY (¥)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Sep. 07, 2018
CNY (¥)
|
Sep. 05, 2018
CNY (¥)
|
Aug. 15, 2018
CNY (¥)
|
Aug. 10, 2018
CNY (¥)
|
Aug. 08, 2018
CNY (¥)
|
Jun. 30, 2018
CNY (¥)
|
Jun. 22, 2018
USD ($)
|
Jun. 22, 2018
CNY (¥)
|
Feb. 09, 2018
CNY (¥)
|
Feb. 08, 2018
CNY (¥)
|
Jan. 03, 2018
CNY (¥)
|
Nov. 08, 2017
CNY (¥)
|
Nov. 06, 2017
USD ($)
|
Nov. 06, 2017
CNY (¥)
|
May 17, 2017
USD ($)
|
May 17, 2017
CNY (¥)
|
|
| Short-Term Loans (Textual) | ||||||||||||||||||||||||||||||
| Borrow amount | $ 2,553,989 | |||||||||||||||||||||||||||||
| Interest expense | 82,507 | |||||||||||||||||||||||||||||
| Bank of Communication [Member] | ||||||||||||||||||||||||||||||
| Short-Term Loans (Textual) | ||||||||||||||||||||||||||||||
| Borrow amount | $ 740,506 | $ 753,116 | ¥ 4,900,000 | ¥ 4,900,000 | ||||||||||||||||||||||||||
| Credit facility | $ 753,100 | ¥ 5,000,000 | ||||||||||||||||||||||||||||
| Borrow interest rate | 5.655% | 5.655% | 5.655% | 5.655% | ||||||||||||||||||||||||||
| Borrow due date | Jul. 20, 2018 | |||||||||||||||||||||||||||||
| Loan repayment date | Jul. 20, 2018 | Feb. 08, 2018 | ||||||||||||||||||||||||||||
| Bank of Communication [Member] | Subsequent Events [Member] | ||||||||||||||||||||||||||||||
| Short-Term Loans (Textual) | ||||||||||||||||||||||||||||||
| Borrow amount | $ 439,457 | $ 292,770 | ¥ 3,000,000 | ¥ 2,000,000 | ||||||||||||||||||||||||||
| Borrow interest rate | 5.0025% | 5.655% | 5.0025% | 5.655% | ||||||||||||||||||||||||||
| Borrow due date | Dec. 20, 2019 | Nov. 15, 2018 | ||||||||||||||||||||||||||||
| China Merchants Bank [Member] | ||||||||||||||||||||||||||||||
| Short-Term Loans (Textual) | ||||||||||||||||||||||||||||||
| Borrow amount | $ 1,111,712 | ¥ 5,000,000 | 1,813,483 | ¥ 12,000,000 | $ 1,543,115 | ¥ 10,000,000 | ¥ 7,000,000 | |||||||||||||||||||||||
| Credit facility | $ 1,111,712 | $ 4,152,377 | ¥ 27,000,000 | $ 1,543,115 | ¥ 10,000,000 | ¥ 7,000,000 | $ 753,100 | ¥ 5,000,000 | ||||||||||||||||||||||
| Borrow interest rate | 5.655% | 5.655% | 5.655% | 5.655% | 5.655% | 5.655% | 5.655% | 5.655% | ||||||||||||||||||||||
| Borrow due date | Jun. 30, 2018 | |||||||||||||||||||||||||||||
| Borrow due date, description | July and August 2018 | |||||||||||||||||||||||||||||
| Loan repayment date | Jul. 02, 2018 | May 31, 2018 | ||||||||||||||||||||||||||||
| China Merchants Bank [Member] | Subsequent Events [Member] | ||||||||||||||||||||||||||||||
| Short-Term Loans (Textual) | ||||||||||||||||||||||||||||||
| Borrow amount | $ 293,204 | $ 435,692 | $ 438,629 | $ 1,543,115 | ¥ 2,000,000 | ¥ 3,000,000 | ¥ 3,000,000 | |||||||||||||||||||||||
| Borrow interest rate | 5.655% | 5.655% | 5.133% | 5.655% | 5.655% | 5.133% | ||||||||||||||||||||||||
| Borrow due date | Sep. 06, 2019 | Aug. 14, 2019 | Aug. 09, 2019 | Jul. 11, 2019 | ||||||||||||||||||||||||||
| X | ||||||||||
- Definition Loan repayment date. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Description of the maturity date of the debt instrument including whether the debt matures serially and, if so, a brief description of the serial maturities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Salaries and Benefits Payable (Details) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Salaries and Benefits Payable [Abstract] | ||
| Salaries and benefits payable | $ 7,341,688 | $ 5,392,434 |
| X | ||||||||||
- Definition Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Salaries and Benefits Payable (Details Textual) - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Salaries and Benefits Payable (Textual) | ||
| Salaries and benefits payable | $ 3,075,391 | $ 2,349,795 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
Related Party Transactions (Details) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
||
|---|---|---|---|---|
| Due from related parties: | ||||
| Total | $ 131,321 | $ 118,006 | ||
| Due to related parties | ||||
| Total | 208,342 | 1,729,791 | ||
| Non-controlling shareholder of CLPS Beijing before acquisition of the remaining 30% equity on June 27, 2018[Member] | ||||
| Due from related parties: | ||||
| Total | 14,751 | |||
