SHORT-TERM BANK LOAN

6 Months Ended

Dec. 31, 2019

NOTE 17. SHORT-TERM BANK LOAN

Short-term bank loan consisted of the following:


	June 30,		December 31,		December 31,
	2019		2019		2019
	RMB		RMB		U.S. Dollars
Bank of Nanjing, 5.655% annual interest, due on June 11, 2020	¥	2,500,000	¥	2,500,000	$	358,783
Total short-term bank loan	¥	2,500,000	¥	2,500,000	$	358,783

The loan is guaranteed by one of the founders of the Company.

Interest expense for the short-term bank loan was ¥Nil and ¥71,866 ($10,314) for the six months ended December 31, 2018 and 2019, respectively.