SHORT-TERM BORROWINGS

12 Months Ended

Jun. 30, 2016

NOTE 13. SHORT-TERM BORROWINGS

Short-term borrowings consisted of the following:

	June 30, 2015		June 30, 2016		June 30, 2016
Short-term borrowings due to third parties:	RMB		RMB		U.S. Dollars
Short-term borrowing from a third party, without interest, due on August 15, 2016	¥	-	¥	530,000	$	79,767
Total short-term borrowings due to third parties	¥	-	¥	530,000	$	79,767

The Company repaid the short-term borrowing in full on August 8, 2016.

	June 30, 2015		June 30, 2016		June 30, 2016
Short-term borrowings due to related parties:	RMB		RMB		U.S. Dollars
Short-term borrowing from a Founder, 7.2% annual interest, due on October 20, 2015	¥	6,013,200	¥	-	$	-
Short-term borrowing from a Founder, 6.06% annual interest, due on October 2, 2015		3,403,431		-		-
Short-term borrowing from a Founder, 5.13% annual interest, due on October 12, 2015		1,600,274		-		-
Short-term borrowing from a Founder's family member, no interest, due on various dates		5,700,000		-		-
Short-term borrowings from Xiamen Huasheng Haitian Computer Network Co. Ltd., no interest, due on November 14, 2015		200,000		-		-
Short-term borrowing from a Founder, 5.75% annual interest, due on September 25, 2016*		-		1,807,207		271,992
Short-term borrowing from a Founder, 5.75% annual interest, due on October 10, 2016 **		-		2,409,610		362,657
Short-term borrowing from a Founder, 5.43% annual interest, due on November 4, 2016 ***		-		1,805,180		271,687
Short-term borrowing from a Founder's family member, no interest, due on December 16, 2016		-		1,500,000		225,756
Short-term borrowing from a Founder's family member, no interest, due on December 28, 2016		-		400,000		60,202
Short-term borrowing from a Founder, 5.22% annual interest, due on March 10, 2017		-		2,529,795		380,745
Short-term borrowing from a Founder, 5.22% annual interest, due on May 6, 2017		-		2,490,056		374,764
Total short-term borrowings due to related parties	¥	16,916,905	¥	12,941,848	$	1,947,803

* As of September 23, ¥1,800,000 was paid back with an accumulated interest of ¥17,537 ($2,639).

** As of September 23, 2016, the Company repaid ¥1,680,000 ($252,847) with an interest of ¥20,202 ($3,040).

*** As of September 23, 2016, the Company repaid ¥ 540,000 ($81,272) of short-term borrowing with an interest of ¥8,428($1,268).

Interest expense for short-term borrowings due to related parties was ¥593,884 and ¥487,692 ($73,400) for the years ended June 30, 2015 and 2016, respectively.