Condensed financial information of the parent company (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Condensed Financial Information Disclosure [Abstract] |
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Schedule of parent company balance sheets |
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December 31, 2021
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December 31, 2022
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December 31, 2022
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RMB
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RMB
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USD
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ASSETS
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CURRENT ASSETS
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Cash in bank
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402,451,863 |
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17,660,758 |
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2,535,789 |
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Short term investment
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33,540,301 |
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27,761,919 |
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3,986,147 |
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Other receivables – intercompany
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522,047,391 |
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875,276,939 |
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125,675,120 |
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Total current assets
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958,039,555 |
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920,699,616 |
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132,197,056 |
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OTHER ASSETS
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Other receivable-related parties
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5,738,130 |
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49,794,054 |
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7,149,593 |
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Investment in subsidiaries
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300,285,822 |
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80,972,615 |
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11,626,312 |
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Total other assets
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306,023,952 |
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130,766,669 |
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18,775,905 |
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Total assets
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1,264,063,507 |
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1,051,466,285 |
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150,972,961 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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COMMITMENTS AND CONTINGENCIES
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SHAREHOLDERS’ EQUITY
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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 |
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13,095 |
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13,095 |
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1,880 |
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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 |
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102,127 |
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102,127 |
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14,664 |
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Additional paid-in capital
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1,454,680,407 |
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1,552,410,496 |
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222,990,166 |
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Accumulated deficit
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(164,334,928 |
)
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(517,971,017 |
)
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(74,371,969 |
)
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Statutory reserves
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28,573,157 |
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24,478,153 |
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3,514,653 |
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Accumulated other comprehensive loss
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(54,970,351 |
)
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(7,566,569 |
)
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(1,086,433 |
)
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Total shareholders’ equity
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1,264,063,507 |
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1,051,466,285 |
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150,972,961 |
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Total liabilities and shareholders’ equity
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1,264,063,507 |
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1,051,466,285 |
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150,972,961 |
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Schedule of parent company statements of operations and comprehensive loss |
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For the Years Ended December 31,
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2020
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2021
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2022
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2022
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RMB
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RMB
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RMB
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USD
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OPERATING EXPENSES
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General and administrative
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(8,400,720 |
)
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(10,704,897 |
)
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(7,372,851 |
)
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(1,058,618 |
)
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Research and development
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(43,402,651 |
)
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(27,394,359 |
)
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(242,803,298 |
)
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(34,862,490 |
)
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Stock compensation
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(191,418,458 |
)
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(10,582,557 |
)
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(6,447,471 |
)
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(925,749 |
)
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Total operating expenses
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(243,221,829 |
)
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(48,681,813 |
)
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(256,623,620 |
)
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(36,846,857 |
)
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LOSS FROM OPERATIONS
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(243,221,829 |
)
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(48,681,813 |
)
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(256,623,620 |
)
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(36,846,857 |
)
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OTHER INCOME (EXPENSE)
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Investment income (loss)
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12,284,332 |
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2,491,671 |
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(29,052,387 |
)
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(4,171,437 |
)
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Interest income
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37,679 |
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2,408 |
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78,931, |
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11,333 |
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Finance expense
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(32,259 |
)
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(21,282 |
)
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(22,526 |
)
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(3,234 |
)
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Other income (expense), net
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(147 |
)
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503,806 |
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3,452,034 |
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495,654 |
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Equity income (loss) of subsidiaries
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79,764,356 |
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(190,267,969 |
)
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(75,563,525 |
)
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(10,849,659 |
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Total other income (expense), net
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92,053,961 |
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(187,291,366 |
)
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(101,107,473 |
)
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(14,517,343 |
)
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NET LOSS
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(151,167,868 |
)
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(235,973,179 |
)
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(357,731,093 |
)
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(51,364,200 |
)
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FOREIGN CURRENCY TRANSLATION ADJUSTMENT
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(38,531,887 |
)
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(19,536,206 |
)
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47,403,782, |
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6,806,390 |
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COMPREHENSIVE LOSS
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(189,699,755 |
)
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(255,509,385 |
)
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(310,327,311 |
)
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(44,557,810 |
)
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Schedule of parent company statements of cash flows |
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For the Years Ended December 31,
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2020
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2021
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2022
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2022
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RMB
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RMB
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RMB
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USD
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income (loss)
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(151,167,868 |
)
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(235,973,179 |
)
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(357,731,093 |
)
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(51,364,200 |
)
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Adjustments to reconcile net income to cash used in operating activities:
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Stock compensation expense
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191,418,458 |
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10,582,557 |
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6,447,471 |
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925,749 |
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(Gain) loss from short term investment
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(12,284,332 |
)
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(2,491,671 |
)
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29,052,387 |
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4,171,437 |
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Equity (income) loss of subsidiaries and VIEs
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(79,764,356 |
)
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190,267,969 |
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75,563,525 |
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10,849,659 |
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Change in operating assets and liabilities
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Intercompany
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(295,669,805 |
)
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(199,216,770 |
)
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(140,366,420 |
)
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(20,154,269 |
)
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Prepaid expenses
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(1,680,156 |
)
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1,571,484 |
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—
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—
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Net cash used in operating activities
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(349,148,059 |
)
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(235,259,610 |
)
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(387,034,130 |
)
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(55,571,624 |
)
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchases of short term investments
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(173,557,366 |
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(98,023,653 |
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(314,610,239 |
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(45,172,765 |
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Redemptions of short term investments
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151,096,293 |
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99,084,663 |
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294,130,260 |
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42,232,183 |
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Long term investment in subsidiaries
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(202,168,656 |
)
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870,953 |
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—
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—
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Net cash (used in) provided by investing activities
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(224,629,729 |
)
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1,931,963 |
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(20,479,979 |
)
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(2,940,582 |
)
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Proceeds from public offerings, net
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572,812,469 |
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508,132,968 |
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—
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—
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Repayment to related party loans
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—
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(2,274,154 |
)
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—
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—
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Sale of subsidiary’s noncontrolling interest
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—
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87,369,300 |
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—
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—
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Net cash provided by financing activities
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572,812,469 |
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593,228,114 |
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—
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—
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EFFECT OF EXCHANGE RATE ON CASH
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(14,014,753 |
)
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(12,519,279 |
)
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22,723,004 |
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3,262,643 |
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CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
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(14,980,072 |
)
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347,381,188 |
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(384,791,105 |
)
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(55,249,563 |
)
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CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year
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70,050,747 |
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55,070,675 |
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402,451,863 |
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57,785,352 |
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CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year
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55,070,675 |
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402,451,863 |
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17,660,758 |
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2,535,789 |
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For the Years Ended December 31,
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|
|
2020
|
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2021
|
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2022
|
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2022
|
|
|
RMB
|
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RMB
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RMB
|
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USD
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Cash and cash equivalents
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41,981,726 |
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402,451,863 |
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17,660,758 |
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2,535,789 |
Restricted cash
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13,088,949 |
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—
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—
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—
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Total cash, cash equivalents and restricted cash shown in the parent company statements of cash flows
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55,070,675 |
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402,451,863 |
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17,660,758 |
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2,535,789 |
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