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

closures of distribution centres in France and Italy during the first half of 2020. The full operational impact of the pandemic is difficult to predict due to its evolving nature, and any further set-backs

commercial benefits. This is because the purchasers possess the sophisticated knowledge, ability, expertise and many years of experiences in the business of wood manufacturing and distributing as well as other

robot trading are related terms that are often used interchangeably. • High frequency trading (HFT): a subset of algorithmic trading where orders are submitted by low-latency and sophisticated technology

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

-minded travelers with authentic local experiences in vibrant destinations worldwide. Each hotel will include thoughtfully-designed, compact rooms with high quality facilities and a vibrant communal space