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COMMITMENTS AND CONTINGENCY (Tables)

6 Months Ended

Dec. 31, 2019

COMMITMENTS AND CONTINGENCY

Schedule of future payments under leases

The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2019:

		December 31, 2019
		RMB			U.S. Dollars
2020		¥	646,000		$	92,710
Total lease payments			646,000			92,710
Less: imputed interest			(5,509)			(791)
Present value of lease liabilities		¥	640,491		$	91,919

Schedule of total future minimum purchase commitment

The total future minimum purchase commitment under the non-cancellable purchase contracts as of December 31, 2019 are payable as follows:

Year ending December 31,		Minimum purchase commitment
2020		¥	2,093,010		$	300,375
Thereafter			—			—
Total minimum payments required		¥	2,093,010		$	300,375

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

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Tabular disclosure of arrangements in which the entity has agreed to procure goods or services from one or more suppliers. May include identification of the goods or services to be purchased, identity of the seller, pricing, effects on pricing for failing to reach minimum quantities required to be purchased (such as penalties), cancellation rights, and termination provisions.

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