Executive Compensation - The company reported an aggregate compensation of RMB 0.7 million (approximately $0.1 million) to executive officers for the fiscal year ended March 31, 2024[296]. - No cash compensation was paid to non-executive directors during the same fiscal year[296]. - The company has not granted any equity awards to directors or executive officers for the fiscal year ended March 31, 2024[296]. - The company has not set aside or accrued any amounts for pension or retirement benefits for directors and executive officers[296]. - The annual cash compensation for independent directors ranges from $100,000 to $120,000, with the possibility of equity payments[299]. - The cash compensation for newly appointed directors is approximately $435.60 (RMB 3,000) per year, paid quarterly[300]. - The company may terminate executive officers' employment without cause with 30 days' notice, providing severance payments not exceeding twelve months of base salary[110]. - The directors are not entitled to receive any remuneration upon termination of employment[302]. - The company has established a Compensation Committee to oversee executive compensation, ensuring compliance with independence standards[305]. Board Diversity - The board of directors consists of 5 members, with 1 female and 4 male directors[297]. - The company has a diverse board with no underrepresented individuals in the home country jurisdiction[297]. Financial Reporting and Asset Management - The company follows the allowance method for uncollectible accounts receivable, regularly assessing collectability based on historical experience and economic conditions[290]. - Inventory is stated at the lower of cost or net realizable value, with periodic assessments for impairment based on product life-cycle[292]. - The company reviews the carrying value of long-lived assets and recognizes impairment losses when anticipated cash flows are less than carrying value[292]. Share Issuance and Ownership - The company has registered an aggregate of 58,817,092 ordinary shares for issuance under the 2024 Performance Incentive Plan[308]. - As of July 29, 2024, there are 450,930,953 ordinary shares issued and outstanding, with directors and executive officers collectively owning 4,380,000 shares, representing 0.97%[305]. - The company has not issued any shares under the 2024 Performance Incentive Plan as of the date of the report[308]. Risk Management - The company faces foreign exchange risks due to international operations, particularly with revenue and expenses in U.S. dollars and Renminbi[310]. - The company has not been exposed to material risks due to changes in interest rates[394]. - Interest income is primarily generated from excess cash held in interest-bearing bank deposits[394]. - The company has not used any derivative financial instruments to manage interest rate risk exposure[394]. - Investments in fixed rate and floating rate interest-earning instruments carry a degree of interest rate risk[394]. - Fixed rate securities may have their fair market value adversely impacted by rising interest rates[394]. - Floating rate securities may produce less income than expected if interest rates fall[394]. - There are no applicable debt securities, warrants, rights, or other securities reported[395]. Audit and Compliance - The Audit Committee consists of three independent directors, with Na Cai serving as the chairman, ensuring compliance with Nasdaq listing rules[303].
UTime(WTO) - 2024 Q4 - Annual Report