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

Leases (Tables)

v3.20.1
Leases (Tables)
12 Months Ended
Dec. 31, 2019
Lessee Disclosure [Abstract]  
Schedule on Impact of ASC 842 on Consolidated Balance Sheet

The impact of ASC 842 on the December 31, 2019 consolidated balance sheet was as follows:

 

 

 

 

December 31,

 

 

 

2019

 

 

 

RMB

Operating leases:

 

 

 

 

Right-of-use lease assets

 

 

 

40,786,291

Lease liabilities-current

 

 

 

20,556,017

Other non-current liabilities

 

 

 

12,500,120

 

  

Summary of Other Information Related to Leases

Other information related to leases is presented below:

 

 

 

December 31,

 

 

2019

 

 

RMB

Supplemental cash flow information:

 

 

Cash paid for amounts included in measurement of operating leases liabilities

 

12,850,734

Right-of-use assets acquired in exchange for operating lease obligations

 

8,696,875

Right-of-use assets acquired in connection with Huanqiuyimeng Acquisition

  

32,089,416

Weighted average remaining lease term

 

1.67

Weighted average discount rate

 

5.88%

Schedule on Maturities of Lease Liabilities under Non-Cancellable Leases

Maturities of lease liabilities under non-cancellable leases as of December 31, 2019 are as follows:

 

 

 

Operating leases

 

 

RMB

2020

 

21,869,242

2021

 

10,956,342

2022

 

2,601,561

2023

 

359,048

2024

 

Thereafter

 

Total undiscounted lease payments

 

35,786,193

Less: Imputed interest

 

(2,730,056)

Total lease liabilities

 

33,056,137

Amounts due within 12 months

 

20,556,017

Non-current lease liability

 

12,500,120

Summary of Short-term Lease Commitments

Short-term lease expense, with a lease term of 12 months or less, for the year ended December 31, 2019 was RMB 2,125,616 and short-term lease commitments as of December 31, 2019 are as follows:

 

 

 

Short-term Lease Commitments

Amount

 

 

RMB

Year ended December 31:

 

 

2020

 

1,506,677

 

 

1,506,677

Schedule on Future Minimum Annual Lease Payments under (ASC 840) Operating Leases

As previously disclosed in the consolidated financial statements for the year ended December 31, 2018 and under the previous lease standards (ASC 840), future minimum annual lease payments for the years subsequent to December 31, 2018 and in aggregate are as follows:

 

 

 

Minimum

 

 

Lease Payments
Amount

 

 

RMB

Year ended December 31:

 

 

2019

 

2,959,829

2020

 

346,745

2021

 

2022

 

2023

 

 

 

3,306,574