Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Current Liabilities [Abstract]

Other Current Liabilities

17. Other Current Liabilities

Other current liabilities consist of the following:

		December 31, 2023		December 31, 2022
Accrued payroll and employee-related costs			60,134,968		88,469,812
Payable for acquisition of property and equipment			136,476,992		139,578,631
Guarantee deposits			48,205,248		11,695,000
Accrued marketing expenses			15,997,153		11,901,810
Sundry taxes payable			11,196,895		6,707,784
Accrued professional service fees			20,095,758		9,076,767
Accrued offering costs	(i)		2,833,080		4,039,468
Accrued rental expenses			3,616,613		4,242,805
Other accrual expenses			39,597,263		34,742,278
			338,153,970		310,454,355

(i) In August 2022, the Company entered into a professional services contract with a financial intermediary firm pursuant to which, the firm provided professional services to the Company in connection with Merger Transactions and the Company is obligated to pay a service fee of US$3,000,000. Under the agreement, the Company settled US$1,000,000 of the service fee in cash in October 2022 and has an option at its sole discretion to settle the remaining US$2,000,000 of the service fee in following year either in cash or by issuing 200,000 ordinary Shares of the Company when certain conditions were met upon the consummation of the Merger Transactions on September 28, 2022. The Company accounted for the option to settle such service fee in ordinary shares as a liability-settled share-based payment. The option is re-measured at fair value periodically until the settlement of payment. As of December 31, 2023, the fair value of options is US$400,000 (equivalent to RMB2,833,080).