to maintain customer base of newspaper and magazines, expand content distribution on online platforms, including controlling and reducing unnecessary operating costs and expenses continuously. Please

maintain the newspaper customer base, expand content distribution on online channels, including controlling and reducing unnecessary operating costs and expenses continuously. Please kindly be informed

deduct unnecessary expenses. However, some administrative expenses are unavoidable and much incurred to support the Group’s business operation and require to support the business expansion into related

exemption or light-touch track for offers made to sophisticated investors or private placements. However, the SEC proposes that ICO for “investment participation” be initially allowed for institutional

which the interest rate is approximately 9%-10% per year. Moreover, the management structure is not appropriate; therefore, the joint venture company has high unnecessary human resource management expense

interest expense which the interest rate is approximately 9-10 percent per year. Moreover, the management structure is not appropriate; therefore, the joint venture company has high unnecessary human

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 related businesses such

which are fixed cost still exist and not variable to the income such as animal feed, utilities, water-electricity bill. Therefore, the company has managed to reduce some unnecessary expenses during the

/2019 (3.43%). • The selling expenses of Q1/2020 is much lower due to cutting of unnecessary expenses. However, the administration expenses are almost unchanged because of fixed expenses such as salaries

reduce mainly on selling and administrative cost, utilities expenses and animal care expenses for instance. Furthermore, the group has assessed and cut down any unnecessary cost across the group as well as