Crucial 2011 Annual Report Download - page 176
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26
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
On May 16, 2006 and August 4, 2009, the Company issued 40 million and 64 million GDSs, respectively, representing
1,040 million common shares of the Company and these GDSs were offered for trading in the MTF market of the LSE. Each
GDS offers the holder the right to receive 10 shares of the Company.
As of December 31, 2009 and 2010, the Company’
s government registered total authorized capital both amounted to
$60,000,000, and total issued common stock amounted to $39,775,120 and $46,378,990, respectively, with $10 par value per
share.
As of December 31, 2009 and 2010, the capital surplus consisted of the following:
According to the ROC Company Law, realized capital surplus can be transferred to common stock after deducting the
accumulated deficit, if any. Realized capital surplus includes the additional paid-
in capital from issuance of common stock in
excess of the common stock’s par value, donation from others, and additional paid-in capital -
treasury stock. The
Company’s paid-
in capital in excess of par value is transferrable to common stock annually but shall not exceed 10% of total
issued and outstanding common stock according to Regulations Governing the Offering and Issuance of Securities by
Securities Issuers.
The Company’
s annual net profit, after providing for income tax and covering the losses of previous years, is first set aside
for legal reserve at the rate of 10% thereof until the accumulated balance of legal reserve equals the total issued capital.
Thereafter, 1% to 15% of the remainder of the profit, if any, after providing for any special reserves pursuant to relevant
laws and regulations, if necessary, is appropriated as bonus to employees, and such bonus to employees is recognized as the
Company’
s expenses in the current year commencing from the year 2008. The remainder plus the undistributed earnings of
the previous years are distributed or left undistributed for business purposes according to the resolution of the stockholders’
dividend distribution plan, which are initially proposed by the Board of Directors and adopted by the shareholders in the
Annual Stockholders’ Meeting.
(Continued)
(b)
Capital surplus
December 31,
2009
2010
Paid-in capital in excess of par value
$
33,022,382
41,017,382
Premium from exercise of employee stock options -
224,963
Compensation cost from exercise of employee stock option plans
98,936
160,987
Expired employee share purchase option -
212,571
Total
$
33,121,318
41,615,903
(c)
Earnings appropriation and distribution