v3.20.1

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Loss from Continuing Operations before Income Taxes Generated in Jurisdictions | Loss from continuing operations before income taxes were generated in the following jurisdictions:
|  | Nine months ended December 31 |  |  | Twelve months ended December 31 |  |  | Twelve months ended December 31
|  | 2017 |  |  | 2018 |  |  | 2019
|  | RMB |  |  | RMB |  |  | RMB
Cayman Islands and British Virgin Islands |  |  | (39,725,254 | ) |  |  | (29,296,296 | ) |  | (23,094,955)
PRC |  |  | (35,150,223 | ) |  |  | (39,680,573 | ) |  | (118,145,074)
Hong Kong |  |  | (37,472 | ) |  |  | 923,395 |  |  | (21,586)
Loss before continuing operations before income taxes |  |  | (74,912,949 | ) |  |  | (68,053,474 | ) |  | (141,261,615)
Schedule of Income Tax Expense | Income tax expense recognized in the consolidated statements of comprehensive income (loss) consists of the following:
|  | Nine months ended December 31 |  |  | Twelve months ended December 31 |  |  | Twelve months ended December 31
|  | 2017 |  |  | 2018 |  |  | 2019
|  | RMB |  |  | RMB |  |  | RMB
PRC |  |  |  |  |  |  |  |  |  |
Current income tax expense |  |  | — |  |  |  | — |  |  | 905,078
Deferred income tax benefit |  |  | (2,109,096 | ) |  |  | — |  |  | (8,054,197)
Total income tax benefit |  |  | (2,109,096 | ) |  |  | — |  |  | (7,149,119)
Schedule of Difference Between Actual Income Tax Expense and Amount Computed by Applying PRC Statutory Income Tax Rate to Earnings before Income Taxes | The actual income tax expense (benefit) reported in the consolidated statements of comprehensive income (loss) differs from the respective amount computed by applying the PRC statutory income tax rate of 25% for each of nine months ended December 31, 2017, the year ended December 31, 2018 and the year ended December 31, 2019 to earnings before income taxes due to the following:
|  | Nine months ended December 31 |  |  | Twelve months ended December 31 |  |  | Twelve months ended December 31
|  | 2017 |  |  | 2018 |  |  | 2019
|  | RMB |  |  | RMB |  |  | RMB
Computed “expected” income tax benefit |  |  | (18,728,237 | ) |  |  | (17,013,369 | ) |  | (35,315,404)
Increase (decrease) in valuation allowance |  |  | 9,261,477 |  |  |  | (14,570,083 | ) |  | 23,171,671
Entities not subject to income tax |  |  | 8,244,168 |  |  |  | 4,896,732 |  |  | 4,576,771
Non-deductible expenses |  |  |  |  |  |  |  |  |  |
Entertainment |  |  | 98,299 |  |  |  | 255,843 |  |  | 394,380
Share-based compensation |  |  | 1,696,514 |  |  |  | 2,427,342 |  |  | 1,202,364
Bad debt loss |  |  | (96,683 | ) |  |  | 25,206 |  |  | —
Additional deduction of research and development costs |  |  | (951,062 | ) |  |  | (447,525 | ) |  | (240,404)
Withholding tax related to undistributed earnings |  |  | (2,109,096 | ) |  |  | — |  |  | —
Gain from discharge of intercompany payables (a) |  |  | — |  |  |  | 25,594,493 |  |  | —
Investment loss from sale of non-redeemable non-controlling interests (b) |  |  | — |  |  |  | (1,725,000 | ) |  | —
Other |  |  | 475,524 |  |  |  | 556,361 |  |  | (938,497)
Actual income tax benefit |  |  | (2,109,096 | ) |  |  | — |  |  | (7,149,119)
| (a) | The gain from discharge of intercompany payables represents the gain recognized from the discharge of payables of ATA Education due to ATA Learning, Zhongxiao Zhixing and ATA BVI. These payables were waived in accordance with the terms agreed in the ATA Online Sale Transaction.
| (b) | The investment loss from sale of non-redeemable non-controlling interests represents the investment loss recognized from the transfer of 24% equity shares of Muhua Shangce to a limited partnership named Ningbo Meishan Bonded Port Area Zunming Investment Management Center (Limited Partnership) (“Limited Partnership”) from ATA Education for the year ended December 31, 2018. See note 16.
Schedule of Components of Deferred Income Tax Assets and Liabilities | The tax effects of the Group’s temporary differences that give rise to significant portions of the deferred income tax assets and liabilities are as follows:
|  | December 31, 2018 |  |  | December 31, 2019
|  | RMB |  |  | RMB
Deferred income tax assets: |  |  |  |  |  |
Tax loss carry forwards |  |  | 14,082,622 |  |  | 28,153,853
Impairment loss of long-term investments |  |  | 4,132,700 |  |  | 10,148,827
Lease liability |  |  | — |  |  | 8,264,034
Impairment loss of intangible assets and other non-current assets |  |  | — |  |  | 2,233,110
Provision for other receivables |  |  | — |  |  | 1,396,914
Accrued expenses and other payables |  |  | 2,946,135 |  |  | 4,213,877
Property and equipment, net |  |  | 551,634 |  |  | 702,523
Donation |  |  | 250,000 |  |  | 2,768,750
Total gross deferred income tax assets |  |  | 21,963,091 |  |  | 57,881,888
Less: valuation allowance |  |  | (21,275,591 | ) |  | (44,713,570)
Total deferred income tax assets, net |  |  | 687,500 |  |  | 13,168,318
Deferred income tax liabilities: |  |  |  |  |  |
Intangible assets |  |  | — |  |  | 32,657,242
Right-of-use assets |  |  | — |  |  | 10,196,572
Deferred revenues |  |  | — |  |  | 7,091,422
Change in fair value of long-term investment |  |  | 687,500 |  |  | —
Total gross deferred income tax liabilities |  |  | 687,500 |  |  | 49,945,236
Net deferred income tax assets |  |  | — |  |  | 11,464,891
Net deferred income tax liabilities |  |  | — |  |  | 48,241,809
Summary of Movements of Valuation Allowance | The movements of the valuation allowance are as follows:
|  | Nine months ended December 31 |  |  | Twelve months ended December 31 |  |  | Twelve months ended December 31
|  | 2017 |  |  | 2018 |  |  | 2019
|  | RMB |  |  | RMB |  |  | RMB
Balance at the beginning of the period |  |  | 26,584,197 |  |  |  | 35,845,674 |  |  | 21,275,591
Additions |  |  | 9,261,477 |  |  |  | 11,024,410 |  |  | 23,437,979
Reduction due to gain from discharge of intercompany payables |  |  | — |  |  |  | (25,594,493 | ) |  | —
Balance at the end of the period |  |  | 35,845,674 |  |  |  | 21,275,591 |  |  | 44,713,570

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