v3.20.1

Change in Fiscal Year End | 12 Months Ended
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Dec. 31, 2019
Change In Fiscal Year End [Abstract] |
Change in Fiscal Year End |
(1 3) | CHANGE IN FISCAL YEAR END
During the nine-month period ended December 31, 2017, the Group changed its fiscal year end to December 31, effective December 31, 2017. The consolidated financial statements for the nine-month period ended December 31, 2017 is not comparable to that as of and for the twelve months ended December 31, 2018. For comparison purposes, the Group included the selected data from unaudited consolidated income statement for the twelve-month period ended December 31, 2017 per below:
|  | Twelve months ended December 31, |
|  | 2017 |  |  | 2018 |
|  | RMB |  |  | RMB |
Net revenues |  |  | 7,389,371 |  |  |  | 1,338,592 |
Cost of revenues |  |  | 4,957,647 |  |  |  | 4,251,451 |
Gross profit (loss) |  |  | 2,431,724 |  |  |  | (2,912,859 | )
Operating expenses |  |  | 74,104,081 |  |  |  | 68,672,509 |
Other operating income, net |  |  | — |  |  |  | 3,793,418 |
Loss from operations |  |  | (71,672,357 | ) |  |  | (67,791,950 | )
Other loss, net |  |  | (16,427,003 | ) |  |  | (261,524 | )
Loss from continuing operations before income taxes |  |  | (88,099,360 | ) |  |  | (68,053,474 | )
Income tax benefit |  |  | (591,290 | ) |  |  | — |
Loss from continuing operations, net of income taxes |  |  | (87,508,070 | ) |  |  | (68,053,474 | )
Income from discontinued operations, net of income taxes |  |  | 61,431,845 |  |  |  | 918,654,979 |
Net income (loss) |  |  | (26,076,225 | ) |  |  | 850,601,505 |

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