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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Note 13 — Leases Lease commitments The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which result in an economic penalty. The Company has several offices lease agreements with lease terms ranging from two to six years. Upon adoption of ASU 2016-02 on January 1, 2022, the Company recognized approximately RMB 5.7 million right of use (“ROU”) assets and same amount of lease liabilities based on the present value of the future minimum rental payments of leases, using a incremental borrowing rate of 7.0%. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The leases generally do not contain options to extend at the time of expiration. As of December 31, 2022 and December 31, 2023, the Company’s operating leases had a weighted average remaining lease term of approximately 2.93 years and 2.65 years, respectively. Operating lease expenses are allocated between the cost of revenue and selling, research and development, general, and administrative expenses. Rent expenses for the years ended December 31,2021, 2022 and 2023 was and RMB 2,222,304, RMB 2,532,996 and RMB 2,306,237, respectively. The five-year maturity of the Company’s operating lease obligations is presented below:
Schedule of lease liabilities |  |  |  |  |  |  |  |
Twelve Months Ending December 31, |  | Operating Lease Amount |  |  | Operating Lease Amount |
|  | RMB |  |  | USD |
2024 |  |  | 1,243,004 |  |  |  | 175,499 |
2025 |  |  | 1,307,489 |  |  |  | 184,603 |
2026 |  |  | 875,622 |  |  |  | 123,628 |
2027 |  |  | - |  |  |  | - |
2028 |  |  | - |  |  |  | - |
Total lease payments |  |  | 3,426,115 |  |  |  | 483,730 |
Less: Interest |  |  | (304,651 | ) |  |  | (43,013 | )
Present value of lease liabilities |  |  | 3,121,464 |  |  |  | 440,717 |
Future amortization of Company’s ROU assets is presented below:
Schedule of future amortization of ROU assets |  |  |  |  |  |
Twelve months ending December 31, |  | RMB |  |  | USD |
2024 |  |  | 1,061,871 |  |  |  | 149,925 |
2025 |  |  | 1,138,324 |  |  |  | 160,719 |
2026 |  |  | 788,496 |  |  |  | 111,327 |
Total |  |  | 2,988,691 |  |  |  | 421,971 |

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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 -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//840/tableOfContent + Details
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