OTHER RECEIVABLES, NET

12 Months Ended

Jun. 30, 2022

NOTE 6. OTHER RECEIVABLES, NET

Other receivables, net consisted of the following:


	June 30,		June 30,		June 30,
	2021		2022		2022
Third Party	RMB		RMB		U.S. Dollars
Business advances to officers and staffs (A)	¥	957,277	¥	1,441,807	$	215,268
Deposits for projects		1,982,987		3,259,236		486,619
VAT recoverable		3,562,295		437,095		65,260
Others		1,469,949		2,547,520		380,356
		7,972,508		7,685,658		1,147,503
Less: Long term portion (B)		(114,679)		(1,564,381)		(233,569)
Allowance for credit losses		(918,153)		(619,444)		(92,486)
Other receivable - current portion	¥	6,939,676	¥	5,501,833	$	821,448

(A)	Business advances to officers and staffs represent advances for business travel and sundry expenses related to oilfield or on-site installation and inspection of products through customer approval and acceptance.

(B)	Long-term portion are mainly tender deposits for large-scale projects or rental contracts. These funds may not be collected back until projects are finished or contracts are completed.

Provision for credit losses of other receivables was ¥67,312 for the year ended June 30, 2020. Net recovery of credit losses of other receivables was ¥187,161 and ¥294,644 ($43,992) for the years ended June 30, 2021 and 2022, respectively.

Movement of allowance for credit losses is as follows:


	June 30,		June 30,		June 30,
	2021		2022		2022
	RMB		RMB		U.S. Dollars
Beginning balance	¥	1,529,036	¥	918,153	$	137,085
Balance acquired from FGS		151,689		—		—
Reversal of credit losses		(187,161)		(294,644)		(43,992)
Less: write-off		(575,411)		(4,065)		(607)
Ending balance	¥	918,153	¥	619,444	$	92,486