hmvod Limited h m v o d 視 頻 有 限 公 司 （於開曼群島註冊成立之有限公司） 8103 （股份代號： ） 截至二零二三年六月三十日止三個月 第一季度業績公告 GEM 香港聯合交易所有限公司（「聯交所」） 之特色 GEM 的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提 供一個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審 慎周詳的考慮後方作出投資決定。 GEM GEM 由於 上市公司一般為中小型公司，在 買賣的證券可能會較於聯交所主板買 GEM 賣之證券承受較大的市場波動風險，同時無法保證在 買賣的證券會有高流通量的 市場。 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM 上市規則」）而刊載，旨在提供 有關hmvod視頻有限公司（「本公司」）的資料；本公司董事（「董事」）願就本公告的資 料共同及個別地承擔全部責任。董事在作出一切合理查詢後，確認 ...

Financial Performance - For the fiscal year ending March 31, 2023, the group recorded revenue of approximately HKD 24,000,000, a decrease of about 33.0% compared to HKD 35,800,000 in the previous year[11] - The cost of subcontractors decreased from approximately HKD 22,700,000 in the previous year to about HKD 16,000,000, attributed to the decline in revenue[11] - Operating and administrative expenses reduced from approximately HKD 7,300,000 to about HKD 5,300,000, a decrease of 27.2%[11] - Financing costs decreased from approximately HKD 4,900,000 to about HKD 4,700,000, a decline of 4.6%, due to loan repayments[11] - The loss attributable to the owners of the company from continuing operations was approximately HKD 12,200,000, compared to a loss of HKD 28,100,000 in the previous year[11] - The reduction in loss was mainly due to a decrease in amortization of intangible assets, a reduction in goodwill impairment, and no significant changes in litigation provisions[12] - As of March 31, 2023, the company had a net loss of approximately HKD 12,300,000, an improvement from a net loss of HKD 28,100,000 in 2022[23] - The company reported a net loss of HKD 12,500,000 for the fiscal year ending March 31, 2023[81] - Current liabilities exceeded current assets by HKD 22,200,000 as of March 31, 2023[81] - Total liabilities surpassed total assets by HKD 71,900,000, raising significant doubts about the company's ability to continue as a going concern[81] Business Strategy and Focus - The company has shifted focus to OTT services, reallocating more resources to this segment following the sale of its professional services division[10] - The board believes that the sale will provide greater support for the OTT services segment, benefiting the group and its shareholders overall[10] - The company aims to enhance its market position through strategic resource allocation and operational adjustments in response to market conditions[10] - The company remains optimistic about the OTT services market despite recent revenue declines, citing overall market growth and a temporary impact from the end of COVID-19 restrictions[13] - The company is focused on expanding its business scope into different industries, including renewable energy and financial services, to create value for shareholders[35] Corporate Governance - The company has adopted corporate governance policies and guidelines to ensure compliance with legal and regulatory requirements[69] - The board's composition reflects a strong commitment to corporate governance and industry expertise, positioning the company for future growth[51] - The company has a remuneration committee to review and approve compensation policies for directors and senior management[90] - The audit committee ensured that the financial statements provided sufficient disclosure of all relevant items[103] - The company has established a risk management and internal control system to safeguard assets and shareholder interests[84] Board Composition and Diversity - The board of directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a balance of power and responsibility[67] - The company has adopted a board diversity policy, considering factors such as age, gender, culture, education background, professional experience, skills, and knowledge[94] - The board currently has two female directors and is committed to increasing female representation in leadership roles[112] - The nomination committee has been established to identify suitable candidates for independent non-executive director positions[108] Risk Management and Internal Controls - The company has established a risk management and internal control system to safeguard assets and shareholder interests[84] - No significant deficiencies or weaknesses were found in the internal control system as of March 31, 2023[88] - The audit committee evaluated the adequacy of internal controls related to financial, operational, and compliance matters[103] Employee and Stakeholder Engagement - The company is actively seeking opportunities to attract more investors and expand its shareholder base to reduce accumulated losses and enhance capital flexibility[27] - The company emphasizes the importance of a healthy and capable workforce to address challenges and ensure future sustainable development[181] - The company encourages stakeholders to provide feedback on its ESG policies[183] Environmental, Social, and Governance (ESG) Initiatives - The company remains committed to integrating environmental, social, and governance (ESG) factors into its core business, establishing a foundation for long-term success[179] - The company aims to achieve net-zero emissions by 2050 and is actively supporting customers in transitioning to a carbon-neutral economy[180] - The ESG report covers the period from April 1, 2022, to March 31, 2023, detailing key performance in environmental and social aspects[186] - The board is responsible for evaluating and determining ESG-related risks and ensuring effective ESG risk management and internal control systems[193] Financial Position and Capital Structure - Current assets were approximately HKD 9,000,000 as of March 31, 2023, down from HKD 12,800,000 in 2022, with cash and bank balances increasing to HKD 2,400,000 from HKD 1,900,000[23] - Total borrowings and bonds amounted to approximately HKD 40,500,000 as of March 31, 2023, down from HKD 43,500,000 in 2022, indicating a decrease of about 6.9%[23] - The company has taken appropriate steps to remedy the issues that led to the suspension of trading and is working towards a swift resumption of trading[34] Audit and Compliance - The audit committee reviewed the consolidated financial performance for the year ending March 31, 2023, on February 7, 2023[102] - The audit committee discussed risk management and internal control systems with management[103] - The audit committee ensured that the internal audit function had adequate resources and appropriate status within the group[103] Shareholder Information - The company does not recommend the payment of any final dividend for the year ended March 31, 2023[139] - There were no reserves available for distribution to shareholders as of March 31, 2023[133] - The beneficial owner Masan Multi Strategy Fund SPC held 8,139,000 shares, representing 7.54% of the issued share capital[151]

