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SHORT-TERM BORROWINGS DUE TO RELATED PARTIES

6 Months Ended

Dec. 31, 2023

SHORT-TERM BORROWINGS DUE TO RELATED PARTIES

SHORT-TERM BORROWINGS DUE TO RELATED PARTIES

NOTE 14. SHORT-TERM BORROWINGS DUE TO RELATED PARTIES

Short-term borrowings due to related parties consisted of the following:


	June 30,		December 31,		December 31,
	2023		2023		2023
			RMB		US Dollars
Short-term borrowings due to related parties:	RMB		(Unaudited)		(Unaudited)
Short-term borrowing from a Founder, 3.65% annual interest, due on December 26, 2023	¥	10,004,055	¥	—	$	—
Short-term borrowing from a Founder, 3.40% annual interest, due on June 4, 2024*		4,993,950		4,994,892		703,516
Short-term borrowing from a Founder, 3.40% annual interest, due on June 16, 2024*		5,020,217		5,021,164		707,216
Short-term borrowing from a Founder, 3.45% annual interest, due on December 28, 2024		—		10,003,833		1,409,010
Total short-term borrowings due to related parties	¥	20,018,222	¥	20,019,889	$	2,819,742

*On May 29, 2024, the Company entered into a three-year supplemental agreement with the founder, changing the term of the loan from May 29, 2024 to April 29, 2027 and the annual interest rate to 3.75%.

No short-term borrowings due to related parties were guaranteed or collateralized as of June 30, 2023 and December 31, 2023.

Interest expense for short-term borrowings due to related parties were ¥142,725 and ¥338,338 ($47,654) for the six months ended December 31, 2022 and 2023, respectively.