Share-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of the Share Options Activities |
A summary of the share options activities for nine months ended December 31, 2017, the year ended December 31, 2018 and the year ended December 31, 2019 is presented below:
|
|
|
|
|
|
|
Weighted
|
|
|
Weighted
|
|
Aggregate
|
|
|
|
|
|
|
|
average
|
|
|
remaining
|
|
intrinsic
|
|
|
|
Number of
|
|
|
exercise
|
|
|
contractual
|
|
value
|
|
|
|
shares
|
|
|
USD
|
|
|
years
|
|
USD
|
|
Outstanding as of March 31, 2017
|
|
|
2,451,067
|
|
|
|
2.21
|
|
|
|
|
|
|
Granted
|
|
|
50,000
|
|
|
|
2.35
|
|
|
|
|
|
|
Exercised
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
Forfeited
|
|
|
(50,000
|
)
|
|
|
1.71
|
|
|
|
|
|
|
Expired
|
|
|
(74,000
|
)
|
|
|
3.60
|
|
|
|
|
|
|
Outstanding as of December 31, 2017
|
|
|
2,377,067
|
|
|
|
2.18
|
|
|
|
|
|
|
Granted
|
|
|
1,053,150
|
|
|
|
0.58
|
|
|
|
|
|
|
Exercised
|
|
|
(119,792
|
)
|
|
|
1.77
|
|
|
|
|
|
|
Forfeited
|
|
|
(123,438
|
)
|
|
|
1.71
|
|
|
|
|
|
|
Cancelled
|
|
|
(1,901,752
|
)
|
|
|
2.13
|
|
|
|
|
|
|
Expired
|
|
|
(143,023
|
)
|
|
|
3.89
|
|
|
|
|
|
|
Outstanding as of December 31, 2018
|
|
|
1,142,212
|
|
|
|
0.67
|
|
|
|
|
|
|
Granted
|
|
|
70,000
|
|
|
|
0.50
|
|
|
|
|
|
|
Exercised
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
Forfeited
|
|
|
(809,712)
|
|
|
|
0.61
|
|
|
|
|
|
|
Cancelled
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
Expired
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
Outstanding as of December 31, 2019
|
|
|
402,500
|
|
|
|
0.75
|
|
|
|
|
|
|
Vested and expected to vest as of December 31, 2019
|
|
|
402,500
|
|
|
|
0.75
|
|
|
8.59
|
|
35,753
|
|
Exercisable as of December 31, 2019
|
|
|
122,082
|
|
|
|
0.90
|
|
|
8.33
|
|
8,879
|
|
| Schedule of Information Relating to Options Outstanding and Exercisable |
Information relating to options outstanding and exercisable as of December 31, 2019 is as follows:
|
Options outstanding as of December 31, 2019
|
|
Options exercisable as of December 31, 2019
|
|
|
|
Exercise
|
|
Remaining
|
|
|
|
Exercise
|
|
Remaining
|
|
Number of
|
|
Price
|
|
Contractual
|
|
Number
|
|
Price
|
|
Contractual
|
|
Shares
|
|
per Share
|
|
Life
|
|
of Shares
|
|
per Share
|
|
Life
|
|
|
|
USD
|
|
Years
|
|
|
|
USD
|
|
Years
|
|
62,500
|
|
1.71
|
|
7.05
|
|
35,416
|
|
1.71
|
|
7.05
|
|
320,000
|
|
0.58
|
|
8.85
|
|
86,666
|
|
0.58
|
|
8.85
|
|
20,000
|
|
0.53
|
|
9.21
|
|
—
|
|
—
|
|
—
|
|
402,500
|
|
0.75
|
|
8.59
|
|
122,082
|
|
0.90
|
|
8.33
|
|
| Summary of Assumptions Used in the Valuation Model |
The Company calculated the fair value of the share options on the grant date, for nine months ended December 31, 2017, the year ended December 31, 2018 and the year ended December 31, 2019, using the Black-Scholes-Merton pricing valuation model. The assumptions used in the valuation model are summarized as follows:
|
|
|
Nine months
ended
December 31
|
|
|
Twelve months
ended
December 31
|
|
|
Twelve months
ended
December 31
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
