Financial Position - As of December 31, 2021, the company had RMB30.1 million (US$4.7 million) in RMB-denominated cash and term deposits, and US$69.8 million in U.S. dollar-denominated cash and term deposits[484]. Inflation Impact - The year-over-year percent changes in the U.S. consumer price index were 2.3% in 2019, 1.4% in 2020, and 7.0% in 2021, indicating inflationary pressures[486]. - The year-over-year percent changes in China's consumer price index were 4.5% in 2019, 0.2% in 2020, and 1.5% in 2021, showing minimal impact from inflation on operations[488]. Internal Control Issues - Management identified two material weaknesses in internal control over financial reporting as of December 31, 2021, which remain unremediated[497]. - Management concluded that internal control over financial reporting was not effective as of December 31, 2021, despite the consolidated financial statements presenting fairly in all material respects[498]. - The company plans to recruit additional staff with relevant accounting experience to address identified weaknesses in internal controls[499]. - The company has invested in a new information technology platform to enhance financial reporting and management controls[499]. Financial Instruments and Risks - The company does not believe that interest rate risk from market fluctuations is material due to the consistency of interest rates in bank deposits[485]. - The company has not used any derivative financial instruments to hedge foreign exchange risk, as most revenues and expenses are in U.S. dollars[483]. Reimbursements - The company received approximately US$0.1 million, US$0.3 million, and nil in reimbursements from the depositary for expenses related to the ADS program in 2019, 2020, and 2021, respectively[493].
Moatable(MTBL) - 2021 Q4 - Annual Report