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Leases

9 Months Ended

Sep. 30, 2019

Leases

Leases

11. Leases

The Group has operating leases for warehouses, stores, office spaces, delivery centers and other corporate assets that the Group utilizes under lease arrangements.

A summary of supplemental information related to operating leases as of September 30, 2019 is as follows:

		As of September 30, 2019
		RMB
Operating lease ROU assets			8,944,250
Operating lease liabilities-current			3,392,274
Operating lease liabilities-non-current			5,740,119
Total operating lease liabilities			9,132,393
Weighted average remaining lease term			4.5 years
Weighted average discount rate			4.7	%

A summary of lease cost recognized in the Group’s unaudited interim condensed consolidated financial statements of operations and comprehensive income and supplemental cash flow information related to operating leases is as follows:

		For the nine months ended September 30, 2019
		RMB
Operating lease cost			2,488,840
Short-term lease cost			860,237
Total(*)			3,349,077
Operating cash flows from operating leases			2,323,248

(*) The lease expense was RMB2,783,933 for the nine months ended September 30, 2018.

A summary of maturity of operating lease liabilities under the Group’s non-cancelable operating leases as of September 30, 2019 is as follows:

		As of September 30, 2019
		RMB
Remainder of 2019			1,096,019
2020			2,984,093
2021			2,019,774
2022			1,438,755
2023			1,048,445
2024 and thereafter			1,586,543
Total lease payments			10,173,629
Less: interest			(1,041,236	)
Present value of operating lease liabilities			9,132,393

As of September 30, 2019, the Group has no significant lease contract that has been entered into but not yet commenced.

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- References

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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