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VARIABLE INTEREST ENTITIES | 6 Months Ended
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Dec. 31, 2021
VARIABLE INTEREST ENTITIES |
VARIABLE INTEREST ENTITIES | NOTE 26. VARIABLE INTEREST ENTITIES VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision-making ability. All VIEs and their subsidiaries with which the Company is involved must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. Summary information regarding consolidated VIEs and their subsidiaries is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021 | ​ | December 31, 2021 | ​ | December 31, 2021
​ |  | ​ |  | RMB |  | U.S. Dollars
​ | ​ | RMB | ​ | (Unaudited) | ​ | (Unaudited)
ASSETS |  | ​ |  |  | ​ |  |  | ​ |
Current Assets |  | ​ |  |  | ​ |  |  | ​ |
Cash |  | ¥ | 4,293,380 |  | ¥ | 30,851,918 | ​ | $ | 4,849,849
Notes receivable |  | ​ | 6,305,633 |  | ​ | 14,808,067 | ​ |  | 2,327,793
Trade accounts receivable, net |  | ​ | 24,762,732 |  | ​ | 41,748,478 | ​ |  | 6,562,763
Inventories, net | ​ | ​ | 3,644,522 | ​ | ​ | 4,958,889 | ​ | ​ | 779,526
Other receivables, net | ​ | ​ | 5,988,641 | ​ | ​ | 8,055,597 | ​ | ​ | 1,266,321
Loans to third parties | ​ | ​ | 1,350,000 | ​ | ​ | 180,000 | ​ | ​ | 28,296
Purchase advances, net | ​ | ​ | 1,078,137 | ​ | ​ | 537,305 | ​ | ​ | 84,463
Contract costs, net | ​ | ​ | 48,795,906 | ​ | ​ | 31,364,473 | ​ | ​ | 4,930,422
Prepaid expenses | ​ | ​ | — | ​ | ​ | 19,918 | ​ | ​ | 3,131
Prepaid expenses - related parties |  | ​ | 433,000 |  | ​ | — | ​ |  | —
Total current assets |  | ​ | 96,651,951 |  | ​ | 132,524,645 | ​ | ​ | 20,832,564
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment, net | ​ | ​ | 27,138,768 | ​ | ​ | 26,118,829 | ​ | ​ | 4,105,819
Land use right, net | ​ | ​ | 1,253,408 | ​ | ​ | 1,239,789 | ​ | ​ | 194,892
Customer relationship | ​ | ​ | 6,650,000 | ​ | ​ | 6,300,000 | ​ | ​ | 990,345
Long-term other receivables, net | ​ | ​ | 114,679 | ​ | ​ | 324,515 | ​ | ​ | 51,013
Goodwill | ​ | ​ | 6,996,895 | ​ | ​ | 6,996,895 | ​ | ​ | 1,099,895
Right of use assets | ​ | ​ | 7,925,930 | ​ | ​ | 6,084,606 | ​ | ​ | 956,486
Total Assets |  | ¥ | 146,731,631 |  | ¥ | 179,589,279 | ​ | $ | 28,231,014
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  | ​ | ​ |  | ​ | ​ | ​ |  | ​
Short-term bank loan |  | ¥ | 15,000,000 |  | ¥ | 10,000,000 | ​ | $ | 1,571,977
Trade accounts payable | ​ | ​ | 18,182,770 | ​ | ​ | 18,341,301 | ​ | ​ | 2,883,210
Other payables | ​ | ​ | 2,096,830 | ​ | ​ | 1,837,299 | ​ | ​ | 288,819
Other payable- related parties | ​ | ​ | 1,253,797 | ​ | ​ | 2,434,814 | ​ | ​ | 382,747
Advance from customers | ​ | ​ | 7,686,276 | ​ | ​ | 1,195,862 | ​ | ​ | 187,987
Accrued payroll and employees’ welfare | ​ | ​ | 1,565,898 | ​ | ​ | 1,278,360 | ​ | ​ | 200,955
Intercompany payables* | ​ | ​ | 127,653,174 | ​ | ​ | 174,467,603 | ​ | ​ | 27,425,898
Taxes payable | ​ | ​ | 1,249,052 | ​ | ​ | 2,338,264 | ​ | ​ | 367,570
Short-term borrowings | ​ | ​ | 530,000 | ​ | ​ | 260,000 | ​ | ​ | 40,871
Short-term borrowings - related parties |  | ​ | 12,676,042 |  | ​ | 9,149,292 | ​ |  | 1,438,247
Long-term borrowings - related party - current portion |  | ​ | 920,066 |  | ​ | 958,916 | ​ |  | 150,739
Operating lease liabilities - current |  | ​ | 2,226,832 |  | ​ | 2,928,987 | ​ |  | 460,430
Total current liabilities | ​ | ​ | 191,040,737 | ​ | ​ | 225,190,698 | ​ | ​ | 35,399,450
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities - non-current |  | ​ | 4,792,101 |  | ​ | 3,278,574 | ​ |  | 515,384
Long-term borrowings - related party |  | ​ | 6,486,551 |  | ​ | 6,009,625 | ​ | ​ | 944,699
Deferred tax liability | ​ | ​ | 624,088 | ​ | ​ | 728,403 | ​ | ​ | 114,503
Total Liabilities | ​ | ¥ | 202,943,477 | ​ | ¥ | 235,207,300 | ​ | $ | 36,974,036
​ *Intercompany payables are eliminated upon consolidation. The financial performance of VIEs and their subsidiaries reported in the unaudited condensed consolidated interim statement of operations and comprehensive loss for the six months ended December 31, 2021 includes revenues of ¥25,045,362, operating expenses of ¥8,008,563, and net loss of ¥3,452,609. The financial performance of VIEs and their subsidiaries reported in the unaudited condensed consolidated interim statement of operations and comprehensive income for the six months ended December 31, 2021 includes revenues of ¥54,411,724 ($8,553,395), operating expenses of ¥8,975,330 ($1,410,901), and net income of ¥841,261 ($132,244).

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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