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LONG-TERM BORROWINGS DUE TO RELATED PARTY

6 Months Ended

Dec. 31, 2021

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,		December 31,		December 31,
	2021		2021		2021
			RMB		U.S. Dollars
Long-term borrowings due to related party:	RMB		(Unaudited)		(Unaudited)
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	¥	6,968,541	$	1,095,438
Less: current portion		(920,066)		(958,916)		(150,739)
Total long-term borrowings due to related party	¥	6,486,551	¥	6,009,625	$	944,699

No long-term borrowings due to related party were guaranteed or collateralized at June 30, 2021 and December 31, 2021.

Interest expense for long-term borrowings due to related party was ¥355,908 and ¥318,735 ($50,104) for the six months ended December 31, 2020 and 2021, respectively.

The future maturities of long-term borrowings due to related party at December 31, 2021 are as follows:


	RMB		U.S. Dollars
Twelve months ending December 31,	(Unaudited)		(Unaudited)
2022	¥	958,916	$	150,739
2023		1,019,695		160,294
2024		1,114,243		175,156
2025		1,217,558		191,397
2026		1,330,452		209,144
Thereafter		1,327,677		208,708
Total	¥	6,968,541	$	1,095,438