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LONG-TERM BORROWINGS DUE TO RELATED PARTY

12 Months Ended

Jun. 30, 2022

LONG-TERM BORROWINGS DUE TO RELATED PARTY

LONG-TERM BORROWINGS DUE TO RELATED PARTY

NOTE 16. LONG-TERM BORROWINGS DUE TO RELATED PARTY

Long-term borrowings due to related party consisted of the following:


	June 30,		June 30,		June 30,
	2021		2022		2022
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.	¥	7,406,617	¥	6,510,606	$	972,062
Less: current portion		(920,066)		(999,530)		(149,234)
Total long-term borrowings due to related party	¥	6,486,551	¥	5,511,076	$	822,828

No short-term borrowings due to related parties were guaranteed or collateralized at June 30, 2021 and 2022.

Interest expense for short-term borrowings due to related parties were ¥ 763,220, ¥693,641 and ¥617,611 ($92,212) for the years ended June 30, 2020, 2021 and 2022, respectively.

The future maturities of long-term borrowings due to related party at June 30, 2022 are as follows:


Twelve months ending June 30,	RMB		U.S. Dollars
2023	¥	999,530	$	149,234
2024		1,065,921		159,147
2025		1,164,755		173,903
2026		1,272,753		190,028
2027		1,390,765		207,647
Thereafter		616,882		92,103
Total	¥	6,510,606	$	972,062