| Net Revenues |
The components of net revenues for the years ended December 31, 2020, 2021 and 2022, are as follows:
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| Portfolio training services |
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113,191,386 |
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151,433,831 |
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153,136,274 |
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| Research-based learning services |
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4,452,915 |
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5,977,438 |
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3,721,829 |
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| Overseas study counselling services |
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21,059,645 |
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23,623,998 |
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24,974,973 |
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| Other educational services |
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20,025,679 |
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21,174,198 |
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24,657,609 |
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K-12 education assessment and other services |
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3,437,922 |
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— |
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330,189
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K-12 education assessment and other services revenues primarily include K-12 education assessment services and content development services. The Company no longer provided K-12 education assessment services along with the disposal of Muhua Shangce since June 2, 2021. Deferred revenue is recorded when the Group has an obligation to transfer goods or services to a customer for which the Group has received consideration from the customer in advance. Changes in the deferred revenue balances during the year ended December 31, 2021 and 2022 are as follows:
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Fiscal year ended December 31, |
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Balance at of the beginning of the period |
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| Cash received in advance, net of VAT |
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210,709,401 |
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223,388,868 |
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| Acquisition of Youru |
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— |
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1,534,529 |
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| Revenue recognized from opening balance of deferred revenue |
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(106,900,106 |
) |
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(113,271,035 |
) |
| Revenue recognized from deferred revenue arising during the year |
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(94,296,098 |
) |
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(88,928,077 |
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| Disposal of equity interests in subsidiaries for deconsolidation |
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(3,793,597 |
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(1,609,644 |
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| Change of refund liabilities |
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(2,714,620 |
) |
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(3,850,159 |
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Balance at of the end of the period |
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