hmvod Limited hmvod視頻有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8103） 截至二零二三年三月三十一日止年度之全年業績公告 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型 公司提供一個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險， 並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通 量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關hmvod視頻有限公司（「本公司」，連同其附屬公司統稱為「本集團」）的資 料；本公司董事（「董事」）願就本報告的資料共同及個別地承擔全部責任。董事在 作出一切合理查詢後，確認就彼等所知及所信，本 ...

Financial Performance - For the nine months ended December 31, 2022, the revenue was approximately HKD 21,200,000, a decrease of about 22.9% compared to HKD 27,500,000 in the same period of 2021[8] - The loss attributable to owners of the company for the nine months ended December 31, 2022, was approximately HKD 6,800,000, compared to a loss of HKD 9,300,000 in 2021[8] - The basic loss per share for the nine months ended December 31, 2022, was approximately HKD 0.063, compared to HKD 0.0946 in the same period of 2021[8] - For the three months ended December 31, 2022, the revenue was HKD 7,161,000, down from HKD 8,417,000 in the same period of 2021[9] - The total comprehensive loss for the nine months ended December 31, 2022, was HKD 6,870,000, compared to HKD 9,210,000 in 2021[9] - The company reported a net loss of HKD 6,843,000 for the nine months ended December 31, 2022, with current liabilities exceeding current assets by HKD 42,514,000[21] - For the nine months ended December 31, 2022, OTT services recorded revenue of approximately HKD 21,200,000, a decrease of about 22.3% compared to HKD 27,300,000 in the same period of 2021[31] - The decline in OTT service revenue was primarily due to a decrease in content production and increased competition from other OTT service providers[31] - For the nine months ended December 31, 2022, the company reported a loss attributable to owners of approximately HKD 6,800,000, an improvement from a loss of HKD 9,300,000 in the same period of 2021[37] Costs and Expenses - The company reported a decrease in contractor costs to HKD 14,103,000 for the nine months ended December 31, 2022, from HKD 18,761,000 in 2021[9] - The financing costs for the nine months ended December 31, 2022, were HKD 2,869,000, down from HKD 3,465,000 in the same period of 2021[9] - Employee costs increased to HKD 8,393,000 for the nine months ended December 31, 2022, up 43.3% from HKD 5,853,000 in the same period of 2021[27] - Operating and administrative expenses increased from approximately HKD 10,900,000 to about HKD 11,900,000 compared to the same period in 2021[37] - Financing costs decreased from approximately HKD 3,500,000 to about HKD 2,900,000, a reduction of about 17.1% year-on-year due to the use of lower interest new loans[37] Dividends and Share Capital - The company did not recommend any interim dividend for the nine months ended December 31, 2022, consistent with the previous year[7] - The company did not recommend any dividend payment for the nine months ended December 31, 2022[28] - As of December 31, 2022, the company had a total issued share capital of 107,873,248 shares[46] - Masan Multi Strategy Fund SPC – Masan HK Equity Fund SP held 8,139,000 shares, representing 7.54% of the company's issued share capital[46] Governance and Compliance - The company has established an audit committee in accordance with GEM listing rules, consisting of three independent non-executive directors[50] - The unaudited condensed consolidated financial statements for the nine months ended December 31, 2022, were reviewed by the audit committee and deemed compliant with applicable accounting standards and GEM listing rules[51] - The company has adopted the corporate governance code as per GEM listing rules and has complied with its provisions without significant deviations[52] - All directors confirmed compliance with the trading rules for securities transactions as of December 31, 2022, with no violations reported[53] - During the nine-month review period, the company or its subsidiaries did not purchase, sell, or redeem any of its listed securities[54] Future Outlook - The company expects to benefit from user growth driven by bundled offers under the 5G plan, with optimism regarding the transition from traditional free-to-air broadcasting to OTT broadcasting in the Hong Kong market[36] - The company aims to enhance its media content library through potential acquisitions to attract more customers in Hong Kong and Macau[36] Borrowings and Financial Position - The company secured new borrowings of HKD 39,365,000 after the fiscal year ended March 31, 2022, with an interest rate ranging from 10% to 24%[21] - The company has available credit facilities amounting to HKD 29,377,000 as of the date of the unaudited financial statements[21]

hmvod Limited hmvod視頻有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8103） 截至二零二二年六月三十日止三個月 第一季度業績報告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM之特色 GEM的 定 位，乃 為 相 比 起 其 他 在 聯 交 所 上 市 的 公 司 帶 有 較 高 投 資 風 險 的 中 小 型 公 司 提 供一個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎 周詳的考慮後方作出投資決定。 由 於GEM上市公司一般為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香 港 交 易 及 結 算 所 有 限 公 司 及 聯 交 所 對 本 報 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 報 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該等內容而引致之任何損失承擔任何責任。 本報告的資料乃遵照聯交所GEM證 券 上 市 ...

Financial Performance - For the nine months ended December 31, 2021, the revenue was approximately HKD 27,500,000, an increase of about 10.0% compared to HKD 25,000,000 for the same period in 2020[4] - The loss attributable to owners of the company for the nine months ended December 31, 2021, was approximately HKD 9,300,000, compared to a profit of HKD 1,400,000 in 2020[4] - The basic loss per share for the nine months ended December 31, 2021, was approximately (9.46) HKD cents, compared to a profit of 3.54 HKD cents in 2020[4] - For the three months ended December 31, 2021, the revenue was HKD 8,417,000, a decrease from HKD 9,091,000 in the same period of 2020[6] - The total comprehensive loss for the three months ended December 31, 2021, was (3,394,000) HKD, compared to a total comprehensive income of 13,003,000 HKD in the same period of 2020[8] - The company reported a loss before tax of (3,677,000) HKD for the three months ended December 31, 2021, compared to a profit before tax of 12,802,000 HKD in the same period of 2020[6] - The company reported a net loss of HKD 3,466,000 for the three months ended December 31, 2021, compared to a profit of HKD 11,827,000 in the same period of 2020[34] - Total revenue for the nine months ended December 31, 2021, was approximately HKD 27,500,000, representing a 10% increase from HKD 25,000,000 in the same period of 2020, primarily due to an increase in subscription customers[48] Revenue Breakdown - OTT service revenue for the nine months ended December 31, 2021, reached HKD 27,288,000, up 14.3% from HKD 23,747,000 in the previous year[22] - Professional services revenue for the nine months ended December 31, 2021, was approximately HKD 228,000, a decrease from HKD 1,200,000 in the same period of 2020, attributed to project delays due to COVID-19[43] - OTT services revenue increased to approximately HKD 27,290,000 for the nine months ended December 31, 2021, compared to HKD 23,700,000 in the same period of 2020, driven by the introduction of Paramount Pictures' films to the platform[45] Financing and Costs - The company incurred financing costs of HKD 1,255,000 for the three months ended December 31, 2021, compared to HKD 842,000 in the same period of 2020[6] - The total financing costs for the nine months ended December 31, 2021, were HKD 3,465,000, down 27.1% from HKD 4,752,000 in the same period of 2020[25] - Financing costs decreased by approximately 27.1%, from HKD 4,800,000 in the previous year to about HKD 3,500,000, due to a rights issue conducted in September 2020[48] Shareholder Information - As of December 31, 2021, the company had 107,873,248 shares issued following a placement completed on September 3, 2021[50] - The average number of ordinary shares for the nine months ended December 31, 2021, was 98,292,557, compared to 38,280,030 in the same period of 2020[36] - As of December 31, 2021, the total issued share capital of the company was 107,873,248 shares[58] - Major shareholders include Heng Fu Investment Limited with 26,200,000 shares (24.29%) and Cheung Siu Fai with 12,524,000 shares (11.61%)[56] Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2021[65] - The company has adopted the corporate governance code as per GEM Listing Rules and confirmed compliance without significant deviations[66] - The company has established an audit committee in accordance with GEM Listing Rules to oversee internal accounting procedures and report on audit matters[63] - All directors confirmed compliance with the trading standards for securities transactions as of December 31, 2021[67] Future Outlook and Strategies - The company has implemented measures to enhance liquidity, including increasing revenue through a rolling business plan and enriching content on online platforms[18] - The company has engaged in discussions with financing providers to extend loan maturities and seek additional financing sources[18] - The company plans to develop OTT broadcasting channels to provide a variety of media content, anticipating a shift from traditional free-to-air television to OTT services[46] - The company aims to leverage existing platform resources to continue developing high-quality media content in the rapidly evolving media landscape[46] - The company anticipates that the adoption of new accounting standards will not have a significant impact on its performance in future periods[17] Other Information - The company did not recommend any dividend payment for the nine months ended December 31, 2021[36] - The company has not purchased, sold, or redeemed any of its listed securities during the nine-month review period[68] - No significant contracts exist where directors have a material interest related to the group's business as of December 31, 2021[61] - There are no competing businesses owned by directors or major shareholders as of December 31, 2021[62] - The company has no record of any other individuals or executives holding significant interests in the company's securities as of December 31, 2021[60]

