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RELATED PARTY TRANSACTIONS AND BALANCES

6 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS AND BALANCES

RELATED PARTY TRANSACTIONS AND BALANCES

NOTE 25. RELATED PARTY TRANSACTIONS AND BALANCES

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

​

​	​	​	​	​	​	​	​	​	​
​	​	For the six months ended December 31,
​	​	2020		​	2021		​	2021
​		​			RMB			U.S. Dollars
​	​	RMB		​	(Unaudited)		​	(Unaudited)
Urumqi Yikeli Automatic Control Equipment Co., Ltd.	​	¥	85,657	​	¥	—	​	$	—
Total revenues from related party	​	¥	85,657	​	¥	—	​	$	—

​

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

​

​	​	​	​	​	​	​	​	​	​
​		​	​		​	December 31, 2021		December 31, 2021
​	​	June 30, 2021		​	RMB		​	U.S. Dollars
​	​	RMB		​	(Unaudited)		​	(Unaudited)
Founders		¥	363,000		¥	—	​	$	—
Founders’ family member		​	70,000		​	—	​		—
Total prepaid expenses - related parties		¥	433,000		¥	—	​	$	—

​

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 ¥110,833 with annual rental expense at ¥1.33 million ($0.21 million).

​

The details of leases from related parties are as below:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​		​		Monthly Rent			Monthly Rent
Lessee		Lessor		Rent Period		RMB			USD
Nanjing Recon		One of the Founders		April 1, 2020 - March 31, 2022		¥	40,000	​	$	6,288
BHD		One of the Founders		January 3, 2022- Dec 31, 2022		​	31,667	​		4,978
BHD		One of the Founders		January 1, 2022- Dec 31, 2022		​	22,500	​		3,537
BHD		Founders’ family member		January 1, 2022- Dec 31, 2022		​	16,667	​		2,620

​

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 December 31, 2021, the operating lease ROU assets and corresponding operating lease liabilities of leases from related parties was ¥119,029 ($18,423) and ¥119,029 ($18,423), respectively.

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 http://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 http://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 http://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 http://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 http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

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