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RELATED PARTY TRANSACTIONS AND BALANCES

12 Months Ended

Jun. 30, 2022

RELATED PARTY TRANSACTIONS AND BALANCES

RELATED PARTY TRANSACTIONS AND BALANCES

NOTE 25. RELATED PARTY TRANSACTIONS AND BALANCES

Sales to a related party – sales to a related party consisted of the following:

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For the years ended June 30,

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​

2020

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2021

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2022

​

2022

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RMB

RMB

RMB

U.S. Dollars

Urumqi Yikeli Automatic Control Equipment Co., Ltd. *

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¥

—

​

¥

85,657

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¥

—

​

$

—

Total revenue from a related party

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¥

—

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¥

85,657

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¥

—

​

$

—

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* The noncontrolling shareholder of Gan Su BHD owns 10% interests in Urumqi Yikeli Automatic Control Equipment Co., Ltd.

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Prepaid expenses - related parties – prepaid expenses - related parties consisted of the following:

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​	​	​	​	​	​	​	​	​	​
​		June 30, 2021			June 30, 2022			June 30, 2022
​	​	RMB		​	RMB		​	U.S. Dollars
Founders		¥	363,000		¥	275,000	​	$	41,059
Founders' family member		​	70,000		​	—	​		—
Total prepaid expenses - related parties		¥	433,000		¥	275,000	​	$	41,059

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Leases from related parties - The Company has various agreements for the lease of office space owned by the founders and their family members. The terms of the agreement state that the Company will continue to lease the property at a monthly rent of ¥110,834 ($16,547) with annual rental expense at ¥1.3 million ($0.20 million).

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The details of leases from related parties are as below:

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​	​	​	​	​	​	​	​	​	​	​
​	​	​		​		Monthly Rent			Monthly Rent
Lessee		Lessor		Rent Period		RMB			USD
Nanjing Recon		One of the founders		April 1, 2022 - March 31, 2024		¥	40,000	​	$	5,972
BHD		One of the founders		January 1, 2022- Dec 31, 2022		​	31,667	​		4,728
BHD		One of the founders		January 1, 2022 - Dec 31, 2022		​	22,500	​		3,359
BHD		Founders’ family member		January 1, 2022 - Dec 31, 2022		​	16,667	​		2,488

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As of June 30, 2021, the operating lease ROU assets and corresponding operating lease liabilities of leases from related parties was ¥352,775 and ¥352,775, respectively.

As of June 30, 2022, the operating lease ROU assets and corresponding operating lease liabilities of leases from related parties was ¥765,241 ($114,254) and ¥765,241 ($114,254), respectively.
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Guarantee/collateral related parties - The Company’s founders provide guarantee and collateral for the Company’s short-term bank loans (see Note 14).

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- References

No definition available.

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X

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-URI https://asc.fasb.org/topic&trid=2122745

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

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