Negative Net Worth and Material Doubt About Going Concern
First written in FY2017-Q1. 5 of 11 entries say "Restated". Latest entry: FY2020-Q2.
The whole theme swung hardest in 2020: 30 of 71 companies on the "Worse" side.
16 other companies' latest entry also says "Dropped".
- FY2020-Q2DroppedAnnual report
「No new business or other risks arose during the six-month period of the second quarter of the current consolidated fiscal year.」
The specific disclosure previously made regarding significant doubt about the going concern assumption was not found in this report. However, the report does not explicitly state that the material events had been resolved. - FY2019-Q2RestatedAnnual report
「In the previous fiscal year, the Group implemented fixed-cost reduction measures, including soliciting applications for voluntary retirement, to improve performance. Although revenue declined, it recorded operating profit, but it recorded a quarterly loss during the current second quarter cumulative period. In addition, operating cash flow remained negative during the current second quarter cumulative period, mainly due to the payment of approximately ¥500 million to settle a cartel lawsuit involving optical disc drive equipment, primarily in the United States, and contributions of approximately ¥400 million associated with the partial transition of the corporate pension plan to a defined-contribution plan. These circumstances give rise to events or circumstances that may raise significant doubt about the going concern assumption. However, the Company has already implemented measures to resolve these material events and circumstances and has secured sufficient support from its major banks and other financial institutions going forward. Accordingly, it determined that no material uncertainty exists regarding the going concern assumption.」
Although the quarterly loss and negative cash flows from operating activities continued to give rise to significant doubt, the Company maintained its determination that no material uncertainty existed based on its remedial measures and support from financial institutions. - FY2019-Q1WorsenedAnnual report
「In the previous fiscal year, the Group implemented fixed-cost reduction measures, including soliciting applications for voluntary retirement, to improve performance. Although revenue declined, it recorded operating profit, but it recorded a quarterly loss. In addition, operating cash flow remained negative during the current first quarter cumulative period, mainly due to the payment of approximately ¥500 million to settle a cartel lawsuit involving optical disc drive equipment, primarily in the United States, and contributions of approximately ¥400 million associated with the partial transition of the corporate pension plan to a defined-contribution plan. These circumstances give rise to events or circumstances that may raise significant doubt about the going concern assumption. However, the Company has already implemented measures to resolve these material events and circumstances and has secured sufficient support from its major banks and other financial institutions going forward. Accordingly, it determined that no material uncertainty exists regarding the going concern assumption.」
The previous fiscal year showed full-year operating profitability and a reduction in negative operating cash flow, but the current quarter again explicitly identified material events because of the quarterly loss and continued negative operating cash flow. However, the Company maintained its determination that no material uncertainty existed based on its remedial measures and bank support. - FY2018MitigatedAnnual report
「During the current fiscal year, the Group implemented fixed-cost reduction measures, including soliciting applications for voluntary retirement, to improve performance. Although revenue declined, operating profit increased and profit for the year attributable to owners of the parent improved and turned positive. In addition, through reductions in inventories, cash flows from operating activities improved substantially, from negative ¥702 million in the previous fiscal year to negative ¥12 million.」
Although material events relating to the going concern assumption continued to be disclosed, the Company cited the return to operating profit and profit for the year, the reduction in negative operating cash flow, bank support and compliance with financial covenants as results of its remedial measures, and determined that there was no uncertainty regarding the continuation of operations in the following fiscal year. - FY2018-Q3RestatedAnnual report
「The Company recorded a quarterly loss attributable to owners of the parent of ¥403 million for the current third quarter cumulative period, and events or circumstances existed that may raise significant doubt about the going concern assumption. However, as described in “3. Analysis of Financial Position, Operating Results and Cash Flows, (6) Measures to Improve Events or Circumstances That May Raise Significant Doubt about the Going Concern Assumption,” the Company had already implemented measures to resolve these material events and circumstances and had secured sufficient support from its major banks and other financial institutions going forward. Accordingly, it determined that no material uncertainty exists regarding the going concern assumption.」