| Non-controlling interest shareholder of Judge China [Member] | ||||
| Due from related parties: | ||||
| Total | 131,321 | 103,255 | ||
| Shanghai Qisheng Co., Ltd ("Qisheng"), controlled by the Chairman of the Company [Member] | ||||
| Due to related parties | ||||
| Total | 7,080 | |||
| Non-controlling shareholder of JQ [Member] | ||||
| Due to related parties | ||||
| Total | 45,615 | |||
| Mr. Raymond Ming Hui Lin, CEO of the Company [Member] | ||||
| Due to related parties | ||||
| Total | [1] | $ 162,727 | $ 1,722,711 | |
| ||||
| X | ||||||||||
- Definition For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Carrying amount as of the balance sheet date of obligations due all related parties. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Related Party Transactions (Details Textual) |
1 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 09, 2018
USD ($)
|
Jan. 03, 2018
USD ($)
|
Dec. 09, 2017
USD ($)
|
Sep. 30, 2017
CNY (¥)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2018
CNY (¥)
|
Jun. 22, 2018
USD ($)
|
Jun. 22, 2018
CNY (¥)
|
Feb. 09, 2018
CNY (¥)
|
Jan. 03, 2018
CNY (¥)
|
May 17, 2017
USD ($)
|
May 17, 2017
CNY (¥)
|
|
| Bank of Communication [Member] | ||||||||||||
| Related Party Transactions (Textual) | ||||||||||||
| Credit facility | $ 753,100 | ¥ 5,000,000 | ||||||||||
| China Merchants Bank [Member] | ||||||||||||
| Related Party Transactions (Textual) | ||||||||||||
| Company to borrowing amount of credit facility | $ 1,111,712 | $ 1,111,712 | ¥ 5,000,000 | $ 1,813,483 | ¥ 12,000,000 | ¥ 7,000,000 | ¥ 7,000,000 | |||||
| Credit facility | $ 4,152,377 | ¥ 27,000,000 | $ 1,543,115 | ¥ 10,000,000 | ||||||||
| Interest rate | 5.655% | 5.655% | ||||||||||
| Expiration term, description | Due in July and August, 2018. | |||||||||||
| Loan repayment date | Jul. 02, 2018 | May 31, 2018 | ||||||||||
| Mr. Xiao Feng Yang [Member] | ||||||||||||
| Related Party Transactions (Textual) | ||||||||||||
| Annual compensations | $ 94,100 | |||||||||||
| Mr. Raymond Ming Hui Lin [Member] | ||||||||||||
| Related Party Transactions (Textual) | ||||||||||||
| Annual compensations | 71,400 | |||||||||||
| Ms. Tian van Acken [Member] | ||||||||||||
| Related Party Transactions (Textual) | ||||||||||||
| Annual compensations | $ 93,010 | |||||||||||
| X | ||||||||||
- Definition Loan repayment date. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The compensation expense recognized during the period pertaining to the deferred compensation arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Description of the terms of a credit facility arrangement. Terms typically include interest rate, collateral required, guarantees required, repayment requirements, and restrictions on use of assets and activities of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The effective interest rate during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Taxes (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Taxes [Abstract] | |||
| PRC | $ 2,863,419 | $ 2,516,211 | $ 2,297,424 |
| Non-PRC | (260,649) | (413,400) | (243,300) |
| Income (loss) before income taxes, total | $ 2,602,770 | $ 2,102,811 | $ 2,054,124 |
| X | ||||||||||
- Definition The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of earnings or loss from continuing operations before income taxes that is attributable to foreign operations, which is defined as Income or Loss generated from operations located outside the entity's country of domicile. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Taxes (Details 1) |
12 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||
| Taxes [Abstract] | |||||
| PRC statutory income tax rate | 25.00% | 25.00% | 25.00% | ||
| Effect of income tax rate difference in other jurisdictions | (1.80%) | 4.80% | 5.90% | ||
| Effect of PRC preferential tax rate and tax holidays | (11.00%) | (15.10%) | (14.10%) | ||
| R&D credits | (18.30%) | (14.30%) | (11.90%) | ||
| Permanent difference and others | [1] | 1.80% | (6.00%) | 8.20% | |
| Effective tax rate | (4.30%) | (5.60%) | 13.10% | ||
| |||||
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense permanent difference and others. No definition available.
