Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-31

StandardJapan GAAP

ConsolidatedYes

Data checks24 of 24 passed

Key figures · 156

Metric	Value	Period	Scope	Source row
Revenue	¥2.6bn	2025-01-01 → 2025-12-31	Cons.	Net sales
Revenue	¥2.7bn	2024-01-01 → 2024-12-31	Cons.	Net sales
Revenue	¥896m	2023-01-01 → 2023-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥1.6bn	2022-01-01 → 2022-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥501m	2021-01-01 → 2021-12-31^d	Cons.	Net sales (5-year summary)
Revenue	¥621m	2020-01-01 → 2020-12-31^d	Cons.	Net sales (5-year summary)
Operating income	−¥1.8bn	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥2.3bn	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥1.1bn	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥2.2bn	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥2.1bn	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥2.2bn	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)
Ordinary income	−¥1.1bn	2020-01-01 → 2020-12-31^d	Cons.	Ordinary income loss (5-year summary)
Profit before tax	−¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥2.4bn	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	−¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥2.4bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥2.5bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥2.6bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥1.2bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥1.5bn	2020-01-01 → 2020-12-31^d	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	−¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥2.4bn	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥5.7bn	at 2025-12-31	Cons.	Assets
Total assets	¥4.6bn	at 2024-12-31	Cons.	Assets
Total assets	¥5.1bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥5.0bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥5.7bn	at 2021-12-31^d	Cons.	Total assets (5-year summary)
Total assets	¥4.0bn	at 2020-12-31^d	Cons.	Total assets (5-year summary)
Total liabilities	¥3.9bn	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥4.4bn	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥1.8bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥195m	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥2.3bn	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	¥5.4bn	at 2021-12-31^d	Cons.	Net assets (5-year summary)
Net assets / equity	¥3.6bn	at 2020-12-31^d	Cons.	Net assets (5-year summary)
Cash and deposits	¥2.0bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥1.2bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥2.0bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.2bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.5bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.4bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥2.8bn	at 2021-12-31^d	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥1.9bn	at 2020-12-31^d	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥1.2bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥1.9bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥2.6bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥2.1bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥1.3bn	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥1.2bn	2020-01-01 → 2020-12-31^d	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥7m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥47m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥94m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥271m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥752m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥749m	2020-01-01 → 2020-12-31^d	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥2.0bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥1.7bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥2.8bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥1.0bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥3.0bn	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥29m	2020-01-01 → 2020-12-31^d	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-84.71	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-159.94	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-197.05	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-209.77	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-103.94	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-139.54	2020-01-01 → 2020-12-31^d	Cons.	Basic earnings loss per share (5-year summary)
Net assets per share	¥91.28	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥6.14	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥147.99	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥229.66	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥436.03	at 2021-12-31^d	Cons.	Net assets per share (5-year summary)
Net assets per share	¥325.92	at 2020-12-31^d	Cons.	Net assets per share (5-year summary)
Equity ratio	29.1%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	2.0%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	42.2%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	57.1%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	94.0%	at 2021-12-31^d	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	88.6%	at 2020-12-31^d	Cons.	Equity to asset ratio (5-year summary)
Employees	58	at 2025-12-31	Cons.	Number of employees
Employees	56	at 2024-12-31	Cons.	Number of employees
Employees	90	at 2023-12-31^v	Cons.	Number of employees
Employees	71	at 2022-12-31^v	Cons.	Number of employees
Employees	70	at 2021-12-31^d	Cons.	Number of employees
Employees	65	at 2020-12-31^d	Cons.	Number of employees
Revenue	¥2.3bn	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥2.7bn	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥885m	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥1.6bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥501m	2021-01-01 → 2021-12-31^d	Standalone	Net sales (5-year summary)
Revenue	¥621m	2020-01-01 → 2020-12-31^d	Standalone	Net sales (5-year summary)
Operating income	−¥1.7bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥2.1bn	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥905m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥2.1bn	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥2.1bn	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥2.3bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.2bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.1bn	2020-01-01 → 2020-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥1.3bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥2.3bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥1.3bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥2.3bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥2.5bn	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	−¥1.2bn	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Net income	−¥1.5bn	2020-01-01 → 2020-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥5.8bn	at 2025-12-31	Standalone	Assets
Total assets	¥4.8bn	at 2024-12-31	Standalone	Assets
Total assets	¥5.2bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥5.0bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥5.7bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total assets	¥4.0bn	at 2020-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥3.8bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥4.4bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥2.1bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥384m	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥2.3bn	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)
Net assets / equity	¥3.6bn	at 2020-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.8bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥1.2bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-78.71	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-152.4	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-190.6	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-209.18	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-103.75	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-139.54	2020-01-01 → 2020-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
Net assets per share	¥108	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥18.87	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥153.75	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥229.17	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥435.92	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Net assets per share	¥325.92	at 2020-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	33.5%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	5.9%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	43.1%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	57.2%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	94.1%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	88.7%	at 2020-12-31^d	Standalone	Equity to asset ratio (5-year summary)
Shares issued	18,045,018	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	14,930,675	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	14,514,261	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	12,380,835	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	12,318,600	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Shares issued	10,899,675	at 2020-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	54	at 2025-12-31	Standalone	Number of employees
Employees	52	at 2024-12-31	Standalone	Number of employees
Employees	87	at 2023-12-31^v	Standalone	Number of employees
Employees	71	at 2022-12-31^v	Standalone	Number of employees
Employees	70	at 2021-12-31^d	Standalone	Number of employees
Employees	65	at 2020-12-31^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 · 1,310

