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LOANS TO THIRD PARTIES

12 Months Ended

Jun. 30, 2022

LOANS TO THIRD PARTIES.

LOANS TO THIRD PARTIES

NOTE 7. LOANS TO THIRD PARTIES

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​	​	​	​	​	​	​	​	​	​
​	​	June 30,		​	June 30,		​	June 30,
​	​	2021		​	2022		​	2022
​		RMB			RMB			U.S. Dollars
Working fund to third party companies	​	¥	50,476,782	​	¥	50,383,822	​	$	7,522,532
Allowance for credit losses	​		—	​		—	​		—
Total loans to third parties	​	¥	50,476,782	​	¥	50,383,822	​	$	7,522,532

​

Loans to third parties are mainly used for short-term funding to support the Company’s external business partners. These loans bear interest or no interest and have terms of no more than one year. The Company periodically reviewed the loans to third parties as to whether their carrying values remain realizable. The Company believes that the risk associated with the above loans are relatively low based on the evaluation of the creditworthiness of these third-party debtors and the relationships with them. As the date of the report, approximately ¥4.5 million (approximately $0.7 million) was collected by the Company and the remaining part was expected to be paid in full by end of June 2023.

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- References

No definition available.

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- Definition

The entire disclosure for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-URI https://asc.fasb.org/subtopic&trid=2196772

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=2196816

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