For the years ended June 30,

2020

2021

2022

RMB

U.S. Dollars

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

¥

(19,246,701)

¥

(22,832,734)

¥

95,586,795

$

14,271,539

Adjustments to reconcile net cash flows from operating activities:

Changes in warrants liabilities

—

(35,365,792)

(174,485,575)

(26,051,481)

Amortization of offering cost of warrants

—

12,584,024

—

Provision for doubtful accounts

—

1,933,986

1,923,382

287,170

Restricted shares issued for management and employees

7,944,835

6,140,037

39,263,485

5,862,215

Loss (income) from investment in unconsolidated entity

—

15,411

(15,411)

(2,301)

Restricted shares issued for services

33,927

—

8,935,919

1,334,173

Equity in earnings of subsidiaries and VIEs

8,626,694

27,106,484

18,161,892

2,711,652

Other current assets

(3,370,538)

(474,891)

(111,521)

(16,651)

Other current liabilities

5,583,322

4,776,846

(5,090,698)

(760,064)

Net cash used in operating activities

(428,461)

(6,116,629)

(15,831,732)

(2,363,748)

Cash flows from investing activities:

Repayments from loans to third parties

—

1,950,000

166,405,032

24,845,019

Payments made for loans to third parties

—

(50,288,458)

(137,391,510)

(20,513,170)

Due from intercompany, VIEs and VIEs’ subsidiaries

(4,484,382)

(29,505,002)

(55,569,342)

(8,296,753)

Net cash used in investing activities

(4,484,382)

(77,843,460)

(26,555,820)

(3,964,904)

Cash flows from financing activities:

Proceeds from warrants issued with common share

—

212,051,414

—

Proceeds from sale of common share, net of issuance costs

26,141,051

81,091,141

—

Proceeds from sale of prefunded warrants, net of issuance costs

—

30,276,569

93,321

13,933

Proceeds from share issuance for warrants exercised

—

21,130,035

—

Proceeds from issuance of convertible notes

—

42,014,616

—

Net cash provided by financing activities

26,141,051

386,563,775

93,321

13,933

Effect of exchange rate fluctuation on cash

(97,823)

274,149

14,016,375

2,092,708

Net increase (decrease) in cash

21,130,385

302,877,835

(28,277,856)

(4,222,011)

CASH, beginning of year

1,108,595

22,238,980

325,116,815

48,541,402

CASH, end of year

¥

22,238,980

¥

325,116,815

¥

296,838,959

$

44,319,391

Non-cash investing and financing activities

Issuance of common share in exchange of shares of Starry, net of issuance costs

¥

—

¥

27,675,450

¥

—

$

—

Cancellation of ordinary shares issued to Starry

¥

(27,675,450)

$

(4,132,069)

Conversion of convertible notes to 9,225,338 shares of ordinary shares

¥

—

¥

42,435,669

¥

—

$

—

Payable for issuance cost of common share

¥

374,696

¥

—

¥

—

$

—