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Condensed financial information of the parent company
 12 Months Ended
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

 

                       
   

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  

 

 
1Par 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

 

                       
    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

 

                       
    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     -       -       -