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VARIABLE INTEREST ENTITIES | 6 Months Ended
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Dec. 31, 2019
VARIABLE INTEREST ENTITIES |
VARIABLE INTEREST ENTITIES | NOTE 27. VARIABLE INTEREST ENTITIES VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. All VIEs and their subsidiaries with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. Summary information regarding consolidated VIEs is as follows:
|  | June 30, 2019 |  | December 31, 2019 |  | December 31, 2019
|  | RMB |  | RMB |  | U.S. Dollars
ASSETS |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |
Notes receivable |  | ¥ | 444,763 |  | ¥ | 10,119,685 |  | $ | 1,452,309
Trade accounts receivable, net |  |  | 3,073,680 |  |  | 4,060,506 |  |  | 582,736
Trade accounts receivable- related party, net |  |  | 68,535,282 |  |  | 63,063,443 |  |  | 9,050,441
Inventories, net |  |  | 3,409,912 |  |  | 3,409,912 |  |  | 489,368
Other receivables, net |  |  | 1,270,523 |  |  | 1,796,411 |  |  | 257,809
Loans to third parties |  |  | 5,496,813 |  |  | 4,610,732 |  |  | 661,701
Purchase advances, net |  |  | 4,960,000 |  |  | — |  |  | —
Contract assets, net |  |  | 1,343,576 |  |  | 156,550 |  |  | 22,467
Prepaid expenses |  |  | 4,633,940 |  |  | 14,604,897 |  |  | 2,095,996
Prepaid expenses - related parties |  |  | — |  |  | 65,920 |  |  | 9,460
Notes receivable |  |  | 217,600 |  |  | — |  |  | —
Total current assets |  |  | 93,386,089 |  |  | 101,888,056 |  |  | 14,622,287
Property and equipment, net |  |  | 3,661,321 |  |  | 3,267,226 |  |  | 468,890
Construction in progress |  |  | 21,524,994 |  |  | 23,143,654 |  |  | 3,321,421
Land use right, net |  |  | 1,307,887 |  |  | 1,294,267 |  |  | 185,744
Investment in unconsolidated entity |  |  | 4,000,000 |  |  | 4,000,000 |  |  | 574,053
Long-term other receivables, net |  |  | 440,015 |  |  | 23,922 |  |  | 3,433
Prepayments for construction in progress |  |  | 1,144,098 |  |  | 1,059,404 |  |  | 152,039
Right of use assets |  |  | — |  |  | 532,491 |  |  | 76,420
Total Assets |  | ¥ | 125,464,404 |  | ¥ | 135,209,020 |  | $ | 19,404,287
LIABILITIES |  |  |  |  |  |  |  |  |
Short-term bank loan |  | ¥ | 2,500,000 |  | ¥ | 2,500,000 |  | $ | 2,107,973
Trade accounts payable |  |  | 14,089,293 |  |  | 14,688,353 |  |  | 232,245
Other payables |  |  | 946,941 |  |  | 1,618,283 |  |  | 232,245
Other payable- related parties |  |  | 1,532,662 |  |  | 2,838,598 |  |  | 407,376
Advance from customers |  |  | 120,000 |  |  | 2,024,753 |  |  | 290,579
Accrued payroll and employees' welfare |  |  | 988,785 |  |  | 1,798,811 |  |  | 258,153
Taxes payable |  |  | 2,180,805 |  |  | 2,831,679 |  |  | 406,383
Short-term borrowings |  |  | 1,081,096 |  |  | — |  |  | 358,783
Short-term borrowings - related parties |  |  | 9,010,525 |  |  | 11,931,310 |  |  | 1,712,301
Long-term borrowings - related party - current portion |  |  | 780,797 |  |  | 813,334 |  |  | 116,724
Operating lease liabilities - current |  |  | — |  |  | 640,491 |  |  | 91,919
Total current liabilities |  |  | 33,230,904 |  |  | 41,685,612 |  |  | 6,214,681
Long-term borrowings - related party |  |  | 8,196,204 |  |  | 7,796,782 |  |  | 1,118,942
Total Liabilities |  | ¥ | 41,427,108 |  | ¥ | 49,482,394 |  | $ | 7,333,623
The financial performance of VIEs reported in the unaudited condensed consolidated statement of operations and comprehensive loss for the six months ended December 31, 2018 includes revenues of ¥42,271,729, operating expenses of ¥10,552,138, and net income of ¥3,268,099. The financial performance of VIEs reported in the unaudited condensed consolidated statement of operations and comprehensive loss for the six months ended December 31, 2019 includes revenues of ¥30,405,153 ($4,363,543), operating expenses of ¥10,137,918 ($1,454,926), and net loss of ¥371,397 ($53,300).

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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