was more difficult and varied than the previous year which effected higher cost. Therefore, the proportion of cost decreasing is less than the proportion of revenue decreasing. 6. Cost of goods sold

for equity crowdfunding. Furthermore, in the case of ICOs, imposing the aggregate limit would not be an effective investor protection mechanism. This is because it would be very difficult to enforce and

from poor timing and end up buying and selling at the wrong times. /Timing the market is too difficult. “It is a losing strategy” gChasing (short term) past performance has been a basic investment

that are difficult to detect. For example, (1) fraudulent transactions through a subsidiary located overseas that has obscure business objectives and is hard to inspect, (2) trading transactions and

society more generally. It’s difficult to precisely quantify the value created by shareholder engagement. But it is easy to see the problems created in its absence—evidence of value destroyed or unattained

across several sectors, each sub-category of assets will be subject to the relevant Sector Criteria for those assets. The Sector Criteria are determined through a multi-stakeholder engagement process

involvement of the partner and EQCR in reviewing the workpaper or establishing a process for seeking consultation on difficult or contentious matters about the financial reporting standards. Opinions of

inventory and cost of sales, and the audit of difficult or complex transactions were among the most prevalent observations. It was noteworthy that some of those observations also shared a trait of

source of fund from financing for wellness project seems to be difficult. The Company currently does not have the exactly figure of investment from this project. It has only roughly estimated figures which

from the announcement. Financial structure The Company emphasizes the importance of financial structure management efficiency which should be flexible in difficult circumstances and able to maintain the