XML 56 R35.htm IDEA: XBRL DOCUMENT v3.23.1

FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2022

FINANCIAL INFORMATIONS OF PARENT COMPANY

FINANCIAL INFORMATION OF PARENT COMPANY

PARENT COMPANY CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2020, 2021 AND 2022

​	​	​	​	​	​	​	​	​
​		2020		2021		2022		2022
​		RMB		RMB		RMB		US$
Operating expenses:	​	​	​	​	​	​	​	​
General and administrative		(87,638,664)	​	(186,462,351)	​	(232,037,437)	​	(33,642,266)
Total operating expenses		(87,638,664)	​	(186,462,351)	​	(232,037,437)	​	(33,642,266)
​	​	​	​	​	​	​	​	​
Loss from operations		(87,638,664)	​	(186,462,351)	​	(232,037,437)	​	(33,642,266)
Impairment on equity investment	​	(1,172,755)	​	(7,599,505)	​	(15,252,515)	​	(2,211,407)
Gain on other investments		—	​	22,743,763	​	(28,735,889)	​	(4,166,312)
Interest expenses		(2,923,055)	​	(109,175,494)	​	—	​	—
Fair value change on warrants liability	​	37,851	​	—	​	—	​	—
Gain on disposal of equity investee and available-for-sale investments	​	—	​	—	​	711,914	​	103,218
Non operating income	​	—	​	—	​	423,270	​	61,368
Gain from change in fair value of convertible feature derivative liability	​	—	​	62,246,860	​	37,249,976	​	5,400,739
Gain on extinguishment of convertible notes	​	56,755,902	​	—	​	—	​	—
Gain on waiver of interest-free loan		35,397,500	​	—	​	—	​	—
Foreign exchange gain (loss)		29,578,454	​	(2,457,272)	​	(7,140,909)	​	(1,035,334)
Other expenses, net		(40,059,304)	​	(54,703,506)	​	—	​	—
Loss before income tax expense and share of loss in equity method investment		(10,024,071)	​	(275,407,505)	​	(244,781,590)	​	(35,489,994)
Share of loss in equity method investment	​	(2,165,935)	​	(1,725,152)	​	—	​	—
Equity in (loss) income of subsidiaries and VIE		410,073,394	​	(134,102,098)	​	(730,077,459)	​	(105,851,282)
Net income (loss)		397,883,388	​	(411,234,755)	​	(974,859,049)	​	(141,341,276)
Other comprehensive income (loss), net of tax:	​	​	​	​	​	​	​	​
Currency translation adjustments		(12,900,251)	​	3,984,443	​	—	​	—
Total comprehensive income (loss)		384,983,137	​	(407,250,312)	​	(974,859,049)	​	(141,341,276)

​

PARENT COMPANY CONDENSED BALANCE SHEETS

AS OF DECEMBER 31, 2021 AND 2022

​	​	​	​	​	​	​
​		December 31,		December 31,		December 31,
​	​	2021	​	2022	​	2022
​		RMB		RMB		US$
​	​	​	​	​	​	(Note 3)
ASSETS	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents		12,243,809	​	18,704,249	​	2,711,861
Prepayments and other current assets, net		56,226	​	​	​	​
Amounts due from intercompany		2,358,774,226	​	2,378,886,528	​	344,906,125
Total current assets		2,371,074,261	​	2,397,590,777	​	347,617,986
Investments	​	44,452,310	​	8,199,715	​	1,188,847
Investments in subsidiaries and VIE		(1,420,365,177)	​	(2,150,220,191)	​	(311,752,623)
​	​	​	​	​	​	​
Total assets		995,161,394	​	255,570,301	​	37,054,210
​	​	​	​	​	​	​
LIABILITIES	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​
Accrued expenses and other current liabilities		61,326,625	​	18,772,708	​	2,721,787
Amounts due to intercompany	​	12,689,811	​	78,728,877	​	11,414,614
Warrants		51,825,629	​	51,775,453	​	7,506,735
Bond payable	​	92,848,377	​	60,984,058	​	8,841,857
Total current liabilities		218,690,442	​	210,261,096	​	30,484,993
Total liabilities		218,690,442	​	210,261,096	​	30,484,993
​	​	​	​	​	​	​
SHAREHODERS’ EQUITY	​	​	​	​	​	​
Class A ordinary shares	​	45,233,784	​	56,659,429	​	8,214,845
Class B ordinary shares	​	943,789	​	943,789	​	136,837
Additional paid-in capital		4,139,122,755	​	4,371,228,191	​	633,768,513
Statutory reserves		7,326,560	​	7,326,560	​	1,062,251
Accumulated other comprehensive loss		(12,693,760)	​	(12,527,539)	​	(1,816,323)
Accumulated deficit		(3,403,462,176)	​	(4,378,321,225)	​	(634,796,906)
Total shareholders’ equity		776,470,952	​	45,309,205	​	6,569,217
Total liabilities and shareholders’ equity		995,161,394	​	255,570,301	​	37,054,210