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to research and development tax credit. No definition available.
|
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to income exempt from income tax because of a tax holiday. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Taxes (Details 2) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Taxes [Abstract] | |||
| Current income tax provision | $ 95,923 | $ 102,568 | $ 365,866 |
| Deferred income tax benefit | (208,051) | (221,114) | (96,713) |
| Total (benefit) provision for income tax expenses | $ (112,128) | $ (118,546) | $ 269,153 |
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Taxes (Details 3) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Deferred tax assets: | ||
| Net operating loss carry forwards | $ 649,766 | $ 423,543 |
| Accrued expenses and other | 57,965 | 9,611 |
| Total deferred tax assets | 707,731 | 433,154 |
| Deferred tax liabilities: | ||
| Unbilled accounts receivables | (169,266) | (62,855) |
| Deferred contract cost | (26,368) | (71,346) |
| Total deferred tax liabilities | (195,634) | (134,201) |
| Total deferred tax assets, net | $ 512,097 | $ 298,953 |
| X | ||||||||||
- Definition Amount of deferred tax liability attributable to deferred contract cost. No definition available.
|
| X | ||||||||||
- Definition Amount of deferred tax liability unbilled accounts receivables. No definition available.
|
| X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, before allocation of valuation allowance, of deferred tax asset attributable to deductible temporary differences from provisions, reserves, allowances, and accruals, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences without jurisdictional netting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Taxes (Details 4) - USD ($) |
Jun. 30, 2018 |
Jun. 30, 2017 |
|---|---|---|
| Taxes [Abstract] | ||
| VAT tax payable | $ 228,477 | $ 182,036 |
| Corporate income tax payable | 96,636 | |
| Withholding tax payable | 257,942 | 274,542 |
| Disability insurance fund payable | 299,645 | 168,650 |
| Other taxes payable | 22,150 | 15,636 |
| Total taxes payable | $ 904,850 | $ 640,864 |
| X | ||||||||||
- Definition Disability insurance fund payable. No definition available.
|
| X | ||||||||||
- Definition Withholding tax payable. No definition available.
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of liabilities incurred through that date and payable for statutory sales and use taxes, including value added tax. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Taxes (Details Textual) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Taxes (Textual) | |||
| Statutory income tax rate | 25.00% | 25.00% | 25.00% |
| Effective income tax rate | (4.30%) | (5.60%) | 13.10% |
| Domestic enterprises and Foreign Investment Enterprises [Member] | |||
| Taxes (Textual) | |||
| Effective income tax rate | 25.00% | ||
| High and New Technology Enterprises [Member] | |||
| Taxes (Textual) | |||
| Effective income tax rate | 15.00% | ||
| Net operating loss carry forwards, expiration date | Nov. 30, 2019 | ||
| Hong Kong [Member] | |||
| Taxes (Textual) | |||
| Statutory income tax rate | 16.50% | ||
| Net operating loss carry forwards | $ 76,000 | ||
| Singapore [Member] | |||
| Taxes (Textual) | |||
| Statutory income tax rate | 17.00% | ||
| Net operating loss carry forwards | $ 458,000 | ||
| Australia [Member] | |||
| Taxes (Textual) | |||
| Statutory income tax rate | 30.00% | ||
| Net operating loss carry forwards | $ 137,000 | ||
| Taiwan [Member] | |||
| Taxes (Textual) | |||
| Statutory income tax rate | 17.00% | ||
| Net operating loss carry forwards | $ 3,000 | ||
| PRC [Member] | |||
| Taxes (Textual) | |||
| Increase/decrease in income taxes | $ 285,130 | $ 317,488 | $ 290,159 |
| Net income per share (basic and diluted) | $ 0.02 | $ 0.03 | $ 0.03 |
| Net operating loss carry forwards | $ 3,752,850 | $ 1,234,500 | |
| Net operating loss carry forwards, expiration date | Dec. 31, 2021 | ||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amounts payable to taxing authorities for taxes that are based on the reporting entity's earnings, net of amounts receivable from taxing authorities for refunds of overpayments or recoveries of income taxes, and in deferred and other tax liabilities and assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Expiration date of each operating loss carryforward included in operating loss carryforward, in CCYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Commitments and Contingencies (Details) |
Jun. 30, 2018
USD ($)
|
|---|---|
| Commitments and Contingencies [Abstract] | |
| 2019 | $ 699,019 |
| 2020 | 235,303 |
| 2021 | 14,217 |
| Total | $ 948,539 |
| X | ||||||||||
- Definition Future minimum lease payments under non cancelable operating leases due current. No definition available.
