Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows
 12 Months Ended
Mar. 31, 2017
USD ($)
Mar. 31, 2017
CNY (¥)
Mar. 31, 2016
CNY (¥)
Mar. 31, 2015
CNY (¥)
Cash flows from operating activities:        
Net income (loss) $ (1,448,368) ¥ (9,969,407) ¥ 26,051,187 ¥ 23,055,720
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Interest on restricted cash for financial standby letter of credit (71,950) (495,247)    
Gain from disposal of long-term investment (Note 5) (232,450) (1,600,000)    
Provision for (reversal of) doubtful accounts 100,892 694,460 (127,852) 845,965
Impairment of intangible assets   0 0 310,153
Depreciation and amortization 1,495,501 10,293,833 8,611,508 7,583,790
Loss (gain) from disposal of property and equipment (2,061) (14,186) (54,955) 734
Share-based compensation 1,010,926 6,958,403 9,164,822 7,111,316
Deferred income tax expense (benefit) (Note 12) 3,329,834 22,919,916 7,053,724 (849,689)
Share of losses of equity method investments 2,342,128 16,121,334 8,829,140 2,196,750
Impairment loss of long-term investments 4,677,965 32,199,372    
Interest on convertible note (Note 5) (82,566) (568,320)    
Foreign currency exchange loss 36,899 253,986 2,023,109 997,149
Changes in operating assets and liabilities, net of effect of acquisition:        
Restricted cash       2,700,000
Accounts receivable (891,109) (6,133,681) (2,274,136) 19,357,064
Prepaid expenses and other current assets 219,166 1,508,565 (1,129,761) (893,856)
Other assets (35,617) (245,162) 29,514 (7,574,162)
Income tax payable (442,287) (3,044,352) 7,244,175 (11,258,806)
Accrued expenses and other payables (115,846) (797,392) 4,099,848 (10,657,651)
Deferred revenues (949,761) (6,537,396) (5,015,552) 12,927,758
Net cash provided by operating activities 8,941,296 61,544,726 64,504,771 45,852,235
Cash flows from investing activities :        
Cash paid for property and equipment (466,385) (3,210,222) (3,086,987) (14,836,069)
Cash paid for education assessment test caseware (976,536) (6,721,698)    
Cash receipt from property and equipment disposal 2,112 14,536 67,830 30,490
Proceeds from disposal of affiliates 799,047 5,500,000    
Proceeds from acquisition of subsidiary, less cash paid 59,795 411,583    
Cash paid for long-term investments (13,067,440) (89,945,800) (23,782,307) (37,953,864)
Cash paid to shareholder (Note 17)     (10,000,000)  
Net cash used in investing activities (13,649,407) (93,951,601) (36,801,464) (52,759,443)
Cash flows from financing activities :        
Cash paid for employee individual income tax for net-settlement of vested shares (29,063) (200,047) (774,354) (853,404)
Cash paid for repurchase of common shares     (19,536,028) (8,362,136)
Proceeds from exercise of share options       3,903,952
Cash received from short-term loan 501,170 3,449,650    
Cash received from third party investors (Note 9) 4,939,563 34,000,000    
Restricted cash for financial standby letter of credit (4,358,439) (30,000,000)    
Special cash dividend       (58,349,122)
Net cash (used in)/received from financing activities 1,053,231 7,249,603 (20,310,382) (63,660,710)
Effect of foreign exchange rate changes on cash (9,015) (62,052) (20,559) (1,083,809)
Net increase (decrease) in cash (3,663,895) (25,219,324) 7,372,366 (71,651,727)
Cash and cash equivalents at beginning of year 35,981,482 247,667,737 240,295,371 311,947,098
Cash and cash equivalents at end of year 32,317,587 222,448,413 247,667,737 240,295,371
Supplemental disclosures of cash flow information :        
Cash paid for income tax 2,870,186 19,756,064 14,308,992 23,104,750
Cash refunded for income tax (150,314) (1,034,642) ¥ (9,685,409) (1,421,109)
Cash paid for interest expenses $ 8,364 ¥ 57,572    
Non-cash investing and financing activities:        
Acquisition of property and equipment included in accrued expenses and other payables       ¥ 146,126