v3.19.1
Consolidated Statements of Cash Flows
9 Months Ended 12 Months Ended
Dec. 31, 2017
CNY (¥)
Dec. 31, 2018
USD ($)
Dec. 31, 2018
CNY (¥)
Dec. 31, 2017
CNY (¥)
Mar. 31, 2017
CNY (¥)
Cash flows from operating activities:          
Net income (loss) ¥ 27,837,080 $ 123,714,858 ¥ 850,601,505 ¥ (26,076,225) ¥ (9,969,407)
Adjustments to reconcile net income (loss) to net cash provided (used in) by operating activities:          
Interest on restricted cash for financial standby letter of credit         (495,247)
Gain from disposal of long-term investments (3,244,457)       (1,600,000)
Provision for doubtful accounts 1,363,506 525,321 3,611,845   694,460
Gain from disposal of discontinued operations   (163,849,021) (1,126,543,946)    
Depreciation and amortization 9,179,835 1,938,953 13,331,272   10,293,833
Loss (gain) from disposal of property and equipment (507) 130 893   (14,186)
Share-based compensation 15,135,646 2,994,967 20,591,899   6,958,403
Deferred income tax expense (benefit) 1,454,773 (3,777,174) (25,969,955)   22,919,916
Share of losses of equity method investments 1,878,172       16,121,334
Impairment loss of long-term investment 15,216,510 928,049 6,380,802   32,199,372
Change in fair value of long-term investment (Note 4)   (399,971) (2,750,000)    
Interest on convertible promissory note (Note 4)         (568,320)
Foreign currency exchange loss (gain) (653,103) 6,238 42,887   253,986
Changes in operating assets and liabilities, net of effect of acquisition          
Accounts receivable (45,307,278) 5,982,639 41,133,635   (6,133,681)
Prepaid expenses and other current assets (3,315,799) (1,973,438) (13,568,373)   1,508,565
Other assets 309,497 (94,460) (649,463)   (245,162)
Income tax payable 14,953,642 (2,174,917) (14,953,642)   (3,044,352)
Accrued expenses and other payables 60,115,517 (9,774,658) (67,205,665)   (797,392)
Deferred revenues 682,605 482,874 3,320,001   (6,537,396)
Net cash provided by (used in) operating activities 95,605,639 (45,469,610) (312,626,305)   61,544,726
Cash flows from investing activities :          
Cash paid for property and equipment (4,957,034) (1,034,150) (7,110,298)   (3,210,222)
Loan lent to Beijing Biztour (Note 3)   (1,999,252) (13,745,856)    
Cash receipt from property and equipment disposal 1,060 401 2,760   14,536
Proceeds from disposal of affiliates 4,603,550       5,500,000
Proceeds received from the sale of non-redeemable non-controlling interests (Note 12)   218,166 1,500,000    
Proceeds from disposal of a subsidiary, less cash of the subsidiary 1,996,848        
Cash received from shareholder (Note 17) 10,000,000        
Payment for acquisition of a subsidiary, less cash acquired (645,492)        
Proceeds from acquisition of a subsidiary, less cash paid   31,270 215,000   411,583
Cash paid for long-term investments (5,500,000)       (89,945,800)
Proceeds from disposal of discontinued operations, net of RMB 147,738,996 cash disposed   177,895,339 1,223,119,391    
Net cash provided by (used in) investing activities (20,604,329) 174,785,211 1,201,735,714   (93,951,601)
Cash flows from financing activities :          
Cash paid for employee individual income tax for net-settlement of vested shares (188,658) (251,188) (1,727,040)   (200,047)
Cash received from short-term loans   2,181,660 15,000,000   3,449,650
Repayment of short-term loans (3,449,650) (2,181,660) (15,000,000)    
Principal payments on capital lease obligations (811,830) (434,672) (2,988,587)    
Cash received from third party investors (Note 12)         34,000,000
Cash received for exercise of share options   208,485 1,433,441    
Special cash dividend (Note 15) (65,698,571) (137,678,976) (946,611,803)    
Net cash provided by (used in) financing activities (70,148,709) (138,156,351) (949,893,989)   37,249,603
Effect of foreign exchange rate changes on cash (1,210,072) (686,499) (4,720,020)   (62,052)
Net increase (decrease) in cash 3,642,529 (9,527,249) (65,504,600)   4,780,676
Cash, cash equivalents and restricted cash at beginning of period 252,448,413 37,246,883 256,090,942   247,667,737
Cash, cash equivalents and restricted cash at end of period 256,090,942 27,719,634 190,586,342 ¥ 256,090,942 252,448,413
Supplemental disclosures of cash flow information :          
Cash paid for income tax 13,189,525 33,801,479 232,402,067   19,756,064
Cash refunded for income tax (189,691)       (1,034,642)
Cash paid for interest expenses 57,367 36,315 249,683   57,572
Non-cash investing and financing activities:          
Acquisition of property and equipment by capital lease 1,323,527        
Education assessment caseware          
Cash flows from investing activities :          
Cash paid for intangible assets (2,584,558)       ¥ (6,721,698)
Software platform of Project Shuang Chuang          
Cash flows from investing activities :          
Cash paid for intangible assets (8,599,056) $ (326,563) ¥ (2,245,283)    
ACT license          
Cash flows from investing activities :          
Cash paid for intangible assets ¥ (14,919,647)        

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