|
| X | ||||||||||
- Definition Future minimum lease payments under non cancelable operating leases payments due. No definition available.
|
| X | ||||||||||
- Definition Future minimum lease payments under non cancelable operating leases payments due in three years. No definition available.
|
| X | ||||||||||
- Definition Future minimum lease payments under non cancelable operating leases Payments due in two years. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Commitments and Contingencies (Details Textual) - USD ($) |
12 Months Ended | |
|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Commitments and Contingencies (Textual) | ||
| Rent expense | $ 730,705 | $ 565,328 |
| X | ||||||||||
- Definition Commitments and contingencies textual. No definition available.
|
| X | ||||||||||
- Definition Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No definition available.
|
Earnings Per Share (Details) - USD ($) |
12 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||
| Numerator: | |||||
| Net income attributable to CLPS | $ 2,434,463 | $ 2,047,445 | $ 1,826,112 | ||
| Denominator: | |||||
| Weighted average ordinary shares outstanding | 11,517,123 | 11,290,000 | 11,290,000 | ||
| Basic earnings per share attributable to CLPS | [1] | $ 0.21 | $ 0.18 | $ 0.16 | |
| Numerator: | |||||
| Net income attributable to CLPS for calculating diluted earnings per share | $ 2,434,463 | $ 2,047,445 | $ 1,826,112 | ||
| Denominator: | |||||
| Weighted average ordinary shares outstanding | 11,517,123 | 11,290,000 | 11,290,000 | ||
| Weighted average ordinary shares equivalents: | |||||
| Effects of dilutive securities | |||||
| Warrants | 119,244 | ||||
| Shares used in computing diluted earnings per share attributable to CLPS | 11,636,367 | 11,290,000 | 11,290,000 | ||
| Diluted earnings per share attributable to CLPS | $ 0.21 | $ 0.18 | $ 0.16 | ||
| |||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of convertible debt securities using the if-converted method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Public Offering Warrants (Details) - Warrant [Member] |
12 Months Ended |
|---|---|
|
Jun. 30, 2018
shares
| |
| Class of Warrant or Right [Line Items] | |
| Warrants | 283,192 |
| Expected term (in years) | 2 years 9 months |
| Expected volatility | 49.39% |
| Risk-free interest rate | 2.11% |
| X | ||||||||||
- Definition Number of warrants. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Public Offering Warrants (Details 1) - Warrant [Member] |
12 Months Ended |
|---|---|
|
Jun. 30, 2018
$ / shares
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
| Number of warrants, Outstanding as of July 1, 2017 | |
| Number of warrants, Granted | 83,162 |
| Number of warrants, Granted | 200,030 |
| Number of warrants, Exercised | |
| Number of warrants, Forfeited or expired | |
| Number of warrants, Outstanding as of June 30, 2018 | 283,192 |
| Number of warrants, Exercisable as of June 30, 2018 | |
| Number of warrants, Vested as of June 30, 2018 | 283,192 |
| Weighted Average Exercise Price, Granted | $ / shares | $ 6.3 |
| Weighted Average Exercise Price, Granted | $ / shares | $ 4.2 |
| Weighted Average Remaining Contractual Life, Granted | 4 years 10 months 25 days |
| Weighted Average Remaining Contractual Life, Granted | 4 years 10 months 25 days |
| X | ||||||||||
- Definition Weighted average remaining contractual term for granted, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period.Gross number of share options (or share units) granted during the period. No definition available.
|
| X | ||||||||||
- Definition Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period. No definition available.