Although the circumstances giving rise to significant doubt continued because of the quarterly loss, the Company maintained its determination that no material uncertainty existed based on its remedial measures and support from financial institutions. - FY2018-Q2RestatedAnnual report
「The Company recorded a quarterly loss attributable to owners of the parent of ¥453 million for the current second quarter cumulative period, and events or circumstances existed that may raise significant doubt about the going concern assumption. However, as described in “3. Analysis of Financial Position, Operating Results and Cash Flows, (6) Measures to Improve Events or Circumstances That May Raise Significant Doubt about the Going Concern Assumption,” the Company had already implemented measures to resolve these material events and circumstances and determined that no material uncertainty exists regarding the going concern assumption.」
Although the quarterly loss continued to give rise to circumstances raising significant doubt, the Company maintained its determination that no material uncertainty existed based on its remedial measures and funding methods. - FY2018-Q1RestatedAnnual report
「The Company recorded a quarterly loss attributable to owners of the parent of ¥696 million for the current first quarter cumulative period. This situation gives rise to events or circumstances that may raise significant doubt about the going concern assumption. However, as described in “3. Analysis of Financial Position, Operating Results and Cash Flows, (6) Measures to Improve Events or Circumstances That May Raise Significant Doubt about the Going Concern Assumption,” the Company has already implemented measures to resolve these material events and circumstances and has secured sufficient support from its major banks and other financial institutions going forward. Accordingly, it determined that no material uncertainty exists regarding the going concern assumption.」
Although the quarterly loss continued to give rise to significant doubt, the Company maintained its determination that no material uncertainty existed based on its remedial measures and support from financial institutions. - FY2017RestatedAnnual report
「This situation gives rise to events or circumstances that may raise significant doubt about the going concern assumption. However, as described in “7. Analysis of Financial Position, Operating Results and Cash Flows, (4) Measures to Improve Events or Circumstances That May Raise Significant Doubt about the Going Concern Assumption,” the Company has already implemented measures to resolve these material events and circumstances and has secured sufficient support from its major banks and other financial institutions going forward. Accordingly, it determined that no material uncertainty exists regarding the going concern assumption.」
The report continued to describe circumstances giving rise to significant doubt, but the Company maintained its determination that no material uncertainty existed based on its funding plan, remedial measures and support from financial institutions. - FY2017-Q3MitigatedAnnual report
「The Group recorded a quarterly loss in the current third quarter. This situation gives rise to events or circumstances that may raise significant doubt about the going concern assumption. However, as described in “3. Analysis of Financial Position, Operating Results and Cash Flows, (6) Measures to Improve Events or Circumstances That May Raise Significant Doubt about the Going Concern Assumption,” the Company has already implemented measures to resolve these material events and circumstances and has secured sufficient support from its major banks and other financial institutions going forward. Accordingly, it determined that no material uncertainty exists regarding the going concern assumption.」
Although the quarterly loss continued to give rise to significant doubt, total equity changed from negative net worth at the end of the previous quarter to a positive ¥46 million, and the Company maintained its determination that no material uncertainty existed based on its remedial measures and bank support. - FY2017-Q2WorsenedAnnual report
「As of the end of the current second quarter consolidated accounting period, the Company had negative net worth of ¥120 million. This situation gives rise to events or circumstances that may raise significant doubt about the going concern assumption. However, as described in “3. Analysis of Financial Position, Operating Results and Cash Flows, (6) Measures to Improve Events or Circumstances That May Raise Significant Doubt about the Going Concern Assumption,” the Company has already implemented measures to resolve these material events and circumstances and determined that no material uncertainty exists regarding the going concern assumption.」
The negative net worth increased from ¥91 million at the end of the previous quarter to ¥120 million, and the Company stated that the situation giving rise to significant doubt about the going concern assumption continued. - FY2017-Q1MaterialisedAnnual report
「As of the end of the current first quarter consolidated accounting period, the Company had negative net worth of ¥91 million. This situation gives rise to events or circumstances that may raise significant doubt about the going concern assumption.」
The Company stated that negative net worth at the end of the quarter constituted a situation that may raise significant doubt about the going concern assumption. However, it determined that no material uncertainty existed based on its remedial measures and support from banks.