Information: Condensed Financial Statements of the Company

12 Months Ended

Dec. 31, 2023

Information: Condensed Financial Statements of The Company [Abstract]

Information: Condensed Financial Statements of the Company

23. Information: Condensed financial statements of the Company

Rules 12-04(a) and 4-08(e) (3) of Regulation S-X require condensed financial information as to the financial position, cash flows and results of operations of a parent company as of and for the same periods for which the audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year.

The following condensed financial statements of the Company have been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the Company used the equity method to account for its investment in its subsidiaries and VIEs. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiaries and VIEs”. The Company, its subsidiaries and VIEs were included in the consolidated financial statements whereby the inter-company balances and transactions were eliminated upon consolidation. The Company’s share of income from its subsidiaries and VIEs is reported as equity in profit/(loss) of subsidiaries and VIEs in the condensed financial statements.

The Company is a Cayman Islands company and, therefore, is not subject to income taxes for all years presented. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

As of December 31, 2023, there were no material commitments or contingencies, significant provisions for long-term obligations or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.

Condensed Financial Information of the Company

BALANCE SHEETS

	As of December 31,
	2022			2023
	RMB			RMB			US$ (Note 2 (g))
ASSETS
Current assets:
Cash		210,769,439			212,847,187			29,978,899
Investment gain in subsidiaries and VIEs		84,528,603			-			-
Amounts due from subsidiaries and VIEs		7,686			42,496,200			5,985,465
Total current assets		295,305,728			255,343,387			35,964,364
Total assets		295,305,728			255,343,387			35,964,364
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accrued liabilities and other current liabilities		55,717			56,662			7,981
Investment deficit in subsidiaries and VIEs		-			54,111,743			7,621,480
Amounts due to subsidiaries and VIEs		42,307,875			43,765,484			6,164,239
Total current liabilities		42,363,592			97,933,889			13,793,700
Total liabilities		42,363,592			97,933,889			13,793,700
Shareholders’ equity:
Ordinary shares (USD$0.0001 par value; 500,000,000 shares authorized, 66,667,000 and 116,667,000 shares issued and outstanding as of December 31, 2022 and 2023, respectively)		45,198			81,092			11,422
Additional paid-in capital		305,460,907			333,552,470			46,979,883
Statutory reserves		60,201,702			60,610,543			8,536,816
Accumulated other comprehensive income		5,514,488			8,485,041			1,195,093
Accumulated deficit		(118,280,159	)		(245,319,648	)		(34,552,550	)
Total shareholders’ equity		252,942,136			157,409,498			22,170,664
Total liabilities and shareholders’ equity		295,305,728			255,343,387			35,964,364

STATEMENTS OF OPERATIONGS AND COMPREHENSIVE INCOME/(LOSS)

	For the years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$ (Note 2 (g))
Operating expenses
General and administrative expenses		(1,059,294	)		(2,360,615	)		(1,292,974	)		(182,112	)
Total operating expenses		(1,059,294	)		(2,360,615	)		(1,292,974	)		(182,112	)
Other income		-			12,107			336			47
Equity in loss of subsidiaries and VIEs, net		(242,760,667	)		(5,441,353	)		(125,338,010	)		(17,653,490	)
Loss from subsidiaries and VIEs		(242,760,667	)		(5,429,246	)		(125,337,674	)		(17,653,443	)
Net loss		(243,819,961	)		(7,789,861	)		(126,630,648	)		(17,835,555	)
Net loss attributable to Lixiang Education Holding Co., Ltd. shareholders		(243,819,961	)		(7,789,861	)		(126,630,648	)		(17,835,555	)
Net (loss)/income
Other comprehensive (loss)/income, net of nil tax		(4,586,027	)		18,057,155			2,970,553			418,394
Comprehensive (loss)/income		(248,405,988	)		10,267,294			(123,660,095	)		(17,417,161	)

STATEMENTS OF CASH FLOWS  

	For the years ended December 31,
	2021			2022			2023
		RMB			RMB			RMB		US$ (Note 2 (g))
Cash flows used in operating activities		(2,290,367	)		(1,900,037	)		(42,725,890	)	(6,017,816	)
Cash flows used in investing activities		-			-			-		-
Cash flows provided by financing activities		-			-			41,856,435		5,895,356
Effect of exchange rate changes on cash		(3,088,575	)		17,940,145			2,947,203		415,104
Net changes in cash		(5,378,942	)		16,040,108			2,077,748		292,644
Cash at the beginning of year		200,108,273			194,729,331			210,769,439		29,686,255
Cash at the end of year		194,729,331			210,769,439			212,847,187		29,978,899