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Condensed financial information of the parent company | 12 Months Ended
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Dec. 31, 2023
Financial Information Of Parent Company |
Condensed financial information of the parent company | Note 19 — Condensed financial information of the parent company The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The subsidiary did not pay any dividend to the Company for the periods presented. For the purpose of presenting parent only financial information, the Company records its investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiary” and the income of the subsidiary is presented as “share of income of subsidiary”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The Company did not have significant capital and other commitments, long-term obligations, or guarantees As of December 31, 2022 and 2023. PARENT COMPANY BALANCE SHEETS
Schedule of condensed balance sheets |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |  |  | December 31, 2023 |  |  | December 31, 2023 |
|  | RMB |  |  | RMB |  |  | USD |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
OTHER ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Investment in subsidiaries |  |  | 197,126,688 |  |  |  | 141,277,611 |  |  |  | 19,945,216 |
Total other assets |  |  | 197,126,688 |  |  |  | 141,277,611 |  |  |  | 19,945,216 |
Total assets |  |  | 197,126,688 |  |  |  | 141,277,611 |  |  |  | 19,945,216 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Other payables and accrued liabilities |  |  | 98,664 |  |  |  | 98,664 |  |  |  | 14,305 |
Warrant liabilities |  |  | 425,619 |  |  |  | 62,200 |  |  |  | 8,782 |
Total liabiliteis |  |  | 524,283 |  |  |  | 160,864 |  |  |  | 23,087 |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |  |  |  |  |  |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Ordinary shares,$0.001 par value1 |  |  | 36,144 |  |  |  | 42,318 |  |  |  | 5,941 |
Additional paid-in capital |  |  | 254,138,709 |  |  |  | 286,296,970 |  |  |  | 41,180,750 |
Accumulated deficit |  |  | (65,500,622 | ) |  |  | (146,909,851 | ) |  |  | (20,668,617 | )
Statutory reserves |  |  | 11,110,699 |  |  |  | 3,052,776 |  |  |  | 431,019 |
Accumulated other comprehensive loss |  |  | (3,182,525 | ) |  |  | (1,365,466 | ) |  |  | (1,026,964 | )
Total shareholders’ equity |  |  | 196,602,405 |  |  |  | 141,116,747 |  |  |  | 19,922,129 |
Total liabilities and shareholders’ equity |  |  | 197,126,688 |  |  |  | 141,277,611 |  |  |  | 19,945,216 |
| 1 | Par value has been adjusted for the reverse stock split effective February 2, 2024 (See Note 18 - Subsequent Event).
PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Schedule of condensed statements of income and comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Years Ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2023 |
|  | RMB |  |  | RMB |  |  | USD |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  |  | (28,968 | ) |  |  | (32,164,435 | ) |  |  | (4,480,600 | )
Total operating expenses |  |  | (28,968 | ) |  |  | (32,164,435 | ) |  |  | (4,480,600 | )
Equity income (loss) of subsidiaries |  |  | (140,903,197 | ) |  |  | (114,125,394 | ) |  |  | (16,111,711 | )
Total other income (expense), net |  |  | (140,903,197 | ) |  |  | (114,125,394 | ) |  |  | (16,111,711 | )
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES |  |  | 4,415,328 |  |  |  | 372,961 |  |  |  | 52,927 |
NET INCOME |  |  | (136,458,901 | ) |  |  | (81,587,998 | ) |  |  | (11,578,184 | )
FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  |  | 995,415 |  |  |  | 1,817,059 |  |  |  | 257,860 |
COMPREHENSIVE INCOME |  |  | (135,463,486 | ) |  |  | (79,770,939 | ) |  |  | (11,320,324 | )
PARENT COMPANY STATEMENTS OF CASH FLOWS
Schedule of condensed statements of cash flows |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Years Ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2023 |
|  | RMB |  |  | RMB |  |  | USD |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  |  | (136,458,901 | ) |  |  | (81,587,998 | ) |  |  | (11,578,184 | )
Adjustments to reconcile net income to cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity income (loss) of subsidiaries |  |  | 140,903,197 |  |  |  | 114,125,394 |  |  |  | 16,111,711 |
Issuance of common shares under the Company’s 2023 Equity Incentive Plan |  |  | - |  |  |  | (32,164,435 | ) |  |  | (4,480,600 | )
Change in fair value of warrant liabilities |  |  | (4,415,328 | ) |  |  | (372,961 | ) |  |  | (52,927 | )
Intercompany |  |  | - |  |  |  | - |  |  |  | - |
Other payables and accrued liabilities |  |  | (28,968 | ) |  |  | - |  |  |  | - |
Net cash used in operating activities |  |  | - |  |  |  | - |  |  |  | - |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  | - |  |  |  | - |  |  |  | - |
Net cash (used in) provided by investing activities |  |  | - |  |  |  | - |  |  |  | - |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by financing activities |  |  | - |  |  |  | - |  |  |  | - |
EFFECT OF EXCHANGE RATE ON CASH |  |  |  |  |  |  |  |  |  |  |  |
CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |  | - |  |  |  | - |  |  |  | - |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year |  |  | - |  |  |  | - |  |  |  | - |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year |  |  | - |  |  |  | - |  |  |  | - |

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