|
| X | ||||||||||
- Definition Number of options outstanding, including both vested and non-vested options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of fully vested and expected to vest options outstanding that can be converted into shares under option plan. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
| X | ||||||||||
- Definition Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Public Offering Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
May 29, 2018 |
May 24, 2018 |
Jun. 30, 2018 |
|
| Share-Based Payment (Textual) | |||
| Public offering warrants | $ 612,223 | ||
| Shares of warrants issued and outstanding | 283,192 | ||
| Gear Capital Partners Limited [Member] | Private Placement [Member] | |||
| Share-Based Payment (Textual) | |||
| CLPS completed private placement of warrants | 93,030 | ||
| Purchase shares per share | $ 4.20 | ||
| Warrants term and exercisable, description | The warrants carry a term of five years expiring on May 22, 2023 and shall not be exercisable for a period of 180 days from May 23, 2018. | ||
| Ascent Investor Relations LLC. [Member] | Private Placement [Member] | |||
| Share-Based Payment (Textual) | |||
| CLPS completed private placement of warrants | 107,000 | ||
| Purchase shares per share | $ 4.20 | ||
| Warrants term and exercisable, description | The warrants carry a term of five years expiring on May 22, 2023 and shall not be exercisable for a period of 180 days from May 23, 2018. | ||
| Holders [Member] | Private Placement [Member] | |||
| Share-Based Payment (Textual) | |||
| CLPS completed private placement of warrants | 83,162 | ||
| Purchase shares per share | $ 6.30 | ||
| Warrants term and exercisable, description | The warrants carry a term of five years expiring on May 22, 2023 and shall not be exercisable for a period of 180 days from May 23, 2018. | ||
| X | ||||||||||
- Definition Public offering warrants. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Shares of warrants issued and outstanding. No definition available.
|
| X | ||||||||||
- Definition Number of warrants or rights outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This item provides the title of issue of securities called for by warrants or rights outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Price of a single share of a number of saleable stocks of a company. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Shareholders' Equity (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 08, 2018 |
Dec. 09, 2017 |
Dec. 07, 2017 |
May 24, 2018 |
Nov. 18, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||
| Shareholders' Equity (Textual) | ||||||||||
| Equity, description | The original authorized number of common shares was 1 share with a par value of $1. | |||||||||
| Common share, par value | $ 0.0001 | $ 0.0001 | ||||||||
| Common share, shares authorized | 100,000,000 | 100,000,000 | ||||||||
| Common share, shares issued | 13,590,000 | 11,290,000 | ||||||||
| Share capital | [1] | $ 1,359 | $ 1,129 | |||||||
| Annual compensations | 3,075,391 | 2,349,795 | ||||||||
| Recapitalization of Shanghai CLPS | ||||||||||
| Statutory reserves | ||||||||||
| Employment term | 5 years | |||||||||
| Offering price per share | $ 5.25 | |||||||||
| Net proceeds from IPO | 11,022,111 | |||||||||
| Additional paid-in capital [Member] | ||||||||||
| Shareholders' Equity (Textual) | ||||||||||
| Recapitalization of Shanghai CLPS | 1,051,952 | |||||||||
| Statutory reserves | ||||||||||
| Statutory Surplus [Member] | ||||||||||
| Shareholders' Equity (Textual) | ||||||||||
| Recapitalization of Shanghai CLPS | (551,684) | |||||||||
| Statutory reserve, description | Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity's registered capital. | |||||||||
| Statutory reserves | $ 437,796 | 261,949 | $ 429,439 | |||||||
| IPO [Member] | ||||||||||
| Shareholders' Equity (Textual) | ||||||||||
| Offering price per share | $ 0.0001 | $ 0.0001 | ||||||||
| Initial public offering shares | 300,000 | 2,000,000 | ||||||||
| Gross proceeds from IPO | $ 1,580,000 | $ 10,500,000 | ||||||||
| Net proceeds from IPO | 10,500,000 | $ 9,500,000 | ||||||||
| Commissions and offering expenses | $ 12,080,000 | |||||||||
| Huan Yu [Member] | ||||||||||
| Shareholders' Equity (Textual) | ||||||||||
| Capital injection | $ 400,000 | |||||||||
| Board of Directors [Member] | ||||||||||
| Shareholders' Equity (Textual) | ||||||||||
| Equity, description | After the stock split, the Company's issued and outstanding common shares became 10,000 shares with par value of $0.0001. The Board of Directors also approved to amend the articles of association (the "Amendment") to increase total authorized number of common shares from 10,000 shares to 100,000,000 shares with par value of $0.0001. In connection with the Amendment, the Board of Directors further approved to issue 11,280,000 common shares at par value (the "Nominal share issuance") to the existing shareholders of the Company. | |||||||||
| Stockholder's equity stock split, description | The Board of Directors approved a stock split of the Company's issued and outstanding shares of common shares at a ratio of 1-10,000. | |||||||||
| 2017 Stock Incentive Plan [Member] | ||||||||||
| Shareholders' Equity (Textual) | ||||||||||
| Shares authorized grants | 2,210,000 | |||||||||
| ||||||||||
| X | ||||||||||
- Definition Appropriation of statutory reserve. No definition available.
