Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-25

StandardJapan GAAP

ConsolidatedYes

Data checks20 of 20 passed

Key figures · 127

Metric	Value	Period	Scope	Source row
Revenue	¥41m	2022-01-01 → 2022-12-31^v	Cons.	Operating revenue (5-year summary)
Revenue	¥1m	2021-01-01 → 2021-12-31^d	Cons.	Operating revenue (5-year summary)
Operating income	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥2.1bn	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥2.4bn	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥2.0bn	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥1.2bn	2021-01-01 → 2021-12-31^d	Cons.	Ordinary income loss (5-year summary)
Profit before tax	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥2.4bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥2.7bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥739m	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥3.0bn	at 2025-12-31	Cons.	Assets
Total assets	¥3.7bn	at 2024-12-31	Cons.	Assets
Total assets	¥2.0bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥3.1bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥6.1bn	at 2021-12-31^d	Cons.	Total assets (5-year summary)
Total liabilities	¥171m	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥143m	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥2.8bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥3.5bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥1.4bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥2.9bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥5.5bn	at 2021-12-31^d	Cons.	Net assets (5-year summary)
Cash and deposits	¥2.8bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥3.6bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥2.8bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥3.6bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.9bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.9bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥4.9bn	at 2021-12-31^d	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥2.1bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥1.4bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥2.3bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥1.9bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥747m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥3m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥188,000	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥40m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥186m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	¥172m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥3.0bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥1.2bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥64m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥73m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-27.86	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-28.57	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-77.24	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-92.85	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-25.7	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share (5-year summary)
Net assets per share	¥31.8	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥50.81	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥40.59	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥99.53	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥191.57	at 2021-12-31^d	Cons.	Net assets per share (5-year summary)
Equity ratio	93.0%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	95.5%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	66.8%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	93.4%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	91.4%	at 2021-12-31^d	Cons.	Equity to asset ratio (5-year summary)
Employees	17	at 2025-12-31	Cons.	Number of employees
Employees	14	at 2024-12-31	Cons.	Number of employees
Employees	37	at 2023-12-31^v	Cons.	Number of employees
Employees	36	at 2022-12-31^v	Cons.	Number of employees
Employees	26	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥41m	2022-01-01 → 2022-12-31^v	Standalone	Operating revenue (5-year summary)
Revenue	¥1m	2021-01-01 → 2021-12-31^d	Standalone	Operating revenue (5-year summary)
Operating income	−¥2.3bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥1.5bn	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥2.2bn	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥1.4bn	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥2.4bn	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥2.1bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.3bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥2.2bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥1.4bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥2.2bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥1.4bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥2.4bn	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥2.6bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥793m	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥2.6bn	at 2025-12-31	Standalone	Assets
Total assets	¥3.5bn	at 2024-12-31	Standalone	Assets
Total assets	¥1.8bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥3.0bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥5.9bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥50m	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥48m	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥2.6bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥3.4bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥1.4bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥2.9bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥5.4bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.9bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥3.0bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-29.11	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-31.24	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-77.59	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-88.88	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-27.58	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
Net assets per share	¥29.17	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥48.97	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥40.61	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥99.59	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥188.03	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	96.7%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	98.0%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	74.4%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	98.4%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	92.0%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
Shares issued	86,674,098	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	69,403,998	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	33,355,272	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	29,362,500	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	28,967,500	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	3	at 2025-12-31	Standalone	Number of employees
Employees	4	at 2024-12-31	Standalone	Number of employees
Employees	3	at 2023-12-31^v	Standalone	Number of employees
Employees	3	at 2022-12-31^v	Standalone	Number of employees
Employees	3	at 2021-12-31^d	Standalone	Number of employees

Periods use the dates stated in the filing. ^d = earlier-year period dated by calendar; ^v = that date confirmed by the company's own earlier filing.

