LONG-TERM BORROWINGS DUE TO RELATED PARTY

6 Months Ended

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