Item	Context	Value	Unit
Stock issuance cost noe	Prior1YearDuration	2037000	JPY
Stock issuance cost noe	CurrentYearDuration	128170000	JPY
Bond issuance cost noe	Prior1YearDuration	－	JPY
Bond issuance cost noe	CurrentYearDuration	70937000	JPY
Equity in losses of affiliates noe	Prior1YearDuration	－	JPY
Equity in losses of affiliates noe	CurrentYearDuration	234727000	JPY
Foreign exchange losses noe	Prior1YearDuration	105520000	JPY
Foreign exchange losses noe	CurrentYearDuration	－	JPY
Other noe	Prior1YearDuration	194000	JPY
Other noe	CurrentYearDuration	385000	JPY
Non operating expenses	Prior1YearDuration	133175000	JPY
Non operating expenses	CurrentYearDuration	479600000	JPY
Ordinary income	Prior1YearDuration	-2188320000	JPY
Ordinary income	CurrentYearDuration	-1075217000	JPY
Gain on sales of noncurrent assets ei	Prior1YearDuration	－	JPY
Gain on sales of noncurrent assets ei	CurrentYearDuration	127000	JPY
Gain on sales of investment securities ei	Prior1YearDuration	37920000	JPY
Gain on sales of investment securities ei	CurrentYearDuration	－	JPY
Gain on reversal of subscription rights to shares ei	Prior1YearDuration	13316000	JPY
Gain on reversal of subscription rights to shares ei	CurrentYearDuration	－	JPY
Extraordinary income	Prior1YearDuration	51237000	JPY
Extraordinary income	CurrentYearDuration	127000	JPY
Impairment loss el	Prior1YearDuration	48327000	JPY
Impairment loss el	CurrentYearDuration	－	JPY
Loss on valuation of investment securities el	Prior1YearDuration	99311000	JPY
Loss on valuation of investment securities el	CurrentYearDuration	31213000	JPY
Loss on liquidation of subsidiaries and affiliates general el	Prior1YearDuration	2754000	JPY
Loss on liquidation of subsidiaries and affiliates general el	CurrentYearDuration	－	JPY
Loss on redemption of convertible bond el	Prior1YearDuration	19298000	JPY
Loss on redemption of convertible bond el	CurrentYearDuration	－	JPY
Loss on closing of business office el	Prior1YearDuration	11820000	JPY
Loss on closing of business office el	CurrentYearDuration	－	JPY
Premium allowance of retirement el	Prior1YearDuration	62573000	JPY
Premium allowance of retirement el	CurrentYearDuration	－	JPY
Fraud related losses el	Prior1YearDuration	－	JPY
Fraud related losses el	CurrentYearDuration	253778000	JPY
Extraordinary loss	Prior1YearDuration	244085000	JPY
Extraordinary loss	CurrentYearDuration	284991000	JPY
Income before income taxes	Prior1YearDuration	-2381168000	JPY
Income before income taxes	CurrentYearDuration	-1360081000	JPY
Income taxes current	Prior1YearDuration	2423000	JPY
Income taxes current	CurrentYearDuration	4017000	JPY
Income taxes deferred	Prior1YearDuration	-11302000	JPY
Income taxes deferred	CurrentYearDuration	－	JPY
Income taxes	Prior1YearDuration	-8878000	JPY
Income taxes	CurrentYearDuration	4017000	JPY
Profit loss	Prior1YearDuration	-2372290000	JPY
Profit loss	CurrentYearDuration	-1364099000	JPY
Profit loss attributable to non controlling interests	Prior1YearDuration	-893000	JPY
Profit loss attributable to non controlling interests	CurrentYearDuration	-159000	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 · 24 of 24 passed

balance sheet identity	consolidated 2024-12-31	pass
balance sheet identity	consolidated 2025-12-31	pass rounding
balance sheet identity	non_consolidated 2024-12-31	pass rounding
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 · revenue	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · revenue	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · revenue	non_consolidated 2024-01-01/2024-12-31	pass
statement vs summary · revenue	non_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