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BUSINESS ACQUISITION AND INVESTMENT IN UNCONSOLIDATED ENTITY (Tables) | 6 Months Ended
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Dec. 31, 2021
BUSINESS ACQUISITION AND INVESTMENT IN UNCONSOLIDATED ENTITY |
Summary of fair values of the identifiable assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | RMB |  | U.S. Dollars
Cash |  | ¥ | 471,843 | ​ | $ | 74,173
Trade accounts receivable, net |  | ​ | 831,049 | ​ |  | 130,639
Other receivables, net |  | ​ | 144,285 | ​ |  | 22,681
Contract costs, net |  | ​ | 75,250 | ​ |  | 11,829
Prepaid expenses |  | ​ | 91,132 | ​ |  | 14,326
Property and equipment, net |  | ​ | 118,130 | ​ |  | 18,570
Intercompany receivables* |  | ​ | 6,850,000 | ​ |  | 1,076,804
Intangible assets- customer relationship |  | ​ | 7,000,000 | ​ |  | 1,100,384
Goodwill |  | ​ | 6,996,895 | ​ |  | 1,099,895
Trade accounts payable |  | ​ | (1,032,078) | ​ |  | (162,240)
Other payables |  | ​ | (1,273,182) | ​ |  | (200,141)
Other payable- related parties |  | ​ | (479,959) | ​ |  | (75,448)
Deferred revenue |  | ​ | (39,786) | ​ |  | (6,254)
Accrued payroll and employees’ welfare |  | ​ | (1,629,519) | ​ |  | (256,157)
Taxes payable |  | ​ | (64,253) | ​ |  | (10,100)
Deferred tax liability |  | ​ | (1,050,000) | ​ |  | (165,060)
Total |  | ¥ | 17,009,807 | ​ | $ | 2,673,901
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash considerations |  | ​ | — | ​ |  | —
Deemed equity consideration to acquire 8% equity interest in FGS |  | ​ | 1,689,807 | ​ |  | 265,634
Fair value of previously held equity interest |  | ​ | 30,530,000 | ​ |  | 4,799,244
Non-controlling interest |  | ​ | 34,790,000 | ​ |  | 5,468,906
Capital contribution receivable due from non-controlling Interest |  | ​ | (50,000,000) | ​ |  | (7,859,883)
Total |  | ¥ | 17,009,807 | ​ | $ | 2,673,901
​ *Intercompany receivables from Nanjing Recon and BHD are eliminated upon consolidation.
Schedule of fair value of goodwill acquired and carrying value, customer relationship and its estimated useful lives | The identifiable goodwill acquired and the carrying value as of December 31, 2021 is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Preliminary Fair Value
​ | ​ | RMB |  | U.S. Dollars
​ | ​ | (Unaudited) | ​ | (Unaudited)
Goodwill |  | ¥ | 6,996,895 | ​ | $ | 1,099,895
Less: impairment |  | ​ | — | ​ |  | —
The carrying value of goodwill as of December 31, 2021 |  | ​ | 6,996,895 | ​ |  | 1,099,895
​ The fair value of identified intangible assets, which is customer relationship, and its estimated useful lives is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  |  | ​ |  | Average
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Useful Life
​ | ​ | Preliminary Fair Value | ​ | (in Years)
​ | ​ | RMB | ​ | U.S. Dollars | ​ | ​
​ | ​ | (Unaudited) | ​ | (Unaudited) | ​ | ​
Intangible assets - customer relationship |  | ¥ | 7,000,000 | ​ | $ | 1,100,383 |  | 10
Less: accumulated amortization |  | ​ | (700,000) | ​ |  | (110,038) |  |
Total intangible assets, net as of December 31, 2021 |  | ​ | 6,300,000 | ​ |  | 990,345 |  |

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