Related parties with whom the Company had transactions are:

 SCHEDULE OF RELATED PARTIES TRANSACTIONS 

On October 1, 2025, Grandsky Phoenix Limited borrowed USD4.68 million from the Company under a one-year loan agreement maturing on September 30, 2026. As of March 31, 2026, the loan remained within its contractual term and was not past due.

Management assessed the expected credit loss on the receivable in accordance with ASC 326 and concluded that no allowance was required, as there were no indicators of default or credit deterioration and the receivable was expected to be collected in accordance with the contractual terms.

An allowance for expected credit losses was recognized for the receivable from Philectronics because the balance had remained outstanding for more than two years as of the reporting date.

Based on management’s expected credit loss assessment, including the prolonged ageing of the receivable and the absence of evidence supporting recoverability, management concluded that the balance was not recoverable and therefore recognized a full allowance.

UTIME LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands, except share data and per share data, or otherwise noted)

NOTE 12 — RELATED PARTIES BALANCES AND TRANSACTIONS (cont.)