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COMMITMENTS AND CONTINGENCY (Tables) | 6 Months Ended
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Dec. 31, 2019
COMMITMENTS AND CONTINGENCY |
Schedule of future payments under leases | The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2019:
|  | December 31, 2019
|  | RMB |  | U.S. Dollars
2020 |  | ¥ | 646,000 |  | $ | 92,710
Total lease payments |  |  | 646,000 |  |  | 92,710
Less: imputed interest |  |  | (5,509) |  |  | (791)
Present value of lease liabilities |  | ¥ | 640,491 |  | $ | 91,919
Schedule of total future minimum purchase commitment | The total future minimum purchase commitment under the non-cancellable purchase contracts as of December 31, 2019 are payable as follows:
Year ending December 31, |  | Minimum purchase commitment
2020 |  | ¥ | 2,093,010 |  | $ | 300,375
Thereafter |  |  | — |  |  | —
Total minimum payments required |  | ¥ | 2,093,010 |  | $ | 300,375

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of arrangements in which the entity has agreed to procure goods or services from one or more suppliers. May include identification of the goods or services to be purchased, identity of the seller, pricing, effects on pricing for failing to reach minimum quantities required to be purchased (such as penalties), cancellation rights, and termination provisions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(19)) -URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(17)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(25)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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