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

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows
 9 Months Ended 12 Months Ended
Dec. 31, 2017
CNY (¥)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
CNY (¥)
Dec. 31, 2017
CNY (¥)
Cash flows from operating activities:          
Net income (loss) ¥ 27,837,080 ¥ (129,218,299) $ (18,561,048) ¥ 850,601,505 ¥ (26,076,225)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Gain from disposal of long-term investments (3,244,457)        
Provision for doubtful accounts 1,363,506     3,611,845  
Gain from disposal of discontinued operations   (4,894,197) (703,007) (1,126,543,946)  
Depreciation and amortization 9,179,835 17,545,060 2,520,190 13,331,272  
Loss (gain) from disposal of property and equipment (507)     893  
Share-based compensation 15,135,646 4,809,454 690,835 20,591,899  
Deferred income tax expense (benefit) 1,454,773 (8,054,197) (1,156,913) (25,969,955)  
Share of losses of equity method investments 1,878,172 7,850 1,128    
Impairment loss of long-term investments 15,216,510 26,814,507 3,851,663 6,380,802  
Provision for loan receivable and other receivables   17,430,825 2,503,781    
Impairment loss of intangible assets and other non-current assets   8,932,439 1,283,065    
Change in fair value of long-term investment (Note 6)       (2,750,000)  
Foreign currency exchange loss (gain) (653,103) (56,630) (8,134) 42,887  
Changes in operating assets and liabilities, net of effect of acquisition:          
Accounts receivable (45,307,278) 225,192 32,347 41,133,635  
Prepaid expenses and other current assets (3,315,799) (3,615,775) (519,375) (13,568,373)  
Other non-current assets 309,497 (10,066,863) (1,446,014) (649,463)  
Income tax payable 14,953,642 679,961 97,670 (14,953,642)  
Accrued expenses and other payables 60,115,517 14,737,959 2,116,975 (67,205,665)  
Deferred revenues 682,605 6,846,155 983,389 3,320,001  
Net cash provided by (used in) operating activities 95,605,639 (57,876,559) (8,313,448) (312,626,305)  
Cash flows from investing activities:          
Cash paid for property and equipment (4,957,034) (1,284,816) (184,552) (7,110,298)  
Loan lent to Beijing Biztour       (13,745,856)  
Cash receipt from property and equipment disposal 1,060     2,760  
Proceeds from disposal of affiliates 4,603,550        
Proceeds received from the sale of non-redeemable non-controlling interests (Note 16)       1,500,000  
Proceeds from disposal of a subsidiary, less cash of the subsidiary 1,996,848        
Cash received from shareholder (Note 22) 10,000,000        
Payment for acquisition of a subsidiary, less cash acquired (645,492) (34,554,702) (4,963,472)    
Proceeds from acquisition of a subsidiary, less cash paid       215,000  
Cash paid for long-term investments (Note 6) (5,500,000) (6,000,000) (861,846)    
Proceeds from disposal of discontinued operations, net of cash disposed in the amount of RMB 147,738,996 and nil for the years ended December 31, 2018 and 2019   4,894,197 703,007 1,223,119,391  
Net cash provided by (used in) investing activities (20,604,329) (36,945,321) (5,306,863) 1,201,735,714  
Cash flows from financing activities:          
Cash paid for employee individual income tax for net-settlement of vested shares (188,658) (126,723) (18,203) (1,727,040)  
Cash contributed by non-controlling interest holder of Muhua Shangce   5,000,000 718,205    
Cash received from short-term loans       15,000,000  
Repayment of short-term loans (3,449,650) (9,000,000) (1,292,769) (15,000,000)  
Principal payments on capital lease obligations (811,830)     (2,988,587)  
Cash received upon private placement   61,693,192 8,861,673    
Cash received for exercise of share options       1,433,441  
Special cash dividend (Note 20) (65,698,571)     (946,611,803)  
Net cash provided by (used in) financing activities (70,148,709) 57,566,469 8,268,906 (949,893,989)  
Effect of foreign exchange rate changes on cash (1,210,072) 866,827 124,512 (4,720,020)  
Net increase (decrease) in cash 3,642,529 (36,388,584) (5,226,893) (65,504,600)  
Cash, cash equivalents and restricted cash at beginning of period 252,448,413 190,586,342 27,376,015 256,090,942  
Cash, cash equivalents and restricted cash at end of period 256,090,942 154,197,758 22,149,122 190,586,342 ¥ 256,090,942
Supplemental disclosures of cash flow information:          
Cash paid for income tax 13,189,525 209,697 30,121 232,402,067  
Cash refunded for income tax (189,691)        
Cash paid for interest expenses 57,367 231,722 33,285 249,683  
Non-cash investing and financing activities:          
Acquisition of property and equipment by capital lease 1,323,527        
Issuance of common shares as the consideration of Huanqiuyimeng Acquisition   76,868,663 11,041,493    
Consideration payable for business acquisition   19,642,082 $ 2,821,409    
Education assessment caseware          
Cash flows from investing activities:          
Cash paid for intangible assets (2,584,558)        
Software platform of Project Shuang Chuang          
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Impairment loss of intangible assets and other non-current assets 0 ¥ 8,932,439   0  
Cash flows from investing activities:          
Cash paid for intangible assets (8,599,056)     ¥ (2,245,283)  
ACT license          
Cash flows from investing activities:          
Cash paid for intangible assets ¥ (14,919,647)