​

PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2020 2021 AND 2022

​

​	​	​	​	​	​	​	​	​
​		2020		2021		2022		2022
​		RMB		RMB		RMB		US$
​	​	​	​	​	​	​	​	(Note 3)
Cash flows from operating activities:	​	​	​	​	​	​	​	​
Net income (loss)		397,883,388	​	(411,234,755)	​	(974,859,049)	​	(141,341,276)
Adjustments for:	​	​	​	​	​	​	​	​
Share-based compensation expenses		55,056,426	​	—	​	—	​	—
Employee share-based compensation expense	​	—	​	150,166,481	​	202,345,626	​	29,337,358
Fair value change on warrants liability		(37,851)	​	—	​	—	​	—
Interest expenses	​	—	​	120,626,467	​	—	​	—
Amortization of discount and interest on convertible notes		2,923,316	​	—	​	23,074,518	​	3,345,491
Foreign exchange (gain) loss		(29,578,454)	​	4,465,094	​	(166,222)	​	(24,100)
Cancle of ordinary shares	​	—	​	—	​	(1,876,314)	​	(272,040)
Equity in loss (income) of subsidiaries and VIE		(410,073,394)	​	108,608,497	​	773,156,627	​	112,097,174
Consulting fees paid by issuance of shares		6,781,815	​	—	​	—	​	—
Gain from change in fair value of conversion feature derivative liability	​	—	​	(62,246,860)	​	(37,249,976)	​	(5,400,739)
Gain on extinguishment of convertible notes	​	(56,755,902)	​	(2,296,722)	​	8,135,104	​	1,179,479
Gain on waiver of interest-free loan	​	(34,881,000)	​	—	​	—	​	—
Payment of issuance cost by issuance of shares	​	455,658	​	—	​	—	​	—
Changes in operating assets and liabilities:	​	​	​	​	​	​	​	​
Change in prepayments and other current assets		(4,026,346)	​	4,033,993	​	56,226	​	8,152
Change in amounts due from intercompany		349,361,587	​	(1,192,553,035)	​	49,338,235	​	7,153,372
Change in accrued expenses and other current liabilities		(566,162)	​	49,376,705	​	(46,565,182)	​	(6,751,317)
Increase/(Decrease) in interest payable	​	—	​	937,328	​	1,192,955	​	172,962
Net cash (used in) provided by operating activities		276,543,081		(1,230,116,807)		(3,417,452)		(495,484)
​	​	​	​	​	​	​	​	​
Cash flows from investing activities:	​	​	​	​	​	​	​	​
Purchase of property, plant and equipment	​	—	​	—	​	(17,640,000)	​	(2,557,560)
Net cash (used in) provided by investing activities	​	—		—		(17,640,000)		(2,557,560)
​	​	​	​	​	​	​	​	​
Cash flows from financing activities:	​	​	​	​	​	​	​	​
Proceeds from the issuance of ordinary shares and warrants	​	47,430,195	​	64,471,143	​	—	​	—
Proceeds from the issuance of convertible note	​	3,358,369	​	161,588,128	​	33,704,460	​	4,886,687
Purchase of other investment		—	​	—	​	(22,277,084)	​	(3,229,874)
ADS issuance fee	​	—	​	(3,720,691)	​	—	​	—
New issued stock to investors	​	—	​	1,011,476,118	​	—	​	—
Proceeds from disposal of other investment	​	—	​	—	​	15,228,067	​	2,207,862
Repayments of convertible notes	​	(318,929,623)	​	—	​	—	​	—
Net cash provided by (used in) financing activities		(268,141,059)	​	1,233,814,698	​	26,655,443	​	3,864,675
Effect of foreign exchange rate changes on cash and cash equivalents		—	​	—	​	862,449	​	125,045
Net change in cash and cash equivalents		8,402,022	​	3,697,891	​	6,460,440	​	936,676
Cash and cash equivalents, beginning of year		143,896	​	8,545,918	​	12,243,809	​	1,775,185
Cash and cash equivalents, end of year	​	8,545,918	​	12,243,809	​	18,704,249	​	2,711,861
Supplement disclosure of cash flow information:	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
Interest paid		36,310,455	​	—	​	—	​	—

​

X

- References

No definition available.

+ Details

Name:	srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix:	srt_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

+ Details

Name:	us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration