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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Dec. 31, 2017
CNY (¥)
Cash flows from operating activities:        
Net loss $ (28,177,876) ¥ (196,168,740) ¥ (239,284,796) ¥ (112,092,907)
Adjustments for:        
Loss (gain) on disposal of property, equipment and software (309,282) (2,153,158) (183,767) 18,460
Gain on disposal of subsidiaries (173,364) (1,206,925) (10,473,159) 0
Gain on disposal of other investments (1,929,183) (13,430,588) 0 0
Share-based compensation expenses 3,124,269 21,750,533 3,898,328 38,029,713
Impairment on equity investments 670,247 4,666,128 1,386,174 0
Impairment on other investments and available-for-sale investments 544,549 3,791,039 7,776,157 9,109,312
Impairment on other long-lived assets 5,010,342 34,881,000 0 0
Provision for doubtful accounts receivable 24,335 169,416 109,939 47,948
Impairment on advances to suppliers     7,765,482 0
Impairment on other advances 859,086 5,980,787 0 0
Provision for doubtful other receivables     21,042,700 0
Consulting fee paid by issuance of shares 5,040,605 35,091,686 4,172,800 13,454,692
Depreciation and amortization of property, equipment and software 400,000 2,778,778 3,650,261 5,299,059
Amortization of land use right 200,000 1,440,682 1,920,910 1,920,910
Recovery of equity investment in excess of cost     0 (60,548,651)
Share of loss in equity method investments 408,983 2,847,260 4,292,887 2,937,131
Gain on disposal of investment in equity investee and available-for-sales investment (99,777) (694,628)   (115,349)
Gain on disposal of investment in equity investee and available-for-sales investment (99,777) (694,628) 0 (115,349)
Foreign currency exchange (gain) loss 786,291 5,474,002 20,331,430 (19,206,747)
Fair value change on warrant liability (185,619) (1,292,244) (2,251,427) (12,615,466)
Amortization of discount and interest on convertible notes 4,762,302 33,154,191 98,308,205 76,990,826
Non-cash lease expense 58,756 409,048 0 0
Changes in operating assets and liabilities:        
Change in accounts receivable 44,966 313,044 1,904,732 5,742,365
Change in advances to suppliers (203,877) (1,419,353) (1,400,665) 2,462,761
Change in prepayments and other current assets (952,181) (6,628,897) (20,575,190) 3,169,076
Change in right-of-use assets (1,388,528) (9,666,652) 0 0
Change in other long-lived assets     6,220 0
Change in accounts payable 35,445 246,764 905,990 2,073,797
Change in amounts due to related parties 451,623 3,144,106 (1,628,877) (53,060,754)
Change in other taxes payable (70,544) (491,112) 1,234,090 1,430,998
Change in advances from customers (2,282) (15,887) (2,336,252) 21,137,125
Change in deferred revenue (22,857) (159,125) (5,417,144) (10,345,604)
Change in interest payable 209,401 1,457,811 6,053,191 5,452,770
Change in accrued expenses and other current liabilities 1,708,802 11,896,337 (2,408,745) (7,943,127)
Change in lease liabilities 1,387,482 9,659,375 0 0
Net cash used in operating activities (7,781,799) (54,175,322) (101,200,526) (86,651,662)
Cash flows from investing activities        
Proceeds from disposal of other investment 5,318,524 37,026,498 0 1,158,040
Proceeds from disposal of equity investee and available-for-sale investment 99,777 694,628 0 115,349
Purchase of other investments     (5,300,000) (4,000,000)
Deposit for joint venture arrangement (5,010,342) (34,881,000) 0 0
Advances to subscribe tokens (Note 5)     (14,070,581) 0
Disbursement for loans receivable from a related party     (600,000) (4,000,000)
Collection of loans receivable from related party     0 3,000,000
Proceeds from disposal of property, equipment and software 380,399 2,648,259 81,848 292,074
Proceeds from disposal of assets and liabilities classified as held- for- sale 7,081,502 49,300,000 2,800,000 0
Proceed from tokens transferred 989,387 6,887,915 0 0
Settlement payment from investee     0 165,812,500
Purchase of property, equipment and software (114,470) (796,921) (226,717) (454,560)
Net cash provided by (used in) investing activities 8,744,777 60,879,379 (17,315,450) 161,923,403
Cash flows from financing activities:        
Repayments of bank borrowings     0 (25,528,388)
Loans from a related party 2,307,647 16,065,376 11,030,602 73,930,427
Repayment of loan from a related party (1,439,797) (10,023,576) (29,127,540) (23,950,421)
Proceeds from other loans 5,010,342 34,881,000 0 19,881,900
Repayments of other loans     (260,073) (20,260,085)
Contribution from noncontrolling interest     0 20,000,000
Net cash provided by (used in) financing activities 5,878,192 40,922,800 (18,357,011) 44,073,433
Effect of foreign exchange rate changes on cash and cash equivalents 180,601 1,257,310 (1,494,584) 4,527,918
Cash reclassified as held for sale (6,180,510) (43,027,475) 0 (20,127,148)
Net change in cash and cash equivalents 841,261 5,856,692 (138,367,571) 103,745,944
Cash and cash equivalents, beginning of year 611,401 4,256,449 142,624,020 38,878,076
Cash and cash equivalents, end of year 1,452,662 10,113,141 4,256,449 142,624,020
Supplemental disclosure of cash flow information:        
Interest paid     260,073 892,159
Income taxes paid     0 0
Non-cash investing and financing activities        
Receivable related to the disposition of a subsidiary     0 1,600,000
Shares issued for equity investments and other investments 33,995 236,667 3,091,986 0
Cash paid for amounts included in the measurement of operating lease liabilities $ 182,678 ¥ 1,271,769 ¥ 0 ¥ 0