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ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS | Relevant PRC statutory laws and regulations permit the payment of dividends by the Group’s PRC VIEs and subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, PRC laws and regulations require that annual appropriations of certain percentages of the after-tax income or the increase in net assets for the year (as determined under accounting principles generally accepted in the PRC) should be set aside at each year end as a reserve prior to the payment of dividends. As a result of these PRC laws and regulations, the Group’s PRC VIEs and subsidiaries are restricted in their ability to transfer a portion of their net assets to the Group either in the form of dividends, loans or advances. The Group’s restricted net assets, comprising of the registered paid in capital and statutory reserve of Company’s PRC subsidiaries and VIEs, were RMB 962,875 and RMB 828,461 as of December 31, 2017 and 2018, respectively. The condensed financial statements of the Company have been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the Company used the equity method to account for investments in its subsidiaries and VIEs. The Company, its subsidiaries and VIEs were included in the consolidated financial statements whereby the inter-company balances and transactions were eliminated upon consolidation. For the purpose of the Company’s condensed financial statements, its investments in subsidiaries are reported using the equity method of accounting. The Company is a Cayman Islands company, therefore, is not subjected to income taxes for all years presented. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S GAAP have been condensed or omitted. As of December 31, 2017 and 2018, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any. AMBOW EDUCATION HOLDING LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Financial information of Parent Company Balance Sheets (All amounts in thousands, except for share and per share data)
|  | As of December 31, |
|  | 2017 |  |  | 2018 |  |  | 2018 |
|  | RMB |  |  | RMB |  |  | US$ |
|  |  |  |  |  |  |  | Note 3(a) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 323 |  |  |  | 5,094 |  |  |  | 740 |
Amounts due from related parties |  |  | 261,867 |  |  |  | 368,891 |  |  |  | 53,655 |
Prepaid expenses and other current assets |  |  | 2,770 |  |  |  | 863 |  |  |  | 126 |
Total current assets |  |  | 264,960 |  |  |  | 374,848 |  |  |  | 54,521 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net |  |  | - |  |  |  | - |  |  |  | - |
Intangible assets, net |  |  | - |  |  |  | - |  |  |  | - |
Investment in subsidiaries |  |  | - |  |  |  | - |  |  |  | - |
Total non-current assets |  |  | - |  |  |  | - |  |  |  | - |
Total assets |  |  | 264,960 |  |  |  | 374,848 |  |  |  | 54,521 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Amounts due to related parties |  |  | 17,325 |  |  |  | 41,559 |  |  |  | 6,045 |
Accrued and other liabilities |  |  | 41,196 |  |  |  | 27,553 |  |  |  | 3,997 |
Borrowing from third party, current |  |  | - |  |  |  | 41,179 |  |  |  | 6,000 |
Total current liabilities |  |  | 58,521 |  |  |  | 110,291 |  |  |  | 16,042 |
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Long-term borrowing from third party |  |  | 39,205 |  |  |  | - |  |  |  | - |
Total non-current liabilities |  |  | 39,205 |  |  |  | - |  |  |  | - |
Total liabilities |  |  | 97,726 |  |  |  | 110,291 |  |  |  | 16,042 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Preferred shares |  |  |  |  |  |  |  |  |  |  |  |
(US$ 0.003 par value; 1,666,667 shares authorized, nil issued and outstanding as of December 31, 2017 and 2018) |  |  | - |  |  |  | - |  |  |  | - |
Class A Ordinary shares |  |  |  |  |  |  |  |  |  |  |  |
(US$ 0.003 par value; 66,666,667 and 66,666,667 shares authorized; 34,206,939 and 38,756,289 shares issued and outstanding as of December 31, 2017 and 2018, respectively) |  |  | 640 |  |  |  | 728 |  |  |  | 106 |
Class C Ordinary shares |  |  |  |  |  |  |  |  |  |  |  |
(US$ 0.003 par value; 8,333,333 and 8,333,333 shares authorized; 4,708,415 and 4,708,415 shares issued and outstanding as of December 31, 2017 and 2018, respectively) |  |  | 90 |  |  |  | 90 |  |  |  | 13 |
Additional paid-in capital |  |  | 3,456,307 |  |  |  | 3,507,123 |  |  |  | 510,090 |
Accumulated deficit |  |  | (3,296,679 | ) |  |  | (3,251,689 | ) |  |  | (472,938 | )
Accumulated other comprehensive income |  |  | 6,876 |  |  |  | 8,305 |  |  |  | 1,208 |
Total shareholders’ equity |  |  | 167,234 |  |  |  | 264,557 |  |  |  | 38,749 |
Total liabilities and shareholders’ equity |  |  | 264,960 |  |  |  | 374,848 |  |  |  | 54,521 |
|  | Years ended December 31, |
|  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2018 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  |  |  |  |  |  |  |  |  |  | Note 3(a) |
NET REVENUES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Educational program and services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
- Intellectualized operational services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Cost of revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Educational program and services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
- Intellectualized operational services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
GROSS LOSS |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling and marketing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
General and administrative |  |  | (18,854 | ) |  |  | (13,457 | ) |  |  | (1,097 | ) |  |  | (160 | )
Research and development |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total operating expenses |  |  | (18,854 | ) |  |  | (13,457 | ) |  |  | (1,097 | ) |  |  | (160 | )
OPERATING LOSS |  |  | (18,854 | ) |  |  | (13,457 | ) |  |  | (1,097 | ) |  |  | (160 | )
Share of (loss) income from subsidiaries |  |  | (23,274 | ) |  |  | 59,933 |  |  |  | 44,864 |  |  |  | 6,526 |
OTHER EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income, net |  |  | 1 |  |  |  | 2 |  |  |  | 117 |  |  |  | 17 |
Other income (expense), net |  |  | 6,427 |  |  |  | (15 | ) |  |  | 1,106 |  |  |  | 161 |
Income tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
NET (LOSS) INCOME |  |  | (35,700 | ) |  |  | 46,463 |  |  |  | 44,990 |  |  |  | 6,544 |
|  | Years ended December 31, |
|  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2018 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  |  |  |  |  |  |  |  |  |  | Note 3(a) |
Cash flows from operating activities |  |  | (6,348 | ) |  |  | (18,255 | ) |  |  | (86 | ) |  |  | (13 | )
Cash flows from investing activities |  |  | - |  |  |  | (1,556 | ) |  |  | (2,619 | ) |  |  | (381 | )
Cash flows from financing activities |  |  | (843 | ) |  |  | 18,667 |  |  |  | 7,476 |  |  |  | 1,087 |
Effects of exchange rate changes on cash and cash equivalents |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net change in cash and cash equivalents |  |  | (7,191 | ) |  |  | (1,144 | ) |  |  | 4,771 |  |  |  | 693 |
Cash and cash equivalents at beginning of year |  |  | 8,658 |  |  |  | 1,467 |  |  |  | 323 |  |  |  | 47 |
Cash and cash equivalents at end of year |  |  | 1,467 |  |  |  | 323 |  |  |  | 5,094 |  |  |  | 740 |
Supplemental disclosure of cash flow information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplemental disclosure of non-cash investing and financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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