J-Long(US:JL)2024-07-31 21:26Executive Compensation - The Company reported a significant increase in executive compensation, with Mr. Danny Wong's total compensation rising to HK$4,827,600 in 2024, including a bonus of HK$5,000,000[435] - Mr. Edwin Wong's total compensation for 2024 was HK$3,633,000, which included a bonus of HK$3,000,000[435] - The compensation committee is responsible for reviewing and approving the compensation structure for directors and executive officers, ensuring independence from management[423] - The Board of Directors authorized bonuses for Mr. Danny Wong and Mr. Edwin Wong on March 5, 2024, in recognition of their contributions to the Company's expansion and revenue growth[435] - The 2024 Equity Incentive Plan reserves 6,280,000 Ordinary Shares for incentive compensation to attract and retain key personnel[440] Compensation Recovery Policy - The Company has adopted a Compensation Recovery Policy that mandates the recovery of excess incentive-based compensation in the event of a financial restatement[424] - The Compensation Recovery Policy, effective July 26, 2024, mandates recovery of excess incentive-based compensation if financial statements are restated due to material noncompliance[437] Cybersecurity and Risk Management - The audit committee has been tasked with implementing the Company's Cybersecurity Policy to enhance risk management and protect against potential cybersecurity threats[421] Corporate Governance - The Company has a nominating and corporate governance committee that evaluates board composition and governance principles[426] - The Company has established a Code of Business Conduct and Ethics applicable to all directors, officers, and employees[432] Employee and Labor Information - As of March 31, 2024, the total number of full-time employees increased to 62 from 57 in the previous year, with a notable increase in customer service staff from 13 to 16[442] - The company has not experienced any significant labor disputes or safety incidents that disrupted operations during the fiscal years ended March 31, 2024, and 2023[445] Financial Information - As of March 31, 2024, 32% of total accounts receivable were due from the five largest customers, up from 23% in the previous year[574] - Losses from impairment of investment in marketable debt securities for the fiscal years ended March 31, 2022, 2023, and 2024 were US$0, US$60,754, and US$42,291, respectively[578] - The notional principal amount of floating loans as of March 31, 2024, was US$4,224,359, with potential impacts on net interest income of +/- US$3,649 from a 250 bps change in interest rates[580] - Total contributions to the Mandatory Provident Fund for the fiscal years ended March 31, 2024, and 2023 were approximately HK$771,429 and HK$658,791, respectively[449] Foreign Currency and Credit Risk - The company does not have a foreign currency hedging policy but monitors foreign exchange exposure and will consider hedging if necessary[577] - Management does not expect any financial institutions to fail to meet their obligations, indicating a low credit risk exposure[573] Regulatory Classification - The Company is classified as a "foreign private issuer," allowing it to take advantage of certain exemptions from U.S. regulatory requirements[427] Compliance and Reporting - The Company has implemented procedures for handling complaints regarding accounting and auditing matters, ensuring compliance with applicable laws and regulations[417]