All source rows · 1,173

Item	Context	Value	Unit
Provision for share based compensation expenses for employees sga	Prior1YearDuration	-38000	JPY
Provision for share based compensation expenses for employees sga	CurrentYearDuration	145000	JPY
Cash and deposits	Prior1YearInstant_NonConsolidatedMember	2978361000	JPY
Cash and deposits	CurrentYearInstant_NonConsolidatedMember	1914305000	JPY
Advance payments trade	Prior1YearInstant_NonConsolidatedMember	－	JPY
Advance payments trade	CurrentYearInstant_NonConsolidatedMember	179977000	JPY
Prepaid expenses	Prior1YearInstant_NonConsolidatedMember	8762000	JPY
Prepaid expenses	CurrentYearInstant_NonConsolidatedMember	45764000	JPY
Other ca	Prior1YearInstant_NonConsolidatedMember	18019000	JPY
Other ca	CurrentYearInstant_NonConsolidatedMember	17318000	JPY
Current assets	Prior1YearInstant_NonConsolidatedMember	3005142000	JPY
Current assets	CurrentYearInstant_NonConsolidatedMember	2157366000	JPY
Long term loans receivable from subsidiaries and affiliates	Prior1YearInstant_NonConsolidatedMember	461885000	JPY
Long term loans receivable from subsidiaries and affiliates	CurrentYearInstant_NonConsolidatedMember	457155000	JPY
Other ioa	Prior1YearInstant_NonConsolidatedMember	1667000	JPY
Other ioa	CurrentYearInstant_NonConsolidatedMember	1667000	JPY
Investments and other assets	Prior1YearInstant_NonConsolidatedMember	463553000	JPY
Investments and other assets	CurrentYearInstant_NonConsolidatedMember	458822000	JPY
Noncurrent assets	Prior1YearInstant_NonConsolidatedMember	463553000	JPY
Noncurrent assets	CurrentYearInstant_NonConsolidatedMember	458822000	JPY
Assets	Prior1YearInstant_NonConsolidatedMember	3468695000	JPY
Assets	CurrentYearInstant_NonConsolidatedMember	2616188000	JPY
Accounts payable other	Prior1YearInstant_NonConsolidatedMember	21132000	JPY
Accounts payable other	CurrentYearInstant_NonConsolidatedMember	7701000	JPY
Accrued expenses	Prior1YearInstant_NonConsolidatedMember	5162000	JPY
Accrued expenses	CurrentYearInstant_NonConsolidatedMember	901000	JPY
Income taxes payable	Prior1YearInstant_NonConsolidatedMember	16496000	JPY
Income taxes payable	CurrentYearInstant_NonConsolidatedMember	13330000	JPY
Deposits received	Prior1YearInstant_NonConsolidatedMember	1179000	JPY
Deposits received	CurrentYearInstant_NonConsolidatedMember	1324000	JPY
Current liabilities	Prior1YearInstant_NonConsolidatedMember	43970000	JPY
Current liabilities	CurrentYearInstant_NonConsolidatedMember	23257000	JPY
Provision for share based compensation expenses for directors ncl	Prior1YearInstant_NonConsolidatedMember	822000	JPY
Provision for share based compensation expenses for directors ncl	CurrentYearInstant_NonConsolidatedMember	－	JPY
Provision for share based compensation expenses for employees ncl	Prior1YearInstant_NonConsolidatedMember	3624000	JPY
Provision for share based compensation expenses for employees ncl	CurrentYearInstant_NonConsolidatedMember	145000	JPY
Other ncl	Prior1YearInstant_NonConsolidatedMember	－	JPY
Other ncl	CurrentYearInstant_NonConsolidatedMember	26791000	JPY
Noncurrent liabilities	Prior1YearInstant_NonConsolidatedMember	4446000	JPY
Noncurrent liabilities	CurrentYearInstant_NonConsolidatedMember	26936000	JPY
Liabilities	Prior1YearInstant_NonConsolidatedMember	48417000	JPY
Liabilities	CurrentYearInstant_NonConsolidatedMember	50194000	JPY
Capital stock	Prior1YearInstant_NonConsolidatedMember	1758987000	JPY
Capital stock	CurrentYearInstant_NonConsolidatedMember	1728097000	JPY
Legal capital surplus	Prior1YearInstant_NonConsolidatedMember	2513987000	JPY
Legal capital surplus	CurrentYearInstant_NonConsolidatedMember	2483097000	JPY
Other capital surplus	Prior1YearInstant_NonConsolidatedMember	566735000	JPY
Other capital surplus	CurrentYearInstant_NonConsolidatedMember	566735000	JPY
Capital surplus	Prior1YearInstant_NonConsolidatedMember	3080722000	JPY
Capital surplus	CurrentYearInstant_NonConsolidatedMember	3049832000	JPY

Every row of the EDINET CSV. Item names are the XBRL element names; filed text is kept in its original Japanese. Filed text is available on Plus and Pro.

Data checks · 20 of 20 passed

balance sheet identity	consolidated 2024-12-31	pass
balance sheet identity	consolidated 2025-12-31	pass
balance sheet identity	non_consolidated 2024-12-31	pass
balance sheet identity	non_consolidated 2025-12-31	pass
dei present		pass
period resolution		pass
statement vs summary · net assets	consolidated 2023-12-31	pass
statement vs summary · net assets	consolidated 2024-12-31	pass
statement vs summary · net assets	consolidated 2025-12-31	pass
statement vs summary · net assets	non_consolidated 2023-12-31	pass
statement vs summary · net assets	non_consolidated 2024-12-31	pass
statement vs summary · net assets	non_consolidated 2025-12-31	pass
statement vs summary · net income attributable to parent	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · net income attributable to parent	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · operating cash flow	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · operating cash flow	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · total assets	consolidated 2024-12-31	pass
statement vs summary · total assets	consolidated 2025-12-31	pass
statement vs summary · total assets	non_consolidated 2024-12-31	pass
statement vs summary · total assets	non_consolidated 2025-12-31	pass