| CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
NOTE
16 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
The
Company performed a test on the restricted net assets of consolidated subsidiary in accordance with SEC
Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company
to disclose the financial statements for the parent company. The amounts restricted include paid-in capital, capital surplus and statutory
reserves, after intercompany eliminations, as determined pursuant to PRC generally accepted accounting principles, totaling RMB72.4 million
and as of March 31, 2024 and 2025.
The
subsidiaries did not pay any dividend to the parent for the periods presented. For the purpose of presenting parent only financial information,
the Company records investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate
condensed balance sheets of the Company as “Investment in subsidiary” and the income of the subsidiary is presented as “Income
from equity method investments.” Certain information and footnote disclosures generally included in financial statements prepared
in accordance with U.S. GAAP have been condensed and omitted.
BALANCE
SHEETS
SCHEDULE OF BALANCE SHEET
| | |
2025 | | |
2026 | |
| | |
As
of March 31, | |
| | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | |
| ASSETS | |
| | | |
| | |
| Current
assets | |
| | | |
| | |
| Cash
and cash equivalents | |
| 2 | | |
| 2 | |
| Prepaid
expenses and other current assets | |
| 26,516 | | |
| - | |
| Inter-company
receivable | |
| 466,289 | | |
| 432,580 | |
| Non-current
assets | |
| | | |
| | |
| Investment
in subsidiaries | |
| (563,937 | ) | |
| (230,876 | ) |
| Total
assets | |
| (71,130 | ) | |
| 201,706 | |
| | |
| | | |
| | |
| LIABILITIES
AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Current
liabilities | |
| | | |
| | |
| Inter-company
payable | |
| (324 | ) | |
| 862 | |
| Due
to related parties | |
| 22,906 | | |
| 20,794 | |
| Other
payables and accrued liabilities | |
| 38,951 | | |
| 36,987 | |
| Total
liabilities | |
| 61,533 | | |
| 58,643 | |
| | |
| | | |
| | |
| Shareholders’
equity | |
| | | |
| | |
| Class
A ordinary shares, par value US$0.001; Authorized: 900,000,000 shares; Issued and outstanding: 721 shares as of March 31,2025 and
169,242 shares as of March 31, 2026* | |
| 26 | | |
| 5,839 | |
| Class
B ordinary shares, par value US$0.001; Authorized: 100,000,000 shares; nil shares as of March 31, 2025 and March 31, 2026 | |
| - | | |
| - | |
| Ordinary shares | |
| - | | |
| - | |
| Additional
paid-in capital | |
| 732,909 | | |
| 1,204,970 | |
| Subscription
Receivables | |
| - | | |
| (155,495 | ) |
| Accumulated
deficit | |
| (878,915 | ) | |
| (906,751 | ) |
| Accumulated
other comprehensive income | |
| 13,317 | | |
| (5,500 | ) |
| Total
shareholders’ equity | |
| (132,663 | ) | |
| 143,063 | |
| Total
liabilities and shareholders’ equity | |
| (71,130 | ) | |
| 201,706 | |
UTIME
LIMITED
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Amounts
in thousands, except share data and per share data, or otherwise noted)
NOTE
16 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (cont.)
STATEMENTS
OF COMPREHENSIVE LOSS
SCHEDULE OF COMPREHENSIVE (LOSS)/INCOME
| | |
2024 | | |
2025 | | |
2026 | |
| | |
Year
ended March 31, | |
| | |
2024 | | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | | |
RMB | |
| Loss
from equity method investments | |
| (50,082 | ) | |
| (558,399 | ) | |
| 28,691 | |
| Operating
expenses | |
| (10,802 | ) | |
| (111,688 | ) | |
| (56,527 | ) |
| Net
loss | |
| (60,884 | ) | |
| (670,087 | ) | |
| (27,836 | ) |
| Foreign
currency translation difference | |
| 1,456 | | |
| 10,584 | | |
| (18,817 | ) |
| Comprehensive
loss | |
| (59,428 | ) | |
| (659,503 | ) | |
| (46,653 | ) |
STATEMENTS
OF CASH FLOWS
SCHEDULE OF CASH FLOWS
| | |
2024 | | |
2025 | | |
2026 | |
| | |
Year
ended March 31, | |
| | |
2024 | | |
2025 | | |
2026 | |
| | |
RMB | | |
RMB | | |
RMB | |
| CASH
FLOW FROM OPERATING ACTIVITIES | |
| | | |
| | | |
| | |
| Net
loss | |
| (60,884 | ) | |
| (670,087 | ) | |
| (27,836 | ) |
| Adjustments
to reconcile net loss to net cash provided by operating activities: | |
| | | |
| | | |
| | |
| Equity
loss of subsidiaries | |
| 50,082 | | |
| 558,399 | | |
| (28,691 | ) |
| Share-based
compensation and expenses | |
| 8,892 | | |
| 111,034 | | |
| - | |
| Allowance for credit loss, net | |
| - | | |
| - | | |
| 25,950 | |
| Changes
in operating assets and liabilities: | |
| | | |
| | | |
| | |
| Inter-company
receivable | |
| (13,078 | ) | |
| 10,624 | | |
| 33,709 | |
| Prepaid
expenses and other current assets | |
| (500 | ) | |
| (21,355 | ) | |
| (21,203 | ) |
| Inter-company
payable | |
| (33,989 | ) | |
| (3,210 | ) | |
| 1,186 | |
| Other
payables and accrued liabilities | |
| 25,531 | | |
| (5,058 | ) | |
| 9,252 | |
| Net
cash used in operating activities | |
| (23,946 | ) | |
| (19,653 | ) | |
| (7,633 | ) |
| Related-parties | |
| 2,901 | | |
| (822 | ) | |
| (2,113 | ) |
| Loan
received from a shareholder | |
| 20,546 | | |
| - | | |
| - | |
| Proceeds
from issuance of ordinary shares | |
| - | | |
| 11,724 | | |
| - | |
| Effect
of exchange rate changes on cash and cash equivalent and restricted cash | |
| 498 | | |
| 8,752 | | |
| 9,746 | |
| Net
change in cash and cash equivalent | |
| (1 | ) | |
| 1 | | |
| - | |
| Cash
and cash equivalents, beginning of year | |
| 2 | | |
| 1 | | |
| 2 | |
| Cash
and cash equivalents, end of year | |
| 1 | | |
| 2 | | |
| 2 | |
The
Company did not have significant capital and other commitments, long-term obligations, or guarantees as of March 31, 2025 and 2026, respectively.
|