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LOANS TO THIRD PARTIES

6 Months Ended

Dec. 31, 2019

LOANS TO THIRD PARTIES

LOANS TO THIRD PARTIES

NOTE 7. LOANS TO THIRD PARTIES

		June 30,			December 31,			December 31,
		2019			2019			2019
		RMB			RMB			U.S. Dollars
Working fund to third party companies		¥	4,960,000		¥	—		$	—
Allowance for doubtful accounts			—			—			—
Total loans to third parties		¥	4,960,000		¥	—		$	—

Loans to third-parties are mainly used for short-term funding to support the Company’s external business partners. These loans bear no interest and have terms of no more than one year. The Company periodically reviewed the loans to third parties as to whether their carrying values remain realizable. The loans to third parties were fully collected back during the six months ended December 31, 2019.

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- References

No definition available.

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- Definition

The entire disclosure for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2196772

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2196816

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