PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET | NOTE 5 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET
The Company analyzed the collectability of accounts receivable based on historical collection and the customers’ intention of payment. As a result of such analysis, the allowance for credit losses was as follows:
The Company entered into several agreements with four suppliers in China in March 2024 for purchase of raw materials. The goods were scheduled to be delivered to the Company by October 31, 2024 and November 30, 2024 according to these agreements. Prepayments were made to the suppliers in the total amount of RMB350 million. The prepayment was recorded as “Prepaid expenses and other current assets, net” in the consolidated balance sheet as of March 31, 2024. On March 31, 2025, the Company fully provided for bad debts on this advance payment. Regarding the raw materials continuing to be purchased from one of the above suppliers, Hangzhou Lanya Trading Company Limited in fiscal year 2025, impairment allowance has also been recognized for the prepayment based on aging categories.
During the six months ended September 30, 2025, the Company recognized reversal of allowance for credit losses RMB 2.7 million due to recovery.
UTIME
LIMITED
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