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Condensed financial information of the parent company (Tables)
12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule of parent company balance sheets
 

December 31,
2021

 

December 31,
2022

 

December 31,
2022

   

RMB

 

RMB

 

USD

ASSETS

   

 

   

 

   

 

CURRENT ASSETS

   

 

   

 

   

 

Cash in bank

 

402,451,863

 

 

17,660,758

 

 

2,535,789

 

Short term investment

 

33,540,301

 

 

27,761,919

 

 

3,986,147

 

Other receivables – intercompany

 

522,047,391

 

 

875,276,939

 

 

125,675,120

 

Total current assets

 

958,039,555

 

 

920,699,616

 

 

132,197,056

 

OTHER ASSETS

   

 

   

 

   

 

Other receivable-related parties

 

5,738,130

 

 

49,794,054

 

 

7,149,593

 

Investment in subsidiaries

 

300,285,822

 

 

80,972,615

 

 

11,626,312

 

Total other assets

 

306,023,952

 

 

130,766,669

 

 

18,775,905

 

Total assets

 

1,264,063,507

 

 

1,051,466,285

 

 

150,972,961

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

   

 

   

 

   

 

COMMITMENTS AND CONTINGENCIES

 
 

 

 
 

 

 
 

 

SHAREHOLDERS’ EQUITY

   

 

   

 

   

 

Class A ordinary shares, USD 0.0001 par value, 20,115,570 shares authorized, 20,115,570 shares issued and outstanding of December 31, 2021 and 2022

 

13,095

 

 

13,095

 

 

1,880

 

Class B ordinary shares, USD 0.0001 par value, 466,967,730 shares authorized, 153,300,513 shares issued and outstanding of December 31, 2021 and 2022

 

102,127

 

 

102,127

 

 

14,664

 

Additional paid-in capital

 

1,454,680,407

 

 

1,552,410,496

 

 

222,990,166

 

Accumulated deficit

 

(164,334,928

)

 

(517,971,017

)

 

(74,371,969

)

Statutory reserves

 

28,573,157

 

 

24,478,153

 

 

3,514,653

 

Accumulated other comprehensive loss

 

(54,970,351

)

 

(7,566,569

)

 

(1,086,433

)

Total shareholders’ equity

 

1,264,063,507

 

 

1,051,466,285

 

 

150,972,961

 

Total liabilities and shareholders’ equity

 

1,264,063,507

 

 

1,051,466,285

 

 

150,972,961

 

Schedule of parent company statements of operations and comprehensive loss
 

For the Years Ended December 31,

   

2020

 

2021

 

2022

 

2022

   

RMB

 

RMB

 

RMB

 

USD

OPERATING EXPENSES

   

 

   

 

   

 

   

 

General and administrative

 

(8,400,720

)

 

(10,704,897

)

 

(7,372,851

)

 

(1,058,618

)

Research and development

 

(43,402,651

)

 

(27,394,359

)

 

(242,803,298

)

 

(34,862,490

)

Stock compensation

 

(191,418,458

)

 

(10,582,557

)

 

(6,447,471

)

 

(925,749

)

Total operating expenses

 

(243,221,829

)

 

(48,681,813

)

 

(256,623,620

)

 

(36,846,857

)

LOSS FROM OPERATIONS

 

(243,221,829

)

 

(48,681,813

)

 

(256,623,620

)

 

(36,846,857

)

OTHER INCOME (EXPENSE)

   

 

   

 

   

 

   

 

Investment income (loss)

 

12,284,332

 

 

2,491,671

 

 

(29,052,387

)

 

(4,171,437

)

Interest income

 

37,679

 

 

2,408

 

 

78,931,

 

 

11,333

 

Finance expense

 

(32,259

)

 

(21,282

)

 

(22,526

)

 

(3,234

)

Other income (expense), net

 

(147

)

 

503,806

 

 

3,452,034

 

 

495,654

 

Equity income (loss) of subsidiaries

 

79,764,356

 

 

(190,267,969

)

 

(75,563,525

)

 

(10,849,659

)

