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CONVERTIBLE NOTES (Tables)
 12 Months Ended
Dec. 31, 2022
CONVERTIBLE NOTES  
Summary of changes in convertible debt, net of unamortized discount

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2022

Balance at January 1,

 

RMB

92,848,377

Issuance of convertible debt, face value

 

​

37,199,800

Debt discount from issuance/sale of ADS shares

 

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—

Debt discount from derivative liability (embedded conversion option)

 

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(37,199,800)

Debt discount from extension fee

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​

(2,940,840)

Deferred financing fees

 

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(3,483,254)

Repayment of convertible debt

 

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—

Conversion of convertible debt into ordinary shares

 

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(50,182,932)

Amortization of debt discount

 

​

16,607,603

Exchange rate change on convertible notes face value

 

​

8,135,104

Convertible debt, net at December 31,

 

RMB

60,984,058

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Summary of convertible notes outstanding

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December 31, 2022

    

December 31, 2021

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Accrued

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Accrued

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Principal

    

Interest

    

Principal

    

Interest

August 2022 $5,500,000 Notes convertible into ADS common stock, 6% interest, due August 2023

 

RMB

37,199,800

 

RMB

911,140

 

RMB

—

 

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—

March 2021 $20,000,000 Notes convertible into ADS common stock, 6% interest, due March 2024

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RMB

129,956,000

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RMB

12,013,055

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RMB

129,956,000

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RMB

6,201,653

February 2021 $5,000,000 Notes convertible into ADS common stock at $14.00 per share, 6% interest, due February 2022

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—

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—

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RMB

32,195,500

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RMB

12,388,301

Repayment of convertible debt

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RMB

(57,914,207)

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RMB

(11,853,771)

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RMB

(39,926,775)

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RMB

(17,652,626)

Exchange rate change on convertible notes face value

​

RMB

5,838,382

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RMB

—

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RMB

(2,296,722)

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RMB

—

Total Convertible Notes Payable, Net

 

RMB

115,079,975

 

RMB

1,070,424

 

RMB

119,928,003

 

RMB

937,328

Less: Debt Discount

 

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(54,095,917)

 

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—

 

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(27,079,626)

 

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—

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RMB

60,984,058

 

RMB

1,070,424

 

RMB

92,848,377

 

RMB

937,328

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