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Parent Only Information

12 Months Ended

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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- References

No definition available.

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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

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