|
| X | ||||||||||
- Definition Before underwriting discounts and commissions and offering expenses. No definition available.
|
| X | ||||||||||
- Definition Capital injection. No definition available.
|
| X | ||||||||||
- Definition Employment term No definition available.
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Statutory reserve description. No definition available.
|
| X | ||||||||||
- Definition Stock issued during period value of recapitalization. No definition available.
|
| X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The cash inflow from additional borrowings, net of cash paid to third parties in connection with debt origination. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of shares issued or sold by the subsidiary or equity method investee per stock transaction. No definition available.
|
| X | ||||||||||
- Definition Per share amount received by subsidiary or equity investee for each share of common stock issued or sold in the stock transaction. No definition available.
|
| X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period. No definition available.
|
| X | ||||||||||
- Definition Description of the stock split arrangement. Also provide the retroactive effect given by a stock split that occurs after the balance date but before the release of financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Description of the type or class of security that is classified as temporary equity, including its redemption features (for example, sinking fund, at option of holders, out of future earnings), conversion features, and the rights of holders, if any, in the event of default, including the effect, if any, on junior securities in the event a required dividend, sinking fund, or other redemption payment(s) is not paid. Include also a description of stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Non-Controlling Interests (Details) - USD ($) |
12 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||||||||||||
| Noncontrolling Interest [Line Items] | ||||||||||||||||||
| Beginning balance | $ 5,311,298 | $ 4,207,524 | $ 5,913,141 | |||||||||||||||
| Net income (loss) | 2,714,898 | 2,221,357 | 1,784,971 | |||||||||||||||
| Capital contribution from non-controlling shareholders | 6,438 | 46,919 | ||||||||||||||||
| Repurchase of subsidiaries' shares from non-controlling interests | (6,987) | |||||||||||||||||
| Ending balance | 18,155,356 | 5,311,298 | 4,207,524 | |||||||||||||||
| CLPS RC [Member] | ||||||||||||||||||
| Noncontrolling Interest [Line Items] | ||||||||||||||||||
| Beginning balance | 1,857 | |||||||||||||||||
| Net income (loss) | ||||||||||||||||||
| Capital contribution from non-controlling shareholders | [1] | [2],[3] | [4] | |||||||||||||||
| Repurchase of subsidiaries' shares from non-controlling interests | [5] | (1,788) | [6] | |||||||||||||||
| Foreign currency translation adjustments | (69) | |||||||||||||||||
| Ending balance | ||||||||||||||||||
| CLPS Beijing [Member] | ||||||||||||||||||
| Noncontrolling Interest [Line Items] | ||||||||||||||||||
| Beginning balance | 42,283 | 4,034 | (342) | |||||||||||||||
| Net income (loss) | 49,064 | 37,267 | (41,141) | |||||||||||||||
| Capital contribution from non-controlling shareholders | [1] | [2],[3] | 46,919 | [4] | ||||||||||||||
| Repurchase of subsidiaries' shares from non-controlling interests | (91,533) | [5] | [6] | |||||||||||||||
| Foreign currency translation adjustments | 186 | 982 | (1,402) | |||||||||||||||
| Ending balance | 42,283 | 4,034 | ||||||||||||||||
| CLPS Shenzhen [Member] | ||||||||||||||||||
| Noncontrolling Interest [Line Items] | ||||||||||||||||||
| Beginning balance | (978) | |||||||||||||||||
| Net income (loss) | (1,579) | (973) | ||||||||||||||||
| Capital contribution from non-controlling shareholders | [1] | [2],[3] | [4] | |||||||||||||||
| Repurchase of subsidiaries' shares from non-controlling interests | [5] | [6] | ||||||||||||||||
| Foreign currency translation adjustments | 5 | (5) | ||||||||||||||||
| Ending balance | (2,552) | (978) | ||||||||||||||||
| CLPS Hong Kong [Member] | ||||||||||||||||||
| Noncontrolling Interest [Line Items] | ||||||||||||||||||
| Beginning balance | (13,648) | |||||||||||||||||
| Net income (loss) | 31,705 | (20,157) | ||||||||||||||||
| Capital contribution from non-controlling shareholders | [1] | 6,438 | [2],[3] | [4] | ||||||||||||||
