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LONG-TERM BORROWINGS DUE TO RELATED PARTY | 6 Months Ended
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Dec. 31, 2019
LONG-TERM BORROWINGS DUE TO RELATED PARTY |
LONG-TERM BORROWINGS DUE TO RELATED PARTY | NOTE 19. LONG-TERM BORROWINGS DUE TO RELATED PARTY Long-term borrowings due to related party consisted of the following:
|  | June 30, |  | December 31, |  | December 31,
|  | 2019 |  | 2019 |  | 2019
Long-term borrowings due to related party: |  | RMB |  | RMB |  | U.S. Dollars
Long-term borrowing from a Founder, monthly payments of ¥126,135 inclusive of interest at 8.90%, ten years loan, due in November 2027. |  | ¥ | 8,977,001 |  | ¥ | 8,610,116 |  | ¥ | 1,235,666
Less: current portion |  |  | (780,797) |  |  | (813,334) |  |  | (116,724)
Total long-term borrowings due to related party |  | ¥ | 8,196,204 |  | ¥ | 7,796,782 |  | $ | 1,118,942
No long-term borrowings due to related party were guaranteed or collateralized at June 30, 2019 and December 31, 2019. Interest expense for long-term borrowings due to related party was ¥421,058 and ¥389,926 ($55,960) for the six months ended December 31, 2018 and 2019, respectively. The future maturities of long-term borrowings due to related party at December 31, 2019 are as follows:
Twelve months ending December 31, |  | RMB |  | U.S. Dollars
2020 |  | ¥ | 813,334 |  | $ | 116,724
2021 |  |  | 853,987 |  |  | 122,558
2022 |  |  | 933,170 |  |  | 133,922
2023 |  |  | 1,019,695 |  |  | 146,340
2024 |  |  | 1,114,243 |  |  | 159,909
Thereafter |  |  | 3,875,687 |  |  | 556,213
Total |  | ¥ | 8,610,116 |  | $ | 1,235,666

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- Definition The entire disclosure for long-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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