Financial Covenants Relating to Net Assets and Cash and Cash Equivalents
First written in FY2024-Q1. 2 of 10 entries say "Mitigated", first in 2026-05-15. Latest entry: 2026-09-09.
- 2026-09-09RestatedOccurring Fact
「1. Maintain the total amount of net assets shown in the net assets section of the consolidated balance sheet at a positive value as of the end of each fiscal year. 2. Maintain total cash and deposits shown in the consolidated balance sheet at ¥3 billion or more as of the end of each fiscal year.」
The new ¥3 billion long-term borrowing includes financial covenants requiring net assets to remain positive and cash and deposits to remain at least ¥3 billion. The existing financial covenant conditions continue to apply to the new borrowing. - FY2026MitigatedAnnual report
「As of the end of March 2026, net assets were ¥15,173 million and the balance of cash and deposits was ¥29,690 million.」
The requirements serving as the financial covenant thresholds, namely positive net assets and cash and deposits of ¥3 billion or more, were met, and net assets and cash and deposits increased from the end of the previous fiscal year. The borrowing agreements and the financial covenants themselves remain in place. - 2026-05-15MitigatedRevisions to earnings forecasts
「Maintain the total amount of net assets shown in the net assets section of the consolidated balance sheet at a positive value as of the end of each fiscal year.」
The conditions of the financial covenants continued to be disclosed. Net assets were ¥15,173 million and cash and deposits were ¥29,690 million, meeting the disclosed thresholds for positive net assets and cash and deposits of at least ¥3 billion. - FY2026-H1WorsenedAnnual report
「As of the end of September 2025, net assets were ¥1,103 million and the balance of cash and deposits was ¥20,078 million.」
Net assets decreased from ¥7,007 million at the end of the previous fiscal year to ¥1,103 million, while borrowing agreements of ¥5,000 million and ¥10,000 million with financial covenants were added. The conditions requiring net assets to remain positive and cash and deposits to remain at ¥3 billion or more continue to apply. - FY2025Addition of a new borrowing agreementAnnual report
「Agreement dated 31 March 2025 (balance at the end of the current consolidated fiscal year: ¥1,400 million): ① Maintain the total amount of net assets stated in the net assets section of the consolidated balance sheet at a positive amount as of the end of each fiscal year. ② Maintain the total amount of cash and deposits stated in the consolidated balance sheet at ¥3 billion or more as of the end of each fiscal year.」
The borrowing under the agreement dated 31 March 2025 also includes financial covenants requiring net assets to remain positive and cash and deposits to remain at ¥3 billion or more. - FY2025-H1Addition of a ¥10 billion agreementAnnual report
「At a meeting of the Board of Directors held on 12 July 2024, we resolved to borrow working capital totaling ¥10 billion for the development and operation of landers (lunar landing spacecraft) and rovers (lunar surface exploration vehicles) used in our payload services, including other related expenses, and entered into and drew down the following syndicated loan agreement.」
A syndicated loan agreement totaling ¥10 billion, with a repayment due date of 29 October 2027, was added and includes conditions requiring net assets and cash and deposits to be maintained at specified levels. - FY2024Addition of the relevant agreementAnnual report
「Agreement dated 29 January 2024 (balance at the end of the current consolidated fiscal year: ¥2,000 million): ① Maintain the total amount of net assets stated in the net assets section of the consolidated balance sheet at a positive amount as of the end of each fiscal year. ② Maintain the total amount of cash and deposits stated in the consolidated balance sheet at ¥3 billion or more as of the end of each fiscal year.」
The overdraft agreement entered into in January 2024 also includes financial covenants requiring net assets and cash and deposits to be maintained at specified levels. - FY2024-Q3Addition of the relevant agreementAnnual report
「Agreement dated 10 November 2023 (balance at the end of the third quarter of the current consolidated fiscal year: ¥2,000 million): ① Maintain the total amount of net assets stated in the net assets section of the consolidated balance sheet at a positive amount as of the end of each quarter. ② Maintain the total amount of cash and deposits stated in the consolidated balance sheet at ¥3 billion or more as of the end of each quarter.」
The newly executed loan agreement also includes conditions requiring net assets and cash and deposits to be maintained at specified levels. Similar provisions are included in the overdraft agreement disclosed as a subsequent event. - FY2024-Q2Addition of the relevant agreementAnnual report
「Agreement dated 30 August 2023 (balance at the end of the second quarter of the current consolidated fiscal year: ¥3,000 million): ① Maintain the total amount of net assets stated in the net assets section of the consolidated balance sheet at a positive amount as of the end of each quarter. ② Maintain the total amount of cash and deposits stated in the consolidated balance sheet at ¥3 billion or more as of the end of each quarter.」
The special overdraft agreement also includes quarterly financial covenants requiring net assets to remain positive and cash and deposits to remain at ¥3 billion or more. - FY2024-Q1First statedAnnual report
「① Maintain the total amount of net assets stated in the net assets section of the consolidated balance sheet at a positive amount as of the end of each fiscal year. ② Maintain the total amount of cash and deposits stated in the consolidated balance sheet at ¥3 billion or more as of the end of each fiscal year.」
The financial covenants attached to the syndicated loan require net assets and cash and deposits to be maintained at specified levels.