| Repurchase of subsidiaries' shares from non-controlling interests | [5] | [6] | ||||||||||||||||
| Foreign currency translation adjustments | (16) | 71 | ||||||||||||||||
| Ending balance | 18,041 | (13,648) | ||||||||||||||||
| Judge China [Member] | ||||||||||||||||||
| Noncontrolling Interest [Line Items] | ||||||||||||||||||
| Beginning balance | 449,453 | |||||||||||||||||
| Net income (loss) | 54,651 | 157,775 | ||||||||||||||||
| Capital contribution from non-controlling shareholders | [1] | 290,994 | [2],[3] | [4] | ||||||||||||||
| Repurchase of subsidiaries' shares from non-controlling interests | [5] | [6] | ||||||||||||||||
| Foreign currency translation adjustments | 10,068 | 684 | ||||||||||||||||
| Ending balance | 514,172 | 449,453 | ||||||||||||||||
| JQ [Member] | ||||||||||||||||||
| Noncontrolling Interest [Line Items] | ||||||||||||||||||
| Beginning balance | ||||||||||||||||||
| Net income (loss) | 146,594 | |||||||||||||||||
| Capital contribution from non-controlling shareholders | 70 | [1] | [2],[3] | [4] | ||||||||||||||
| Repurchase of subsidiaries' shares from non-controlling interests | [5] | [6] | ||||||||||||||||
| Foreign currency translation adjustments | (43) | |||||||||||||||||
| Ending balance | 146,621 | |||||||||||||||||
| Total [Member] | ||||||||||||||||||
| Noncontrolling Interest [Line Items] | ||||||||||||||||||
| Beginning balance | 477,110 | 4,034 | 1,515 | |||||||||||||||
| Net income (loss) | 280,435 | 173,912 | (41,141) | |||||||||||||||
| Capital contribution from non-controlling shareholders | 70 | [1] | 297,432 | [2],[3] | 46,919 | [4] | ||||||||||||
| Repurchase of subsidiaries' shares from non-controlling interests | (91,533) | [5] | (1,788) | [6] | ||||||||||||||
| Foreign currency translation adjustments | 10,200 | 1,732 | (1,471) | |||||||||||||||
| Ending balance | $ 676,282 | $ 477,110 | $ 4,034 | |||||||||||||||
| ||||||||||||||||||
| X | ||||||||||
- Definition Stock issued during period value of non controlling shareholders contribution. No definition available.
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| X | ||||||||||
- Definition Stock issued during period value of repurchase of non controlling interest. No definition available.
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Adjustments to temporary equity resulting from foreign currency translation adjustments. No definition available.
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Non-Controlling Interests (Details Textual) - USD ($) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Nov. 09, 2016 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 27, 2018 |
Oct. 17, 2017 |
|
| CLPS Beijing [Member] | ||||||
| Non-Controlling Interests (Textual) | ||||||
| Non-controlling shareholders' contribution | $ 46,919 | |||||
| Ownership percentage in the acquired company | 100.00% | |||||
| CLPS Beijing [Member] | Qiner [Member] | ||||||
| Non-Controlling Interests (Textual) | ||||||
| Ownership percentage in the acquired company | 30.00% | |||||
| CLPS Beijing [Member] | CLPS Shanghai [Member] | ||||||
| Non-Controlling Interests (Textual) | ||||||
| Ownership percentage in the acquired company | 70.00% | |||||
| CLPS RC [Member] | ||||||
| Non-Controlling Interests (Textual) | ||||||
| Company paid to acquire non-controlling interest | 6,987 | |||||
| Carrying value of the non-controlling interest amount | $ 5,199 | |||||
| CLPS Hong Kong [Member] | ||||||
| Non-Controlling Interests (Textual) | ||||||
| Non-controlling shareholders' contribution | $ 6,438 | |||||
| Judge China [Member] | ||||||
| Non-Controlling Interests (Textual) | ||||||
| Non-controlling shareholders' contribution | $ 290,994 | |||||
| Ownership percentage in the acquired company | 60.00% | |||||
| JQ [Member] | ||||||
| Non-Controlling Interests (Textual) | ||||||
| Non-controlling shareholders' contribution | $ 70 | |||||
| Ownership percentage in the acquired company | 55.00% | |||||
| JL [Member] | ||||||
| Non-Controlling Interests (Textual) | ||||||
| Ownership percentage in the acquired company | 100.00% | |||||
| Judge HR [Member] | ||||||
| Non-Controlling Interests (Textual) | ||||||
| Ownership percentage in the acquired company | 70.00% | |||||
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of other increase (decrease) in additional paid in capital (APIC). No definition available.
