Redemption and going-concern risks from suspension of crowdfunding offerings
First written in FY2020-Q1. 6 of 7 entries say "Mitigated", first in FY2020-Q2. Latest entry: FY2021.
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- FY2021MitigatedAnnual report
「After completing the full redemption of deposits received for silent partnership investments, the consolidated subsidiary LC Lending Co., Ltd. was transferred through a share transfer.」
The anonymous partnership investment deposits remaining after the suspension of offerings were fully redeemed, and no matters relating to the going-concern assumption remained applicable. - FY2021-Q3MitigatedAnnual report
「Silent partnership investments received 611 -」
The anonymous partnership investment deposits remaining after the suspension of crowdfunding offerings decreased from ¥611 million at the end of the previous fiscal year to zero at the end of the third quarter. - FY2021-Q2MitigatedAnnual report
「Total redemptions ¥611 million (3) Balance of anonymous partnership investment deposits at the end of the second quarter — (4) Balance of anonymous partnership investment deposits as of the date of submission of the second-quarter report —」
The ¥611 million in anonymous partnership investment deposits remaining after the suspension of offerings was fully redeemed from April through August, leaving zero balances at the end of the second quarter and as of the submission date. - FY2021-Q1MitigatedAnnual report
「(1) Balance of anonymous partnership investment deposits at the end of the previous fiscal year: ¥611 million (2) Redemptions: April 2020 ¥103 million; May 2020 ¥150 million; June 2020 ¥115 million; total redemptions ¥368 million (3) Balance of anonymous partnership investment deposits at the end of the first quarter: ¥242 million; July 2020 redemptions ¥152 million; August 2020 redemptions ¥90 million (4) Balance of anonymous partnership investment deposits as of the date of submission of the first-quarter report: zero」
Of the anonymous partnership investment deposits remaining after the suspension of offerings, ¥368 million was redeemed during the first quarter, and the balance was zero as of the submission date, including the scheduled redemptions for July and August. - FY2020MitigatedAnnual report
「Against a balance of ¥2,217 million in anonymous partnership investment deposits at the end of the third quarter, ¥1,606 million was redeemed from January through March 2020, bringing the balance at the end of the consolidated fiscal year to ¥611 million. The planned redemptions of anonymous partnership investment deposits after the date of submission of the annual securities report were ¥152 million in July 2020 and ¥90 million in August 2020, for total redemptions of ¥242 million and a remaining balance of zero.」
Redemption of the anonymous partnership investment deposits progressed substantially after the suspension of offerings, and plans were presented to reduce the balance to zero, including scheduled redemptions after the submission date. - FY2020-Q2MitigatedAnnual report
「We have determined that the important matters and other issues relating to the going-concern assumption were resolved during the second-quarter consolidated accounting period, as follows.」
It was determined that the events or conditions giving rise to significant doubt regarding redemption funding and going-concern risks associated with the suspension of crowdfunding offerings had been resolved. - FY2020-Q1MaterialisedAnnual report
「As of the end of June 2019, the balance of anonymous partnership investment deposits received from crowdfunding investors with redemption due within one year was ¥6,347 million. As described above, our group had planned to conduct a new offering to crowdfunding investors to redeem funds raised through crowdfunding, which has a relatively short redemption period. However, after receiving a request from the external offering agent to suspend solicitation activities, we decided to suspend all solicitation activities from August 2019. Consequently, depending on our funding situation over the next year, we may face difficulty redeeming the anonymous partnership investment deposits.」
With ¥6,347 million in anonymous partnership investment deposits due for redemption within one year, the external agent commissioned to conduct a new offering requested that the offering be suspended, and a decision was made to suspend all offerings from August 2019. The risk of difficulty in making redemptions and a material uncertainty related to the going-concern assumption were disclosed for the first time.