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Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2022
CNY (¥)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
CNY (¥)
Dec. 31, 2020
CNY (¥)
Cash flows from operating activities:        
Net income (loss) ¥ (196,583,046) $ (28,501,860) ¥ 52,930,624 ¥ 86,910,391
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation of property and equipment 60,837 8,821 78,000 538,303
Amortization of educational contents 91,542,454 13,272,408 45,296,565 24,375,147
Impairment of educational contents 106,182,780 15,395,056    
Amortization of intangible assets 16,840,435 2,441,634 6,656,298 7,805,096
Impairment of intangible assets 12,139,226 1,760,022    
Impairment of goodwill 7,712,011 1,118,136    
Amortization of operating lease right-of-use assets 300,024 43,499 2,362,967 3,592,290
Provision (Reversal of provision) for doubtful accounts 34,901,498 5,060,242 (119,539) 210,433
Deferred tax benefit (10,980,054) (1,591,958) (649,078) (45,415)
Changes in operating assets and liabilities:        
Accounts receivable 52,700,747 7,640,890 10,148,705 (31,439,946)
Inventories 1,560,838 226,300 15,655 1,877,720
Prepaid expenses and other current assets 3,127,291 453,415 (2,197,407) 357,319
Short-term prepayments 33,608,121 4,872,720 (285,437,271) 12,940,022
Accounts payable (16,249,305) (2,355,928) 1,059,057 7,921,537
Salary and welfare payable (1,108,840) (160,767) 9,831 415,648
Contract liabilities (37,271,217) (5,403,819) 319,904,579 (9,365,507)
Income taxes payable (2,572,452) (372,970) 2,822,268 (903,026)
Value added tax (“VAT”) and other tax payable 1,393,981 202,108 (1,122,235) (4,325,138)
Other payables (2,787,853) (404,202) (1,964,796) 455,342
Lease liabilities (295,367) (42,824) (2,020,636) (3,566,734)
Net cash provided by operating activities 94,222,109 13,660,923 147,773,587 97,753,482
Cash flows from investing activities:        
Purchase of short-term investments (3,850,000) (558,198) (24,405,127) (140,145,000)
Proceeds from redemption of short-term investment 11,200,000 1,623,847 83,655,127 90,305,000
Purchase of property and equipment (76,280) (39,980)
Purchase of educational contents (176,597,637) (25,604,251) (64,811,320) (98,899,372)
Purchase of intangible assets (3,669,811)
Prepayment for educational contents (46,223,984) (6,701,848) (139,002,868) (12,407,962)
Lonas made to a third party (3,015,018) (437,137)
Net cash used in investing activities (218,486,639) (31,677,587) (144,640,468) (164,857,125)
Cash flows from financing activities:        
Repayment to related parties (17,064,116) (2,474,064) (26,697)
Borrowing from related parties 48,808,057 75,604
Net proceeds raised in connection with initial public offering 146,982,044 21,310,393
Payments of issuance cost in relation with initial public offering (481,408) (69,798) (8,621,261)
Advance to a related party for issuance costs in relation with initial public offering (2,512,809)
Refund from a related party for issuance costs in relation with initial public offering 1,421,881 206,153
Deposits made to a redeemable ordinary shareholder (4,296,606) (622,949)
Net cash provided by financing activities 126,561,795 18,349,735 37,673,987 48,907
Effect of exchange rate changes on cash and cash equivalents and restricted cash held in foreign currencies 1,491,231 216,210 (489,011) (264,826)
Net increase (decrease) in cash and cash equivalents and restricted cash 3,788,496 549,281 40,318,095 (67,319,562)
Cash and cash equivalents and restricted cash at beginning of the year 61,266,782 8,882,848 20,948,687 88,268,249
Cash and cash equivalents and restricted cash at end of the year 65,055,278 9,432,129 61,266,782 20,948,687
Supplemental disclosures of cash flows information:        
Cash paid for income taxes 1,177,693 170,749 2,617,807 1,436,662
Cash paid for interest expenses
Non-cash Investing and Financing activities:        
Transfer of prepaid issuance cost to additional paid-in capital ¥ 8,943,892 $ 1,296,742