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BUSINESS ACQUISITION AND INVESTMENT IN UNCONSOLIDATED ENTITY (Tables)

6 Months Ended

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		¥	—	​	$	—

X

- Definition

Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-1

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X

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

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-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

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