Eliminating an Accumulated Deficit Through a Reduction in the Earned Surplus Reserve
First written in FY2019. 1 of 2 entries say "Achieved", first in FY2020. Latest entry: FY2020.
- FY2020AchievedAnnual report
「The creditor protection procedures under the Companies Act were completed, and at the 96th annual general meeting of shareholders held on 25 June 2020, the proposal concerning the reduction of the legal reserve was approved. At the Board of Directors meeting held after the conclusion of the meeting, the Company resolved to reduce the legal reserve, transfer the amount to retained earnings carried forward and pay a dividend.」
The procedures to reduce the entire ¥488,032,157 legal reserve and transfer it to retained earnings carried forward were implemented following the creditor protection procedures and approval at the general meeting of shareholders. - FY2019First statedAnnual report
「In the standalone financial results for the fiscal year ended March 2019, the Company recorded a deficit of ¥189.065 million in retained earnings carried forward. Accordingly, to eliminate the deficit and strengthen its financial position, the Company will reduce the legal reserve and transfer the same amount to retained earnings carried forward.」
On 22 May 2019, the Company resolved to reduce the legal reserve by ¥189.065 million from ¥677.097 million and transfer the amount to retained earnings carried forward as a measure to strengthen its financial position.