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OTHER RECEIVABLES, NET

6 Months Ended

Dec. 31, 2023

NOTE 5. OTHER RECEIVABLES, NET

Other receivables, net consisted of the following:


	June 30,		December 31,		December 31,
	2023		2023		2023
			RMB		US Dollars
Third Party	RMB		(Unaudited)		(Unaudited)
Business advances to officers and staffs (A)	¥	854,162	¥	1,849,761	$	260,533
Deposits for projects		1,247,992		1,224,966		172,533
VAT recoverable		690,053		577,545		81,346
Others		1,392,126		1,134,950		159,854
Allowance for credit losses		(1,994,960)		(602,444)		(84,852)
Subtotal		2,189,373		4,184,778		589,414
Less: Long term portion (B)		(3,640)		—		—
Other receivable - current portion	¥	2,185,733	¥	4,184,778	$	589,414

(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.

Provision for credit losses of other receivables was ¥549,132 for the six months ended December 31, 2022. Net recovery of provision for credit losses of other receivables was ¥1,392,516 for the six months ended December 31, 2023.

Movement of allowance for credit losses is as follows:


	June 30,		December 31,		December 31,
	2023		2023		2023
			RMB		US Dollars
	RMB		(Unaudited)		(Unaudited)
Beginning balance	¥	619,444	¥	1,994,960	$	280,984
Charge to (reversal of) allowance		1,375,516		(1,392,516)		(196,132)
Less: written off		—		—		—
Ending balance	¥	1,994,960	¥	602,444	$	84,852