v3.20.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2019
Lessee Disclosure [Abstract] |
Leases |
(10) | LEASES
The Company adopted new lease accounting standards ASC 842 since January 1, 2019. The primary leases that the Group entered into were for training center and office spaces. Information as of and for the year ended December 31, 2019: As of December 31, 2019, the Company has 61 operating leases for training center and office spaces with remaining terms expiring from 2 through 39 months and a weighted average remaining lease term of 1.67 years. Weighted average discount rates used in the calculation of the lease liability is 5.88%. The discount rates reflect the estimated incremental borrowing rate, which includes an assessment of the credit rating to determine the rate that the Company would have to pay to borrow, on a collateralized basis for a similar term, an amount equal to the lease payments in a similar economic environment. Rent expense for the year ended December 31, 2019 was RMB13,903,991. There was no variable lease costs or sublease income for leased assets for the year ended December 31, 2019. The impact of ASC 842 on the December 31, 2019 consolidated balance sheet was as follows:
|  |  | December 31,
|  |  | 2019
|  |  | RMB
Operating leases: |  |  |  |
Right-of-use lease assets |  |  |  | 40,786,291
Lease liabilities-current |  |  |  | 20,556,017
Other non-current liabilities |  |  |  | 12,500,120
Other information related to leases is presented below:
|  | December 31,
|  | 2019
|  | RMB
Supplemental cash flow information: |  |
Cash paid for amounts included in measurement of operating leases liabilities |  | 12,850,734
Right-of-use assets acquired in exchange for operating lease obligations |  | 8,696,875
Right-of-use assets acquired in connection with Huanqiuyimeng Acquisition |  | 32,089,416
Weighted average remaining lease term |  | 1.67
Weighted average discount rate |  | 5.88%
Maturities of lease liabilities under non-cancellable leases as of December 31, 2019 are as follows:
|  | Operating leases
|  | RMB
2020 |  | 21,869,242
2021 |  | 10,956,342
2022 |  | 2,601,561
2023 |  | 359,048
2024 |  | —
Thereafter |  | —
Total undiscounted lease payments |  | 35,786,193
Less: Imputed interest |  | (2,730,056)
Total lease liabilities |  | 33,056,137
Amounts due within 12 months |  | 20,556,017
Non-current lease liability |  | 12,500,120
Short-term lease expense, with a lease term of 12 months or less, for the year ended December 31, 2019 was RMB 2,125,616 and short-term lease commitments as of December 31, 2019 are as follows:
|  | Short-term Lease Commitments Amount
|  | RMB
Year ended December 31: |  |
2020 |  | 1,506,677
|  | 1,506,677
Information as of and for the year ended December 31, 2018: As previously disclosed in the consolidated financial statements for the year ended December 31, 2018 and under the previous lease standards (ASC 840), future minimum annual lease payments for the years subsequent to December 31, 2018 and in aggregate are as follows:
|  | Minimum
|  | Lease Payments Amount
|  | RMB
Year ended December 31: |  |
2019 |  | 2,959,829
2020 |  | 346,745
2021 |  | —
2022 |  | —
2023 |  | —
|  | 3,306,574
Rental expense for operating leases for nine months ended December 31, 2017 and the year ended December 31, 2018 were RMB 4,772,679 and RMB 2,717,234 respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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