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

new clients in the COVID- 19 situation is quite difficult. The managements and team brainstorm for strategy how to propose work that is suitable for the COVID-19 situation as the alternatives to the

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

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

start of this project are lower than buying new lands for development. At present, to procure or to collect big plots of land that have adjacent area are quite difficult and use a lot of investment funds

majority and sheer number of parties, governing could prove difficult. A large stimulus package is expected and large-scale projects are likely to go ahead. This should help boost the economy going forward

locations, also forecast economic growth4 to contract by -6.2% and -4.4%, respectively. This year will, therefore, be a most difficult year for all businesses. For MACO, we expect the Company’s performance to

economic front and greater political issues. Therefore, 2020 will be the most difficult and unpredictable year for the Company. For MACO, we expect the Company’s performance to be negatively affected by the