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The primary leases that the Group entered into were for training centers and office spaces. Certain leases include renewal options and/or termination options, which are factored into the Group’s determination of lease payments when appropriate.

As of December 31, 2022, the Company has 29 operating leases for training center and office spaces with remaining terms expiring from 1 through 66 months and a weighted average remaining lease term of 2.79 years. Weighted average discount rates used in the calculation of the lease liability is 6.57%. As of December 31, 2023, the Company has 25 operating leases for training center and office spaces with remaining terms expiring from 1 through 54 months and a weighted average remaining lease term of 2.17 years. Weighted average discount rates used in the calculation of the lease liability is 6.56%. The discount rates reflect the estimated incremental borrowing rate, which includes an assessment of the credit rating to determine the rate that the Company would have to pay to borrow, on a collateralized basis for a similar term, an amount equal to the lease payments in a similar economic environment.

Operating lease costs for the years ended December 31, 2021, 2022 and 2023 were RMB 21,599,937, RMB 18,456,989 and RMB 18,600,344, respectively, which excluded cost of short-term contracts. Short-term lease expense, with a lease term of 12 months or less, for the years ended December 31, 2021, 2022 and 2023 were RMB 3,248,285, RMB 3,412,129 and RMB 3,950,259, respectively. Short-term lease commitments as of December 31, 2023 was RMB 3,146,914. There were no variable lease costs or sublease income for leased assets for the years ended December 31, 2021, 2022 and 2023.

The impact of ASC 842 on the consolidated balance sheets as of December 31, 2022 and 2023 was as follows:

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Other information related to leases is presented below:

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Maturities of lease liabilities under non-cancellable leases as of December 31, 2023 are as follows:

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