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
 12 Months Ended
Dec. 31, 2021
CNY (¥)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2019
CNY (¥)
Cash flows from operating activities:        
Net loss ¥ (36,410,117) $ (5,713,543) ¥ (100,584,748) ¥ (129,218,299)
Adjustments to reconcile net loss to net cash used in operating activities:        
Gain from disposal of discontinued operations       (4,894,197)
Depreciation and amortization 23,025,480 3,613,200 29,913,815 17,545,060
Loss from disposal of property and equipment 24,380 3,826 87,991  
Share-based compensation 1,039,972 163,194 1,776,783 4,809,454
Deferred income tax benefit (1,562,358) (245,168) (10,283,238) (8,054,197)
Loss (gain) on disposal of subsidiaries and others (33,542,154) (5,263,496) 1,767,800 7,850
Impairment loss of long-term investments 6,000,000 941,531 1,726,391 26,814,507
Provision for loan receivable and other receivables     5,904,305 17,430,825
Impairment loss of intangible assets and other non-current assets     3,120,425 8,932,439
Foreign currency exchange loss (gain) 213,741 33,541 1,050,043 (56,630)
Changes in operating assets and liabilities, net of effect of acquisition and disposal:        
Accounts receivable 1,245,142 195,390 (2,030,603) 225,192
Prepaid expenses and other current assets 675,236 105,959 12,866,352 (3,615,775)
Other non-current assets (3,788,762) (594,539) (6,552,514) (10,066,863)
Income tax payable (85,707) (13,449) (571,474) 679,961
Accrued expenses and other payables 4,532,885 711,309 1,678,155 14,737,959
Deferred revenues 6,798,577 1,066,845 32,257,157 6,846,155
Net cash used in operating activities (31,833,685) (4,995,400) (27,873,360) (57,876,559)
Cash flows from investing activities:        
Cash paid for property and equipment (4,451,589) (698,551) (4,910,407) (1,284,816)
Cash receipt from property and equipment disposal 22,490 3,529 37,441  
Payment for acquisition of a subsidiary, less cash acquired (Note 3) (4,642,082) (728,444) (15,000,000) (34,554,702)
Proceeds from acquisition of a subsidiary, less cash paid     287,801  
Cash paid for long-term investments (Note 6)       (6,000,000)
Proceeds from disposal of subsidiaries and others, less cash disposed (832,811) (130,686) 494,737  
Proceeds from disposal of discontinued operations (Note 24)       4,894,197
Cash paid for acquisition of non-redeemable non-controlling interests (125,000) (19,615)    
Net cash used in investing activities (10,028,992) (1,573,767) (19,090,428) (36,945,321)
Cash flows from financing activities:        
Cash paid for employee individual income tax for net-settlement of vested shares (114,729) (18,003) (33,807) (126,723)
Cash contributed by non-controlling interest holder of Muhua Shangce (Note 15)       5,000,000
Cash received from short-term loans (Note 11) 2,710,000 425,258 19,618,000  
Repayment of short-term loans (Note 11) (2,000,000) (313,844) (17,808,000) (9,000,000)
Cash received upon repayment of loan to a nominee shareholder of ATA Intelligent Learning (Note 1)     5,000,000  
Cash paid for issuance loan to a nominee shareholder of ATA Intelligent Learning (Note 1)     (5,000,000)  
Cash received upon private placement (Note 18)     8,530,931 61,693,192
Cash paid for repurchase of common shares (Note 18)     (4,003,530)  
Cash received for exercise of share options 232,245 36,444    
Net cash provided by financing activities 827,516 129,855 6,303,594 57,566,469
Effect of foreign exchange rate changes on cash (348,911) (54,752) (814,131) 866,827
Net decrease in cash and cash equivalents (41,384,072) (6,494,064) (41,474,325) (36,388,584)
Cash and cash equivalents at beginning of year 112,723,433 17,688,766 154,197,758 190,586,342
Cash and cash equivalents at end of year 71,339,361 11,194,702 112,723,433 154,197,758
Supplemental disclosures of cash flow information:        
Cash paid for income tax 154,379 24,225 114,003 209,697
Cash refunded for income tax (5,316) (834) (2,869,042)  
Cash paid for interest expenses 25,278 3,967 208,220 231,722
Non-cash investing and financing activities:        
Issuance of common shares as the consideration of Huanqiuyimeng Acquisition       76,868,663
Acquisition of non-redeemable non-controlling interests     ¥ 1,145,497  
Consideration payable for business acquisition       ¥ 19,642,082
Disposal of net liabilities of Muhua Shangce, excluding cash ¥ 13,041,021 $ 2,046,421