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LONG-TERM BORROWINGS DUE TO RELATED PARTY

12 Months Ended

Jun. 30, 2023

LONG-TERM BORROWINGS DUE TO RELATED PARTY

LONG-TERM BORROWINGS DUE TO RELATED PARTY

NOTE 15. LONG-TERM BORROWINGS DUE TO RELATED PARTY

Long-term borrowings due to related party consisted of the following:

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​	​	​	​	​	​	​	​	​	​
​		June 30,			June 30,			June 30,
​	​	2022		​	2023		​	2023
Long-term borrowings due to related party:	​	RMB		​	RMB		​	US Dollars
Long-term borrowing from a founder, monthly payments of ¥126,135 inclusive of interest at 8.90%, ten years loan, due in November 2027.		¥	6,510,606		¥	—		$	—
Less: current portion		​	(999,530)		​	—		​	—
Total long-term borrowings due to related party		¥	5,511,076		¥	—	​	$	—

​

No long-term borrowings due to related parties were guaranteed or collateralized as of June 30, 2022 and 2023. The long-term loan was converted to a short-term loan due from related parties for lower interest rate during the year ended June 30, 2023 that is due on June 4, 2024.

Interest expense for long-term borrowings due to related party were ¥ 693,641, ¥617,611 and ¥472,593 ($65,174) for the years ended June 30, 2021, 2022 and 2023, respectively.

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- Definition

The entire disclosure for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

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