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

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows
 9 Months Ended 12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2017
CNY (¥)
Mar. 31, 2017
CNY (¥)
Mar. 31, 2016
CNY (¥)
Cash flows from operating activities:        
Net income (loss) $ 4,278,481 ¥ 27,837,080 ¥ (9,969,407) ¥ 26,051,187
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Interest on restricted cash for financial standby letter of credit     (495,247)  
Gain from disposal of long-term investments (Note 5) (498,664) (3,244,457) (1,600,000)  
Provision for (reversal of) doubtful accounts 209,567 1,363,506 694,460 (127,852)
Depreciation and amortization 1,410,915 9,179,835 10,293,833 8,611,508
Gain from disposal of property and equipment (78) (507) (14,186) (54,955)
Share-based compensation 2,326,306 15,135,646 6,958,403 9,164,822
Deferred income tax expense (Note 13) 223,595 1,454,773 22,919,916 7,053,724
Share of losses of equity method investments 288,670 1,878,172 16,121,334 8,829,140
Impairment loss of long-term investments 2,338,735 15,216,510 32,199,372  
Interest on convertible promissory note (Note 5)     (568,320)  
Foreign currency exchange loss (gain) (100,380) (653,103) 253,986 2,023,109
Changes in operating assets and liabilities, net of effect of acquisition:        
Accounts receivable (6,963,601) (45,307,278) (6,133,681) (2,274,136)
Prepaid expenses and other current assets (509,629) (3,315,799) 1,508,565 (1,129,761)
Other assets 47,568 309,497 (245,162) 29,514
Income tax payable 2,298,333 14,953,642 (3,044,352) 7,244,175
Accrued expenses and other payables 9,239,586 60,115,517 (797,392) 4,099,848
Deferred revenues 104,914 682,605 (6,537,396) (5,015,552)
Net cash provided by operating activities 14,694,318 95,605,639 61,544,726 64,504,771
Cash flows from investing activities :        
Cash paid for property and equipment (761,882) (4,957,034) (3,210,222) (3,086,987)
Advance payment for intangible assets (1,321,651) (8,599,056)    
Cash receipt from property and equipment disposal 163 1,060 14,536 67,830
Proceeds from disposal of affiliates (Notes 5) 707,553 4,603,550 5,500,000  
Proceed from disposal of a subsidiary, less cash of the subsidiary 306,910 1,996,848    
Cash received from shareholder (Note 19) 1,536,972 10,000,000    
Cash paid to shareholder (Note 19)       (10,000,000)
Payment for acquisition of a subsidiary, less cash acquired (99,210) (645,492)    
Proceeds from acquisition of a subsidiary, less cash paid     411,583  
Cash paid for long-term investments (Note 5) (845,335) (5,500,000) (89,945,800) (23,782,307)
Net cash used in investing activities (3,166,827) (20,604,329) (93,951,601) (36,801,464)
Cash flows from financing activities :        
Cash paid for employee individual income tax for net-settlement of vested shares (28,996) (188,658) (200,047) (774,354)
Cash paid for repurchase of common shares       (19,536,028)
Cash received from short-term loan     3,449,650  
Repayment of short-term loan (530,201) (3,449,650)    
Principal payments on capital lease obligations (124,778) (811,830)    
Cash received from third party investors (Note 9)     34,000,000  
Payment of restricted cash for financial standby letter of credit     (30,000,000)  
Release of restricted cash for financial standby letter of credit 4,610,916 30,000,000    
Special cash dividend (Note 17) (10,097,685) (65,698,571)    
Net cash (used in)/received from financing activities (6,170,744) (40,148,709) 7,249,603 (20,310,382)
Effect of foreign exchange rate changes on cash (185,985) (1,210,072) (62,052) (20,559)
Net increase (decrease) in cash 5,170,762 33,642,529 (25,219,324) 7,372,366
Cash and cash equivalents at beginning of period 34,189,695 222,448,413 247,667,737 240,295,371
Cash and cash equivalents at end of period 39,360,457 256,090,942 222,448,413 247,667,737
Supplemental disclosures of cash flow information :        
Cash paid for income tax 2,027,193 13,189,525 19,756,064 14,308,992
Cash refunded for income tax (29,155) (189,691) (1,034,642) ¥ (9,685,409)
Cash paid for interest expenses 8,817 57,367 57,572  
Non-cash investing and financing activities:        
Acquisition of property and equipment by capital lease 203,422 1,323,527    
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Cash flows from investing activities :        
Cash paid for intangible assets (397,239) (2,584,558) ¥ (6,721,698)  
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Cash flows from investing activities :        
Cash paid for intangible assets $ (2,293,108) ¥ (14,919,647)