Total other income (expense), net

 

92,053,961

 

 

(187,291,366

)

 

(101,107,473

)

 

(14,517,343

)

NET LOSS

 

(151,167,868

)

 

(235,973,179

)

 

(357,731,093

)

 

(51,364,200

)

FOREIGN CURRENCY TRANSLATION ADJUSTMENT

 

(38,531,887

)

 

(19,536,206

)

 

47,403,782,

 

 

6,806,390

 

COMPREHENSIVE LOSS

 

(189,699,755

)

 

(255,509,385

)

 

(310,327,311

)

 

(44,557,810

)

Schedule of parent company statements of cash flows
 

For the Years Ended December 31,

   

2020

 

2021

 

2022

 

2022

   

RMB

 

RMB

 

RMB

 

USD

CASH FLOWS FROM OPERATING ACTIVITIES:

   

 

   

 

   

 

   

 

Net income (loss)

 

(151,167,868

)

 

(235,973,179

)

 

(357,731,093

)

 

(51,364,200

)

Adjustments to reconcile net income to cash used in operating activities:

   

 

   

 

   

 

   

 

Stock compensation expense

 

191,418,458

 

 

10,582,557

 

 

6,447,471

 

 

925,749

 

(Gain) loss from short term investment

 

(12,284,332

)

 

(2,491,671

)

 

29,052,387

 

 

4,171,437

 

Equity (income) loss of subsidiaries and VIEs

 

(79,764,356

)

 

190,267,969

 

 

75,563,525

 

 

10,849,659

 

Change in operating assets and liabilities

   

 

   

 

   

 

   

 

Intercompany

 

(295,669,805

)

 

(199,216,770

)

 

(140,366,420

)

 

(20,154,269

)

Prepaid expenses

 

(1,680,156

)

 

1,571,484

 

 

 

 

 

Net cash used in operating activities

 

(349,148,059

)

 

(235,259,610

)

 

(387,034,130

)

 

(55,571,624

)

CASH FLOWS FROM INVESTING ACTIVITIES:

   

 

   

 

   

 

   

 

Purchases of short term investments

 

(173,557,366

)

 

(98,023,653

)

 

(314,610,239

)

 

(45,172,765

)

Redemptions of short term investments

 

151,096,293

 

 

99,084,663

 

 

294,130,260

 

 

42,232,183

 

Long term investment in subsidiaries

 

(202,168,656

)

 

870,953

 

 

 

 

 

Net cash (used in) provided by investing activities

 

(224,629,729

)

 

1,931,963

 

 

(20,479,979

)

 

(2,940,582

)

CASH FLOWS FROM FINANCING ACTIVITIES:

   

 

   

 

   

 

   

 

Proceeds from public offerings, net

 

572,812,469

 

 

508,132,968

 

 

 

 

 

Repayment to related party loans

 

 

 

(2,274,154

)

 

 

 

 

Sale of subsidiary’s noncontrolling interest

 

 

 

87,369,300

 

 

 

 

 

Net cash provided by financing activities

 

572,812,469

 

 

593,228,114

 

 

 

 

 

EFFECT OF EXCHANGE RATE ON CASH

 

(14,014,753

)

 

(12,519,279

)

 

22,723,004

 

 

3,262,643

 

CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

(14,980,072

)

 

347,381,188

 

 

(384,791,105

)

 

(55,249,563

)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year

 

70,050,747

 

 

55,070,675

 

 

402,451,863

 

 

57,785,352

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year

 

55,070,675

 

 

402,451,863

 

 

17,660,758

 

 

2,535,789

 

 

For the Years Ended December 31,

   

2020

 

2021

 

2022

 

2022

   

RMB

 

RMB

 

RMB

 

USD

Cash and cash equivalents

 

41,981,726

 

402,451,863

 

17,660,758

 

2,535,789

Restricted cash

 

13,088,949

 

 

 

Total cash, cash equivalents and restricted cash shown in the parent company statements of cash flows

 

55,070,675

 

402,451,863

 

17,660,758

 

2,535,789