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
relating to the amount of offering for sale, offering price of convertible bonds, and conversion price which shall specify the exact price or the highest exact discount; (c) market price used in comparison
and specifying exact time when the report would be able to be submitted. In case the SEC Office determines that such request is necessary and appropriate, the SEC Office may render a waiver for such
written form to the SEC Office before the expiration of the submission period by demonstrating reasons for request and specifying exact time when the report would be able to be submitted. In case the SEC
before the expiration of the submission period by demonstrating reasons for request and specifying exact time when the report would be able to be submitted. In case the SEC Office determines that such
this regard, as evidence that each and every page of the documents is of the exact documents to which I/we have certified, I/we have also signed my/our initial or signature on each and every page of the