Expected dividend yield
|
|
|
8.7%
|
|
|
|
0%
|
|
|
0%
|
|
Expected volatility
|
|
|
60%
|
|
|
|
57%
|
|
|
55%/54%
|
|
Expected term
|
|
|
6.08
|
|
|
5.11/6.11
|
|
|
6.08
|
|
Risk-free interest rate (per annum)
|
|
|
1.96%
|
|
|
3.05%/3.10%
|
|
|
2.53%/2.45%
|
|
| Options |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of Compensation Expense Recognized for Non-vested Shares |
Compensation expense recognized for non-vested share options for nine months ended December 31, 2017, the year ended December 31, 2018 and the year ended December 31, 2019 is allocated to the following expense items:
|
|
|
Nine months
ended
December 31
|
|
|
Twelve months
ended
December 31
|
|
|
Twelve months
ended
December 31
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
Research and development
|
|
|
476,994
|
|
|
|
157,355
|
|
|
68,016
|
|
Sales and marketing
|
|
|
272,568
|
|
|
|
70,915
|
|
|
—
|
|
General and administrative
|
|
|
2,353,681
|
|
|
|
2,024,940
|
|
|
345,991
|
|
Total share-based compensation expense
|
|
|
3,103,243
|
|
|
|
2,253,210
|
|
|
414,007
|
|
| Non-vested shares |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of Compensation Expense Recognized for Non-vested Shares |
Compensation expense recognized for non-vested shares for nine months ended December 31, 2017, the year ended December 31, 2018 and the year ended December 31, 2019 is allocated to the following expense items:
|
|
|
Nine months
ended
December 31
|
|
|
Twelve months
ended
December 31
|
|
|
Twelve months
ended
December 31
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
Cost of revenues
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
Research and development
|
|
|
516,339
|
|
|
|
240,441
|
|
|
367,313
|
|
Sales and marketing
|
|
|
258,170
|
|
|
|
96,058
|
|
|
—
|
|
General and administrative
|
|
|
2,908,303
|
|
|
|
7,119,658
|
|
|
4,028,134
|
|
Total share-based compensation expense
|
|
|
3,682,812
|
|
|
|
7,456,157
|
|
|
4,395,447
|
|
| Summary of the Non-vested Shares Activities |
A summary of the non-vested shares activities for nine months ended December 31, 2017, the year ended December 31, 2018 and the year ended December 31, 2019 is presented below:
|
|
|
|
|
|
|
Weighted average
|
|
|
|
|
Number
|
|
|
grant date
|
|
|
|
|
of shares
|
|
|
fair value
|
|
|
|
|
USD
|
|
|
|
|
|
|
Outstanding at March 31, 2017
|
|
|
2,700,000
|
|
|
|
1.661
|
|
|
Granted
|
|
|
—
|
|
|
|
—
|
|
|
Vested
|
|
|
(60,000)
|
|
|
|
2.145
|
|
|
Forfeited
|
|
|
(15,000)
|
|
|
|
1.650
|
|
|
Outstanding at December 31, 2017
|
|
|
2,625,000
|
|
|
|
1.650
|
|
|
Granted
|
|
|
2,572,584
|
|
|
|
0.537
|
|
|
Vested
|
|
|
(2,068,586)
|
|
|
|
0.872
|
|
|
Forfeited
|
|
|
(71,250)
|
|
|
|
1.650
|
|
|
Cancelled
|
|
|
(1,262,250)
|
|
|
|
1.650
|
|
|
Outstanding at December 31, 2018
|
|
|
1,795,498
|
|
|
|
0.951
|
|
|
Granted
|
|
|
—
|
|
|
|
—
|
|
|
Vested
|
|
|
(693,362)
|
|
|
|
0.885
|
|
|
Forfeited
|
|
|
—
|
|
|
|
—
|
|
|
Cancelled
|
|
|
—
|
|
|
|
—
|
|
|
Outstanding at December 31, 2019
|
|
|
1,102,136
|
|
|
|
0.993
|
|
|