hmvod Limited hmvod視頻有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8103） 截至二零二一年九月三十日止六個月 中期報告 香港聯合交易所有限公司GEM（「GEM」）之 特 色 GEM之 定 位，乃 為 相 比 起 其 他 在 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）上 市 之 公 司 帶 有 較 高 投 資 風 險 之 中 小 型 公 司 提 供 一 個 上 市 之 市 場。有 意 投 資 之 人 士 應 了 解 投 資 於 該 等 公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決定。 由 於GEM上市公司一般為中小型公司，在GEM買賣之證券可能會較於聯交所主板買賣 之證券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香 港 交 易 及 結 算 所 有 限 公 司 及 聯 交 所 對 本 報 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 報 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該等內容而引致之任何損失 ...

hmvod Limited hmvod視頻有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8103） 截至二零二一年六月三十日止三個月 第一季度業績報告 香港聯合交易所有限公司GEM（「GEM」）之 特 色 GEM的 定 位，乃 為 相 比 起 其 他 在 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）上 市 的 公 司 帶 有 較 高 投 資 風 險 的 中 小 型 公 司 提 供 一 個 上 市 的 市 場。有 意 投 資 的 人 士 應 了 解 投 資 於 該 等 公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由 於GEM上市公司一般為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香 港 交 易 及 結 算 所 有 限 公 司 及 聯 交 所 對 本 報 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 報 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該等內容而引致之 ...

hmv DD hmvod Limited h m v o d 視 頻 有 限 公 司 (於 開曼 群島 註 冊 成 立 之 有 限 公 司) (股份代號：8103) ZOF 年報 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM之特色 GEM的 定 位，乃 為 相 比 起 其 他 在 聯 交 所 上 市 的 公 司 帶 有 較 高 投 資 風 險 的 中 小 型 公 司 提 供 一 個 上 市 的 市 場。有 意 投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由 於GEM上市公司一般為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的市場波動風險， 同時無法保證在GEM買賣的證券會有高流通量的市場。 香 港 交 易 及 結 算 所 有 限 公 司 及 聯 交 所 對 本 報 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確表示概不就因本報告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告的資料乃遵照聯交所GEM證 券 上 市 規 則（「GEM上 市 ...

