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

Description of Business, Organization and Significant Concentrations and Risks (Tables)

v3.23.1
Description of Business, Organization and Significant Concentrations and Risks (Tables)
12 Months Ended
Dec. 31, 2022
Concentration Risk Line Items  
Schedule of Assets and Liabilities Information of Group's VIE and Net Revenues, Net Loss and Cash Flows
The following assets and liabilities information of the Group’s consolidated VIE as of December 31, 2021 and 2022, and net revenues, net loss and cash flows for the years ended December 31, 2020, 2021 and 2022, were included in the accompanying consolidated financial statements of the Company.
 
 
  
December 31,

2021
 
  
December 31,

2022
 
 
  
RMB
 
  
RMB
 
Cash
     191,046        159,882  
Prepaid expenses and other current assets
     16,041        6,592  
    
 
 
    
 
 
 
Total current assets
  
 
207,087
 
  
 
166,474
 
Long-term investments (i)
     62,722,195        55,779,696  
Property and equipment, net
     488        —    
Other
non-current
assets
     2,590        2,590  
    
 
 
    
 
 
 
Total assets
  
 
62,932,360
 
  
 
55,948,760
 
    
 
 
    
 
 
 
Accrued expenses and other payables
     124,089        134,604  
Amounts due to related parties (ii)
     62,767,353        63,597,353  
Total current liabilities
  
 
62,891,442
 
  
 
63,731,957
 
    
 
 
    
 
 
 
Total liabilities
  
 
62,891,442
 
  
 
63,731,957
 
    
 
 
    
 
 
 
 
    
Year ended December 31,
 
    
2020
    
2021
    
2022
 
    
RMB
    
RMB
    
RMB
 
Net revenues
     —          —          —    
Net loss
     (14,304,202      (14,072,212      (7,824,115
 
    
Year ended December 31,
 
    
2020
    
2021
    
2022
 
    
RMB
    
RMB
    
RMB
 
Net cash used in operating activities
     (466,004      (903,343      (861,350
Net cash used in investing activities
     (15,000,000      (4,642,082      —    
Net cash received from financing activities (iii)
     15,122,000        5,645,353        830,186  
 
(i)
Long-term investments as of December 31, 2021 and 2022 include investment cost and share of losses derived from the 
30.96
% equity interests

investment in Beijing Huanqiuyimeng Education Consultation Corp. (“Huanqiuyimeng”) in the amount of RMB
62,722,195
 and RMB
55,779,696
,

respectively, which is eliminated on consolidation. 
(ii)
Amounts due to related parties represent the amounts due to the Company’s subsidiaries, which are eliminated on consolidation.
(iii)
RMB15,122,000, RMB5,645,353 and RMB830,186 of net cash received from financing activities for the years ended December 31, 2020, 2021 and 2022 respectively were related to the transactions with the Company’s subsidiaries, which are eliminated on consolidation.
Credit Concentration Risk | Cash and Cash Equivalents  
Concentration Risk Line Items  
Schedule of Significant Concentrations and Risks
Cash and cash equivalents consist of cash on hand and cash at bank. Cash at bank are deposited in financial institutions at below locations: 

 
    
December 31,

2021
    
December 31,

2022
 
    
RMB
    
RMB
 
Financial institutions in the mainland of the PRC
                 
— Denominated in Renminbi (“RMB”)
     59,679,748        47,841,321  
— Denominated in U.S. Dollar (“USD”)
     132        145  
    
 
 
    
 
 
 
Total cash balances held at mainland PRC financial institutions
  
 
59,679,880
 
  
 
47,841,466
 
    
 
 
    
 
 
 
Financial institutions in Hong Kong Special Administrative Region (“HKSAR”) of the PRC
                 
— Denominated in Hong Kong Dollar (“HKD”)
     199,418        2,714  
— Denominated in USD
     11,460,063        7,136,019  
    
 
 
    
 
 
 
Total cash and cash equivalents balances held at HKSAR financial institutions
  
 
11,659,481
 
  
 
7,138,733
 
    
 
 
    
 
 
 
Total cash and cash equivalents balances held at financial institutions
  
 
71,339,361
 
  
 
54,980,199