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OTHER RECEIVABLES, NET

12 Months Ended

Jun. 30, 2023

NOTE 5. OTHER RECEIVABLES, NET

Other receivables, net consisted of the following:


	June 30,		June 30,		June 30,
	2022		2023		2023
Third Party	RMB		RMB		US Dollars
Business advances to officers and staffs (A)	¥	1,441,807	¥	854,162	$	117,795
Deposits for projects		3,259,236		1,247,992		172,106
VAT recoverable		437,095		690,053		95,163
Others		2,547,520		1,392,126		191,983
Allowance for credit losses		(619,444)		(1,994,960)		(275,118)
Subtotal		7,066,214		2,189,373		301,929
Less: Long term portion (B)		(1,564,381)		(3,640)		(502)
Other receivable - current portion	¥	5,501,833	¥	2,185,733	$	301,427

(A)	Business advances to officers and staffs represent advances for business travel and sundry expenses related to oilfield or on-site installation and inspection of products through customer approval and acceptance.

(B)	Long-term portion are mainly tender deposits for large-scale projects or rental contracts. These funds may not be collected back until projects are finished or contracts are completed.

Net recovery of provision for credit losses of other receivables was ¥187,161 and ¥294,644 for the years ended June 30, 2021 and 2022, respectively. Provision for credit losses of other receivables was ¥1,375,516 ($189,692) for the year ended June 30, 2023.

Movement of allowance for credit losses is as follows:


	June 30,		June 30,		June 30,
	2022		2023		2023
	RMB		RMB		US Dollars
Beginning balance	¥	918,153	¥	619,444	$	85,426
Charge to (reversal of) allowance		(294,644)		1,375,516		189,692
Less: written off		(4,065)		—		—
Ending balance	¥	619,444	¥	1,994,960	$	275,118