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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables)

6 Months Ended

Dec. 31, 2021

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

Schedule of parent company balance sheets (unaudited)


		June 30,			December 31,			December 31,
		2021			2021			2021
					RMB			U.S. Dollars
		RMB			(Unaudited)			(Unaudited)
ASSETS
Cash		¥	325,116,815		¥	287,893,737		$	45,256,221
Due from subsidiaries, VIEs and VIEs’ subsidiaries*			148,497,648			195,310,788			30,702,397
Other current assets			52,136,194			25,824,404			4,059,537
Total Current Assets			525,750,657			509,028,929			80,018,156

Non-current assets
Investment in subsidiaries and VIEs			(55,308,418)			(55,225,497)			(8,681,319)
Investment in unconsolidated entity			27,931,795			—			—

Total assets		¥	498,374,034		¥	453,803,432		$	71,336,837

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities		¥	12,643,150		¥	5,416,579		$	851,474

Warrant liability			190,635,850			42,239,816			6,640,000
LIABILITIES			203,279,000			47,656,395			7,491,474

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY
Class A ordinary shares, $0.0925 U.S. dollar par value, 150,000,000 shares authorized; 26,868,391 shares and 27,180,718 shares issued and outstanding as of June 30, 2021 and December 31, 2021, respectively			16,340,826			16,524,894			2,597,675
Class B ordinary shares, $0.0925 U.S. dollar par value, 20,000,000 shares authorized; nil shares and 2,500,000 shares issued and outstanding as of June 30, 2021 and December 31, 2021, respectively			—			1,474,543			231,795
Additional paid-in capital			479,490,763			482,163,636			75,794,994
Accumulated deficit			(202,711,391)			(91,353,881)			(14,360,616)
Accumulated other comprehensive income (loss)			1,974,836			(2,662,155)			(418,485)
Total shareholders’ equity			295,095,034			406,147,037			63,845,363

Total liabilities and shareholders’ equity		¥	498,374,034		¥	453,803,432		$	71,336,837

* Due from subsidiaries, VIEs and VIEs’ subsidiaries are eliminated upon consolidation.

Schedule of parent company statements of operations and comprehensive loss (unaudited)


		For the six months ended December 31,
		2020			2021			2021
		RMB			RMB			U.S. Dollars
		(Unaudited)			(Unaudited)			(Unaudited)
Revenues		¥	123,918		¥	—		$	—
Cost of revenues			99,202			—			—

Gross profit			24,716			—			—

General and administrative expenses			6,058,542			36,567,864			5,748,383
Provision for credit losses			—			1,916,515			301,272
Loss from operations			(6,033,826)			(38,484,379)			(6,049,655)

Fair value changes of warrants liability			—			147,168,952			23,134,614
Other income (loss)			(148,421)			2,584,170			406,225

Equity in income (loss) of subsidiaries, vies and vies' subsidiaries			(2,753,404)			88,767			13,954

Net income (loss)		¥	(8,935,651)		¥	111,357,510		$	17,505,140
Foreign currency translation adjustments			(931,366)			(4,631,145)			(728,005)
Foreign currency translation adjustments related to investments in subsidiaries, VIEs and VIEs' subsidiaries			(4,113)			(5,846)			(919)
Comprehensive income (loss) attributable to the company		¥	(9,867,017)		¥	106,720,519		$	16,776,216

Schedule of parent company statements of cash flows (unaudited)


		For the six months ended December 31,
		2020			2021			2021
		RMB			RMB			U.S. Dollars
		(Unaudited)			(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		¥	(8,935,651)		¥	111,357,510		$	17,505,140
Adjustments to reconcile net cash flows from operating activities:
Changes in warrants liabilities			—			(147,168,952)			(23,134,614)
Provision for doubtful accounts			—			1,916,515			301,272
Restricted shares issued for management and employees			3,403,513			27,375,871			4,303,423
Income from investment in unconsolidated entity			—			(15,411)			(2,423)
Restricted shares issued for services			—			4,631,063			727,992
Interest expenses related to convertible notes			84,607			—			—
Equity in earnings of subsidiaries and VIEs			2,753,404			(88,767)			(13,954)
Other current assets			551,826			(2,448,550)			(384,906)
Other current liabilities			(1,890,271)			(7,226,571)			(1,136,001)

Net cash used in operating activities			(4,032,572)			(11,667,292)			(1,834,071)

Cash flows from investing activities:
Repayments from loans to third parties			—			111,796,100			17,574,085
Payments made for loans to third parties			—			(85,851,987)			(13,495,731)
Proceeds from sale of ordinary shares, net of issuance costs			9,930,015			—			—
Proceeds from issuance of convertible notes			42,364,203			—			—
Due from intercompany, VIEs and VIEs’ subsidiaries			(10,431,998)			(45,913,426)			(7,217,483)

Net cash provided by (used in) investing activities			41,862,220			(19,969,313)			(3,139,129)

Effect of exchange rate fluctuation on cash			(927,258)			(5,586,473)			(878,180)

Net increase (decrease) in cash			36,902,390			(37,223,078)			(5,851,381)

CASH, beginning of period			22,238,980			325,116,815			51,107,601

CASH, end of period		¥	59,141,370		¥	287,893,737		$	45,256,221

Non-cash investing and financing activities
Cancellation of shares issued		¥	—		¥	27,675,450		$	4,350,516