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BUSINESS ACQUISITION AND INVESTMENT IN UNCONSOLIDATED ENTITY (Tables) | 6 Months Ended
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Dec. 31, 2024
BUSINESS ACQUISITION AND INVESTMENT IN UNCONSOLIDATED ENTITY |
Summary of fair values of the identifiable assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | RMB |  | US Dollars
Cash |  | ¥ | 471,843 | ​ | $ | 64,642
Accounts receivable, net |  | ​ | 831,049 | ​ |  | 113,853
Other receivables, net |  | ​ | 144,285 | ​ |  | 19,767
Contract costs, net |  | ​ | 75,250 | ​ |  | 10,309
Prepaid expenses |  | ​ | 91,132 | ​ |  | 12,485
Property and equipment, net |  | ​ | 118,130 | ​ |  | 16,184
Intercompany receivables* |  | ​ | 6,850,000 | ​ |  | 938,446
Intangible assets- customer relationship |  | ​ | 7,000,000 | ​ |  | 958,996
Goodwill |  | ​ | 6,996,895 | ​ |  | 958,571
Accounts payable |  | ​ | (1,032,078) | ​ |  | (141,394)
Other payables |  | ​ | (1,273,182) | ​ |  | (174,425)
Other payable- related parties |  | ​ | (479,959) | ​ |  | (65,754)
Deferred revenue |  | ​ | (39,786) | ​ |  | (5,451)
Accrued payroll and employees’ welfare |  | ​ | (1,629,519) | ​ |  | (223,243)
Taxes payable |  | ​ | (64,253) | ​ |  | (8,803)
Deferred tax liability |  | ​ | (1,050,000) | ​ |  | (143,849)
Total |  | ¥ | 17,009,807 | ​ | $ | 2,330,334
Cash considerations |  | ​ | — | ​ |  | —
Deemed equity consideration to acquire 8% equity interest in FGS |  | ​ | 1,689,807 | ​ |  | 231,503
Fair value of previously held equity interest |  | ​ | 30,530,000 | ​ |  | 4,182,593
Non-controlling interest |  | ​ | 34,790,000 | ​ |  | 4,766,210
Capital contribution receivable due from non-controlling Interest |  | ​ | (50,000,000) | ​ |  | (6,849,972)
Total |  | ¥ | 17,009,807 | ​ | $ | 2,330,334
*Intercompany receivables from Nanjing Recon and BHD are eliminated upon consolidation.
Summary of fair value of goodwill acquired and the carrying value, customer relationship, and its estimated useful lives | The identifiable goodwill acquired and the carrying value as of December 31, 2024 is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value
​ | ​ | RMB |  | US Dollars
​ | ​ | (Unaudited) | ​ | (Unaudited)
Goodwill |  | ¥ | 6,996,895 | ​ | $ | 958,571
Less: impairment |  | ​ | (6,996,895) | ​ |  | (958,571)
The carrying value of goodwill as of December 31, 2024 |  | ¥ | — | ​ | $ | —
​ The fair value of identified intangible assets, which is customer relationship, and its estimated useful lives as of December 31, 2024 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  |  | ​ |  | Average
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Useful Life
​ | ​ | Fair Value | ​ | (in Years)
​ | ​ | RMB | ​ | US Dollars | ​ | ​
​ | ​ | (Unaudited) | ​ | (Unaudited) | ​ | ​
Intangible assets - customer relationship |  | ¥ | 7,000,000 | ​ | $ | 958,996 |  | 10
Less: accumulated amortization |  | ​ | (1,750,000) | ​ |  | (239,749) |  |
Less: impairment | ​ | ​ | (5,250,000) | ​ | ​ | (719,247) | ​ | ​
Intangible assets - customer relationship, net |  | ¥ | — | ​ | $ | — |  |

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