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RELATED PARTY TRANSACTIONS AND BALANCES

12 Months Ended

Jun. 30, 2023

RELATED PARTY TRANSACTIONS AND BALANCES

RELATED PARTY TRANSACTIONS AND BALANCES

NOTE 23. RELATED PARTY TRANSACTIONS AND BALANCES

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

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​

​

​

​

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For the years ended June 30,

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​

2021

​

2022

​

2023

​

2023

​

RMB

RMB

RMB

US Dollars

Urumqi Yikeli Automatic Control Equipment Co., Ltd. *

​

¥

85,657

​

¥

—

​

¥

—

​

$

—

Total revenue from a related party

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¥

85,657

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¥

—

​

¥

—

​

$

—

* The noncontrolling shareholder of Gan Su BHD owns 10% interests in Urumqi Yikeli Automatic Control Equipment Co., Ltd.

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

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​	​	​	​	​	​	​	​	​	​
​		June 30,			June 30,			June 30,
​	​	2022		​	2023		​	2023
​	​	RMB		​	RMB		​	US Dollars
Founders		¥	275,000		¥	—	​	$	—
Total prepaid expenses - related parties		¥	275,000		¥	—	​	$	—

​

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 ¥94,167 ($12,986) with annual rental expense at ¥1.1 million ($0.16 million).

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The details of leases from related parties are as below:

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​	​	​	​	​	​	​	​	​	​	​
​	​	​		​		Monthly Rent			Monthly Rent
Lessee		Lessor		Rent Period		RMB			US Dollars
Nanjing Recon		One of the founders		April 1, 2022 - March 31, 2024		¥	40,000	​	$	5,516
BHD		One of the founders		January 1, 2023- Dec 31, 2023		​	31,667	​		4,367
BHD		One of the founders		January 1, 2023 - Dec 31, 2023		​	22,500	​		3,103

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As of June 30, 2022, the operating lease ROU assets and corresponding operating lease liabilities of leases from related parties was ¥765,241 and ¥765,241, respectively.

As of June 30, 2023, the operating lease ROU assets and corresponding operating lease liabilities of leases from related parties was ¥335,976 ($46,333) and ¥335,976 ($46,333), respectively.
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Guarantee/collateral related parties - The Company’s founders provide guarantee and collateral for the Company’s short-term bank loans (see Note 13).

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- References

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- 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
-Topic 946
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-Name Accounting Standards Codification
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