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SHORT-TERM BORROWINGS (Tables)

6 Months Ended

Dec. 31, 2019

Short-term Debt [Line Items]

Schedule of 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		¥	—		$	—

Related Party [Member]

Short-term Debt [Line Items]

Schedule of short-term borrowings

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

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- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

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