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SHORT-TERM BORROWINGS | 6 Months Ended
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Dec. 31, 2019
SHORT-TERM BORROWINGS |
SHORT-TERM BORROWINGS | NOTE 18. SHORT-TERM BORROWINGS Short-term borrowings due to third party consisted of the following:
|  | June 30, |  | December 31, |  | December 31,
|  | 2019 |  | 2019 |  | 2019
Short-term borrowings due to third party: |  | RMB |  | RMB |  | U.S. Dollars
Short-term borrowing, 10% annual interest, due on September 8, 2019 |  | ¥ | 1,081,096 |  | ¥ | — |  | $ | —
Total short-term borrowings due to third party |  | ¥ | 1,081,096 |  | ¥ | — |  | $ | —
Interest expense for short-term borrowings due to third party were ¥31,507 and ¥Nil for the six months ended December 31, 2018 and 2019, respectively. The principle of this short-term borrowing was repaid in full by the Company on August 31, 2019. Short-term borrowings due to related parties consisted of the following:
|  | June 30, |  | December 31, |  | December 31,
|  | 2019 |  | 2019 |  | 2019
Short-term borrowings due to related parties: |  | RMB |  | RMB |  | U.S. Dollars
Short-term borrowing from a Founder, 5.65% annual interest, due on December 19, 2019* |  | ¥ | 5,008,640 |  | ¥ | — |  | $ | —
Short-term borrowing from a Founder, 5.65% annual interest, due on March 27, 2020 |  |  | 4,001,885 |  |  | 4,001,885 |  |  | 574,324
Short-term borrowing from a Founder, 5.65% annual interest, due on December 19, 2020 |  |  |  |  |  | 5,009,425 |  |  | 718,919
Short-term borrowing from a Founder, interest-free, due on September 24, 2020^ |  |  | — |  |  | 450,000 |  |  | 64,581
Short-term borrowing from a Founder's family member, interest-free, due on November 05, 2020^ |  |  | — |  |  | 2,470,000 |  |  | 354,477
Total short-term borrowings due to related parties |  | ¥ | 9,010,525 |  | ¥ | 11,931,310 |  | $ | 1,712,301
No short-term borrowings due to related parties were guaranteed or collateralized at June 30, 2019 and December 31, 2019. Interest expense for short-term borrowings due to related parties were ¥257,145 and ¥259,502 ($37,242) for the six months ended December 31, 2018 and 2019, respectively. * The Company repaid the loans in full on maturity date. ^ During the six months ended December 31, 2019, the Company entered into a series of loan agreements with a Founder and a Founder's family member for a total amount of ¥8,115,000 ($1,164,610) as working capital for six months to one year. All loans are non-interest bearing and can be repaid before their maturity dates. By December 31, 2019, the Company has repaid a total of ¥5,195,000 ($745,552) and the remaining balance of ¥2,920,000 ($419,058) is outstanding as of December 31, 2019.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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