Material Doubt Regarding the Going-Concern Assumption and Measures Through Financing
First written in FY2024-Q2. 6 of 13 entries say "Restated". Latest entry: 2026-09-30.
Birdman moved to the "Worse" side of this theme in 2024, 4 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 30 of 71 companies on the "Worse" side.
41 other companies' latest entry also says "Restated".
- 2026-09-30RestatedManagement plan
「当社グループは、前連結会計年度において、新株予約権の行使等による資金調達により、債務超過は解消したものの、売上高が減少し、継続して、営業損失、経常損失、親会社株主に帰属する当期純損失及び営業キャッシュフローのマイナスを計上いたしました。」
債務超過解消後も損失及び営業キャッシュ・フローのマイナスが継続する状況と、資金調達に左右される重要な不確実性を再確認している。 - FY2026RestatedAnnual report
「However, because measures to resolve this situation are still being implemented or considered, material uncertainty regarding the going-concern assumption remains.」
Although the Company prepared a fundamental business plan and financing plan and presented them to the audit corporation, losses and negative operating cash flow continued, and it continues to recognise material uncertainty, with the measures still being implemented or under consideration. - 2026-09-28Restatedfinance.yahoo.co.jp
「Meanwhile, net assets increased to ¥728 million through a third-party allotment capital increase, and the equity ratio improved to 39.8%.」
Although net assets and the equity ratio improved, it was reported that significant doubt remains regarding the going concern assumption. - FY2026-H1Material uncertainty continues even after eliminating negative net assetsAnnual report
「During the previous consolidated fiscal year, the Group eliminated its excess liabilities over assets through financing including the exercise of share acquisition rights, but revenue declined significantly and it continued to record a material operating loss, ordinary loss, net loss attributable to owners of the parent and negative operating cash flow.」
Although excess liabilities over assets were eliminated through the exercise of share acquisition rights and other measures, losses and negative operating cash flow continued, and the Company states that material uncertainty regarding the going-concern assumption still existed. - FY2025WorsenedAnnual report
「Meanwhile, revenue declined significantly during the current consolidated fiscal year, and the Company continued to record a material operating loss, ordinary loss, net loss attributable to owners of the parent and negative operating cash flow, making its future cash flow uncertain. In addition, cash on hand was insufficient, and a fundamental business plan or financing plan to resolve the situation had not been prepared or presented to the Company's accounting auditor, Audit Corporation Aria. Consequently, on 26 August 2025, the Company received from the audit corporation an audit report expressing no opinion on the audit conducted under Article 436, paragraph 2, item 1 and Article 444, paragraph 4 of the Companies Act in respect of the financial statements and their supplementary schedules and the consolidated financial statements for the current consolidated fiscal year.」
Revenue declined significantly, losses and negative operating cash flow continued, and cash flow became uncertain. The Company also states that it had not prepared a fundamental business plan or financing plan and had received an audit report expressing no opinion from its audit corporation. - FY2025-H1WorsenedAnnual report
「As a result of recording a material operating loss of ¥326.858 million, an ordinary loss of ¥373.709 million, an interim net loss attributable to owners of the parent of ¥397.008 million and negative operating cash flow of ¥374.697 million, the Company had excess liabilities over assets of ¥1,484.540 million. Because significant concerns had arisen regarding near-term cash flow, events or conditions existed that raised substantial doubt about the going-concern assumption.」
Following the previous consolidated fiscal year, the Company recorded operating, ordinary and net losses and negative operating cash flow, and excess liabilities over assets increased to ¥1,484.540 million. Measures such as financing are still being implemented, and additional financing remains undetermined. - FY2024WorsenedAnnual report
「However, because the measures described above are still being implemented and may not produce their full effect, and because additional financing through the exercise of the remaining share acquisition rights has not been determined, material uncertainty regarding the going-concern assumption is recognised.」
Although the Company had determined in the previous quarter that no material uncertainty existed, it now recognises material uncertainty for the full fiscal year, citing excess liabilities over assets and concerns about cash flow, with the measures still being implemented and additional financing not yet determined. - FY2024-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the Group recorded an operating loss, an ordinary loss and a quarterly net loss attributable to owners of the parent, and was in a state of excess liabilities over assets. It recognises that events or conditions existed that raised substantial doubt about the going-concern assumption.」
Although the Company had determined as of the end of the previous quarter that no material uncertainty existed, this filing states that events or conditions raising substantial doubt about the going-concern assumption existed due to the recognition of operating, ordinary and net losses and excess liabilities over assets. At the same time, it determined that no material uncertainty existed, citing amendments to borrowing terms and financing through a third-party allotment as measures to address the situation. - FY2024-Q2MaterialisedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the Group recorded an operating loss, an ordinary loss and a quarterly net loss attributable to owners of the parent, and operating cash flow was negative. The Group recognised that events or conditions existed that raised substantial doubt about the going-concern assumption. However, as stated in the notice regarding the borrowing of funds disclosed on 13 February 2024, the Group raised funds in a timely manner to strengthen its financial base and has continued discussions with financial institutions as necessary. Accordingly, as of the end of the second quarter of the current consolidated accounting period, the Group determined that no material uncertainty regarding the going-concern assumption existed.」
The Company states that events or conditions raising substantial doubt about the going-concern assumption existed due to its operating loss, ordinary loss, quarterly net loss and negative operating cash flow. At the same time, it determined that no material uncertainty existed as of the end of the quarter, citing financing and discussions with financial institutions as measures to address the situation.