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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2022
CNY (¥)
Dec. 31, 2021
CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (11,578,184) ¥ (81,587,998) ¥ (136,458,901) ¥ 81,244,474
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation and amortization 874,428 6,161,834 6,844,237 6,674,311
Amortization of operating lease right-of-use assets 152,672 1,075,834 1,589,078
Provision for doubtful accounts (38,906) (274,155) 2,976,474 515,345
Deferred tax expense (benefits) (573,041) (4,038,047) (880,475) (841,948)
Provision for inventory reserve 88,047
Interest income (626,054)
Impairment loss for unconsolidated entities 1,600,000
Loss on disposal fixed assets 3,285 365,636
Change in fair value of warrant liabilities (52,927) (372,961) (4,415,328)
Stock compensation expense 4,564,468 32,164,435
Impairment loss for intangible assets 547,000 3,854,547
Impairment loss for goodwill 3,002,242 21,155,897
Loss on disposal of subsidiaries (269,684) (1,900,379)
Change in operating assets and liabilities:        
Accounts receivable 10,044,956 70,783,791 (15,072,501) 11,479,621
Prepayment and other current assets (1,235,572) (8,706,708) (5,544,532) 4,324,504
Inventories 54,499 384,038 167,562 2,855,093
Prepayments and deposits 15,119 106,536 32,688 177,350
Accounts payable (8,499,571) (59,893,927) 14,191,808 (6,012,590)
Operating lease liabilities (148,982) (1,049,831) (1,482,308)
Advance from customers (166,487) (1,173,186) 2,545,326 (698,465)
Other payables and accrued liabilities (631,740) (4,451,683) 1,891,849 2,066,507
Taxes payable 3,314 23,354 (2,647,030) 1,382,989
Net cash provided by (used in) operating activities (3,936,396) (27,738,609) (134,658,768) 102,994,820
CASH FLOWS FROM INVESTING ACTIVITIES:        
Payments for business acquisition payable - related parties (50,000,000)
Loan proceeds to third parties (10,339,518) (90,268,908)
Loan repayment from third parties 23,668,959 57,906,587
Purchases of property and equipment (109,926) (774,615) (1,821,918) (135,676)
Cash received on fixed assets disposal 600
Investments in unconsolidated entities (85,146) (600,000) (1,600,000)
Net cash (used in) provided by investing activities (195,072) (1,374,615) 11,507,523 (84,097,397)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Amounts advanced from related parties 1,806,084
Amounts advanced to related parties (40,280)
Repayments from related parties 8,554 60,280 8,703,084
Repayments to related parties (49,669) (350,000) (370) (10,643,080)
Repayments of third-party loan (1,051,003) (7,406,104) (90,000) (1,167,504)
Cash received from recapitalization 223,513,290
Proceeds of third-party loan 1,404,913 9,900,000 500,000
Net cash provided by/(used in) financing activities 312,795 2,204,176 223,882,640 (1,301,416)
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (296,539) 1,826,601 2,381,611 (271,402)
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (4,115,212) (25,082,447) 103,113,006 17,324,605
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year 21,910,338 151,119,985 48,006,979 30,682,374
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year 17,795,126 126,037,538 151,119,985 48,006,979
SUPPLEMENTAL CASH FLOW INFORMATION:        
Cash paid for income taxes 4,201 72,041
Cash paid for interest 3,752 26,442 38,084 20,177
NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Initial recognition of right-of-use assets and lease liabilities 132,285 932,174 5,653,603
Cash and cash equivalents 17,795,126 126,037,538 151,119,985 48,006,979
Total cash and cash equivalents shown in the consolidated statements of cash flows $ 17,795,126 ¥ 126,037,538 ¥ 151,119,985 ¥ 48,006,979