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| X | ||||||||||
- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Segment Information and Revenue Analysis (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Segment Reporting Information [Line Items] | |||
| Revenues | $ 48,938,593 | $ 31,361,976 | $ 29,024,178 |
| Fintech IT consulting service [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 47,159,651 | 29,146,470 | 28,015,173 |
| Customized IT solution service [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 1,634,100 | 1,846,423 | 927,185 |
| Other [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | $ 144,842 | $ 369,083 | $ 81,820 |
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Segment Information and Revenue Analysis (Details Textual) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Segment Information and Revenue Analysis (Textual) | |||
| Revenues | $ 48,938,593 | $ 31,361,976 | $ 29,024,178 |
| China [Member] | |||
| Segment Information and Revenue Analysis (Textual) | |||
| Revenues | 47,196,672 | 30,822,390 | |
| Hong Kong [Member] | |||
| Segment Information and Revenue Analysis (Textual) | |||
| Revenues | 1,414,174 | 362,892 | |
| Australia [Member] | |||
| Segment Information and Revenue Analysis (Textual) | |||
| Revenues | 210,984 | $ 176,694 | |
| Taiwan [Member] | |||
| Segment Information and Revenue Analysis (Textual) | |||
| Revenues | $ 116,763 | ||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Subsequent Events (Details) - Subsequent Events [Member] |
1 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Aug. 15, 2018
USD ($)
|
Aug. 15, 2018
SGD ($)
|
Aug. 15, 2018
AUD ($)
|
Jul. 12, 2018
USD ($)
$ / shares
shares
|
Jul. 05, 2018
USD ($)
|
Aug. 20, 2018
USD ($)
|
Aug. 20, 2018
SGD ($)
|
|
| Subsequent Events (Textual) | |||||||
| Aggregate of restricted shares | shares | 671,469 | ||||||
| RSUs terms | RSUs granted to key employees and directors generally have a term of three years, but are subject to earlier termination in connection with termination of continuous service to the Company. RSUs are valid for a period of 10 years from July 12, 2018 to July 11, 2028. RSUs vest 33% per year over a three-year period, with the first 33% vesting on the grant date. | ||||||
| Weighted-average fair value per share | $ / shares | $ 12.22 | ||||||
| Total fair value of the RSUs granted | $ 8,200,000 | ||||||
| CLPS Beijing [Member] | |||||||
| Subsequent Events (Textual) | |||||||
| Purchase price | $ 600,000 | ||||||
| Percentage of total interest acquired | 30.00% | ||||||
| CLPS AU [Member] | |||||||
| Subsequent Events (Textual) | |||||||
| Purchase price | $ 100,000 | $ 200,000 | |||||
| Percentage of total interest acquired | 100.00% | 100.00% | 100.00% | ||||
| CLPS SG [Member] | |||||||
| Subsequent Events (Textual) | |||||||
| Purchase price | $ 600,000 | $ 850,000 | $ 420,000 | $ 576,000 | |||
| Percentage of total interest acquired | 100.00% | 100.00% | 100.00% | 80.00% | 80.00% | ||
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Percentage of equity in the acquiree held by the acquirer immediately before the acquisition date in a business combination. No definition available.
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| X | ||||||||||
- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition General descriptive information regarding an arrangement under which employees and directors receive: (a) awards of equity shares, equity share options, or other equity instruments; or (b) the entity incurs liabilities to them: (1) in amounts based, at least in part, on the price of the entity's shares or other equity instruments; or (2) that require or may require settlement by issuance of the entity's shares. Such an arrangement is usually provided to employees and directors to compensate them, provide performance incentives to them, and to attract or retain their services. May also include pertinent information particular to a plan that is not elsewhere specified in the taxonomy. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Weighted-average exercise price, at which grantee can acquire shares reserved for issuance, for fully vested and expected to vest options outstanding. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value of options vested. Excludes equity instruments other than options, for example, but not limited to, share units, stock appreciation rights, restricted stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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