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Parent Only Information | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
PARENT ONLY INFORMATION | 26. PARENT ONLY INFORMATION Basis of presentation The condensed financial information of the Parent Company has been prepared using the same accounting policies as set out in the Group’s combined and consolidated financial statements except that the Parent Company used the equity method to account for investments in its subsidiaries and VIEs. Investments in subsidiaries and VIEs The Parent Company and its subsidiaries, VIEs and VIEs’ subsidiaries were included in the combined and consolidated financial statements where inter-company balances and transactions were eliminated upon consolidation. For purpose of the Parent Company’s stand-alone financial statements, its investments in subsidiaries, VIEs and VIEs’ subsidiaries were reported using the equity method of accounting. The Parent Company’s share of loss from its subsidiaries, VIEs and VIEs’ subsidiaries were reported as share of loss of subsidiaries, VIEs and VIEs’ subsidiaries in the accompanying Parent Company financial statements. Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to RMB nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of Parent Company Information, preparation the Parent Company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries, VIEs and VIEs’ subsidiaries regardless of the carrying value of the investment even though the Parent Company is not obligated to provide continuing support or fund losses. The following represents condensed unconsolidated financial information of Ucommune International Ltd. Condensed Balance Sheets:
|  | As of December 31,
|  | 2019 |  | 2020
|  | RMB |  | RMB |  | USD
|  |  |  |  |  | (Note 2)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 140 |  |  | 181,262 |  |  | 27,780 |
Amount due from inter-company |  | 69,624 |  |  | 235,086 |  |  | 36,029 |
Other current assets |  | 284 |  |  | 979 |  |  | 150 |
Non-current assets |  |  |  |  |  |  |  |  |
Investment in subsidiaries |  | 1,909,366 |  |  | 1,623,395 |  |  | 248,796 |
TOTAL ASSETS |  | 1,979,414 |  |  | 2,040,722 |  |  | 312,755 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Total current liabilities(1) |  | 81,275 |  |  | 40,409 |  |  | 6,194 |
TOTAL LIABILITIES |  | 81,275 |  |  | 40,409 |  |  | 6,194 |
EQUITY |  |  |  |  |  |  |  |  |
Class A ordinary shares (nil and 400,000,000 authorized, 62,811,334 and 70,999,436 issued and outstanding as of December 31, 2019 and, 2020, with par value of US$0.0001) |  | 44 |  |  | 49 |  |  | 7 |
Class B ordinary shares (nil and 100,000,000 authorized, nil and 9,452,407 issued and outstanding as of December 31, 2019 and, 2020, with par value of US$0.0001) |  | — |  |  | 6 |  |  | 1 |
Additional paid-in capital |  | 3,645,669 |  |  | 4,230,656 |  |  | 648,376 |
Accumulated deficit |  | (1,746,648 | ) |  | (2,235,140 | ) |  | (342,550 | )
Accumulated other comprehensive loss |  | (926 | ) |  | 4,742 |  |  | 727 |
TOTAL EQUITY |  | 1,898,139 |  |  | 2,000,313 |  |  | 306,561 |
TOTAL LIABILITIES AND EQUITY |  | 1,979,414 |  |  | 2,040,722 |  |  | 312,755 |
(1) With respect to the current liabilities and non-current liabilities of the parent only information as of December 31, 2019, the Company disclosed the current liabilities was RMB 11,513 and non-current liabilities was RMB 69,762, respectively. The Company noted there was a classification misstatement between the current liabilities and non-current liabilities. The Group analyzed the misstatement of the disclosure on quantitative impact and qualitative impact, and concluded that the impact of above difference was not material in both quantitative view and qualitative view. Therefore, no restatement on the previously issued financial statement is necessary. However, the Company revised the comparable financial statement disclosure for the year ended December 31, 2019 in this registration statement for the comparable purpose. Current liabilities was revised from RMB 11,513 to RMB 81,275, while the non-current liabilities was revised from RMB 69,762 to nil as of December 31, 2019. Condensed Statements of Operations and Comprehensive Loss:
|  | For the Years Ended December 31,
|  | 2018 |  | 2019 |  | 2020 |  | 2020
|  | RMB |  | RMB |  | RMB |  | USD
|  |  |  |  |  |  |  | (Note 2 | )
Loss from operations |  | — |  |  | (11,110 | ) |  | (42,702 | ) |  | (6,544 | )
Loss from investment in subsidiaries |  | (429,592 | ) |  | (780,040 | ) |  | (445,790 | ) |  | (68,320 | )
Net loss |  | (429,592 | ) |  | (791,150 | ) |  | (488,492 | ) |  | (74,864 | )
Other comprehensive loss |  | (629 | ) |  | 91 |  |  | 5,668 |  |  | 869 |
Total Comprehensive loss |  | (430,221 | ) |  | (791,059 | ) |  | (482,824 | ) |  | (73,995 | )
Condensed Statements of Cash Flows:
|  | For the Years Ended December 31,
|  | 2018 |  | 2019 |  | 2020 |  | 2020
|  | RMB |  | RMB |  | RMB |  | USD
|  |  |  |  |  |  |  | (Note 2)
Net cash used in operating activities |  | — |  | (69,622 | ) |  | (179,963 | ) |  | (27,581 | )
Net cash used in investing activities |  | — |  | — |  |  | — |  |  | — |
Net cash provided by financing activities |  | — |  | 69,762 |  |  | 375,462 |  |  | 57,542 |
Reverse recapitalization |  | — |  | — |  |  | 39,162 |  |  | 6,002 |
Equity financing through PIPE |  | — |  | — |  |  | 336,300 |  |  | 51,540 |
Cash received from convertible bond |  | — |  | 69,762 |  |  | — |  |  | — |
Net increase in cash and cash equivalents |  | — |  | 140 |  |  | 177,862 |  |  | 27,259 |
Cash and cash equivalents at beginning of the year |  | — |  | — |  |  | 140 |  |  | 21 |
Cash and cash equivalents at end of the year |  | — |  | 140 |  |  | 178,002 |  |  | 27,280 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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