Financial Performance - For the nine months ended December 31, 2020, the revenue was approximately HKD 25,000,000, a decrease of about 14.5% compared to HKD 29,200,000 for the same period in 2019[4] - The profit for the nine months ended December 31, 2020, was approximately HKD 2,800,000, compared to a profit of HKD 1,000,000 in 2019[4] - The basic earnings per share for the nine months ended December 31, 2020, was approximately HKD 3.54, an increase from HKD 3.32 in 2019[4] - The total comprehensive income for the nine months ended December 31, 2020, was HKD 2,666,000, compared to HKD 795,000 in 2019[10] - The company reported a net profit of HKD 1,357,000 for the nine months ended December 31, 2020, compared to a profit of HKD 473,000 in the same period of 2019[27] - The company reported a profit of approximately HKD 2,800,000 for the nine months ended December 31, 2020, compared to a profit of HKD 1,000,000 in 2019, driven by increased user numbers and effective cost control[40] Revenue Breakdown - The OTT service revenue for the nine months ended December 31, 2020, was HKD 23,747,000, compared to HKD 27,810,000 in 2019, reflecting a decrease of approximately 14.7%[19] - Professional services revenue for the nine months ended December 31, 2020, was approximately HKD 1,200,000, a decrease from HKD 1,400,000 in 2019, attributed to project delays due to COVID-19[34] - OTT services revenue for the nine months ended December 31, 2020, was approximately HKD 23,700,000, down from HKD 27,800,000 in 2019, due to government restrictions and social movements impacting operations[37] Cost and Expenses - The company’s financing costs for the nine months ended December 31, 2020, were HKD 4,752,000, down from HKD 5,393,000 in 2019[6] - The company has implemented effective cost control measures, reducing subcontractor costs from approximately HKD 24,800,000 in 2019 to about HKD 15,400,000 in 2020[40] Assets and Liabilities - The company’s total assets as of December 31, 2020, were reported at HKD 566,845,000[10] - The company has experienced significant uncertainty regarding its ability to continue as a going concern due to current liabilities exceeding current assets by approximately HKD 89,226,000[16] Shareholder Information - As of December 31, 2020, the company had 85,354,122 shares issued[42] - Major shareholders include Liu Hongzhi with 11,112,000 shares (13.02%) and Jin Li Feng Securities Limited with 8,004,000 shares (9.38%) as of December 31, 2020[48] - The company is actively seeking opportunities to attract more investors and expand its shareholder base[43] Corporate Governance - The audit committee reviewed the unaudited condensed consolidated financial statements for the nine months ending December 31, 2020, ensuring compliance with applicable accounting standards[54] - The company has adopted corporate governance practices in line with GEM Listing Rules and has complied with these rules without significant deviations[55] - The independent directors have been appointed with an annual remuneration of HKD 120,000 each, reflecting the company's commitment to governance and oversight[70] Future Outlook and Strategy - The company plans to develop OTT broadcasting channels to provide a variety of media content, anticipating a shift from traditional broadcasting to OTT platforms[38] - The company aims to leverage existing platform resources to continue developing high-quality media content in the rapidly evolving media landscape[38] - The company expects to benefit from the transition to 5G networks, anticipating an increase in user numbers due to attractive pricing and performance advantages over 4G[38] - The company has set a future outlook with a revenue guidance of HKD 150 million for the next fiscal year, indicating a projected growth of 25%[70] - New product development includes the launch of a mobile payment solution, expected to enhance user engagement and drive additional revenue streams[70] - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[70] - A strategic acquisition of a local fintech company was completed, which is anticipated to contribute an additional HKD 20 million in annual revenue[70] - The company plans to invest HKD 10 million in research and development for new technologies aimed at improving transaction security[70] - The board of directors has approved a new marketing strategy, allocating HKD 5 million to enhance brand visibility and customer acquisition efforts[70] Dividend Policy - The company did not recommend the payment of dividends for the nine months ended December 31, 2020, consistent with 2019[4] - The company did not recommend any dividend payment for the nine months ended December 31, 2020, consistent with the previous year[26] Other Information - The company has not purchased, sold, or redeemed any of its listed securities during the nine-month review period[58] - No significant acquisitions or disposals were completed during the nine months ending December 31, 2020[44] - The company did not experience any changes in stock options during the nine months ending December 31, 2020[45] - No major contracts were identified where directors had a significant interest related to the company's business as of December 31, 2020[51] - There were no changes in the rights of directors regarding securities transactions during the nine months ending December 31, 2020[57]